News Corp. topped Wall Street's expectations Wednesday thanks to the strength of its cable and television business.

For the three month period ending in December, the media giant reported net income of  $2.38 billion, or $1.01 in earnings per share, up from $1.06 billion or 42 cents per share during the same period a year ago.

Revenue also grew 5 percent to $9.43 billion.

Analysts expected the company to report net income  of 42 cents per share, and revenue of $9.27 billion, according to Thomson Reuters.

"News Corporation’s fiscal second quarter performance reflects our strong momentum. Double-digit gains in our Cable and Television businesses, along with improvements in our Publishing segment, drove revenue and earnings growth even as we seized opportunities to invest in our core businesses for long-term and sustainable growth," News Corp. Chairman Rupert Murdoch said in a statement.

News Corp.'s cable division reported quarterly segment operating income of $945 million, a 7 percent jump from the same period last year. The growth was aided by increases in advertising revenue and double digit revenue increases at cable channels like Fox News, FX and National Geographic.

News Corp.'s broadcast properties, which includes Fox network, were also a major financial driver. The company's television division saw operating income increase nearly 20 percent to $224 million, despite a dip in advertising revenue and lower ratings for the World Series. However, local advertising remained strong and News Corp. more than doubled the amount of money it took in from retransmission consent fees.

Despite releasing hits including "Life of Pi" and "Taken 2," operating income at News Corp.'s film division dipped 2.5 percent to $383 million.

News Corp.'s publishing unit, which includes properties like the Wall Street Journal and the New York Post, saw operating income increase more than 7 percent to $234 million. News Corp. plans to spin off these properties into a separate, independent company by the end of 2013.