News Corp. disappoints Wall Street

News Corporation (NWS), the sprawling media empire controlled by tycoon Rupert Murdoch, today reported worse than expected quarterly earnings as declines in local advertising dragged down its TV businesses.

Net income was $2.7 billion, or $1.04 per share, little changed from the year earlier period. Revenue fell 16 percent to $7.37 billion. Excluding one-time items, analysts surveyed by Thomson Reuters expected the parent company of 20th Century Fox and the Fox Business Channel to earn 16 cents -- which, after numerous one-time items are factored out, it did. Revenue was below the $7.7 billion consensus expectations.