Hacking fallout costs grows by £39.1m for News Corp

Results released by News Corporation this morning revealed costs of £39.1m for ongoing investigations linked with the closure of the News of the World in the last quarter – bringing the total to around reached £104m.

The company reported a 47 per cent jump in net income in the last quarter to £621m despite the ongoing fallout from the phone-hacking scandal.

It also revealed it was doubling its share buyback programme to $10bn.

The company’s chairman and chief executive Rupert Murdoch said News Corp was “better situated than ever”, adding: “Once again News Corporation showed strong operational momentum in the quarter, driven by significant growth at our Cable Network Programming and Filmed Entertainment segments.

“I believe we are better situated than ever to capitalise on the increasing global demand for our superior content.

“Beyond the ongoing growth of our core businesses, I am very pleased with the company’s progress as we execute upon other elements of our strategy to produce sustained, meaningful value for shareholders.”

Last week News Corp’s board declared its ‘full confidence’in chairman and chief executive Rupert Murdoch after a select committee said the media mogul was unfit to run a major international company.

News Corp dismissed the Murdoch claim as ‘unjustified and highly partisan”, and instead praised Murdoch’s ‘vision and leadership in building News Corporation”.

Murdoch has recently been criticised by several News Corp shareholders including Christian Brothers Investment Services (CBIS).

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