(Reuters) – Rupert Murdoch’s News Corp (NWSA.O) on Wednesday posted a stronger-than-expected quarterly profit, aided by its cable networks and movie studio business, and its shares rose 2.7 percent in post-market trade.
Investors also welcomed news that the board had approved another $5 billion in share buybacks, bringing the ongoing program to a total of $10 billion, to be completed by the end of the 2013 fiscal year.
Murdoch and his company have been embroiled in a phone hacking scandal at its UK newspapers that has reverberated throughout the wider New York-based media conglomerate.
A UK parliamentary select committee report published last week said Murdoch was unfit to run a major international business. The News Corp board came out in full support of Murdoch, saying he had shown vision and leadership in building the business.
On a conference call with analysts, Murdoch’s second in command, Chase Carey, reiterated his support for his boss, saying he “flatly rejects” any notion Murdoch was unfit to run the business. He also called report partisan.