Rupert Murdoch, who has been pilloried in the media for his company’s involvement in a phone hacking scandal in Britain, is laughing all the way to the bank after News Corp reported yesterday that fourth quarter profits rose 45% compared to the year-ago period.
News Corp’s operations were hitting on all cylinders but were particularly strong in the cable network programming segment, which includes the bane of liberals, Fox News.
Murdoch, who could use some good news for a change, commented on the results in a News Corp release;
“I’m pleased that once again News Corporation exhibited operational momentum in both the final quarter of fiscal 2011 and for the full year driven by significant increases at our market-leading Cable Network Programming and Television segments. While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World. We are acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again.”
The company ended the quarter with $12 billion in cash, meaning that they have plenty of money to expand their business, unlike many of their cash-strapped competitors.
It looks like Media Matters is going to need a lot more than $1 million to bring down Fox News.