News Corp talks up ‘new era’

SYDNEY – Rupert Murdoch said his US-bound media giant News Corp. is on the “cusp of a new and more prosperous era” last week as it reported a jump in earnings and rival mogul John Malone moved to increase his stake in the company.

News Corp., which ceased trading on Australia’s benchmark index on Wednesday and is due to list in New York on November 12, reported net profit of US$536 million (N$3,3 billion) for the three months to September, up 27 per cent on the same period last year. Revenues rose by 12 per cent to US$5,2 billion, in line with market expectations.Murdoch, who has nurtured News Corp.from a single Adelaide newspaper into the world’s fifth largest media group over the past 52 years, said the imminent US move and strong performances across the company meant the outlook is bright.”We are on the cusp of a new and more prosperous era for News Corp., an era in which the profit growth we are poised to deliver and the potential of our unmatched asset base translate into stronger returns for our shareholders,” Murdoch told reporters in Australia on a conference call from New York.But Liberty Media Corp.’s John Malone served Murdoch notice that he would also face new challenges in the more predatory US market.Liberty announced it had secured an equity swap deal with Merrill Lynch International that could double its current 9,15 per cent voting stake in the company by April next year, potentially paving the way for a challenge to the Murdoch family’s hold on News Corp.Murdoch said he was relaxed about the Liberty move, which he described as a compliment to his company.”I’m not losing any sleep over it,” he said.Murdoch said the first-quarter result underpins his projection for full-year operating earnings growth in the “mid- to high-teens.-Nampa-AFPRevenues rose by 12 per cent to US$5,2 billion, in line with market expectations.Murdoch, who has nurtured News Corp.from a single Adelaide newspaper into the world’s fifth largest media group over the past 52 years, said the imminent US move and strong performances across the company meant the outlook is bright.”We are on the cusp of a new and more prosperous era for News Corp., an era in which the profit growth we are poised to deliver and the potential of our unmatched asset base translate into stronger returns for our shareholders,” Murdoch told reporters in Australia on a conference call from New York.But Liberty Media Corp.’s John Malone served Murdoch notice that he would also face new challenges in the more predatory US market.Liberty announced it had secured an equity swap deal with Merrill Lynch International that could double its current 9,15 per cent voting stake in the company by April next year, potentially paving the way for a challenge to the Murdoch family’s hold on News Corp.Murdoch said he was relaxed about the Liberty move, which he described as a compliment to his company.”I’m not losing any sleep over it,” he said.Murdoch said the first-quarter result underpins his projection for full-year operating earnings growth in the “mid- to high-teens. -Nampa-AFP