Shares in media conglomerate News Corp fell more than 9 percent in early trading on Wednesday as investors appeared to be dissatisfied with the company's full-year profit outlook.

The parent of Fox News, Twentieth Century Fox and The Wall Street Journal posted strong profit growth for its March quarter on Tuesday and raised its profit outlook less than Wall Street analysts were expecting.

Analysts at JP Morgan downgraded the company's stock from a buy to neutral arguing that other media stocks offered better options for investors trying to ride on the back of the advertising recovery.

In the medium term, we think strength in cable networks will be offset by challenges at the Fox Broadcast Network, difficult comps for the film studio, continued operating losses in digital businesses, and foreign exchange headwind, JP Morgan analyst Imran Khan said in a note to investors.

We see only 3 percent upside to the stock price and believe that Discovery Communications and Viacom offer a more attractive way to play the advertising recovery.

Despite the strong profits at News Corp's cable networks and movie studio, it was offset by poor performance its digital businesses, which include social networking site MySpace and its Sky Italia satellite business in Italy.

In early trading on the Nasdaq, News Corp's shares fell $1.13 to $14.24.

(Reporting by Yinka Adegoke, editing by Maureen Bavdek)