Rebound in ads sees profit at News Corp
By Ryan Nakashima |
February 4, 2010, Thursday
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Print Edition
Print Edition
NEWS Corp, whose 20th Century Fox movie studio is still riding the tail wind of "Avatar" in movie theaters, said on Tuesday it earned US$254 million in the most recent quarter, thanks to an advertising recovery.
"Avatar" was released late in the just-ended fiscal second quarter, so the firm booked much of the costs of releasing it, but little of the profit. News Corp said half of the film's profits - which analysts see at US$400 million - will boost results in the current and following quarter.
The movie's US$2-billion-plus box office gross is the biggest in history, and it has kept the No. 1 spot at the box office for seven straight weeks. That, plus a recovery in the TV ad market, prompted the firm to raise its operating profit outlook for the fiscal year ending in June.
"Avatar" was released late in the just-ended fiscal second quarter, so the firm booked much of the costs of releasing it, but little of the profit. News Corp said half of the film's profits - which analysts see at US$400 million - will boost results in the current and following quarter.
The movie's US$2-billion-plus box office gross is the biggest in history, and it has kept the No. 1 spot at the box office for seven straight weeks. That, plus a recovery in the TV ad market, prompted the firm to raise its operating profit outlook for the fiscal year ending in June.
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