Rupert Murdoch and Friends Still Filthy Rich


Despite their ongoing issues with the law, the News Corporation chairman announced “exceptional” earnings for his company today, reporting a total operating income of $1.35 billion for the quarter, up 45 percent from $932 million a year ago. For the year, that makes a net income of $2.74 billion ($1.04 per share), compared to $2.54 billion ($0.97 per share) in 2010. The fourth-quarter increases were credited to cable network programming and television, which offset sinking profits in film and still more money lost by MySpace. “While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World,” Murdoch said in a prepared statement. “We are acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again.” Later, he added, “the board and I believe I should continue in my current role as Chairman and CEO.” So that settles that.

News Corporation Reports Fourth Quarter Income from Continuing Operations of $982 Million [MarketWatch/WSJ]