News Corp. has just posted its figures for the latest quarter, and ouch. The profits at Rupert Murdoch’s behemoth have dropped 24 percent compared to last year. The movie division is doing splendidly — Fox’s earnings jumped 57 percent, with a good chunk of the $470 million take attributed to the ultraprofitable Borat. The problems are on the TV end: Broadcast profits are down. Then there’s MyNetworkTV, a blatantly doomed “mini-network” that sounds scarily inspired by Murdoch’s purchase of MySpace (another costly exercise with no clear yield in sight). Even the man himself admits MyNetwork has performed “far below expectations.” No word on how Rupe’s quixotic devotion to the Post is affecting the bottom line; our uneducated guess is, however, it’s nothing a mere twinge of Sasha Baron Cohen’s mustache can’t erase.
News Corp. Quarterly Profit Declined 24% [Crain’s]