it would separate its publishing and entertainment assets by next year in a move to satisfy shareholders pressing the company to shed its troubled newspapers business. Executives spoke little about the coming split on the earnings call, promising more details by year end.
For the fiscal first quarter, the publishing business that includes British and U.S. newspapers reported a 48 percent drop i n operating income to $57 million due to lower advertising revenue.
Satellite broadcaster Sky Italia suffered from higher programming expenses and a strengthened U.S. dollar, News Corp said. The service's operating income plunged 81 percent to $23 million.
News Corp shares rose in after-hours trading to $24.85, up 2.4 percent from their close on Nasdaq of $24.28.