Rupert Murdoch's News Corp on Wednesday posted a stronger-than-expected quarterly profit, aided by its cable networks and movie studio business, and its shares rose more than 4% in post-market trade.
The company's fiscal third-quarter net income rose to $937 million, or 38 cents a share, from $639 million, or 24 cents a share, a year ago.
A $111 million pre-tax gain from the company's participation in a share repurchase program at British satellite operator BSkyB boosted profits. News Corp owns a 39% stake in BSkyB.
The company also booked a $63 million charge, or 2 cents a share, for costs related to the ongoing investigations following the closure of its News of the World tabloid.
Revenue increased 2% to $8.4 billion.
At its cable networks, which include FX and Fox News, revenue rose 16% on an increase in affiliate fee revenue from cable and satellite distributors. Advertising revenue at its domestic cable channels rose 10%.
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Murdoch and his company have been embroiled in the fallout from a phone hacking scandal at its UK newspapers that has reverberated throughout the wider New York-based media conglomerate.
A UK parliamentary select committee report published last week said Murdoch was unfit to run a major international business. The News Corp board came out in full support of Murdoch, saying he had shown vision and leadership in building the business.
Murdoch is not expected to make an appearance at the quarterly conference call with analysts. Murdoch has in recent quarters left the call to his second in command, Chase Carey, and Chief Financial Officer Dave Devoe. Murdoch usually shows up at the end of financial year call in August.
In after-market trade, News Corp shares were up 4.4% at $20.25, after closing at $19.38 on the Nasdaq.