News Corp.: The media conglomerate controlled by...

News Corp.: The media conglomerate controlled by Rupert Murdoch reported profit of $20.9 million before abnormal items in the fiscal first quarter ended Sept. 30, down 27% from the year-ago quarter. Thanks to gains on the sale of an Australian newspaper group and to currency fluctuations, the company said, net income was $44.1 million, up 54%. Revenue rose 50% to $2.24 billion, partly because of the addition of HarperCollins Publishing. News Corp. said results were hurt by its big investment in British satellite television and an adverse newspaper climate. News Corp. is based in Sydney, Australia.