Revenues and profits climbed at 21st Century Fox during its most recent financial quarter, even as the company behind “The Simpsons,” “Avatar,” and “The Ingraham Angle” prepares to be sold off or reconstituted, reports Variety.
Quarterly income hit $10.83 billion or $5.81 per share compared to $1.84 billion or 99 cents per share, a huge jump that was attributable to the company’s sale of its investment in European pay-TV giant Sky. When the Sky sale was taken out of the picture, things didn’t look as pretty. Adjusted quarterly earnings per share were 37 cents, 12% lower than the 42 cents in adjusted earnings reported in the prior-year quarter.
Revenues of $8.50 billion represented a 6% increase from the $8.04 billion reported in the prior year quarter, which the company said was due to higher advertising revenues and affiliate fees, as well as the box office success of the Freddie Mercury biopic “Bohemian Rhapsody.” Wall Street had projected earnings per-share of 33 cents, an estimate that Fox beat. Analysts had predicted revenue of $8.50 billion, a figure that Fox matched.
The report comes as much of Fox is about be absorbed by the Walt Disney Company in a $71.3 billion mega-deal. After the acquisition is finalized, 20th Century Fox, FX, Nat Geo, and other properties will be part of the Disney empire. That will leave Fox broadcasting, Fox News, and a few other channels to be reconstituted into a new entity that will be led by Rupert Murdoch and his son Lachlan Murdoch.
Commenting on the results, Executive Chairmen Rupert and Lachlan Murdoch said:
"Our Company delivered another strong quarter of financial results, underpinned by distribution and advertising revenue increases at our domestic cable networks and broadcast businesses and the substantial gain on our sale of Sky. These results reflect our continued commitment to excellence in all aspects of our business. There has also been significant progress regarding the transaction with Disney and the spin-off of Fox Corporation including the effectiveness of the Form 10. Lastly, it is a fitting tribute that our film and television production businesses were recently recognized with industry leading Golden Globe wins and Academy Award nominations. Our achievements, including the value we have delivered for shareholders, are a credit to all our talented colleagues. Thanks to their hard work, we have created durable businesses for the long term, and strong momentum as we near the creation of Fox Corporation and the combination with Disney."
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