Twenty-First Century Fox 2007 Annual Report Download - page 5

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Amidst a string of successful years for News Corporation, 2007 stands
out. Once again, we achieved double digit growth company-wide, and
in nearly every segment. Established businesses and developing assets
alike turned in strong performances, generating momentum across the
Company. Operating income rose to yet another record – $4.45 billion, up 15 percent
– on revenues of $28.7 billion, a 13 percent gain. Income from continuing operations
grew by 22 percent to $3.4 billion, or $1.08 per share.
This was our Company’s fourth consecutive year of record results: revenues up
13 percent a year on average; operating income growth averaging 17 percent; and
average earnings per share up 37 percent. This is a performance that few – if any –
of our competitors can match over the same period.
Yet impressive as the numbers are, what set this year apart were the strategic moves
we made to better position our Company for the future. We amicably reached an
agreement with Liberty Media that, when completed, will result in the largest-ever
single buyback of News Corp. shares; we announced a review of strategic options
for several non-core assets; and after the fiscal year-end announced one of our most
important strategic acquisitions of the past twenty years – the agreement to purchase
Dow Jones & Company. When completed, these moves will give us the financial and
operational flexibility to seize opportunities as they arise.
Our Company follows a clear strategy. We provide a compelling combination of
information and entertainment for the largest audience around the globe. Few media
companies can claim to match our breadth of offerings, or our global reach. And
when we add Dow Jones to our stable of other news and information businesses, our
leadership will be even more pronounced.
In providing this content, we maintain what we believe is the ideal mixture of
established, developing, and new businesses with significant potential. This balance
serves an important purpose: it guarantees that we always have at least one
generation of assets that can be considered our growth assets.
Chief Executive Officer’s Letter
4