News Corp

Diversified media company, News Corp (ASX:NWS) have announced their results.

• Fall in revenue and write downs of Australian News Corp newspapers have led the company to report a $US1.6 billion (AUD$1.52) million loss for the 3 months to June 30.
• Annual net profit in the year to June 30 fell to $US1.2 billion (AUD$1.14 billion), from $US2.7 billion (AUD$2.57 billion)

The Australian Competition and Consumer Commission has approved the News Corp (ASX:NWS) for ConsMedia (ASX:CMJ).

Telstra

Telstra (ASX:TLS) annual profit fell 17 percent with net profit at $3.231 billion for the year to June 30, down from $3.883 billion last period. Revenue added 0.7 percent to $25.09 billion while earnings were down 6.4 percent to $10.15 billion from $10.85 billion last year. The company declared a fully-franked final dividend of 14 cents, with full year payout at 28 cents.

Webjet

The Australian Competition and Consumer Commission has set a hurdle on the News Corp (ASX:NWS)-backed Foxtel takeover bid on Austar United Communications (ASX:AUN). The regulator said that Foxtel's proposed $2.5 billion bid would create a near-monopoly and delayed its decision until September.

News Corporation (ASX:NWS) has ended its relationship with Myspace by selling the once premier social networking site for $33.33 million (US$35 million), a tiny fraction of its original purchase price of $552.38 million ($US580 million) six years ago.

Global media conglomerate, NewsCorp (ASX:NWS) have posted a profit for their first quarter (Q1) of 2010/11 financial year of $US775 million ($A777.49 million) for the three months to September 30, 2010, up 36 per cent from $US571 million ($A572.83 million) in the prior corresponding period, NewsCorp said in a statement on Thursday.

The global media conglomerate reported a healthy third quarter profits. Most of the profits have been attributed to the growth in advertising revenue at Fox News and Fox Channel that pertain to its broadcasting and newspaper assets.