Murdoch's Empire Turns Profitable by Dumping Bulgarian BTV

The first and largest private TV station in Bulgaria bTV was sold by Murdoch's News Corporation April 2010.

Media giant Rupert Murdoch's News Corporation has posted second quarter results of a USD 875 M net income, or 33 cents per share.

Almost half of that amount was contributed to the sale last April of Bulgarian television bTV to Central European Media Enterprises (CME) for USD 400 M.

CME now owns not only one of Bulgaria's most watched TV stations, but also cable channels bTV Cinema and bTV comedy, as well as a couple of radio stations.

News Corp operative profit for the second quarter of 2010 is less than for the same period 2009, but then the media empire registered a net USD 203 M loss.

"This year's results underscore just how well positioned we are - fiscally, operationally and strategically - for further growth across all of our markets," Murdoch said.

News Corp's results were also boosted by better revenue from adevertising, cash from a BSkyB legal settlement, and some tax credits. Nevertheless, revenue from the company's TV studio is dropping.

It expects a 10% increase in operational income for 2011 as compared to 2009.

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