Revenues rose to $7.53bn (£3.78bn) between January and March, up 21% year on year from 2006, while consolidated operating income was up 23%, to $1.2 billion (£600m).
News Corp said the rise in revenues has come on the back of double-digit growth in its filmed entertainment, cable network programming, direct broadcast satellite TV and magazines and inserts segments.
Filmed Entertainment delivered a record operating income contribution of $410m, up 82% from the same quarter last year.
These results were driven by strong performances from such films as 'Night at the Museum', which grossed over $570m worldwide, the DVD release of 'Borat' and television shows including 'Prison Break', '24' and the enduring appeal of American Idol.
News Corps filmed entertainment unit, which posted an 82% rise in operating income to $410m, also released DVDs including 'The Devil Wears Prada' and 'Little Miss Sunshine'.
Rupert Murdoch, chairman and chief executive officer, said: "We continue to be pleased with the broad-based momentum we are achieving across our various operating segments. While filmed entertainment's record quarter was the biggest driver of our 23% operating income and 21% revenue growth, it was far from our only catalyst.
"Sustained subscriber momentum at Sky Italia, ratings strength at our broadcast network and growth across our myriad of cable assets also resulted in very solid returns. Additionally, the popularity of our internet assets is translating into improved results, and we have just begun to scrape the surface of their potential."
News Corp interactive business also moved ahead strongly with predicted full-year interactive revenues of $500m, most of which will come from its social network site MySpace.
Last week, News Corp launched a US$5 billion (£2.5bn) bid for Dow Jones, publisher of The Wall Street Journal.
The bid has been met by opposition from key shareholders, including controlling shareholder the Bancroft family, and the Ottoway family, which controls 6.2% of Dow Jones' super-voting stock.
"We made the offer at what we believe is a full and more than fair price because our two companies are a perfect fit," Murdoch said.
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