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News Corp. Returns to Annual Profit in Year Before Split

News Corp. Chairman Rupert Murdoch is narrowing News Corp.’s focus to larger publications, including the Journal, the New York Post and the U.K.’s Times. Photographer: Victor J. Blue/Bloomberg
News Corp. Chairman Rupert Murdoch is narrowing News Corp.’s focus to larger publications, including the Journal, the New York Post and the U.K.’s Times. Photographer: Victor J. Blue/Bloomberg

Sept. 21 (Bloomberg) -- News Corp., the publishing company that owns the Wall Street Journal, reported $506 million in net income for the year ended June 30, when Chairman Rupert Murdoch split the operation from his entertainment business.

The profit, which amounted to 87 cents a share, compared with a loss of $2.08 billion, or $3.58, the previous fiscal year, the New York-based company said in a regulatory filing yesterday. Revenue climbed 2.7 percent to $8.89 billion.

Murdoch is narrowing News Corp.’s focus to larger publications, including the Journal, the New York Post and the U.K.’s Times. When the company broke off from 21st Century Fox Inc., it started with $2.6 billion in cash and zero debt.

The publisher also said it will pay a dividend at some point in the future, without specifying the date or the amount.

“Payment of future dividends to stockholders will fall within the discretion of its board of directors,” News Corp. said in the filing.

News Corp. shares were little changed in extended trading after the filing yesterday. The Class A shares fell 1.4 percent to $16.64 at the close in New York and have gained 5.3 percent since they began trading separately from 21st Century Fox in June.

The loss in the prior year resulted from a non-cash charge of $2.8 billion in the fourth quarter of the 12 months ended June 2012, principally related to its Australian newspaper business.

To contact the reporter on this story: Edmund Lee in New York at elee310@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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