News Corp. (NWS) today reported operating income of $1.04 billion, an increase of 9 percent on revenues of $7.2 billion, despite an 82 percent drop in income in the company's Newspaper division. After all, the Wall Street Journal is such a tiny part of Rupert Murdoch's empire.

Revenues were up at News Corp's Filmed Entertainment division ("Ice Age: Dawn of the Dinosaurs" and the Wolverine movie contributed to this) and at its cable stations (including Fox News Channel, which reported its highest-ever quarterly profit).

Of the company's newspaper division, News Corp had this to say: ad revs are down. (Surprise, surprise.) The declines were partially offset by reduced expenses at the Wall Street Journal and increased circulation revenues.