November 7, 2018 / 10:38 PM / a year ago

News Corp profit surges 49 percent on higher subscription revenue

FILE PHOTO: Tennis - US Open - Mens Final - New York, U.S. - September 10, 2017 - Rupert Murdoch, Chairman of Fox News Channel stands before Rafael Nadal of Spain plays against Kevin Anderson of South Africa. REUTERS/Mike Segar

(Reuters) - News Corp (NWSA.O), controlled by media mogul Rupert Murdoch, reported a 49 percent jump in quarterly profit on Wednesday, benefiting from growth in its newly acquired TV network business and subscription price hikes.

The owner of the Wall Street Journal and the New York Post said its circulation and subscription revenue jumped about 59 percent to $1.03 billion.

The company’s subscription video services unit, which includes Australian pay TV company Foxtel that was acquired by News Corp earlier this year, contributed $565 million to its overall revenue.

Revenue at the company’s news business rose about 1 percent to $1.25 billion.

Net income available to shareholders rose to $101 million, or 17 cents per share, in the first quarter ended Sept. 30 from $68 million, or 12 cents per share, a year earlier.

Total revenue rose to $2.52 billion, but missed analysts’ estimates of $2.54 billion, according to IBES data from Refinitiv.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva

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