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News Corp quarterly profit, revenue rise


 (Copyright Reuters 2013)

Rupert Murdoch's News Corp reported higher earnings and revenue for its fiscal third quarter, aided by the purchase of a controlling stake in German pay TV operator Sky Deutschland and growth at cable networks.

Revenue rose 14 percent from a year earlier to $9.5 billion in the quarter, ended March 31, the company reported on Wednesday. Net income increased to $2.85 billion, and adjusted earnings per share came in at 36 cents.

Analysts on average expected adjusted earnings per share of 35 cents, according to Thomson Reuters I/B/E/S.

The company recorded $42 million in costs related to investigations of phone hacking at its newspapers in Britain.

News Corp shares were up 2.3 percent at $32.60 in after-hours trading, after closing at $31.86 on the Nasdaq.