21st Century Fox profit driven up by cable television

Aug 07, 2013

Rupert Murdoch's freshly unfettered entertainment company 21st Century Fox on Tuesday reported that its annual profit was pumped up by revenue from its cable television operations.

In its first since Murdoch's media empire split the newspapers and book publishing from television and film businesses, 21st Century said that profit leapt six-fold in its fiscal year.

The company reported profit of $7.1 billion on revenue that increased 10 percent to $27.68 billion compared with the prior year.

"With the separation complete, 21st Century Fox launches as a distinct public company with its own identity, its own strategy and its own growth and capital plan," Murdoch said in the earnings report.

"The company not only delivered strong earnings and revenue growth led by our channels businesses, we also positioned ourselves for future success."

The strong annual earnings figures came despite Fox posting a loss of $371 million in its fourth fiscal quarter that ended June 30.

The company's entertainment holdings include 20th Century Fox film studio and television networks along with Italian television provider Sky Italia, and major stakes in BSkyB in Britain and Sky Deutschland.

Murdoch's scandal-tainted News Corp newspaper holdings include the Wall Street Journal.

Fox revenue gains exceeded Wall Street expectations and shares rose more than three percent to $32.25 in after-hours trading.

Explore further: MasterCard, Zwipe announce fingerprint-sensor card

add to favorites email to friend print save as pdf

Related Stories

News Corp, Murdoch open new post-breakup chapter

Jun 28, 2013

A new chapter opens Friday for Rupert Murdoch and his News Corp with the split of the media-entertainment conglomerate as the 82-year-old coincidentally goes through a marriage breakup.

News Corp. confirms it's considering split in 2

Jun 26, 2012

(AP) — Under pressure to limit contagion from the British phone hacking scandal, Rupert Murdoch's News Corp. confirmed Tuesday that it is considering splitting into two publicly traded companies.

News Corp. posts higher 2Q earnings, revenue

Feb 06, 2013

Media conglomerate News Corp. says earnings for the last three months of 2012 grew, helped by higher revenue at its pay TV networks and gains from acquisitions.

Recommended for you

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

Apple starts iPhone 6 sales in key China market

Oct 17, 2014

Apple began selling its latest iPhone in China Friday, nearly a month after other major territories due to a licence delay by regulators, but it faces a tough battle with rivals led by Samsung in the crucial ...

Microsoft CEO launches diversity training effort

Oct 17, 2014

(AP)—Microsoft CEO Satya Nadella has again apologized to employees and announced in a company-wide memo that all workers will receive expanded training on how to foster an inclusive culture as he works to repair damage ...

Arguments made in ex-dictator's suit against game

Oct 17, 2014

(AP)—A judge has heard arguments from lawyer and former New York City Mayor Rudy Giuliani calling for the dismissal of a lawsuit filed against video game giant Activision by former Panamanian dictator Manuel Noriega.

User comments : 0