21st Century Fox Looking Good In First Sec Filing
In its first quarterly report as an independent company, 21st Century Fox, representing the entertainment operations of the original News Corp that were spun off last month, said that income in the last quarter soared 64 percent to $977 million versus $596 million a year ago. Revenue also leaped 16 percent to $7.21 billion. The figures beat analysts' expectations. Filmed entertainment -- principally the 20th Century Fox studio operation -- reported a 3-percent increase in revenue, although net income was down 16 percent to $117 million from $140 million during the same quarter a year ago. On the other hand, the Fox cable networks, such as Fox News, National Geographic and FX, posted a 16-percent increase in revenue for the quarter and a 25-percent surge in operating income. The Fox TV broadcast network, however, saw income fall 9 percent, due principally to falling ratings for the once-powerful American Idol franchise. The dip in ad revenue, however, was offset to some degree by increased revenue from retransmission-consent agreements with cable operators.