Seth MacFarlane is the genius behind News Corp.'s (NYSE: NWS) Family Guy animated television series. But why should News Corp. have all the fun programming cool content? That's apparently what Google Inc. (NASDAQ: GOOG) was thinking when it signed up Seth MacFarlane to produce a series of short animated clips for the Google Content Network.

According to The New York Times, MacFarlane has created something called Seth MacFarlane's Cavalcade of Cartoon Comedy. Little two-minute clips will be distributed to various websites that key in on the youthful male demographic which loves Family Guy. When users click on the clips, they will perhaps see an ad before the thing starts or some sort of banner attached to it. They might also simply see the name of the presenting sponsor before watching. Google will split monies generated by the ads with MacFarlane, the website that features the clip, and Media Rights Capital, the entity which sells the inventory.

I love the idea of the Google Content Network and I think that, over time, it should be a great success, but as with any novel platform, it all comes down to the word in the middle -- content. Google will live and die by the quality of the content because, although lesser-quality stuff might still find an audience in other mediums, the web has such intense competition for eyeballs that have minuscule attention spans. If the clips don't grab the viewer right away, then the ad inventory won't be as valuable to the buyers.

News Corp.'s (NYSE: NWS) Fox network recently settled a snag with the talent behind The Simpsons. According to The Hollywood Reporter, fresh deals were struck that will keep the show on for a 20th season. That's pretty darn long to be on television, and it's a testament to the iconic quality that the animated series possesses.

Negotiations reportedly went on for months. In fact, next season will only see 20 episodes instead of 22 (they better still do a Halloween episode!). Some of the talent will be receiving $400,000 per show, representing a 33% raise (the cast actually wanted more than that). The Reporter article did not say who was getting what. I have to ask the following question: considering how long the show has been on, and considering that media companies are trying to discourage rampant increases in above-the-line costs (at least, that's what they should be doing, as far as I'm concerned), should News Corp. execs have demanded that Fox just end the negotiations and refuse to give in to a 33% raise?

I've got to be honest, a big part of me says "yes." However, there is incentive to keep The Simpsons on the air. Last summer, a movie version of the long-running show made a successful leap to the silver screen. The film grossed over $180 million at domestic theaters, and its worldwide total stands at more than $525 million, according to Boxofficemojo.

News Corp. (NYSE: NWS), a media conglomerate that competes with Time Warner (NYSE: TWX), Disney (NYSE: DIS), Viacom (NYSE: VIA), CBS (NYSE: CBS) and Sony (NYSE: SNE), reported third-quarter earnings Wednesday, and they were pretty interesting, to say the least.

I mean, revenues increased 16% to about $8.8 billion, but earnings per share went up like crazy, coming in at $0.91 per diluted share versus $0.27 per diluted share a year ago -- that's more than three times as much as the comparable period's results! As you can imagine, there's a little catch. The stellar appreciation is due to a gain in a transaction with Liberty Media. According to a piece at CNBC, News Corp. earned $0.30 per share after adjustments, which was a penny shy of Wall Street's expectations.

So, News Corp. kind of had a so-so quarter. I think the top-line growth was pretty good even if bottom-line performance wasn't as nice as that special gain made it seem on the surface. Plus, News Corp. is working with some cool assets. Cable programming continues to score thanks to the strength of Fox News Channel, an important platform for the conglomerate which contains valuable brand name pundits such as Bill O'Reilly and Sean Hannity. News Corp. leverages the channel to drive growth in its other cable properties; in fact, Fox Business Channel is trying to make a name for itself and it definitely benefits from synergy with Fox News.

Overall, the cable programming segment delivered a 17% increase in operating income while Fox News saw its operating profit go up by 11%. The television segment increased its profits by over 50%, and the Fox network just about doubled its bottom-line base. Other parts of News Corp. didn't do as well, such as filmed entertainment -- this segment's profit took a dive to the tune of 36%. However, don't blame one of my favorite shows, Family Guy -- DVD sales of this hot property was a positive driver.

Those are the highlights that stuck out at me. As for the stock, I don't see a compelling reason to buy at the moment. News Corp. should do well over time, but it wasn't like these were blowout numbers or anything. I'll wait and see how the company is doing when it reports its fiscal-year stats.

Disclosure: I own shares in Disney; positions can change at any time.