As media conglomerate News Corp reported soaring profits for its second quarter, chief executive Rupert Murdoch suggested that the strong results will propel the company’s investment in new internet services.
The media giant saw net profit for the quarter rise to $1.08 billion from $386 million a year earlier and reported an operating profit of $6.7 billion.
Indicating that the company is looking to expand its digital media ventures, the media mogul intimated that the company’s web-based ventures would be delivered through its DirecTV satellite division.
We also hit the ground running with our recent new media investments, expanding the number of registered users of MySpace to over 50 million and positioning us to capitalize on the expanding on-line advertising pie as broadband continues to proliferate, commented Mr Murdoch.
Additionally, we are spending considerable time exploring ways to increase the value of our vast content libraries, such as our recently announced deal between FX, the FOX network and DirecTV for on-demand content.