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American Idol. Star Wars. The Wall Street Journal. MySpace.com. NFL NFC Football. What do all of these have in common? They are just some of the well known and valuable intangible assets controlled by  media conglomerate News Corporation (NWS).

News Corp is one of the largest and most diversified media conglomerates worldwide. The company's diversification covers both product line and geography. The lion's share of sales come from its 20th Century Fox movie studio, its FOX television network, and the growing array of cable television channels such as Fox News, FX, and Fox Sports Networ

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The digital age has not been kind to the newspaper industry. Not too long ago owning a newspaper was a lucrative enterprise synonymous with large circulation numbers, huge profit margins, and historically high stock prices.<!--more-->The newspaper industry, the second oldest mass media enterprise in the United States with more than 3 centuries of existence, had no outside competition because its structure was practically a monopoly and its core business highly localized.

This was before the newspaper business model was mercilesslydismantled by the web and its three-headed monster: Craigsli

Revenues: $8.59 Billion, up 9.5% y/y. Up 21% from last quarter. Beat conensus by 4%
Operating Income: $1.42 billion, up 24% y/y, driven by movies, cable. Up 35% from last quarter.
Earnings: $832 million, up 1.2% from last year. Up 13.6% from last quarter.
EPS of 27 cents misses consensus by a penny.
Guidance: Up. Raising operating income growth projection for FY 2008 to from "low teens" to "mid teens".

No major aquisitiions planned - Yahoo, Time-Warner, etc.