21st Century Fox Posts 22% Increase in Profit
November 02 2016 - 5:30PM
Dow Jones News
21st Century Fox Inc. posted a 22% increase in net income for
the September quarter, driven by higher subscription and
advertising revenue at its cable channels and strong performance at
its film and television studio.
The company, whose properties include the Fox television
network, a stable of cable channels such as Fox News, and the 20th
Century Fox studio, reported total revenue of $6.51 billion, up 7%
from the year-earlier period.
Net income in the quarter rose to $821 million, or 44 cents per
share, from $675 million, or 34 cents per share a year ago.
Adjusted for one-time items, Fox delivered per-share earnings from
continuing operations of 51 cents.
Analysts polled by Thomson Reuters were expecting revenue of
$6.49 billion and adjusted earnings per share of 44 cents.
At the cable networks segment revenue increased 10%. Revenue
from carriage payments by pay TV providers increased 8%, due to
contractual rate increases that the company said were led by its
regional sports networks, FX Networks, FS1 and Fox News Channel.
Domestic advertising revenue grew 6%.
In the television segment, which consists of the Fox Broadcast
Network, revenue was down 1%. The company cited competition with
Olympics coverage, which aired on NBCUniversal networks in the
U.S., and difficult comparisons to the year-earlier quarter when
Fox aired major events such as the Emmy Awards.
The filmed entertainment segment increased revenue 7% to $1.91
billion, largely due to higher television production revenue.
Operating income before depreciation and amortization in the film
unit more than doubled to $311 million.
21st Century Fox and News Corp, parent company of The Wall
Street Journal, share common ownership.
(END) Dow Jones Newswires
November 02, 2016 17:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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