Operating television stations in the US during a presidential election year is almost becoming a license to print money, and News Corporation was certainly a beneficiary of the 2012 campaign season.
Revenues overall were $9.43B, up $450M or 5% from the previous year. $398M was attributable to its cable sector, representing an 18% increase, and a 19% increase to $224M on the television side.
New Corp. Chairman Rupert Murdoch stated, ““News Corporation’s fiscal second quarter performance reflects our strong momentum. Double-digit gains in our Cable and Television businesses, along with improvements in our Publishing segment, drove revenue and earnings growth even as we seized opportunities to invest in our core businesses for long-term and sustainable growth.”
He continued, “The strategies we executed against in the quarter continue to bolster News Corporation’s competitive position and enhance our ability to benefit from global demand for content, especially sports programming. As we make progress toward the proposed separation of our entertainment and publishing businesses later this year, I am confident in the future prospects for both businesses.”
The company’s regional sports networks were a large part of its cable success, and increased income from retransmission consent contracts enhanced the influx of political money on the television side.
