Rupert Murdoch's News Corporation has reported fourth quarter net income of $875m (£551m), against a $203m loss in the same period in 2009.
News Corp was helped by the sale of a Bulgarian TV station, cash from a BSkyB legal settlement, and some tax credits.
It owns TV stations, film studios, book firms, cable networks and newspapers.
"Despite the volatility of world economies, News Corporation continues to thrive on a truly global scale," said boss Rupert Murdoch.
"These results underscore just how well positioned we are - fiscally, operationally and strategically - for further growth across all of our markets," Mr Murdoch added.
He said that looking ahead he was "confident in our businesses and in our people to deliver superior results".
News Corp reported full year profits of $2.5bn.
The firm's management said increased sales of advertising at its television and cable movie operations had helped its return to profitability.
News Corp includes Fox broadcast and cable networks, 20th Century Fox film studios, Harper Collins book publisher, and newspapers such as the Wall Street Journal and the Times.