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News Corp (ASX:NWS, NASDAQ:NWSA) has more than tripled its profit to $US2.2 billion in the first quarter of the 2013 financial year.
The media company's quarterly net profit, or net income, was aided by the sale of its interest in pay television security software company NDS in July generating a gain of $US1.4 billion.
Chairman and CEO Rupert Murdoch says News Corp’s operational discipline and focus on innovation continued to drive momentum, led by growth in its channels business and its film and television content.
New Corp is currently preparing to split the company into two separately listed companies in 2013. The latest quarterly result included $US5 million in costs relating to the proposed demerger and $US67 million in costs relating to the company’s UK phone hacking scandal.
News Corp reported a net profit of $1.4 billion in the 2012 financial year.
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