News Corp sales up, MySpace in trouble

News Corp has reported revenue in its fiscal first quarter was $7.43 billion, up from $7.2 billion in the previous year. Net income was $775 million up from $571 million last year.

Rupert Murdoch chairman said, “Our global cable network programming business continues to lead News Corporation’s financial and operational momentum.”

Meanwhile, MySpace, the social networking site, continues to be a drag on News Corporation’s earnings. News President, Chase Carey, said the unit’s losses ($156m in the quarter) were not “sustainable” and suggested the unit’s management was under pressure to turn it around quickly. He said the progress would be measured in “quarters, not in years.”

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