NEW YORK (Reuters) - News Corp provided solid quarterly earnings released Wednesday is likely to yield the place to the appetite of dealmaking of Rupert Murdoch and a telephone hacking scandal to its UK newspapers.
Like other media companies, News Corp. is supposed to enjoy a boost in advertising revenue and fresh affiliation cable in the March quarter.
Only a few big media companies reported earnings for the first three months of the year, Viacom Inc. and Discovery Communications Inc, among them, but the results show the money continuously in national television campaigns. The United States advertising sales has soared 11 percent to Viacom.
On average, analysts expect News Corp to post net income of 700.5 million, or 27 cents per share, on revenues of 8.42 billion dollars, according to Thomson Reuters I/B/E s.
BARGAINS
Beyond the numbers, analysts will be interested to know how much Murdoch is willing to raise the bid of its business for the 61 per cent of BSkyB he already have.
News Corp p 700 a share offer last June and the Commission said that it is looking for about 800 percent, or about $ 14 billion.
Wall Street think that News Corp may have to raise its bid even higher that 800 p especially as the UK satellite company has posted much results wages since News Corp made first bid.
News Corp is also trying to get rid of the deficit MySpace. While the former social networking pioneer is a tiny piece of News Corp, its high profile means that many industry observers have want to know how the story ends.
News Corp and Italian financial company Exor, which controls the Ferrari by automaker Fiat, make team to explore options on how to run a formula 1 racing.
In the meantime, Murdoch News of the world tabloid reversed course this month and admitted his role in a long phone hacking scandal that some thought could jeopardize News Corp bid for BSkyB.
The scandal was triggered when an investigation revealed that news of the world journalists had been hacked emails of voices of celebrities and politicians.
International News, which reports to the son, Murdoch James has already made six-figure compensation payouts to some of the victims.
ESTATE
Despite the difficulties, the younger Murdoch was promoted earlier this year to Deputy Chief of operations of the entire company and has moved from London to its headquarters in New York.
This and the move by News Corp. to pay 673 million for production TV Shine, belonging to the daughter of Murdoch Liz, company caused speculation on the News Corp. succession plan.
It has long been suggested that Murdoch would prefer to be replaced as CEO by his adult children who are close to the company. However, initiated said senior News Corp Murdoch is anywhere would not any time soon.
(Edited by Bernard Orr and Muralikumar Anantharaman)
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