Below is the consolidated Operating Income from each unit, with comparisons from Dec-2007 to Dec-2006 and a POS. or NEG. note (positive or negative) ahead.  Seven of the Eight units showed positive growth in operating income:
NEG.    Filmed Entertainment  $403M vs. $470M       
POS.    Television   $245M vs $112M   
POS.    Cable Network Programming  $337 vs $275M
POS.    Direct Broadcast Satellite Television     $62M vs. -$12M
POS.    Magazines and Inserts     $85M vs. $74M         
POS.    Newspapers and Information Services  $196M vs. $170    
POS.    Book Publishing  $67M vs. $54
POS.    Other  $23M vs. $1M

Frankly, we are not really concentrating on any EPS numbers because the integration from the monumental Dow Jones acquisition.  Same goes for guidance.  But what is obvious as can be is that the Rupert Murdoch model is working.  We can’t show you too many newspaper and magazine operators that are showing this strong of operating income for these segments.

These media conglomerate earnings take quite a bit of time to digest the fall-out for the entire sector because of so man moving parts.  The NWS-A more active shares closed down 0.3% at $19.35 in regulartrading and are essentially unchanged in after-hours trading.  The52-week trading range for NWS-A shares is $17.19 to $25.40. 

Stay tuned for Disney earnings tomorrow and Time Warner earnings on Wednesday.

Jon C. Ogg
February 4, 2008