Sep-Q EPS of $0.22, vs. $0.20, is $0.05 and $0.04 above S&P,
Street ests. We note standout results for filmed entertainment
(Ice Age, X-Men) and cable nets (Fox News, Int'l, regional
sports, Big 10), stronger than expected, outweighing declines for
terrestrial TV (Fox net, stations), satellite TV, newspapers and
digital media businesses. With expected sequential improvement in
latter FY10 (June), NWS seems comfortably on track for high
single-digit full year EBIT growth target, if not conservative.
We'll update on MySpace initiatives and plans to charge for
online news sites.
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