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News Corp profits drop after blockbuster drought
Business digest: Rupert Murdoch’s company is experiencing turbulence as its film division underperforms
News Corp saw its profits for the first quarter of this year fall by 21 per cent to $682m, a fact it has attributed to the popularity of its 3D blockbuster Avatar in the same period last year.
But while income from films halved to $248m, the corporation's TV division saw a 25 per cent income growth to $735m.
News Corp's social networking site, MySpace, also continued to make losses as it struggled to keep advertising and revenues from internet searches.
Rupert Murdoch, head of News Corp, insisted that current 3D release Rio would soon boost profits again, and that he was "particularly pleased" with the figures for television.
Read a full report at BBC News. ·
