Revenue dropped to $7.1 billion but News Corp (NYSE: NWS) still turned in an 11 percent increase in profit in its first fiscal quarter, thanks, in part, to the way it handled expenses for Ice Age: Dawn of the Dinosaurs. Not much thanks, though, to the Newspapers and Information Systems segment, where revenue dropped $302 million year-over-year to $1.4 billion and operating income sunk to $25 million, down more than $109 million due to decreased ad revenues across all markets.

Meanwhile,  the Digital Media Group, once known as FIM, had higher losses due to lower search revenue and restructuring costs—bringing in $22 million less in operating profit than the same quarter last year and 26 percent less revenues. During the earnings call, Chairman and CEO Rupert Murdoch admitted the group. which includes MySpace, has missed the mark on its Google (NSDQ: GOOG) guarantees and will miss out on $100 million in search payments this year.

Earnings release | Webcast