News Corp. posts results; newspaper division hit hard

News Corporation released its first quarter results Thursday, showing an operating profit of $755 million, down 47 percent from the previous quarter.
The newspaper division, however, was hit particularly hard, according to The New York Times:

The company’s newspapers in particular had a dismal performance. Newspaper operating income fell to just $7 million for the quarter that ended March 31, from $216 million a year earlier. Advertising revenue at The Journal fell 33 percent. News Corporation took a large write-down for the quarter that ended Dec. 31 to reflect the decline in the value of The Journal.

Chairman Rupert Murdoch remained optimistic, saying, "It is increasingly clear that the worst is over... The days of precipitous declines are gone."
Murdoch also stated that at least some News Corp. outlets will begin to charge for content online soon, according to Editor & Publisher.

In a conference call with analysts and journalists after the release of the media and entertainment giant's quarterly results, Murdoch said The Wall Street Journal has proven newspapers can charge for online content.
Asked specifically if he envisioned charging readers for that content from his general interest newspapers such as The Times of London or The Sun, Murdoch replied, "We are absolutely looking at that. Very much so."

As for a general time frame, Murdoch said that some newspapers should begin charging within the next year.

Click here for the Times article, and here for the Editor & Publisher article.

WSJ investigative reporter dies at 54

John Wilke, an investigative reporter for The Wall Street Journal, died of pancreatic cancer on Friday at age 54, according to reports from the Examiner.
Wilke began his career at BusinessWeek in 1984 and then covered technology and business for the Boston Globe. He has worked at The Journal since 1989.
From the story:

In recent years, his investigation of earmark deals cut by members of Congress for friends or supporters led to last year's indictment of then Rep. Rick Renzi, R-Ariz. Another story revealed the way Democratic Rep. John Murtha used earmarks to bring federal contracts to his Pennsylvania district.

Wilke's stories also included a 2005 expose on mutual-fund trader Mario Gabelli, who settled civil fraud claims for about $100 million six months after the story appeared. In 2000, Wilke scored an extraordinary interview with U.S. District Judge Thomas Penfield Jackson...

To read more about Wilke check out this story from The Wall Street Journal.