News Corp. released their third-quarter earnings on Wednesday and though they missed analysts estimates, Fox News proved once again that it is the brightest star in Rupert Murdoch’s universe.
The number one cable news network posted record quarterly profits and shows no signs of slowing down anytime soon.
On a conference call with analysts, News Corp. COO Chase Carey said that FNC will renegotiate its carriage fees with “slightly over half” of its carriage universe by next summer.
With FNC available in approximately 95 million households and reports that they will be seeking a possible doubling of their per subscriber rates, they are poised to post even higher profits in the next two years.
Carey also told analysts that Fox News is “Second to ESPN in terms of clout in the marketplace,” and that with a presidential election in 2012, the channel is expecting to generate higher advertising and carriage fees.
That may sound like a bold statement, but Fox generates ratings far beyond those at MSNBC or CNN. Cable systems have little choice but to accede to Fox’s demands if they want to increase their own revenues and profits.
The earnings report shows that MSNBC’s liberal lions — Matthews, Maddow and Schultz, and their friends on the left at Media Matters — haven’t put a dent in Fox’s profits despite their daily assault on conservatives and Republicans.
George Soros should ask Media Matters for a refund of his $1 million to fight Fox, since based on this earnings report the effort has been a miserable failure.