Rupert Murdoch and Friends Still Filthy Rich

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An Indian money changer counts US dollars at a foreign exchange counter in Bangalore on August 8, 2011. India's central bank on August 8 said risks to the growth of Asia's third-largest economy were "limited" after the US credit downgrade that has spooked global markets. AFP PHOTO/STR (Photo credit should read STRDEL/AFP/Getty Images)
An Indian money changer counts US dollars at a foreign exchange counter in Bangalore on August 8, 2011. India's central bank on August 8 said risks to the growth of Asia's third-largest economy were "limited" after the US credit downgrade that has spooked global markets. AFP PHOTO/STR (Photo credit should read STRDEL/AFP/Getty Images) Photo: STRDEL/2011 AFP

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]