NEW YORK (Reuters UK) - Rupert Murdoch's News Corp (NWSa) said on Wednesday its quarterly net profit rose three-fold on higher advertising sales at the Fox TV network and Fox News Channel, as well as a one-time gain from its stock swap with Liberty Media (LINTA).
The owner of 20th Century Fox and MySpace said its fiscal third-quarter profit rose to $2.7 billion (1.38 billion pounds), or 91 cents per share, from $871 million, or 27 cents per share, in the year-ago period.
The latest results included a $1.7 billion gain from its swap with Liberty Media.
Revenue rose 16 percent to $8.75 billion.
Operating income grew 16 percent to $1.4 billion.
Investors will be keen to hear updates from Murdoch on MySpace, whose ambitious projections last year for well over a $1 billion in fiscal annual 2008 revenue were cut twice. The company's latest estimate is for revenue to reach nearly $1 billion.
(Reporting by Kenneth Li, editing by Richard Chang)
