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News Corp. Profit Tops Analyst Estimates on TV Ad Gains

News Corp., the media company run by billionaire Rupert Murdoch, reported profit that topped analysts’ estimates, fueled by TV advertising and affiliate fees from pay-TV providers.

Fiscal first-quarter net income rose to $2.23 billion, or 94 cents a share, from $738 million, or 28 cents, a year earlier, the New York-based company said yesterday in a statement. Excluding some items, per-share profit was 43 cents. That beat the average analyst estimate of 37 cents, according to data compiled by Bloomberg.