News Corp Sees 55 Percent Increase In Net Income

The quarterly earnings report was rather rosy for the company.

Despite its continued woes with phone hacking by their former reporters and being hacked by the Chinese (at least according to Rupert Murdoch), News Corp reported a 55 percent increase in net income in its last quarter of 2012, beating many analysts' predictions and sending the company's stock rising in after-hours trading on Wednesday, Bloomberg News reported.

The growth, according to the company, was led by 18% growth at the company’s cable network segment. The company said it paid $56 million into the "investigation initiated upon the closure of the News of the World" in the previous quarter and also $23 million related to the separation of the publishing and entertainment sectors of the company.

[Photo via Flickr user World Economic Forum]

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