News Corporation chairman Rupert Murdoch has praised the efforts of youngest son James, chief executive of B
SkyB. Though he didn't refer to him by name, Murdoch senior said B
SkyB's management had "developed the right plan" for the UK's dominant pay-TV operator.
Speaking as News Corp - which has a 35.3% stake in
Sky - unveiled fourth-quarter and full-year results, Murdoch, also chairman of B
SkyB, insisted what he called "our agenda ... and the [B
SkyB] chief executive's agenda is to return [B
SkyB] to being a strong growth company rather than just a cash cow".
News Corp posted fourth quarter net profits of $399m, up from £370m in the same period last year, capping a year in which the media giant - set to reincorporate in the US from Australia - saw net profits soar 57.5% to $1.65bn on sales of $20.96bn.
Murdoch said record profits had been achieved in almost every segment of the business, from film to television and print. Quarterly profits were boosted by DVD and video sales of films such as Ice Age and TV series including 24 and Buffy the Vampire Slayer.
Television operating profits were boosted by good advertising revenues and the success in the US of TV talent show American Idol. They increased 20.6% to $351m. Fox News TV boosted performance on the company's cable network division.
12-08-2004
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