{"id":39835,"date":"2017-08-10T05:26:52","date_gmt":"2017-08-10T05:26:52","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=39835"},"modified":"2017-08-10T05:26:52","modified_gmt":"2017-08-10T05:26:52","slug":"twenty-first-century-fox-revenue-misses-profit-tops-estimates","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/twenty-first-century-fox-revenue-misses-profit-tops-estimates.html","title":{"rendered":"Twenty-First Century Fox revenue misses, profit tops estimates"},"content":{"rendered":"

Twenty-First Century Fox revenue misses, profit tops estimates<\/span><\/strong><\/span><\/h2>\n

Twenty-First Century Fox revenue misses, profit tops estimates: Rupert Murdoch-controlled Twenty-First Century Fox Inc’s quarterly profit edged past analysts’ estimates, but revenue fell just short of expectations, hurt by the lack of box office hits from its movie studio.<\/span><\/p>\n

The media company, which is seeking regulatory approval to completely buy out Sky Plc, said revenue at its filmed entertainment division fell 11.5 percent to $1.80 billion in the fourth quarter.<\/span><\/p>\n

Fox said the lower home entertainment revenue was due to the strong performance of superhero movie “Deadpool” in the year-ago quarter. The company’s shares were roughly flat in after hours trading.<\/span><\/p>\n

Fox reported fourth-quarter results as investors questioned whether it would gain British government approval for its $14.5 billion bid to buy the nearly 61 percent of UK-based pay-TV group Sky it does not own.<\/span><\/p>\n

That deal is still under review by British regulators and is likely to be referred to the competition watchdog for a full investigation.<\/span><\/p>\n

Its approval has been met with a number of roadblocks, including British media secretary Karen Bradley’s reservations that it gives the Murdoch family too much influence over the media.<\/span><\/p>\n

James Murdoch CEO of Fox said on a post-earnings call that Fox was confident the deal would be approved, but more likely in the first half of 2018 than this year.<\/span><\/p>\n

Fox reported that revenue from its cable division, which houses the Fox News and FX channels among others, rose 10.4 percent and accounted for more than half of total revenue.<\/span><\/p>\n

Fox expected to see high single digit domestic affiliate fee growth every quarter in fiscal 2018, the company said on its call.<\/span><\/p>\n

Overall, executives expressed optimism about the growth of “skinny bundles,” or streaming services with smaller groups of networks at a cheaper price than cable and satellite services, and their effect on Fox’s business.<\/span><\/p>\n

However, the company did not rule out launching its own direct to consumer online streaming service.<\/span><\/p>\n

“We remain very open-minded about an independently priced direct-to-consumer offering as well,” Murdoch said.<\/span><\/p>\n

Net income attributable to Fox shareholders fell to $476 million, or 26 cents per share, from $567 million, or 30 cents per share. The year-ago results included a tax benefit of $60 million.<\/span><\/p>\n

Excluding items, the company earned 36 cents per share.<\/span><\/p>\n

Fox said total revenue increased 1.5 percent to $6.75 billion.<\/span><\/p>\n

Analysts on average were expecting a profit of 35 cents per share and revenue of $6.77 billion, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n

Source: http:\/\/www.reuters.com\/article\/us-fox-results-idUSKBN1AP2H3<\/span><\/p>\n

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