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News Corp., Fox Entertainment Profits Decline

May 06, 1999|JAMES BATES

Both News Corp. and the Fox Entertainment Group the global media company controls saw their earnings slip in the third fiscal quarter ended March 31, largely because the results compare with a year-earlier period in which the companies enjoyed huge profits from the film "Titanic."

According to results reported Wednesday, Fox Entertainment had quarterly net income of $8 million, down from $76 million for the like period last year. Revenue was down slightly to $1.7 billion from $1.8 billion.

The company said results were strong at the Fox Television Station Group and that losses narrowed at the new Fox News Channel.

For Sydney, Australia-based News Corp., net income fell to $168 million, or 17 cents per American depositary receipt, from $319 million, or 32 cents, a year earlier. The results beat analyst estimates by a penny per ADR.

News Corp.'s ADRs, each representing four ordinary shares, rose 94 cents to close at $33.31 on the New York Stock Exchange. Fox Entertainment shares fell 13 cents to close at $25.88, also on the NYSE.

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