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Americans Voting On FOX News Now? FOX losing this election too?

Thursday, November 06 2008 @ 12:32 AM CST

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By Andy Fixmer

News Corp. (FOX) Profit Drops 30% on Shrinking Fox Ad Sales

News Corp., the media company controlled by Rupert Murdoch, said fiscal first-quarter profit fell 30 percent on slumping television advertising and a shortfall from films such as ``Space Chimps.''

Net income dropped to $515 million, or 20 cents a share, from $732 million, or 23 cents, a year earlier, New York-based News Corp. said today in a statement. Profit missed the 22-cent average estimate of 16 analysts. Sales rose 6.3 percent to $7.51 billion with the purchase of Dow Jones, also missing estimates.

Ad sales tumbled at News Corp.'s Fox TV stations as marketers such as automakers cut spending and NBC's Olympics broadcast took viewers. Film revenue failed to match last year's ``The Simpsons Movie'' and DVD sales declined. Operating income fell 9 percent to $953 million in the period ended Sept. 30.

TV profit was ``less than half what we expected,'' David Joyce, an analyst at Miller Tabak & Co. in New York, said in an interview. He recommends buying the shares and doesn't own them. ``Any asset that is heavily advertising dependent under- performed.''

News Corp., whose Class A shares have dropped 52 percent this year, fell 57 cents to $9.22 in extended trading. It lost $1.09, or 10 percent, to $9.79 at 4 p.m. in New York Stock Exchange composite trading.

Fox Television

Profit at Fox television declined 70 percent to $54 million, reflecting the drop in ad sales at local stations. Results at the Fox network were in line with a year earlier. TV revenue slid 15 percent to $974 million, the company said.

``All media companies are being tested,'' Murdoch, News Corp.'s chairman and chief executive, said in the statement.

Film profit dropped 31 percent to $251 million as revenue shrank 20 percent. ``Mirrors'' and ``Space Chimps,'' the biggest releases of the quarter, collected $114.6 million worldwide, according to film researcher Box Office Mojo LLC. That compares with $526.9 million for ``The Simpsons Movie'' a year ago.

Sales at the newspaper group rose 37 percent to $1.71 billion, buoyed by the $5.2 billion acquisition of Dow Jones and its flagship Wall Street Journal. Operating profit rose 44 percent to $134 million.

Cable network sales increased 19 percent to $1.31 billion on the higher fees collected by Fox News and F/X. Profit increased 31 percent to $379 million.

Premiere Loss

News Corp. reported a loss of $359 million from investments in affiliates, compared with a profit of $246 million a year earlier. The loss reflects results from the 25 percent stake in Premiere AG, Germany's biggest pay TV company, and the absence of income from DirecTV Group, now controlled by John Malone's Liberty Media Corp. Profit at BSkyB fell slightly.

Revenue from the unit that includes MySpace increased 17 percent.

Profit from Sky Italia more than tripled to $165 million as revenue increased 18 percent on a local currency basis with the addition of more soccer programming.

CBS Corp., the broadcaster controlled by Sumner Redstone, said Oct. 30 it would cut costs as advertising at its television network declined 14 percent during the quarter. Viacom Inc., the owner of MTV and Paramount film studio, said Nov. 3 that U.S. advertising sales dropped 3 percent. Redstone controls Viacom.

``There's a fear that further declines in advertising may continue to be an issue,'' Joyce said. ``That is what we heard from CBS and Viacom and that's what the market is applying to News Corp.''

http://www.bloomberg.com


HERE you CAN vote more than once! Don't buy FOX, Don't buy anything from a FOX advertiser! I already refuse to buy any GE products until they clean up their act on CNBC with their green blooded pundits who care only about mammon and care nothing about people.

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