As more media companies report their earnings for the most recent financial period, we're starting to get a better pictures of the state of the industry.

Yesterday, Rupert Murdoch's News Corp. reported operating income of $1.04 billion, up 9 percent year over year, despite a massive 82 percent drop in income in the company's Newspaper division, which dived to $25 million.

News Corp. attributed declines in revenue at Dow Jones to decreased ad revenues at The Wall Street Journal, although operating expense cuts and increased circulation revenues -- related to the Journal's price increases -- partially offset the division's losses.

The company's Television division also saw operating income drop 54 percent to $38 million. However, the company's cable network division had a great quarter -- reporting a 41 percent increase in operating income thanks in part to Fox News Channel's highest ever quarterly profit.

Related: Times Warner Earnings