Discovery’s US nets delivered a 5% increase in 2Q rev to $516mln, powered by "growth in distribution and advertising revenue at most channels." Excluding the loss of Travel Channel rev effective May 14, the nets’ ad rev rose 12% thanks to greater audience delivery on Discovery Channel and TLC, among others. Prime ratings for the pair grew 7% and 11% in the Q, respectively, among adults 25-54. — News Corp’s cable net programming saw 4Q07 operating income increase 46% to $284mln, reflecting greater contributions from Fox News, RSNs, FX and Fox Intl Channels. Fox News’ 41% operating income growth came from higher affil rates and ad rev. Op income at the other nets rose 48%. — Liberty Media’s set to get even more complicated. It plans to create a 3rd tracking stock by splitting Liberty Capital into 2 separate tracking stocks. The newly created Liberty Entertainment stock will hold the 38.5% DirecTV stake it will receive from News Corp following expected regulatory approval, as well as the 3 RSNs and $588mln it expects to acquire in the transaction. Liberty’s interest in Liberty Ent Group—Starz, GSN, WildBlue, FUN Technologies—and $550mln of Liberty Media’s publicly traded exchangeable debt will also go into the new stock. Liberty Capital’s 2Q operating income fell to $42mln from $44mln. Fellow tracking stock Liberty Interactive saw operating income rise 1% to $244mln.

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Fox on Dropping TNF, the US Open

Fox Corp passed up on some big sports deals this year, but CEO Lachlan Murdoch seemed confident that was the right move at an investor conference Thursday.

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