Pay television service Foxtel has had its net income wiped out by losses on its its stake in the Ten Network, the end of Presto, and a fall in subscribers.
Foxtel's subscriber numbers have fallen, along with the value of its investment in the embattled Ten Network, wiping out its profit for the March quarter.
The pay television company jointly owned by News Corp and Telstra said its net income in the three months to March 31 was nil, down from $32 million in the same period a year ago.
The fall was due to $US21 million ($A29 million) in losses related to its decision to cease the operation of streaming service Presto in January, plus a $US14 million ($A19 million) loss on its 15 per cent stake in Ten.
Ten shares fell 38 per cent in the March quarter, and the network has since reported a $232 million half year loss and flagged grave concerns for the company's viability.
Foxtel's revenue slipped three per cent in the March quarter, as its number of subscribers dropped one per cent on the same period a year ago, to 2.8 million.
Meanwhile, News Corp's revenue rose five per cent to $US1.98 billion ($A2.7 billion), helped by another strong performance by its real estate classifieds business.
The Rupert Murdoch-controlled media giant said revenue from digital property services, including realestate.com.au, rose 13 per cent compared to the prior corresponding period.
Revenue in its newspaper division rose three per cent to $US1.26 billion as increased advertising and newspaper price rises offset lower print volumes.
But newspaper revenue is down three per cent for the financial year to date.
Shares in News Corp rose 45 cents, or 2.5 per cent, to $18.38.