News Corp’s earnings more than triple

updated 4:45 p.m. ET May 7, 2008

NEW YORK - News Corp. says its net income more than tripled in the latest quarter to $2.69 billion thanks to a boost from a stock exchange with Liberty Media Corp.

Rupert Murdoch’s New York-based media conglomerate said Wednesday it recorded a gain of $1.7 billion from the exchange, which transferred DirecTV Group Inc. to Liberty.

The net earnings of $2.69 billion worked out to 91 cents per share, versus $871 million or 27 cents per share a year ago.

Revenue rose 16 percent to $8.75 billion from $7.53 billion.

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