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ReutersNews Corp's quarterly profit beat expectations thanks to the 3-D blockbuster "Avatar" and strong cable networks, but the media conglomerate's shares fell 4 percent after its outlook disappointed some investors.
The Rupert Murdoch-controlled company said its operating income would dip in the June quarter as it will release fewer films compared with the year-ago quarter. It also expects higher programing costs and lower network revenue at Fox Broadcasting.
... News Corp's cable networks unit reported a 38 percent rise in operating income to $588 million on strong performances from Fox News and regional sports networks among others.
... (Murdoch) said News Corp was in final discussions with a number of publishers, device makers and technology companies for an "innovative subscription model that will deliver content to consumers" to be announced in 3 to 4 weeks. But he declined to give further details.
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