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: News Corp shareholders approve split

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

Airbnb rental site raises $450 mn

3 minutes ago

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

US venture investments highest since 2001 (Update)

Apr 18, 2014

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

User comments : 0

More news stories

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Researchers uncover likely creator of Bitcoin

The primary author of the celebrated Bitcoin paper, and therefore probable creator of Bitcoin, is most likely Nick Szabo, a blogger and former George Washington University law professor, according to students ...