Rupert Murdoch's News Corp delivered better than expected quarterly numbers yesterday though overall revenue is still down. The bright spots for Murdoch were movies and cable. Advertising revenues are still way down, like most in the industry. The other bad news for Murdoch is that his new scheme for online payments has been delayed. (Welcome to the world of IT change.)
The results come as News Corp tries to stem advertising revenue declines at its newspapers and local U.S. TV stations.
News Corp's newspaper unit posted an 81 percent decline in operating income as people gave up their print editions and went online. Advertising sales have fallen as a result. Local TV operating income fell 54 percent.
