Better than expected financial results for big international media companies
Time Warner and News Corporation published recently their quarterly financial results, that show a recovery in advertising sales.
News Corp posted a profit of $875 million for its fiscal fourth quarter ended June 30, an advance of $1M from last year’s $203 million loss.
“I’m very, very confident (about the global economy) over the next six months,” News Corp Chief Executive Rupert Murdoch told analysts on a conference call, according to Reuters.
Revenues for quarter ended June 30 grew 6% for News Corp, to $8.11 bn, as companies spent more to advertise on its media properties.
Time Warner registered also a higher quarterly revenue than in the last 2 years. Company’s 2nd quarter net income rose 7% to $562 million in the quarter ended June 30 compared with the same period a year earlier, while revenues were up 8% to $6.4 billion. According to American press, Time Warner credited a strong advertising market, as ad revenues were 14% at the Turner networks.