21st Century Fox Earnings Beat Expectations

Earnings at 21st Century Fox beat expectations on Wednesday, even as the media conglomerate’s revenues for its most recent financial quarter fell short of projections. The company’s television and cable assets delivered strong results, but a lack of major film releases meant that big screen contributions were minimal. The midterm elections combined with more NFL games and World Cup matches goosed advertising revenues across Fox’s small screen operations.

The report was something of a formality, according to Variety. Fox, or at least Fox as it is currently conceived, will cease to exist within a matter of months. The Walt Disney Company is shelling out $71.3 billion to buy the bulk of the Murdoch clan’s media empire. That deal passed an important milestone earlier this week after European antitrust regulators approved the pact.

Fox reported quarterly income of $1.29 billion ($0.69 per share), a 54% increase from the prior year quarter, and total quarterly revenues of $7.18 billion, a 2% increase from the same quarter in 2017. Analysts expected Fox to post revenues of $7.22 billion on earnings of 52 cents a share.