NEW YORK--(CCNMatthews - Nov 10, 2005) -
News Corporation:
QUARTER HIGHLIGHTS
-- Cable Network Programming operating income up 19% on strong ratings and advertising growth at Fox News Channel and higher affiliate revenues at the Regional Sports Networks.
-- Strong sales of syndicated product and continued strength in home entertainment drive Filmed Entertainment operating income up 26%.
-- SKY Italia operating results improve $60 million as subscriber base expands to 3.4 million and average revenue per subscriber increases.
-- Earlier launch of fall schedule drives broadcast network ratings up 16% contributing to Television revenue growth of 4%. Higher programming and promotion costs primarily from the timing of the network's fall lineup result in operating income decline of 32%.
-- All print segments report higher earnings contributions led by the inclusion of Queensland Press' results and advertising growth within Australian newspapers, as well as by increases from the In-Store and Free Standing Inserts divisions at Magazines and Inserts and an array of bestsellers at HarperCollins.
-- Formed Fox Interactive Media and completed acquisitions of Intermix Media, Inc., during the quarter, and IGN Entertainment, Inc. following the quarter, more than doubling the Company's web traffic.
News Corporation (NYSE: NWS, NWS.A; ASX: NWS, NWSLV) today reported first quarter consolidated revenues of $5.7 billion, a 10% increase over the $5.1 billion in the prior year.
Consolidated operating income for the first quarter of $909 million was up 19% over the $766 million a year ago. The operating income growth during the first quarter was driven by double-digit percentage increases at the Filmed Entertainment, Cable Network Programming, Magazines and Inserts and Book Publishing segments, as well as by significant improvement at SKY Italia.
Income for the first quarter, before cumulative effect of accounting change, was $580 million, ($0.18 per share on a diluted combined basis(1)), as compared to net income of $625 million ($0.21 per share on a diluted combined basis(1)) reported in the first quarter a year ago. These results reflect an increase in consolidated operating income and an improvement in equity earnings of affiliates, offset by reduced Other income from the unrealized change in fair value of certain outstanding exchangeable debt securities and an increased tax provision resulting from a benefit in the prior year from the resolution of certain tax examinations.
Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said:
"Our first quarter results reflect yet again the fiscal and operational momentum we have enjoyed for quite some time. Indeed, this was our 15th consecutive quarter reporting year-on-year operating income and revenue growth, and we delivered strong gains across nearly all of our operating segments. The sustained revenue, profit and cash flow strength from our established asset base has afforded us the opportunity to invest in several non-traditional media businesses that are experiencing explosive growth.
"Despite increased competition, SKY Italia is well on its way to a full year of profitability, improving its operating results in the quarter by $60 million, while renewing a large portion of its subscriber base. And we have opportunistically expanded into new media, acquiring several assets which complement our existing businesses and which we believe enable us to better monetize our vast library of popular content. With solid momentum throughout the Company and a strong foundation of new media investments, we believe we are ideally situated to deliver continued strong returns in the future."
(1) See supplemental financial data on page 14 for detail on earnings per share.
Consolidated Operating Income 3 Months Ended
September 30,
2005 2004
-------- --------
US $ Millions
Filmed Entertainment $ 368 $ 291
Television 160 234
Cable Network Programming 197 166
Direct Broadcast Satellite Television (61) (121)
Magazines and Inserts 76 64
Newspapers 125 118
Book Publishing 70 60
Other (26) (46)(a)
-------- --------
Consolidated Operating Income $ 909 $ 766
======== ========
(a) The three months ended September 30, 2004 included $13 million
of costs associated with the Company's reincorporation in the United
States.
REVIEW OF OPERATING RESULTS
FILMED ENTERTAINMENT
The Filmed Entertainment segment reported first quarter operating income of $368 million, up $77 million from the $291 million reported in the same period a year ago. The 26% growth primarily reflects strong syndication and home entertainment contributions from Twentieth Century Fox Television (TCFTV) and strong worldwide theatrical and pay-TV revenues from film releases.
First quarter film results were largely driven by the home entertainment performances of Robots and Hide and Seek, as well as by contributions from various catalog titles including Dodgeball, Napoleon Dynamite and Garfield. Additionally, the worldwide theatrical performance of Fantastic Four, which has grossed over $320 million to date, and the pay-TV availability of Alien vs. Predator and I, Robot contributed to the strong quarterly results. The first quarter a year ago included the home entertainment performances of The Star Wars Trilogy and Passion of the Christ and the theatrical performances of The Day After Tomorrow, Dodgeball, I, Robot and Alien Vs. Predator.
At TCFTV, increased first quarter results primarily reflect higher syndication contributions from the X-Files and Dharma and Greg, as well as continued momentum in home entertainment sales, particularly from Family Guy and 24. During the quarter TCFTV premiered several successful new series, including the number one new show on FOX, Prison Break, and the number one new comedy of the season, My Name is Earl, airing on NBC.
TELEVISION
The Television segment reported first quarter operating income of $160 million, a decrease of $74 million versus the same period a year ago primarily reflecting lower contributions from Fox Television Stations and a decline at the FOX Broadcasting Company resulting from the timing of the launch of the fall lineup.
Fox Television Stations' (FTS) first quarter operating income declined 10% from the same period a year ago primarily as a result of higher programming costs from additional local sports rights and the continued expansion of local news. Despite softness in the overall advertising market and lower political spending, revenues for the quarter were only down slightly from a year ago as FTS generated record market share with a stronger primetime line-up, continued success in morning news and the addition of local baseball, as well as the absence of competition from the Summer Olympics which took place in the first quarter a year ago.
At the FOX Broadcasting Company (FBC), first quarter operating results decreased compared to a year ago as higher advertising revenues, primarily from ratings growth of 16% among Adults 18-49, were more than offset by increased promotional costs associated with the earlier debut of FBC's new fall line-up versus last season. This accelerated timing of the fall launch, as well as higher license fees on several returning series, also resulted in higher programming costs versus the first quarter a year ago.
STAR's first quarter operating income declined versus a year ago as revenue growth of 22%, primarily in India, was more than offset by higher programming and promotional costs from the launch of new channels and an expanded programming line-up at STAR Plus. The revenue growth was driven by increased advertising revenues at STAR Plus from the re-launch of Kuan Banega Crorepati, India's version of Who Wants To Be A Millionaire, and from higher subscription revenues reflecting new channel offerings and the international distribution of several of STAR's channels.
CABLE NETWORK PROGRAMMING
Cable Network Programming reported first quarter operating income of $197 million, an increase of $31 million over the first quarter a year ago. The 19% growth reflects advertising and affiliate strength at Fox News Channel and the Regional Sports Networks (RSNs).
Fox News Channel (FNC) reported operating income growth of 64% for the first quarter as strong revenue growth, primarily from increased advertising, more than offset higher costs associated with covering hurricanes Katrina and Rita. Viewership in the quarter was up 31% in primetime and 30% on a 24-hour basis despite coverage of the Democratic and Republican National Conventions a year ago.
At our other cable channels (including the RSNs, the FX Channel (FX) and SPEED Channel) operating profit increased 11% versus the first quarter a year ago. At the RSNs, first quarter revenue gains, primarily from increased affiliate rates and additional DBS subscribers, were partially offset by costs associated with broadcasting additional baseball games and increased average rights fees versus the same period a year ago. Current quarter results also included higher revenues and costs associated with the consolidation of FSN Ohio, FSN Florida and National Sports Partners after acquiring a controlling stake in the fourth quarter of fiscal 2005. At FX, double-digit revenue growth in the quarter was driven by increased affiliate revenues from higher rates and additional subscribers, as well as by increased advertising revenues on ratings growth and higher pricing. These revenue gains were offset primarily by increased programming and promotional costs for several new original series.
DIRECT BROADCAST SATELLITE TELEVISION
SKY Italia reported first quarter operating loss of $61 million, an improvement of $60 million versus a loss of $121 million a year ago on local currency revenue growth of 20%. This improvement primarily reflects subscriber additions, with more than 568,000 net new subscribers added over the past 12 months, bringing SKY Italia's subscriber base to 3.4 million at quarter end. Additionally, average revenue per user increased versus the first quarter a year ago reflecting a price increase beginning in June 2005 for new customers. The revenue growth was partially offset by increased programming spending primarily due to the broadcast of additional movie titles, as well as the addition of new entertainment channels on the basic programming tier.
MAGAZINES AND INSERTS
The Magazines and Inserts segment reported first quarter operating income of $76 million, an increase of 19% versus the $64 million reported in the quarter a year ago. The growth was driven by higher contributions from the In-Store division due to increased demand for its advertising products and from the free standing inserts division where higher volumes were driven by increased demand for packaged goods pages.
NEWSPAPERS
The Newspapers segment reported first quarter operating income of $125 million, an increase of $7 million versus the same period a year ago. The inclusion of results from the Queensland Press Group, which was acquired in November 2004, as well as higher advertising revenues in Australia, drove the year-on-year growth.
The Australian newspaper group reported a substantial increase in first quarter operating income in local currency terms versus fiscal 2005. The growth was primarily driven by the inclusion of results from the Queensland Press Group and increased advertising revenue with particular strength in the national display and employment classified markets.
The U.K. newspaper group reported an operating income decline in local currency terms in the first quarter as circulation revenue growth was more than offset by lower advertising revenues and higher depreciation costs associated with the development of new color printing operations. The circulation revenue gains were the result of increased cover prices across all major titles, as well as from the conversion to a compact version at The Times.
BOOK PUBLISHING
HarperCollins reported first quarter operating income of $70 million, an increase of $10 million versus the same period a year ago that included strong sales of Zondervan's The Purpose Driven Life. The 17% year-on-year increase was driven by strong sales of The Chronicles of Narnia series by C.S. Lewis, as well as by the continuing success of YOU: The Owner's Manual by Michael Roizen and Mehmet Oz, Freakonomics by Steven D. Levitt and Stephen J. Dubner and 100 People Screwing Up America by Bernard Goldberg. During the quarter, HarperCollins had 42 books on The New York Times bestseller list, including six books that reached the #1 spot.
OTHER ITEMS
Effective July 1, 2005, the Company adopted, as required, Emerging Issues Task Force Topic No. D-108 (Topic D-108), which calls for the use of the direct value method, rather than the residual value method previously used by the Company, when performing the annual impairment test under SFAS 142. As a result, the Company recorded a non-cash charge of $1.0 billion, net of tax, or $0.31 per share on a diluted combined basis, in the first quarter, to reduce the intangible balances attributable to its television stations' FCC licenses. This charge has been reflected as a cumulative effect of accounting change, net of tax, in the Consolidated Statement of Operations.
In September 2005, the Company acquired all of the outstanding common and preferred stock of Intermix Media, Inc. ("Intermix"). Shortly after the end of the quarter, Intermix acquired the 47% of MySpace.com that it did not already own. The consideration for these acquisitions was approximately $650 million in cash. Also subsequent to the quarter end, the Company completed its previously announced acquisition of IGN Entertainment, Inc. for $650 million in cash. The sites owned by Intermix and IGN are now part of News Corporation's newly formed Fox Interactive Media unit.
On June 13, 2005, the Company announced that its Board of Directors approved a stock repurchase program, under which the Company is authorized to acquire up to an aggregate of $3 billion in the Company's Class A and Class B common stock. The program is expected to be completed within two years, but may be suspended or discontinued at any time. As of November 10, 2005, the Company has purchased approximately $950 million of stock under the program.
EQUITY EARNINGS OF AFFILIATES
First quarter net earnings of affiliates were $186 million versus $15 million in the same period a year ago. The year-on-year increase was primarily due to improved results at The DIRECTV Group as an increase in the number of subscribers and higher revenue per subscriber drove revenue growth. The prior year included the Company's share of DIRECTV's loss from its sale of PanAmSat and the Company's portion of the SPACEWAY program impairment. The year-on-year improvement in equity earnings of affiliates also reflects increased contributions from BSkyB as a result of higher DTH subscribers and increased pricing, partly offset by higher subscriber acquisition costs.
The Company's share of equity earnings (losses) of affiliates is as follows:
3 Months Ended
September 30,
% Owned 2005 2004
----------- --------------------
US $ Millions
BSkyB 37.2%/35.3% (a) $ 100 $ 78
The DIRECTV Group 33.9% 9 (100)
Sky Brasil 49.7% 14 13
Innova 30.0% 8 3
FOXTEL 25.0% (2) (7)
Other Associates Various (b) 57 28
--------------------
Total associated entities'
earnings $ 186 $ 15
====================
(a) Due to BSkyB's stock repurchase program, News' ownership in BSkyB
increased from 36.7% as of June 30, 2005 to 37.2% as of September 30,
2005. News' ownership was 35.3% as of September 30, 2004.
(b) Primarily comprising Gemstar-TV Guide International, Fox Cable
Networks associates, Sky Network Television Limited and Queensland
Press (through November 12, 2004).
Further details on certain affiliated entities follow.
BSkyB (in STG and IFRS) (1)
--------------------------- 3 Months Ended
September 30,
2005 2004(2)
--------------------------------
Millions (except subscribers)
Revenues GBP 1,023 GBP 948
Operating income 215 189
Net income GBP 140 GBP 122
================================
News' reportable 37.2%/35.3% share
(in US$ and US GAAP) $ 100 $ 78
================================
Net debt GBP 528 GBP 367
Ending Subscribers 11,713,000 11,297,000
DTH Subscribers 7,844,000 7,417,000
The DIRECTV Group, Inc. (1)
--------------------------- 3 Months Ended
September 30,
2005 2004
---------------------------
Millions (except subscribers)
Revenues $ 3,233 $ 2,862
Operating income (loss) 156 (1,550)
Net income (loss) $ 95 $ (1,009)
===========================
News' reportable 33.9% share $ 9 $ (100)
===========================
Net cash $ 810 $ 876
Ending Subscribers 14,933,000 13,496,000
(1) Please refer to respective companies' earnings releases for
detailed information.
(2) Certain amounts have been restated upon adoption of International
Financial Reporting Standards on July 1, 2005.
Foreign Exchange Rates
Average foreign exchange rates used in the year-to-date profit results are as follows:
3 Months Ended
September 30,
2005 2004
-------- --------
Australian Dollar/U.S. Dollar 0.76 0.70
U.K. Pounds Sterling/U.S. Dollar 1.78 1.82
Euro/U.S. Dollar 1.22 1.22
To receive a copy of this press release through the Internet, access News Corp's corporate Web site located at http://www.newscorp.com
Audio from News Corp's conference call with analysts on the first quarter results can be heard live on the Internet at 4:45 p.m. Eastern Standard Time today. To listen to the call, visit http://www.newscorp.com
Cautionary Statement Concerning Forward-Looking Statements
This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The "forward-looking statements" included in this document are made only as of the date of this document and we do not have any obligation to publicly update any "forward-looking statements" to reflect subsequent events or circumstances, except as required by law.
CONSOLIDATED STATEMENTS OF OPERATIONS September 30, September 30,
2005 2004
------------- -------------
US $ Millions (except per
share amounts)
Revenues $ 5,682 $ 5,146
Expenses:
Operating expenses 3,639 3,380
Selling, general and administrative 959 859
Depreciation and amortization 175 128
Other operating charge - 13
------------- -------------
Operating income 909 766
Other income (expense):
Interest expense, net (128) (125)
Equity earnings of affiliates 186 15
Other, net 11 191
------------- -------------
Income before income tax expense, minority
interest in
subsidiaries and cumulative effect of
accounting change 978 847
Income tax expense (382) (180)
Minority interest in subsidiaries, net of
tax (16) (42)
------------- -------------
Income before cumulative effect of
accounting change 580 625
Cumulative effect of accounting change,
net of tax (1,013) -
------------- -------------
Net income (loss) $ (433) $ 625
============= =============
Basic earnings per share:
Income before cumulative effect of
accounting change
Class A $0.19 $0.23
Class B $0.16 $0.19
Cumulative effect of accounting change,
net of tax
Class A ($0.33) $-
Class B ($0.27) $-
Net income (loss):
Class A ($0.14) $0.23
Class B ($0.12) $0.19
Diluted earnings per share:
Income before cumulative effect of
accounting change
Class A $0.19 $0.22
Class B $0.15 $0.19
Cumulative effect of accounting change,
net of tax
Class A ($0.32) $-
Class B ($0.27) $-
Net income (loss):
Class A ($0.14) $0.22
Class B ($0.11) $0.19
CONSOLIDATED BALANCE SHEETS September 30, June 30,
2005 2005
------------- ----------
Assets US $ Millions
Current assets:
Cash and cash equivalents $ 6,450 $ 6,470
Receivables, net 4,697 4,353
Inventories, net 1,742 1,516
Deferred income taxes 84 155
Other 337 285
------------- ----------
Total current assets 13,310 12,779
------------- ----------
Non-current assets:
Receivables 730 673
Investments 10,352 10,268
Inventories, net 2,551 2,366
Property, plant and equipment, net 4,452 4,346
Intangible assets 10,946 12,517
Goodwill 11,723 10,944
Other non-current assets 796 799
------------- ----------
Total non-current assets 41,550 41,913
------------- ----------
Total assets $ 54,860 $ 54,692
============= ==========
Liabilities and Stockholders' Equity
Current liabilities:
Borrowings $ 924 $ 912
Accounts payable, accrued expenses and other
current liabilities 4,735 3,564
Participations, residuals and royalties
payable 1,049 1,051
Program rights payable 750 696
Deferred revenue 505 426
------------- ----------
Total current liabilities 7,963 6,649
------------- ----------
Non-current liabilities:
Borrowings 10,100 10,087
Other liabilities 3,653 3,543
Deferred income taxes 4,410 4,817
Minority interest in subsidiaries 204 219
Commitments and contingencies
Stockholders' Equity:
Class A common stock, $0.01 par value 22 22
Class B common stock, $0.01 par value 10 10
Additional paid-in capital 29,589 30,044
Accumulated deficit and accumulated other
comprehensive loss (1,091) (699)
------------- ----------
Total stockholders' equity 28,530 29,377
------------- ----------
Total liabilities and stockholders' equity $ 54,860 $ 54,692
============= ==========
CONSOLIDATED STATEMENTS OF CASH FLOWS 3 Months Ended
September 30,
2005 2004
-------- --------
US $ Millions
Operating activities:
Net income (loss) $ (433) $ 625
Adjustments to reconcile net income to cash
provided by operating activities:
Cumulative effect of accounting change, net of
tax 1,013 -
Depreciation and amortization 175 128
Amortization of cable distribution investments 27 30
Equity earnings of affiliates (186) (15)
Cash distributions received from investees 15 3
Other, net (11) (191)
Minority interest in subsidiaries, net of tax 16 42
Change in operating assets and liabilities, net
of acquisitions:
Receivables and other assets (470) (562)
Inventories, net (399) (146)
Accounts payable and other liabilities 750 668
-------- --------
Net cash provided by operating activities 497 582
-------- --------
Investing activities:
Property, plant and equipment (199) (135)
Acquisitions, net of cash acquired (238) (34)
Investments in associated entities (19) (44)
Other investments - (26)
Proceeds from sale of investments, non-current
assets and business disposals 114 124
-------- --------
Net cash used in investing activities (342) (115)
-------- --------
Financing activities:
Repayment of borrowings (5) (655)
Borrowings 6 -
Cash on deposit - 275
Repurchase of shares (213) -
Issuance of shares 29 14
Dividends paid (1) (7)
-------- --------
Net cash used in financing activities (184) (373)
-------- --------
Net increase (decrease) in cash and cash
equivalents (29) 94
Cash and cash equivalents, beginning of period 6,470 4,051
Exchange movement on opening cash balance 9 3
-------- --------
Cash and cash equivalents, end of period $ 6,450 $ 4,148
======== ========
SEGMENT INFORMATION 3 Months Ended
September 30,
2005 2004
---------- ----------
US $ Millions
Revenues
Filmed Entertainment $ 1,419 $ 1,377
Television 1,048 1,004
Cable Network Programming 775 600
Direct Broadcast Satellite Television 498 415
Magazines and Inserts 267 232
Newspapers 1,012 865
Book Publishing 391 364
Other 272 289
---------- ----------
Consolidated Revenues $ 5,682 $ 5,146
========== ==========
Operating Income
Filmed Entertainment $ 368 $ 291
Television 160 234
Cable Network Programming 197 166
Direct Broadcast Satellite Television (61) (121)
Magazines and Inserts 76 64
Newspapers 125 118
Book Publishing 70 60
Other (26) (46)(a)
---------- ----------
Consolidated Operating Income $ 909 $ 766
========== ==========
(a) The three months ended September 30, 2004 included $13 million of
costs associated with the Company's reincorporation in the United
States.
NOTE 1 - SUPPLEMENTAL FINANCIAL DATA
Earnings per share is presented on a combined basis as the Company will not be required to present the two-class method beginning in fiscal 2008. Currently, under GAAP, earnings per share is computed individually for the Class A and Class B shares. Class A non-voting shares carry rights to a greater dividend than Class B voting shares through fiscal 2007. As such, net income available to the Company's common stockholders is allocated between our two classes of common stock. The allocation between classes was based upon the two-class method. Earnings per share by class and by total weighted average shares outstanding (Class A and Class B combined) is as follows:
3 Months Ended
September 30,
2005 2004
------- -------
US $ Millions
Basic earnings per share:
Income before cumulative effect of accounting change
Class A $0.19 $0.23
Class B $0.16 $0.19
Total $0.18 $0.21
Cumulative effect of accounting change, net of tax
Class A ($0.33) $-
Class B ($0.27) $-
Total ($0.31) $-
Net income (loss):
Class A ($0.14) $0.23
Class B ($0.12) $0.19
Total ($0.13) $0.21
Diluted earnings per share:
Income before cumulative effect of accounting change
Class A $0.19 $0.22
Class B $0.15 $0.19
Total $0.18 $0.21
Cumulative effect of accounting change, net of tax
Class A ($0.32) $-
Class B ($0.27) $-
Total ($0.31) $-
Net income (loss):
Class A ($0.14) $0.22
Class B ($0.11) $0.19
Total ($0.13) $0.21
Weighted average shares outstanding (diluted):
Class A 2,288 1,961
Class B 1,030 983
------- -------
Total 3,318 2,944
======= =======
NOTE 2 - OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
Operating income before depreciation and amortization, defined as operating income plus depreciation and amortization and the amortization of cable distribution investments, eliminates the variable effect across all business segments of non-cash depreciation and amortization. Since operating income before depreciation and amortization is a non-GAAP measure it should be considered in addition to, not as a substitute for, operating income, net income, cash flow and other measures of financial performance reported in accordance with GAAP. Operating income before depreciation and amortization does not reflect cash available to fund requirements, and the items excluded from operating income before depreciation and amortization, such as depreciation and amortization, are significant components in assessing the Company's financial performance. Management believes that operating income before depreciation and amortization is an appropriate measure for evaluating the operating performance of the Company's business segments. Operating income before depreciation and amortization, which is the information reported to and used by the Company's chief decision maker for the purpose of making decisions about the allocation of resources to segments and assessing their performance, provides management, investors and equity analysts a measure to analyze operating performance of each business segment and enterprise value against historical and competitors' data.
The following table reconciles operating income before depreciation and amortization to the presentation of operating income.
3 Months Ended
September 30,
2005 2004
-------- ------
US $ Millions
Operating income $ 909 $ 766
Depreciation and amortization 175 128
Amortization of cable distribution investments 27 30
-------- -------
Operating income before depreciation and amortization $ 1,111 $ 924
======== =======
For the Three Months Ended September 30, 2005
(US $ Millions)
-------------------------------------------------------
Operating
income
(loss)
Amortization before
Operating Depreciation of cable depreciation
income and distribution and
(loss) amortization investments amortization
---------- -------------- -------------- --------------
Filmed
Entertainment $ 368 $ 19 $ - $ 387
Television 160 19 - 179
Cable Network
Programming 197 12 27 236
Direct
Broadcast
Satellite
Television (61) 41 - (20)
Magazines and
Inserts 76 2 - 78
Newspapers 125 66 - 191
Book Publishing 70 2 - 72
Other (26) 14 - (12)
---------- -------------- -------------- --------------
Consolidated
Total $ 909 $ 175 $ 27 $ 1,111
========== ============== ============== ==============
For the Three Months Ended September 30, 2004
(US $ Millions)
-------------------------------------------------------
Operating
income
(loss)
Amortization before
Operating Depreciation of cable depreciation
income and distribution and
(loss) amortization investments amortization
---------- -------------- -------------- --------------
Filmed
Entertainment $ 291 $ 12 $ - $ 303
Television 234 20 - 254
Cable Network
Programming 166 10 30 206
Direct
Broadcast
Satellite
Television (121) 32 - (89)
Magazines and
Inserts 64 2 - 66
Newspapers 118 35 - 153
Book Publishing 60 1 - 61
Other (46) 16 - (30)
---------- -------------- -------------- --------------
Consolidated
Total $ 766 $ 128 $ 30 $ 924
========== ============== ============== ==============
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