Twenty-First Century Fox 2007 Annual Report Download - page 112

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NEWS CORPORATION
Notes to the Consolidated Financial Statements (continued)
Management believes that Operating income (loss) before depreciation and amortization is an appropriate measure for evaluat-
ing the operating performance of the Company’s business segments. Operating income (loss) before depreciation and amortization
provides management, investors and equity analysts a measure to analyze operating performance of each business segment and
enterprise value against historical and competitors’ data, although historical results, including Operating income (loss) before depre-
ciation and amortization, may not be indicative of future results (as operating performance is highly contingent on many factors
including customer tastes and preferences).
2007 2006 2005
For the years ended June 30, (in millions)
Revenues:
Filmed Entertainment $ 6,734 $ 6,199 $ 5,919
Television 5,705 5,334 5,338
Cable Network Programming 3,902 3,358 2,688
Direct Broadcast Satellite Television 3,076 2,542 2,313
Magazines and Inserts 1,119 1,090 1,068
Newspapers 4,486 4,095 4,083
Book Publishing 1,347 1,312 1,327
Other 2,286 1,397 1,123
Total revenues $28,655 $25,327 $23,859
Operating income:
Filmed Entertainment $ 1,225 $ 1,092 $ 1,058
Television 962 1,032 952
Cable Network Programming 1,090 864 702
Direct Broadcast Satellite Television 221 39 (173)
Magazines and Inserts 335 307 298
Newspapers 653 517 740
Book Publishing 159 167 164
Other (193) (150) (177)
Total operating income (loss) 4,452 3,868 3,564
Interest expense, net (524) (545) (536)
Equity earnings of affiliates 1,019 888 355
Other, net 359 194 178
Income from continuing operations before income tax expense and minority interest
in subsidiaries 5,306 4,405 3,561
Income tax expense (1,814) (1,526) (1,220)
Minority interest in subsidiaries, net of tax (66) (67) (213)
Income from continuing operations 3,426 2,812 2,128
Gain on disposition of discontinued operations, net of tax — 515 —
Income before cumulative effect of accounting change 3,426 3,327 2,128
Cumulative effect of accounting change, net of tax — (1,013) —
Net income $ 3,426 $ 2,314 $ 2,128
Interest expense, net, Equity earnings of affiliates, Other, net, Income tax expense and Minority interest in subsidiaries are not allo-
cated to segments, as they are not under the control of segment management.
NEWS CORPORATION 2007 Annual Report 111