News Corp. Posts Quarterly Profit Tue May 13, 2003 07:29 AM ET NEW YORK (Reuters) - Rupert Murdoch's News Corp. NCP.AX NWS.N on Tuesday said it swung to a quarterly profit on stronger-than-expected results at its film business and a solid performance by its television divisions. News Corp., which owns the Fox television network, 20th Century Fox film studios and several satellite and newspaper properties, said its net profit rose to $275 million, or 21 cents per American Depositary Receipt, in the fiscal third quarter ended March 31.
That compares with a year-earlier loss of $4 billion, or $3.16 per ADR, which reflected a $4.2 billion write-down in the value of its stake in Gemstar-TV Guide International Inc.
News Corp. -- which recently struck a deal to buy Hughes Electronics Corp. GMH.N and its DirectTV satellite business for $6.6 billion -- said revenue in the latest quarter rose 14 percent to $4.4 billion.
