News Corp 'has no expectation of selling BSkyB stake' as profits soar

London, May 10 (ANI): Rupert Murdoch's US-based media firm News Corp is not expected to sell its stake in satellite broadcaster BSkyB, as the company reported an almost 50 percent jump in profits, a senior official has said.

"We have no expectation to sell the Sky stake at this time," said the firm's chief operating officer Chase Carey.

"Our interest is in being a shareholder that helps the business [BSkyB] reach its potential," he added.

According to The Telegraph, News Corp's 39 percent stake in BSkyB has prompted an investigation by UK regulator Ofcom into whether BSkyB is a 'fit and proper' holder of a broadcasting licence following the phone hacking scandal.

The pressure on Murdoch was stepped up in April after a committee of British MPs investigating the phone hacking said that he was not a 'fit and proper' person to run News Corp.

Carey 'flatly' rejected that conclusion and argued that Murdoch had taken "big business risks" in the UK that have benefitted consumers.

According to the paper, Carey's defence of his 81-year-old boss came as News Corp reported a better-than-expected 47pc jump in profits to 937 million dollars in the first three months of the year.

The firm's US TV networks, which include the Fox News channel, again proved the biggest driver of profits during the quarter. (ANI)