When you go to see "Rio", Rupert Murdoch smiles & fondles his wallet

[SoCalDem]

News Corp hopes parrot will revive film fortunes
May 5, 2011 - 5:20PM
http://www.smh.com.au/business/world-business/news-corp-hopes-parrot-will-revive-film-fortunes-20110505-1e8te.html

News Corp boss Rupert Murdoch hopes a blue parrot will help revive his film division’s fortunes after a post-Avatar slump.

The global media group has maintained its earnings guidance for the 2011 financial year, but reported a 24 per cent fall in third quarter net profit as film and publishing revenue slumped. News Corp said this morning operating income in its film business in the third quarter was $US248 million ($227.13 million), down from $US497 million. The company said this reflects the expected hangover after Avatar’s record-breaking success last year.

However, Mr Murdoch believes the current hit children’s film Rio, about a flightless blue macaw, may see the film division’s profits soar again. ‘‘As we anticipated, News Corp’s third quarter financial results faced challenging comparisons when set against last year’s record Avatar contribution at our Filmed Entertainment business,’’ the News Corp chairman and chief executive officer said in a statement.

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The group’s publishing business was hit by, among other things, advertising declines in the UK and Australia, where adverse weather in Queensland led to soft market conditions. The two segments outweighed an improved operating profit from the group’s television business, which was up 23 per cent at $US192 million.

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Operating income was $US1.06 billion for the third quarter, compared with $US1.25 billion a year earlier.

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Mr DeVoe said given the current box office success of Rio, he anticipated ‘‘good growth at the film segment in the fourth quarter’’. The third quarter result also included a $US125 million pre-tax charge from the settlement of litigation at the company’s integrated marketing services business, which was reflected in the decline in News Corp’s publishing results.

[dipsydoodle]

1. Its only a whimsical notion.....

http://www.youtube.com/watch?v=9tpkxKZS4fc :)

:hi: