The good news for News Corp print zealots is that its new co-chairman, Lachlan Murdoch, knows how to make a paper profit even in radio land.

The radio stations owned by Murdoch reported a slide in the ratings on Tuesday but the News Corp heir apparent reported a big win where it counts.

Paper giant: : Lachlan Murdoch knows how to turn a profit. Credit:James Alcock

Murdoch's Illyria Investments, home of his radio group Nova Entertainment, reported a net profit of more than $58 million last year, on revenue totalling $110.2 million.

This compares to a tiny $210,000 profit for the year before, and so represents a 29,000 per cent profit increase for the radio group.