by: Amy Chozick | New York Times

In a signal to Wall Street that the ongoing phone-hacking scandal in Britain has not had a significant impact on its bottom line, News Corporation on Wednesday reported a 47 percent jump in net income and said it would buy back an additional $5 billion worth of stock.

News Corporation said its net income, driven largely by its strong cable television division, was $937 million in the three months that ended March 31, or $0.38 per share, compared with $639 million, or $0.24 per share, in the same period a year earlier.