21st Century Fox Inc., the film and TV company controlled by Rupert Murdoch, posted second-quarter profit that beat analysts’ estimates after registering growth in sports and local political advertising.
Profit excluding some items grew to 53 cents a share, New York-based Fox said Monday in a statement. Analysts were predicting 49 cents, the average of estimates compiled by Bloomberg. Revenue in the period ending Dec. 31, rose 4% to $7.68 billion, missing estimates of $7.73 billion as currency turmoil in India reduced international ad sales and the company’s film studio came up short with fewer releases.
Fox had strong winds at its back in the quarter, including high TV ratings for Major League Baseball’s 2016 World Series and an election year that drew a lot of political advertising to the company’s local stations. The company’s broadcast division also carried last night’s Super Bowl, which will add to results in the current period.
article continues below advertisement Revenue from cable TV, the company’s biggest business, advanced 7.1% to $4 billion. Profit rose to $1.33 billion. Sales in filmed entertainment contracted to $2.27 billion, while earnings rose to $389 million, Fox said, benefiting from lower costs. Broadcast TV revenue rose to $1.92 billion. Profit in the division also gained, to $376 million. Operating income excluding some items grew to $1.99 billion. Analysts had been forecasting $1.73 billion.
Fox is mounting a second effort to buy Sky Plc, offering $14.6 billion bid for the 61% of shares it doesn’t own. The company has also shaken up its Fox News talent lineup in recent months after the departure of anchor Megyn Kelly, and signed a new programming deal with Comcast Corp. that restored the YES Network, a sports outlet, in some markets. The deal struck in January brings the New York Yankees back on the Comcast TV dial.
The film studio had a mixed run in the quarter, scoring successes with the animated Trolls, and R-rated comedy Why Him? while other movies like Assassin’s Creed were a disappointment. The studio released eight films in the quarter, compared with nine a year earlier, including the Matt Damon space adventure The Martian.
Hidden Figures, a contender for best picture at this year’s Academy Awards, was released in December, but registered most of its $127.5 million in worldwide ticket sales in 2017.
Shares of Fox were little changed in extended trading after results were announced. They fell 1.1% to $31.06 at the close in New York and have gained 24% in the past year, in line with the S&P 500 Media Index.
21st Century Fox Inc., the film and TV company controlled by Rupert Murdoch, posted second-quarter profit that beat analysts’ estimates after registering growth in sports and local political advertising.
Profit excluding some items grew to 53 cents a share, New York-based Fox said Monday in a statement. Analysts were predicting 49 cents, the average of estimates compiled by Bloomberg. Revenue in the period ending Dec. 31, rose 4% to $7.68 billion, missing estimates of $7.73 billion as currency turmoil in India reduced international ad sales and the company’s film studio came up short with fewer releases.
Fox had strong winds at its back in the quarter, including high TV ratings for Major League Baseball’s 2016 World Series and an election year that drew a lot of political advertising to the company’s local stations. The company’s broadcast division also carried last night’s Super Bowl, which will add to results in the current period.
Fox is mounting a second effort to buy Sky Plc, offering $14.6 billion bid for the 61% of shares it doesn’t own. The company has also shaken up its Fox News talent lineup in recent months after the departure of anchor Megyn Kelly, and signed a new programming deal with Comcast Corp. that restored the YES Network, a sports outlet, in some markets. The deal struck in January brings the New York Yankees back on the Comcast TV dial.
The film studio had a mixed run in the quarter, scoring successes with the animated Trolls, and R-rated comedy Why Him? while other movies like Assassin’s Creed were a disappointment. The studio released eight films in the quarter, compared with nine a year earlier, including the Matt Damon space adventure The Martian.
Hidden Figures, a contender for best picture at this year’s Academy Awards, was released in December, but registered most of its $127.5 million in worldwide ticket sales in 2017.
Shares of Fox were little changed in extended trading after results were announced. They fell 1.1% to $31.06 at the close in New York and have gained 24% in the past year, in line with the S&P 500 Media Index.
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