UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2004 (August 11, 2004)
Commission File Number: 1-9141
THE NEWS CORPORATION LIMITED
(Name of Registrant)
2 Holt Street, Sydney, New South Wales, 2010, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes No X
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not Applicable
This Report is incorporated by reference in the prospectus contained in Registration Statement Nos. 33-43799, 33-71446, 33-86358, 33-89584, 333-4962, 333-6324, 333-6896, 333-7466, 333-10338, 333-10624, 333-12878, 333-8246, 333-13556, 333-106837, 333-112405, 333-112428 and 333-51434 filed by the Registrant under the Securities Act of 1933.
Annexed hereto are excerpts from the announcements by The News Corporation Limited (“News Corporation”) of its financial results for the quarter ended June 30, 2004 in Australian and U.S. dollars.
Such announcements were filed with the Australian Stock Exchange and released in New York on August 11, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| THE NEWS CORPORATION LIMITED | ||||
| Date: August 11, 2004 |
By: | /s/ Arthur M. Siskind | ||
| Arthur M. Siskind | ||||
| Director | ||||
EXHIBIT INDEX
| Exhibit |
Page No. in Sequential | |
| A. Excerpt from the announcement made by News Corporation of its financial results in Australian dollars for the quarter ended June 30, 2004. |
5 | |
| B. Excerpt from the announcement made by News Corporation of its financial results in U.S. dollars for the quarter ended June 30, 2004. |
9 | |
EXHIBIT A
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED
30 JUNE, 2004 IN AUSTRALIAN DOLLARS
STATEMENT OF FINANCIAL PERFORMANCE 1
| Note | 3 Months Ended 30 June, |
12 Months Ended 30 June, |
||||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||||
| A$ Millions (except per share amounts) | ||||||||||||||||||
| Sales revenue |
1 | $ | 7,697 | $ | 7,130 | $ | 29,428 | $ | 29,913 | |||||||||
| Operating expenses |
(6,656 | ) | (6,248 | ) | (25,126 | ) | (25,561 | ) | ||||||||||
| Operating income |
1 | 1,041 | 882 | 4,302 | 4,352 | |||||||||||||
| Net profit (loss) from associated entities |
116 | 338 | 322 | (89 | ) | |||||||||||||
| Borrowing costs |
(220 | ) | (231 | ) | (845 | ) | (1,000 | ) | ||||||||||
| Interest income |
70 | 60 | 215 | 209 | ||||||||||||||
| Net borrowing costs |
(150 | ) | (171 | ) | (630 | ) | (791 | ) | ||||||||||
| Exchangeable securities expense |
(33 | ) | (27 | ) | (113 | ) | (94 | ) | ||||||||||
| Other items before income tax, net |
(13 | ) | (277 | ) | (26 | ) | (378 | ) | ||||||||||
| Profit from ordinary activities before income tax |
961 | 745 | 3,855 | 3,000 | ||||||||||||||
| Income tax expense on: |
||||||||||||||||||
| Ordinary activities before other items |
(318 | ) | (202 | ) | (1,246 | ) | (989 | ) | ||||||||||
| Other items |
(3 | ) | 155 | (1 | ) | 215 | ||||||||||||
| Net income tax expense |
(321 | ) | (47 | ) | (1,247 | ) | (774 | ) | ||||||||||
| Net profit from ordinary activities after tax |
640 | 698 | 2,608 | 2,226 | ||||||||||||||
| Net profit attributable to outside equity interests |
(85 | ) | (86 | ) | (296 | ) | (418 | ) | ||||||||||
| Net Profit Attributable to Members of the Parent Entity |
$ | 555 | $ | 612 | $ | 2,312 | $ | 1,808 | ||||||||||
| Net exchange gains (losses) recognised directly in equity |
2,016 | (2,331 | ) | (389 | ) | (4,064 | ) | |||||||||||
| Other items recognised directly in equity |
— | — | — | 152 | ||||||||||||||
| Total change in equity other than those resulting from transactions with owners as owners |
$ | 2,571 | $ | (1,719 | ) | $ | 1,923 | $ | (2,104 | ) | ||||||||
| Diluted earnings per share on net profit attributable to members of the parent entity |
||||||||||||||||||
| Ordinary shares |
$ | 0.083 | $ | 0.104 | $ | 0.364 | $ | 0.305 | ||||||||||
| Preferred limited voting ordinary shares |
$ | 0.099 | $ | 0.124 | $ | 0.437 | $ | 0.366 | ||||||||||
| Ordinary and preferred limited voting ordinary shares |
$ | 0.093 | $ | 0.116 | $ | 0.411 | $ | 0.342 | ||||||||||
| a | Following the issuance in June 2002 of the revised Australian Accounting Standard AASB 1018 “Statement of Financial Performance” this statement has been reformatted from previous presentations to be consistent with the format prescribed in the revised Australian Accounting Standard. |
STATEMENT OF FINANCIAL POSITION
| 30 June, 2004 |
30 June, 2003 | |||||
| A$ Millions | ||||||
| ASSETS |
||||||
| Current Assets |
||||||
| Cash |
$ | 5,805 | $ | 6,746 | ||
| Cash on deposit |
412 | — | ||||
| Receivables |
6,039 | 5,701 | ||||
| Inventories |
2,193 | 1,931 | ||||
| Other |
563 | 483 | ||||
| Total Current Assets |
15,012 | 14,861 | ||||
| Non-Current Assets |
||||||
| Cash on deposit |
— | 698 | ||||
| Receivables |
1,076 | 1,219 | ||||
| Investments in associated entities |
14,971 | 5,526 | ||||
| Other investments |
811 | 1,195 | ||||
| Inventories |
3,824 | 4,103 | ||||
| Property, plant and equipment |
5,565 | 6,299 | ||||
| Publishing rights, titles and television licenses |
31,185 | 32,724 | ||||
| Goodwill |
318 | 377 | ||||
| Other |
976 | 745 | ||||
| Total Non-Current Assets |
58,726 | 52,886 | ||||
| Total Assets |
$ | 73,738 | $ | 67,747 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||
| Current Liabilities |
||||||
| Interest bearing liabilities |
$ | 1,553 | $ | 33 | ||
| Payables |
7,847 | 8,298 | ||||
| Tax liabilities |
705 | 714 | ||||
| Provisions |
332 | 258 | ||||
| Total Current Liabilities |
10,437 | 9,303 | ||||
| Non-Current Liabilities |
||||||
| Interest bearing liabilities |
10,917 | 12,396 | ||||
| Payables |
2,846 | 3,545 | ||||
| Tax liabilities |
974 | 666 | ||||
| Provisions |
982 | 1,032 | ||||
| Total Non-Current Liabilities Excluding Exchangeable Securities |
15,719 | 17,639 | ||||
| Exchangeable securities |
2,055 | 2,084 | ||||
| Total Liabilities |
28,211 | 29,026 | ||||
| Shareholders’ Equity |
||||||
| Contributed equity |
34,424 | 28,427 | ||||
| Reserves |
2,771 | 2,760 | ||||
| Retained profits |
2,682 | 1,137 | ||||
| Shareholders’ equity attributable to members of the parent entity |
39,877 | 32,324 | ||||
| Outside equity interests in controlled entities |
5,650 | 6,397 | ||||
| Total Shareholders’ Equity |
45,527 | 38,721 | ||||
| Total Liabilities and Shareholders’ Equity |
$ | 73,738 | $ | 67,747 | ||
STATEMENT OF CASH FLOWS
| 12 Months Ended 30 June, |
||||||||
| 2004 |
2003 |
|||||||
| A$ Millions | ||||||||
| Operating Activity |
||||||||
| Net profit attributable to members of the parent entity |
$ | 2,312 | $ | 1,808 | ||||
| Adjustment for non-cash and non-operating activities: |
||||||||
| Equity earnings, net |
(367 | ) | 159 | |||||
| Distributions from investees |
187 | 35 | ||||||
| Outside equity interest |
314 | 421 | ||||||
| Depreciation and amortisation |
844 | 776 | ||||||
| Other items, net |
54 | 90 | ||||||
| Change in assets and liabilities: |
||||||||
| Receivables |
(480 | ) | (559 | ) | ||||
| Inventories |
(459 | ) | (206 | ) | ||||
| Payables |
465 | (657 | ) | |||||
| Other liabilities |
562 | 616 | ||||||
| Cash provided by operating activity |
3,432 | 2,483 | ||||||
| Investing and other activity |
||||||||
| Property, plant and equipment |
(517 | ) | (551 | ) | ||||
| Acquisitions, net of cash acquired |
(289 | ) | (644 | ) | ||||
| Investments in associated entities |
(4,639 | ) | (794 | ) | ||||
| Other investments |
(130 | ) | (145 | ) | ||||
| Repayment of loans by associate |
— | 170 | ||||||
| Proceeds from sale of non-current assets and business disposals |
1,245 | 167 | ||||||
| Cash used in investing activity |
(4,330 | ) | (1,797 | ) | ||||
| Financing activity |
||||||||
| Issuance of debt |
785 | 3,172 | ||||||
| Repayment of debt and exchangeable securities |
(1,351 | ) | (3,673 | ) | ||||
| Increase (decrease) in cash on deposit |
232 | (698 | ) | |||||
| Issuance of shares |
834 | 1,927 | ||||||
| Dividends paid |
(289 | ) | (272 | ) | ||||
| Cash provided by financing activity |
211 | 456 | ||||||
| Net (decrease) increase in cash |
(687 | ) | 1,142 | |||||
| Opening cash balance |
6,746 | 6,337 | ||||||
| Exchange movement on opening balance |
(254 | ) | (733 | ) | ||||
| Closing cash balance |
$ | 5,805 | $ | 6,746 | ||||
Note 1 – SEGMENT DATA
| 3 Months Ended 30 June, |
12 Months Ended 30 June, |
|||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
| A$ Millions | A$ Millions | |||||||||||||||
| BY GEOGRAPHIC AREAS |
||||||||||||||||
| Revenues |
||||||||||||||||
| United States |
$ | 5,213 | $ | 5,128 | $ | 20,252 | $ | 22,689 | ||||||||
| Europe |
1,808 | 1,374 | 6,559 | 4,713 | ||||||||||||
| Australasia |
676 | 628 | 2,617 | 2,511 | ||||||||||||
| $ | 7,697 | $ | 7,130 | $ | 29,428 | $ | 29,913 | |||||||||
| Operating Income |
||||||||||||||||
| United States |
$ | 822 | $ | 725 | $ | 3,630 | $ | 3,538 | ||||||||
| Europe |
108 | 66 | 230 | 492 | ||||||||||||
| Australasia |
111 | 91 | 442 | 322 | ||||||||||||
| $ | 1,041 | $ | 882 | $ | 4,302 | $ | 4,352 | |||||||||
| BY INDUSTRY SEGMENT |
||||||||||||||||
| Revenues |
||||||||||||||||
| Filmed Entertainment |
$ | 1,921 | $ | 1,707 | $ | 7,283 | $ | 7,689 | ||||||||
| Television |
1,783 | 1,807 | 7,059 | 8,162 | ||||||||||||
| Cable Network Programming |
979 | 1,059 | 3,563 | 3,891 | ||||||||||||
| Direct Broadcast Satellite Television* |
680 | 340 | 2,338 | 340 | ||||||||||||
| Magazines and Inserts |
349 | 393 | 1,375 | 1,583 | ||||||||||||
| Newspapers |
1,274 | 1,157 | 4,808 | 4,659 | ||||||||||||
| Book Publishing |
371 | 365 | 1,791 | 1,992 | ||||||||||||
| Other |
340 | 302 | 1,211 | 1,597 | ||||||||||||
| $ | 7,697 | $ | 7,130 | $ | 29,428 | $ | 29,913 | |||||||||
| Operating Income |
||||||||||||||||
| Filmed Entertainment |
$ | 125 | $ | 116 | $ | 1,244 | $ | 1,099 | ||||||||
| Television |
491 | 468 | 1,344 | 1,459 | ||||||||||||
| Cable Network Programming |
215 | 145 | 867 | 736 | ||||||||||||
| Direct Broadcast Satellite Television* |
(26 | ) | (104 | ) | (376 | ) | (104 | ) | ||||||||
| Magazines and Inserts |
92 | 110 | 381 | 438 | ||||||||||||
| Newspapers |
200 | 201 | 831 | 686 | ||||||||||||
| Book Publishing |
7 | (1 | ) | 221 | 227 | |||||||||||
| Other |
(63 | ) | (53 | ) | (210 | ) | (189 | ) | ||||||||
| $ | 1,041 | $ | 882 | $ | 4,302 | $ | 4,352 | |||||||||
| * | SKY Italia results consolidated as of 1 May, 2003. |
EXHIBIT B
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED
JUNE 30, 2004 IN U.S. DOLLARS PREPARED FOR THE U.S. MARKET. AUSTRALIAN READERS
SHOULD REFER TO THE AUSTRALIAN DOLLAR EARNINGS RELEASE
STATEMENT OF FINANCIAL PERFORMANCE 2
| Note | 3 Months Ended June 30, |
12 Months Ended June 30, |
||||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||||
| US $ Millions (except per ADR amounts) | ||||||||||||||||||
| Sales revenue |
1 | $ | 5,521 | $ | 4,592 | $ | 20,959 | $ | 17,474 | |||||||||
| Operating expenses |
(4,774 | ) | (4,022 | ) | (17,895 | ) | (14,942 | ) | ||||||||||
| Operating income |
1 | 747 | 570 | 3,064 | 2,532 | |||||||||||||
| Net profit (loss) from associated entities |
83 | 190 | 229 | (52 | ) | |||||||||||||
| Borrowing costs |
(158 | ) | (149 | ) | (602 | ) | (583 | ) | ||||||||||
| Interest income |
50 | 38 | 153 | 122 | ||||||||||||||
| Net borrowing costs |
(108 | ) | (111 | ) | (449 | ) | (461 | ) | ||||||||||
| Exchangeable securities expense |
(23 | ) | (17 | ) | (80 | ) | (55 | ) | ||||||||||
| Other items before income tax, net |
(9 | ) | (165 | ) | (18 | ) | (222 | ) | ||||||||||
| Profit from ordinary activities before income tax |
690 | 467 | 2,746 | 1,742 | ||||||||||||||
| Income tax expense on: |
||||||||||||||||||
| Ordinary activities before other items |
(228 | ) | (132 | ) | (887 | ) | (577 | ) | ||||||||||
| Other items |
(2 | ) | 91 | (1 | ) | 125 | ||||||||||||
| Net income tax expense |
(230 | ) | (41 | ) | (888 | ) | (452 | ) | ||||||||||
| Net profit from ordinary activities after tax |
460 | 426 | 1,858 | 1,290 | ||||||||||||||
| Net profit attributable to outside equity interests |
(61 | ) | (56 | ) | (211 | ) | (244 | ) | ||||||||||
| Net Profit Attributable to Members of the Parent Entity |
$ | 399 | $ | 370 | $ | 1,647 | $ | 1,046 | ||||||||||
| Net exchange gains recognized directly in equity |
118 | 749 | 800 | 1,001 | ||||||||||||||
| Other items recognized directly in equity |
— | — | — | 86 | ||||||||||||||
| Total change in equity other than those resulting from transactions with owners as owners |
$ | 517 | $ | 1,119 | $ | 2,447 | $ | 2,133 | ||||||||||
| Diluted earnings per ADR on net profit attributable to members of the parent entity |
||||||||||||||||||
| Ordinary ADRs |
$ | 0.24 | $ | 0.25 | $ | 1.04 | $ | 0.71 | ||||||||||
| Preferred limited voting ordinary ADRs |
$ | 0.28 | $ | 0.30 | $ | 1.24 | $ | 0.85 | ||||||||||
| Ordinary and preferred limited voting ordinary ADRs |
$ | 0.27 | $ | 0.28 | $ | 1.17 | $ | 0.79 | ||||||||||
| a | Following the issuance in June 2002 of the revised Australian Accounting Standard AASB 1018 “Statement of Financial Performance” this statement has been reformatted from previous presentations to be consistent with the format prescribed in the revised Australian Accounting Standard. |
STATEMENT OF FINANCIAL POSITION
| June 30, 2004 |
June 30, 2003 | |||||
| US $ Millions | ||||||
| ASSETS |
||||||
| Current Assets |
||||||
| Cash |
$ | 4,051 | $ | 4,477 | ||
| Cash on deposit |
287 | — | ||||
| Receivables |
4,214 | 3,784 | ||||
| Inventories |
1,530 | 1,282 | ||||
| Other |
393 | 321 | ||||
| Total Current Assets |
10,475 | 9,864 | ||||
| Non-Current Assets |
||||||
| Cash on deposit |
— | 463 | ||||
| Receivables |
751 | 809 | ||||
| Investments in associated entities |
10,447 | 3,667 | ||||
| Other investments |
566 | 793 | ||||
| Inventories |
2,669 | 2,723 | ||||
| Property, plant and equipment |
3,883 | 4,180 | ||||
| Publishing rights, titles and television licenses |
21,761 | 21,719 | ||||
| Goodwill |
222 | 250 | ||||
| Other |
681 | 495 | ||||
| Total Non-Current Assets |
40,980 | 35,099 | ||||
| Total Assets |
$ | 51,455 | $ | 44,963 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||
| Current Liabilities |
||||||
| Interest bearing liabilities |
$ | 1,084 | $ | 22 | ||
| Payables |
5,476 | 5,507 | ||||
| Tax liabilities |
492 | 474 | ||||
| Provisions |
232 | 171 | ||||
| Total Current Liabilities |
7,284 | 6,174 | ||||
| Non-Current Liabilities |
||||||
| Interest bearing liabilities |
7,618 | 8,227 | ||||
| Payables |
1,986 | 2,353 | ||||
| Tax liabilities |
680 | 442 | ||||
| Provisions |
685 | 685 | ||||
| Total Non-Current Liabilities Excluding Exchangeable Securities |
10,969 | 11,707 | ||||
| Exchangeable securities |
1,433 | 1,383 | ||||
| Total Liabilities |
19,686 | 19,264 | ||||
| Shareholders’ Equity |
||||||
| Contributed equity |
21,447 | 17,262 | ||||
| Reserves |
2,773 | 1,685 | ||||
| Retained profits |
3,606 | 2,506 | ||||
| Shareholders’ equity attributable to members of the parent entity |
27,826 | 21,453 | ||||
| Outside equity interests in controlled entities |
3,943 | 4,246 | ||||
| Total Shareholders’ Equity |
31,769 | 25,699 | ||||
| Total Liabilities and Shareholders’ Equity |
$ | 51,455 | $ | 44,963 | ||
STATEMENT OF CASH FLOWS
| 12 Months Ended June 30, |
||||||||
| 2004 |
2003 |
|||||||
| US $ Millions | ||||||||
| Operating Activity |
||||||||
| Net profit attributable to members of the parent entity |
$ | 1,647 | $ | 1,046 | ||||
| Adjustment for non-cash and non-operating activities: |
||||||||
| Equity earnings, net |
(261 | ) | 93 | |||||
| Distributions from investees |
133 | 20 | ||||||
| Outside equity interest |
224 | 246 | ||||||
| Depreciation and amortization |
601 | 453 | ||||||
| Other items, net |
38 | 54 | ||||||
| Change in assets and liabilities: |
||||||||
| Receivables |
(335 | ) | (371 | ) | ||||
| Inventories |
(320 | ) | (137 | ) | ||||
| Payables |
276 | (180 | ) | |||||
| Other liabilities |
392 | 409 | ||||||
| Cash provided by operating activity |
2,395 | 1,633 | ||||||
| Investing and other activity |
||||||||
| Property, plant and equipment |
(361 | ) | (366 | ) | ||||
| Acquisitions, net of cash acquired |
(202 | ) | (427 | ) | ||||
| Investments and acquisitions of interests in associated entities |
(3,237 | ) | (527 | ) | ||||
| Other investments |
(91 | ) | (96 | ) | ||||
| Repayment of loans by associate |
— | 96 | ||||||
| Proceeds from sale of non-current assets and business disposals |
869 | 111 | ||||||
| Cash used in investing activity |
(3,022 | ) | (1,209 | ) | ||||
| Financing activity |
||||||||
| Issuance of debt |
548 | 2,105 | ||||||
| Repayment of debt and exchangeable securities |
(943 | ) | (2,438 | ) | ||||
| Increase (decrease) in cash on deposit |
162 | (463 | ) | |||||
| Issuance of shares |
580 | 1,279 | ||||||
| Dividends paid |
(202 | ) | (181 | ) | ||||
| Cash provided by financing activity |
145 | 302 | ||||||
| Net (decrease) increase in cash |
(482 | ) | 726 | |||||
| Opening cash balance |
4,477 | 3,574 | ||||||
| Exchange movement on opening balance |
56 | 177 | ||||||
| Closing cash balance |
$ | 4,051 | $ | 4,477 | ||||
Note 1 – SEGMENT DATA
| 3 Months Ended June 30, |
12 Months Ended June 30, |
|||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
| US $ Millions | US $ Millions | |||||||||||||||
| BY GEOGRAPHIC AREAS |
||||||||||||||||
| Revenues |
||||||||||||||||
| United States |
$ | 3,740 | $ | 3,308 | $ | 14,424 | $ | 13,237 | ||||||||
| Europe |
1,296 | 884 | 4,671 | 2,772 | ||||||||||||
| Australasia |
485 | 400 | 1,864 | 1,465 | ||||||||||||
| $ | 5,521 | $ | 4,592 | $ | 20,959 | $ | 17,474 | |||||||||
| Operating Income |
||||||||||||||||
| United States |
$ | 590 | $ | 474 | $ | 2,585 | $ | 2,064 | ||||||||
| Europe |
77 | 39 | 164 | 280 | ||||||||||||
| Australasia |
80 | 57 | 315 | 188 | ||||||||||||
| $ | 747 | $ | 570 | $ | 3,064 | $ | 2,532 | |||||||||
| BY INDUSTRY SEGMENT |
||||||||||||||||
| Revenues |
||||||||||||||||
| Filmed Entertainment |
$ | 1,378 | $ | 1,103 | $ | 5,187 | $ | 4,486 | ||||||||
| Television |
1,279 | 1,170 | 5,027 | 4,763 | ||||||||||||
| Cable Network Programming |
702 | 669 | 2,538 | 2,270 | ||||||||||||
| Direct Broadcast Satellite Television* |
488 | 220 | 1,665 | 220 | ||||||||||||
| Magazines and Inserts |
250 | 250 | 979 | 923 | ||||||||||||
| Newspapers |
914 | 738 | 3,425 | 2,718 | ||||||||||||
| Book Publishing |
267 | 242 | 1,276 | 1,162 | ||||||||||||
| Other |
243 | 200 | 862 | 932 | ||||||||||||
| $ | 5,521 | $ | 4,592 | $ | 20,959 | $ | 17,474 | |||||||||
| Operating Income |
||||||||||||||||
| Filmed Entertainment |
$ | 91 | $ | 85 | $ | 886 | $ | 641 | ||||||||
| Television |
351 | 291 | 957 | 851 | ||||||||||||
| Cable Network Programming |
154 | 96 | 617 | 430 | ||||||||||||
| Direct Broadcast Satellite Television* |
(19 | ) | (68 | ) | (267 | ) | (68 | ) | ||||||||
| Magazines and Inserts |
66 | 70 | 271 | 256 | ||||||||||||
| Newspapers |
144 | 126 | 592 | 400 | ||||||||||||
| Book Publishing |
6 | 4 | 158 | 133 | ||||||||||||
| Other |
(46 | ) | (34 | ) | (150 | ) | (111 | ) | ||||||||
| $ | 747 | $ | 570 | $ | 3,064 | $ | 2,532 | |||||||||
| * | SKY Italia results consolidated as of May 1, 2003 |