Rupert Murdoch's News Corp has reported a third quarter net profit of $US2.694 billion ($A2.84 billion), boosted by growth in the group's television and cable network businesses.
The result compared to a net profit of $US871 million ($A917.42 million) in the previous corresponding quarter.
The international news and entertainment colossus said operating income jumped 16 per cent in the third quarter to $US1.438 billion ($A1.51 billion) from $US1.239 billion ($A1.31 billion) in the corresponding period a year ago.
News Corp said the year-on-year growth reflected an increase in the company's "other" division, net of $US1.6 billion ($A1.69 billion) reflecting a $US1.7 billion ($A1.79 billion) tax-free gain on an asset and stock exchange with Liberty Media Corporation.
News Corp said operating income had been driven by double-digit percentage increases at the television, cable network programming and newspapers segments.
The group's filmed entertainment division dragged on its third quarter earnings, posting a consolidate income of $US261 million ($A274.91 million) in the third quarter compared to $US410 million ($A431.85 million) in the prior corresponding quarter.
Chairman and chief executive Rupert Murdoch, highlighting income growth across an array of the group's divisions, said the company's diversified earnings streams placed it in a strong position in uncertain economic times.
"Our 16 per cent revenue and operating income growth this past quarter is a great illustration of how the diversity of our asset base is translating into sustained financial success," Mr Murdoch said.
"We delivered growth from advertising based businesses, such as our television stations and broadcast network, and we delivered growth from subscription based businesses, such as our domestic cable channels. We delivered growth from established businesses, such as our newspapers and we delivered growth from our developing assets, such as our international cable channels and Fox Interactive Media.
"Our ability to generate returns from a multitude of sources puts us in a great position to maintain our financial momentum even in times of economic uncertainty."
News said television operating income had risen 53 per cent on the prior corresponding period, from $US273 million ($A287.55 million) to $US419 million ($A441.33 million), led by lower primetime programming costs and advertising strength at the FOX broadcast network, improved results from MyNetworkTV and the ad revenue from Super Bowl XLII.
At FOX Broadcasting, third quarter operating income had nearly doubled on the prior year, News said, primarily reflecting lower primetime programming costs and advertising revenue growth.
Higher ad revenues had been driven by higher pricing for sports and prime-time programming, as well as by strong ratings for the National Football League post-season.
These results had been partially offset by the costs of broadcasting Super Bowl XLII.
At Fox Television, third quarter operating income increased 12 per cent on Super Bowl XLII, contributing to record market share during the quarter.
News said the US presidential election campaign had helped the result too.
News also benefited from growth in subscriptions to pay TV in India, with revenue into Star TV up 15 per cent on the period.
Cable Network Programming operating income was up 17 per cent, from $US282 million ($A297.03 million) to $US330 million ($A347.59 million), even with launch costs of the Fox Business Network and the Big Ten Network.
Revenue grew at Fox News, Regional Sports Networks, FX and Fox International, and SKY Italia operating income of $US97 million ($A102.17 million) grew by seven per cent, reflecting subscriber growth of 342,000 over the past 12 months with its subscriber base rising to 4.5 million.
Operating income in News's Filmed Entertainment division dropped by 36 per cent, however.
News nominated "a string of successful theatrical releases, as well as ... strong contributions from film and television home entertainment releases" as contributing to the result.
Leading into the announcement, however, analysts had pointed to lower DVD sales of two movies, Mr Magorium's Wonder Emporium and Hitman, compared with Borat and Casino Royale last year, as affecting the result.
Newspapers and Information Services operating income increased 38 per cent on the prior corresponding period, led by advertising growth in Australia, lower depreciation costs in the UK, and the inclusion of Dow Jones & Company, publisher of The Wall Street Journal.
The Newspapers and Information Services division, previously known just as Newspapers, reported third quarter operating income of $216 million, up $60 million or 38 per cent on the period.
The rise mainly reflected advertising revenue growth in Australia, reduced transition costs to News's new printing presses in the UK, and the inclusion of the results of Dow Jones & Company, acquired in December 2007.
The Australian newspaper group reported third quarter operating income growth in local currency terms primarily from increased display advertising revenues, led by the retail and real estate sectors.
News Corp's "Other" division reported an operating loss of $7 million, a $97 million improvement on the third quarter a year ago.
The company said this was due mainly to the absence of losses associated with the 2007 Cricket World Cup, which had been included in the third quarter in the prior year.
News said it had completed its share exchange agreement with Liberty Media Corporation in February 2008. Under the deal, Liberty exchanged its entire interest in News' common stock of approximately 16 per cent for the News's entire stake in The DIRECTV Group, three Regional Sports Networks and approximately $625 million in cash.
News's year-on-year growth reflected a $1.7 billion tax-free gain on the Liberty Media deal.
© 2008 AAP
