News Corp. (NYSE: NWS), a competitor of media entities such as Disney (NYSE: DIS), Time Warner (NYSE: TWX), Viacom (NYSE: VIA) CBS (NYSE: CBS), and General Electric's (NYSE: GE) NBC Universal, reported its Q4 and full-year numbers on Tuesday. Unfortunately, the stock received an after-hours yawn from investors. The share price didn't move much at all, about a nickel (the stock was up almost 5% on the day, however). The stats seemed pretty good in an overall sense, but they weren't overly compelling either, and I'm not sure I'd want to enter a position in News Corp. at the moment due to questions about the softening advertising market for television stations. But let's look at the data.

For the quarter, revenues increased over 16% and earnings per diluted share jumped over 50% to $0.43. There were, however, some asset gains thrown into that number. News Corp. likes to focus on operating income, and that metric grew 21% in Q4. Every operating segment, except for television, saw an increase in its profits. For the full year, revenues increased 15% and earnings per diluted share soared almost 68% to $1.81. Again, operating income gives a better account of performance due to the asset transactions affecting the bottom line, and here we see the growth is closer to 21%. For the full year, every operating segment saw growth.

News Corp.'s studio and cable divisions are doing well, and like I said, in a general sense, this was a good report. Plus, Fox Interactive Media saw its top line expand by well over 50%, driven by MySpace. But Rupert Murdoch has expressed some caution in terms of growth going forward. According to this article, he sees growth ahead, but it won't be of the stellar variety. And I'll add that operational cash flow for the year was down over 4%. I'd rather see that metric rise on a twelve-month basis. News Corp.'s shares seem cheap to me, but I don't feel compelled at this point to start a position. Given the current economic climate, I'd rather sit on the sidelines and wait for some more data.

Disclosure: I own Disney and GE; positions can change at any time.