The Week: City news - News Corp sees profits leap

News Corporation reported second-quarter pre-tax profits of $1.39 billion (£705 million), up 9.2 per cent year on year, but the company was forced to take a $50 million hit because of BSkyB's investment in ITV and the broadcaster's subsequent fall in share price.

Rupert Murdoch, the chairman and chief executive, said: "Domestically, the strength of our broadcast network and cable assets has enabled us to capitalise on the current advertising market. And our internet platform is now delivering real profits from search revenues as well as from advertising revenue growth."