News Corporation Reports First Quarter Earnings Per Share of $0.94 on Net Income Attributable to Stockholders of $2.23 Billion

  News Corporation Reports First Quarter Earnings Per Share of $0.94 on Net
  Income Attributable to Stockholders of $2.23 Billion and First Quarter Total
  Segment Operating Income of $1.38 Billion on Revenue of $8.14 Billion

Business Wire

NEW YORK -- November 06, 2012

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported total
revenue for the three months ending September 30, 2012 of $8.14 billion, a
$177 million, or 2%, increase over the $7.96 billion of revenue reported in
the prior year quarter. The revenue increase was led by 16% growth at the
Company’s Cable Network Programming segment, which was partially offset by
declines at the Company’s Direct Broadcast Satellite Television and Publishing
segments.

The Company reported first quarter total segment operating income^(1) of $1.38
billion compared to $1.39 billion reported a year ago. The results reflect
operating income improvements at the Company’s Cable Network Programing,
Television and Filmed Entertainment segments, led by a $178 million, or 23%,
increase at the Cable Network Programming segment. These improvements were
more than offset by decreases at the Direct Broadcast Satellite Television,
Publishing and Other segments. The first quarter results included a $67
million charge related to the costs of the ongoing investigations initiated
upon the closure of The News of the World as compared to $17 million in the
corresponding period of the prior year. This year’s first quarter results also
included $5 million of costs related to the proposed separation of the
Company’s entertainment and publishing businesses. Excluding these charges
from both years, respectively, first quarter adjusted total segment operating
income of $1.45 billion increased $48 million, or 3%, from $1.40 billion in
the first quarter of the prior year.

The Company reported quarterly net income attributable to stockholders of
$2.23 billion ($0.94 per share), compared to $738 million ($0.28 per share)
reported in the corresponding period of the prior year. This quarter’s results
included $1.38 billion of income in Other, net, principally reflecting a
pre-tax gain on the sale of NDS as well as a $75 million pre-tax gain from the
Company’s participation in British Sky Broadcasting’s (“BSkyB”) share
repurchase program, which is reflected in Equity earnings of affiliates. These
gains were partially offset by $152 million of pre-tax restructuring and
impairment charges primarily related to the Company’s newspaper and digital
games businesses. Excluding the net income effects of these items, the charges
related to the investigations in the U.K. and the proposed separation of the
Company’s entertainment and publishing businesses, along with comparable items
in both years, first quarter adjusted earnings per share^(2) was $0.43
compared with the adjusted prior year quarter result of $0.32.

Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch
said:

“Our operational discipline and focus on innovation continued to drive the
company’s momentum in our fiscal first quarter, led by double-digit growth in
our channels business and the global success of our film and television
content. Even against considerable currency headwinds due to a stronger
dollar, we were able to increase News Corp’s revenue and adjusted segment
operating profit over the prior year quarter while continuing to make key
investments to position us for future growth.

“We are committed to leading the change that the marketplace and our customers
demand as the Company builds on its success at leveraging multi-platform
opportunities for our content. We believe that our ability to do so will be
enhanced by the flexibility and management focus that will result from the
proposed separation of our entertainment and publishing businesses. We have
made considerable progress in this process and look forward to providing more
details by the end of the calendar year.”


       Total segment operating income is a non-GAAP financial measure. See
^(1)  page 11 for a description of total segment operating income and for a
       reconciliation of total segment operating income to income before
       income tax expense.
       
^(2)   See page 13 for a reconciliation of reported net income and earnings
       per share to adjusted net income and adjusted earnings per share.
       

REVIEW OF SEGMENT OPERATING RESULTS                   
                                                                
Total Segment Operating Income (Loss)       3 Months Ended
                                            September 30,
                                            2012    2011
                                            US $ Millions
                                                                
Cable Network Programming                   $  953           $  775
Filmed Entertainment                           400              347
Television                                     156              133
Direct Broadcast Satellite Television          23               119
Publishing                                     57               110
Other                                         (211  )         (99   )
Total Segment Operating Income *            $  1,378        $  1,385 
                                                                      

    The three months ended September 30, 2012 and 2011 include $67 million and
    $17 million, respectively, of charges related to the ongoing
    investigations in the U.K. The three months ended September 30, 2012
*  include $5 million of costs related to the proposed separation of the
    Company’s entertainment and publishing businesses. Excluding these
    charges, adjusted total segment operating income is $1,450 and $1,402
    million in the three months ended September 30, 2012 and 2011,
    respectively.
    

CABLE NETWORK PROGRAMMING

Cable Network Programming reported quarterly segment operating income of $953
million, a $178 million, or 23%, increase over the prior year quarter, driven
by a 16% increase in revenue. Operating income contributions from the domestic
channels increased 33%, led by growth at the Regional Sports Networks (RSNs),
FX Network and Fox News Channel. Strong local currency operating profit growth
at the Fox International Channels was more than offset by the adverse impact
of the strengthened U.S. dollar and the impact of the inaugural broadcasts of
the new BCCI cricket rights at STAR. As a result, the Company’s international
cable channels quarterly earnings contributions declined 7% from the same
period a year ago.

Affiliate revenue grew 16% and 25% at the domestic and international cable
channels, respectively. Domestic network growth reflects higher rates across
all networks, led by growth at the RSNs and Fox News Channel. About two-thirds
of the international affiliate revenue increase reflects strong local currency
organic growth at FIC and STAR in India. The balance of the growth was from
the inclusion of Fox Pan American Sports partially offset by the impact of
strengthened U.S. dollar.

Advertising revenue at the domestic cable channels grew 8% in the quarter over
the prior year period, led by growth at the RSNs and Fox News Channel. The
international cable channels’ advertising revenue improved on a local currency
basis but reported a 1% decline from the prior year quarter, as the impact of
the strengthened U.S. dollar more than offset local currency growth at both
the Fox International Channels, which benefitted from the consolidation of the
Fox Pan American Sports network, and STAR in India.

Expenses at Cable Network Programming grew 11% in the quarter over the
corresponding period in the prior year, due to increased programming costs
including rights fees for the BCCI cricket in India, expanded Big 12 and PAC
12 college football coverage, the launch of the Ultimate Fighting
Championship, as well as increased expenses associated with the consolidation
of the Fox Pan American Sports network and the launch of new sports networks
in Brazil and San Diego.

FILMED ENTERTAINMENT

Filmed Entertainment reported quarterly segment operating income of $400
million, $53 million higher than the $347 million reported in the same period
a year ago. Quarterly results reflect the successful worldwide theatrical
performance of Ice Age: Continental Drift, which has grossed over $850 million
in worldwide box office to date and is now the biggest animated film of
all-time at the international box office. Prior year first quarter film
results included the successful worldwide theatrical performance of Rise of
the Planet of the Apes and the worldwide home entertainment performances of
Rio and X-Men: First Class. The quarter also included increased contributions
from the television production studios, including increased digital
distribution revenue related to the timing of delivery of content to Netflix.

TELEVISION

Television reported quarterly segment operating income of $156 million, an
increase of $23 million versus the same period a year ago. This increase
reflects a more than doubling of retransmission consent revenues and increased
local advertising, driven by record first quarter political advertising
revenues. These improvements were partially offset by lower national
advertising revenues primarily reflecting lower primetime ratings and the
market impact from the Olympics in August.

DIRECT BROADCAST SATELLITE TELEVISION

SKY Italia generated quarterly segment operating income of $23 million,
compared to $119 million of operating income reported in the same period a
year ago. The decline was driven by higher programming expenses, including
nearly $70 million of rights costs associated with the broadcast of the
Olympics. This year’s quarterly results were also adversely impacted by the
strengthened U.S. dollar. While reported U.S. dollar revenues declined,
quarterly local currency revenue increased 1% from the corresponding period of
the prior year led by higher subscription revenues. SKY Italia experienced a
net reduction of approximately 40,000 subscribers during the quarter, bringing
total subscribers to 4.86 million.

PUBLISHING

Publishing reported quarterly segment operating income of $57 million, a $53
million decrease compared to the $110 million reported in the same period a
year ago, due to lower advertising revenues across all divisions, led by
declines at the Australian and U.S. publishing businesses. The declines were
partially offset by increased contributions at the U.K. newspapers, which
benefitted from the launch of the Sunday edition of The Sun in February 2012,
and at HarperCollins, which benefitted from the acquisition of Thomas Nelson,
Inc., a Christian book publisher.

OTHER

The Other segment reported a quarterly segment operating loss of $211 million
versus a loss of $99 million reported in the same period a year ago. The first
quarter results include $67 million of costs related to the ongoing
investigations initiated upon the closure of The News of the World and $5
million of costs related to the proposed separation of the Company’s
entertainment and publishing businesses. This quarter’s results also reflect a
$15 million increased operating loss at Amplify, the Company’s education
business, reflecting increased product development costs.

OTHER ITEMS

Gain on the sale of NDS

In July 2012, the Company sold its 49% investment in NDS Group Limited (“NDS”)
to Cisco Systems Inc. for approximately $1.9 billion. The Company recorded a
gain of approximately $1.4 billion on this transaction which is included in
Other, net in the consolidated statements of operations for the three months
ended September 30, 2012.

Share repurchases

On May 9, 2012, News Corporation announced that its Board of Directors
approved an increase to the previously authorized stock repurchase program
from $5 billion to $10 billion. Through November 5, 2012, the Company has
purchased approximately $5.8 billion of Class A common stock under the
program, at an average price of $18.74 per share. As a result of the stock
repurchase program, diluted weighted Class A shares outstanding of 2,370
million in this year’s quarter declined 9% from 2,612 million in the same
period a year ago.

Intent to pursue separation of entertainment and publishing businesses

On June 28, 2012, News Corporation announced that it intends to pursue the
separation of its publishing and its media and entertainment businesses into
two distinct publicly traded companies. The global publishing company that
would be created through the proposed transaction would consist of the
Company’s publishing businesses, its education division and other Australian
assets. The global media and entertainment company would consist of the
Company’s cable and television assets, filmed entertainment, and direct
satellite broadcasting businesses. Following the separation, each company
would maintain two classes of common stock: Class A Common and Class B Common
Voting Shares. The separation is expected to be completed in approximately one
year from the date of announcement. In addition to final approval from the
Board of Directors and stockholder approval, the completion of the separation
will be subject to receipt of regulatory approvals, opinions from tax counsel
and favorable rulings from certain tax jurisdictions regarding the tax-free
nature of the transaction to the Company and to its stockholders, further due
diligence as appropriate, and the filing and effectiveness of appropriate
filings with the SEC. There can be no assurances given that the separation of
the Company's businesses as described will occur.

REVIEW OF EQUITY EARNINGS (LOSSES) OF AFFILIATES’ RESULTS

Quarterly earnings from affiliates were $190 million as compared to $121
million in the same period a year ago. The increased contributions from
affiliates are primarily due to the Company’s $75 million pre-tax gain related
to the Company’s participation in BSkyB’s share repurchase.

The Company’s share of equity earnings (losses) of affiliates is as follows:

                                         3 Months Ended
                                                   September 30,
                         % Owned                  2012         2011    
                                                   US $ Millions
BSkyB                    39%^(1)                   $ 209        $ 141
Other affiliates         Various^(2)               (19 )          (20 ) 
Total equity
earnings of                                       $ 190          $ 121  
affiliates
                                                                             

^(1)  Please refer to BSkyB’s earnings releases for detailed information.
^(2)   Primarily comprised of Sky Deutschland, NDS, Australian and STAR equity
       affiliates.
       

Foreign Exchange Rates

Average foreign exchange rates used in the quarter-to-date profit results are
as follows:

                                   3 Months Ended
                                     September 30,
                                      2012     2011 
                                                
Australian Dollar/U.S. Dollar          1.04         1.05
U.K. Pounds Sterling/U.S. Dollar       1.58         1.61
Euro/U.S. Dollar                       1.25         1.41
                                                         

To receive a copy of this press release through the Internet, access News
Corporation’s corporate Web site located at http://www.newscorp.com.

Audio from News Corporation’s conference call with analysts on the first
quarter results can be heard live on the Internet at 4:30 p.m. Eastern
Standard Time today. To listen to the call, visit http://www.newscorp.com.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management’s views and assumptions regarding future events and
business performance as of the time the statements are made. Actual results
may differ materially from these expectations due to changes in global
economic, business, competitive market and regulatory factors. More detailed
information about these and other factors that could affect future results is
contained in our filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made only as of the
date of this document and we do not have any obligation to publicly update any
“forward-looking statements” to reflect subsequent events or circumstances,
except as required by law.

                                                     
CONSOLIDATED STATEMENTS OF
OPERATIONS
                                  3 Months Ended
                                  September 30,
                                  2012                    2011
                                  US $ Millions (except share related amounts)
                                                                
Revenues                          $    8,136               $    7,959
                                                                
                                                                
Operating expenses                     (4,848    )              (4,753    )
Selling, general and                   (1,610    )              (1,527    )
administrative expenses
Depreciation and amortization          (300      )              (294      )
Impairment and restructuring           (152      )              (91       )
charges
Equity earnings of affiliates          190                      121
Interest expense, net                  (267      )              (258      )
Interest income                        31                       36
Other, net                             1,375                   (130      )
Income from continuing
operations before income tax           2,555                    1,063
expense
Income tax expense                     (259      )              (277      )
Net income                             2,296                    786
Less: Net income attributable          (63       )              (48       )
to noncontrolling interests
Net income attributable to News   $    2,233              $    738       
Corporation stockholders
                                                                
                                                                
Weighted average shares:               2,370                    2,612
                                                                
Net income attributable to News
Corporation stockholders per      $    0.94                $    0.28
share:
                                                                          

CONSOLIDATED BALANCE SHEETS                  September 30,   June 30,
                                              2012            2012
Assets:                                       US $ Millions
Current assets:
Cash and cash equivalents                     $    12,007       $    9,626
Receivables, net                                   6,634             6,608
Inventories, net                                   2,856             2,595
Other                                             770              619
Total current assets                              22,267           19,448
                                                                     
Non-current assets:
Receivables                                        464               387
Investments                                        4,725             4,968
Inventories, net                                   4,835             4,596
Property, plant and equipment, net                 5,830             5,814
Intangible assets, net                             7,128             7,133
Goodwill                                           13,190            13,174
Other non-current assets                          1,237            1,143
Total assets                                  $    59,676       $    56,663
                                                                     
                                                                     
Liabilities and Equity:
Current liabilities:
Borrowings                                    $    273          $    273
Accounts payable, accrued expenses and             5,615             5,405
other current liabilities
Participations, residuals and royalties            1,862             1,691
payable
Program rights payable                             1,292             1,368
Deferred revenue                                  1,003            880
Total current liabilities                         10,045           9,617
                                                                     
Non-current liabilities:
Borrowings                                         16,184            15,182
Other liabilities                                  3,693             3,650
Deferred income taxes                              2,329             2,388
Redeemable noncontrolling interests                648               641
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value              15                15
Class B common stock, $0.01 par value              8                 8
Additional paid-in capital                         16,016            16,140
Retained earnings and accumulated other           10,225           8,521
comprehensive income
Total News Corporation stockholders' equity        26,264            24,684
Noncontrolling interests                          513              501
Total equity                                      26,777           25,185
Total liabilities and equity                  $    59,676       $    56,663
                                                                     

CONSOLIDATED STATEMENTS OF CASH FLOWS                           
                                                  3 Months Ended September 30,
                                                  2012            2011
                                                  US $ Millions
Operating activities:
Net Income                                        $  2,296          $ 786
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization                        300              294
Amortization of cable distribution investments       21               24
Equity earnings of affiliates                        (190    )        (121   )
Cash distributions received from affiliates          18               64
Impairment charges, net of tax                       35               -
Other, net                                           (1,375  )        130
Change in operating assets and liabilities, net
of acquisitions:
Receivables and other assets                         (164    )        (275   )
Inventories, net                                     (465    )        (537   )
Accounts payable and other liabilities              234            59     
Net cash provided by operating activities           710            424    
                                                                      
Investing activities:
Property, plant and equipment, net of                (176    )        (248   )
acquisitions
Acquisitions, net of cash acquired                   (227    )        (67    )
Investments in equity affiliates                     69               (34    )
Other investments                                    (30     )        (78    )
Proceeds from dispositions                          1,825          334    
Net cash provided by (used in) investing            1,461          (93    )
activities
                                                                      
Financing activities:
Borrowings                                           988              -
Repayment of borrowings                              -                (32    )
Issuance of shares                                   111              12
Repurchase of shares                                 (877    )        (1,272 )
Dividends paid                                       (52     )        (23    )
Other, net                                          9              -      
Net cash provided by (used in) financing            179            (1,315 )
activities
                                                                      
Net increase (decrease) in cash and cash             2,350            (984   )
equivalents
Cash and cash equivalents, beginning of period       9,626            12,680
Exchange movement on opening cash balance           31             (267   )
Cash and cash equivalents, end of period          $  12,007        $ 11,429 
                                                                             

SEGMENT INFORMATION                    3 Months Ended
                                        September 30,
                                        2012   2011
                                        US $ Millions
Revenues                                            
                                                          
Cable Network Programming               $  2,449       $  2,120
Filmed Entertainment                       1,745          1,778
Television                                 959            923
Direct Broadcast Satellite Television      817            922
Publishing                                 2,018          2,069
Other                                     148          147   
Total Revenues                          $  8,136      $  7,959 
                                                          
                                                          
Segment Operating Income (Loss)
                                                          
Cable Network Programming               $  953         $  775
Filmed Entertainment                       400            347
Television                                 156            133
Direct Broadcast Satellite Television      23             119
Publishing                                 57             110
Other                                     (211  )       (99   )
Total Segment Operating Income *        $  1,378      $  1,385 
                                                                

    The three months ended September 30, 2012 and 2011 include $67 million and
    $17 million, respectively, of charges related to the ongoing
    investigations in the U.K. The three months ended September 30, 2012
*  include $5 million of costs related to the proposed separation of the
    Company’s entertainment and publishing businesses. Excluding these
    charges, adjusted total segment operating income is $1,450 and $1,402
    million in the three months ended September 30, 2012 and 2011,
    respectively.
    

NOTE 1 – TOTAL SEGMENT OPERATING INCOME AND SEGMENT OPERATING INCOME BEFORE
DEPRECIATION AND AMORTIZATION

The Company evaluates the performance of its operating segments based on
segment operating income, and management uses total segment operating income
as a measure of the performance of operating businesses separate from
non-operating factors. Total segment operating income and segment operating
income before depreciation and amortization are non-GAAP measures and should
be considered in addition to, not as a substitute for, net income, cash flow
and other measures of financial performance reported in accordance with GAAP.
In addition, these measures do not reflect cash available to fund
requirements. These measures exclude items, such as impairment and
restructuring charges, which are significant components in assessing the
Company’s financial performance. Segment operating income before depreciation
and amortization also excludes depreciation and amortization which are also
significant components in assessing the Company’s financial performance.

Management believes that total segment operating income and segment operating
income before depreciation and amortization are appropriate measures for
evaluating the operating performance of the Company’s business and provide
investors and equity analysts a measure to analyze operating performance of
the Company’s business and enterprise value against historical data and
competitors’ data. Total segment operating income and segment operating income
before depreciation and amortization is the primary measure used by our chief
operating decision maker to evaluate the performance of and allocate resources
to the Company’s business segments.

Total segment operating income does not include: Impairment and restructuring
charges, discontinued operations, Equity earnings of affiliates, Interest
expense, net, Interest income, Other, net, Income tax expense and Net income
attributable to noncontrolling interests.

Segment operating income before depreciation and amortization is defined as
segment operating income plus depreciation and amortization and the
amortization of cable distribution investments and eliminates the variable
effect across all business segments of depreciation and amortization.
Depreciation and amortization expense includes the depreciation of property
and equipment, as well as amortization of finite-lived intangible assets.
Amortization of cable distribution investments represents a reduction against
revenues over the term of a carriage arrangement and, as such, it is excluded
from segment operating income before depreciation and amortization.

The following table reconciles segment operating income before depreciation
and amortization to income from continuing operations before income tax
expense.

                                                   3 Months Ended
                                                     September 30,
                                                     2012   2011
                                                     US $ Millions
                                                                 
Segment Operating income before depreciation and     $  1,699       $  1,703
amortization
Depreciation and amortization                           (300  )        (294  )
Amortization of cable distribution investments         (21   )       (24   )
Total Segment Operating income                          1,378          1,385
Impairment and restructuring charges                    (152  )        (91   )
Equity earnings of affiliates                           190            121
Interest expense, net                                   (267  )        (258  )
Interest income                                         31             36
Other, net                                             1,375        (130  )
Income from continuing operations before income      $  2,555      $  1,063 
tax expense
                                                                             

                 For the Three Months Ended September 30, 2012
                  (US $ Millions)
                  Segment                                       
                  Operating
                  income (loss)
                  before           Depreciation   Amortization of   Segment
                  depreciation     and            cable             Operating
                  and                             distribution      income
                  amortization     amortization   investments       (loss)
Cable Network     $   1,016        $   (42   )    $    (21    )     $  953
Programming
Filmed                433              (33   )         -               400
Entertainment
Television            177              (21   )         -               156
Direct
Broadcast             95               (72   )         -               23
Satellite
Television
Publishing            172              (115  )         -               57
Other                (194    )       (17   )        -             (211  )
Consolidated      $   1,699       $   (300  )    $    (21    )     $  1,378 
Total
                                                                       

                                                               
                  For the Three Months Ended September 30, 2011
                  (US $ Millions)
                  Segment
                  Operating
                  income (loss)
                  before           Depreciation   Amortization of   Segment
                  depreciation     and            cable             Operating
                  and                             distribution      income
                  amortization     amortization   investments       (loss)
Cable Network     $   836          $   (37   )    $    (24    )     $  775
Programming
Filmed                386              (39   )         -               347
Entertainment
Television            154              (21   )         -               133
Direct
Broadcast             193              (74   )         -               119
Satellite
Television
Publishing            217              (107  )         -               110
Other                (83     )       (16   )        -             (99   )
Consolidated      $   1,703       $   (294  )    $    (24    )     $  1,385 
Total
                                                                             

NOTE 2 – ADJUSTED NET INCOME AND ADJUSTED EPS

The calculation of net income and earnings per share excluding Segment
operating profit adjustments, Impairment and restructuring charges, Equity
affiliate adjustments, “Other, net”, and discontinued operations, net of tax
(“adjusted net income and adjusted diluted earnings per share”) may not be
comparable to similarly titled measures reported by other companies, since
companies and investors may differ as to what type of events warrant
adjustment. Adjusted net income and adjusted diluted earnings per share are
not measures of performance under generally accepted accounting principles and
should not be construed as substitutes for consolidated net income and
earnings per share as determined under GAAP as a measure of performance.
However, management uses these measures in comparing the Company’s historical
performance and believes that they provide meaningful and comparable
information to investors to assist in their analysis of our performance
relative to prior periods and our competitors.

The Company uses adjusted net income and adjusted diluted earnings per share
to evaluate the performance of the Company’s operations exclusive of certain
items that impact the comparability of results from period to period.

The following tables reconcile reported net income and reported diluted
earnings per share (“EPS”) to adjusted net income and adjusted diluted
earnings per share for the three months ended September 30, 2012 and 2011.

                                 3 Months Ended          3 Months Ended
                                  September 30,2012        September 30,2011
                                  Net (loss)              Net (loss) 
                                  income      EPS         income      EPS
                                  (in US$ millions, except per share data)
                                                                          
As reported                       $ 2,233      $ 0.94      $  738       $ 0.28
                                                                          
Segment operating profit
adjustments (net of
provision for income taxes of
$17 and $3 for
the three months ended
September 30, 2012
and 2011, respectively)((a))        55           0.02         14          0.01
                                                                          
Impairment and restructuring
charges (net of
provision for income taxes of
$32 and $27
for the three months ended
September 30,
2012 and 2011, respectively)        120          0.05         64          0.02
                                                                          
Equity affiliate adjustments
(net of
provision for income taxes of
$25 and $6 for
the three months ended
September 30, 2012
and 2011, respectively)((b))        (50    )     (0.02 )      (12  )      -
                                                                          
Other, net (net of provision
for income taxes
of $29 and $97 for the three
months ended
September 30, 2012 and 2011,        (1,346 )     (0.57 )      33          0.01
respectively)
                                                                          
Rounding                                      0.01                 
As adjusted                       $ 1,012     $ 0.43     $  837      $ 0.32
                                                                          

      Segment operating profit for the three months ended September 30, 2012
      and 2011 was adjusted to exclude the expenses related to the ongoing
(a)  investigations initiated upon the closure of The News of the World.
      Segment operating profit for the three months ended September 30, 2012
      also excludes the expenses related to separation of the Company’s
      entertainment and publishing businesses.
      Equity earnings of affiliates for the three months ended September 30,
      2012 was adjusted to exclude from BSkyB results News Corporation’s gain
(b)   on the BSkyB repurchase program. Equity earnings of affiliates for the
      three months ended September 30, 2011 were adjusted to exclude from
      BSkyB’s results the gain recognized on the fee paid by News Corporation
      related to its withdrawal of its acquisition bid in July 2011.
      

Contact:

News Corporation
Investor Relations:
Reed Nolte, 212-852-7092
Joe Dorrego, 212-852-7856
or
Press Inquiries:
Julie Henderson, 212-852-7070
Nathaniel Brown, 212-852-7746
Dan Berger, 310-369-1274
 
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