Despite worries, news is on a roll.(TIP SHEET)
Multichannel News, November, 2005
Merrill Lynch & Co. media analyst Jessica Reif Cohen reiterated her "buy" rating and $27-per-share, 12-month price target for News Corp., after the media giant reported strong fiscal first-quarter results. Operating income grew 19% in the period--ahead of Reif Cohen's estimate of a 13% gain--and the media giant said it is accelerating its planned share-buyback program.
News Corp. has purchased about $950 million of its stock and will complete the $3 billion buyback in the next 12 months, about 8 months ahead of schedule. Revenue for the period was up 10% and cash flow increased 20%, fueled mainly by growth at its cable networks and filmed-entertainment divisions. Cable-network operating income increased 19% on a 29.2% revenue gain, fueled mainly by...
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