News Corp posts $254m profit for Q4 2009

Buoyed by its film and cable TV business, News Corp has recorded a net income of $254m for the quart

The bulk of the media conglomerate's profits came from its cable TV network, which brought in $604m, up from $448m. Profits were also helped by a 17% growth in online advertising at the Wall Street Journal, and a 5% increase at the print edition.

Record profits at the Fox News channel and success of DVD titles such as X-Men Origins: Wolverine and Night at the Museum: Battle of the Smithsonian helped the company's films business make $324m in operating revenues.

Rupert Murdoch, chairman and chief executive of News Corp, said the company is looking at a monetization plan because paid-for online content is the future of the industry.

He said the company was in "advanced discussions" with handheld device makers for a subscription-based model, which will allow customers access to media content "whenever and wherever they want it".

Company's UK newspaper operations however saw a 5% fall in circulation revenue and no growth in advertising income. The titles News Corp owns in the country include News of the World and the Times.