Net profit for its fiscal third quarter was $639 million, or 24 cents a share compared with $839 million, or 32 cents a share a year ago.
Excluding one-time items the profit was 26 cents.
Revenue dropped 6 percent to $8.26 billion.
News Corp, which is controlled by media mogul Rupert Murdoch, owns assets including Fox Broadcast, Twentieth Century Fox movie studio and newspapers like the Wall Street Journal and The Sun in the UK.
(Reporting by Yinka Adegoke, editing by Bernard Orr)