21st Century Fox earnings down despite box office film successes
Rupert Murdoch’s 21st Century Fox yesterday reported a hit to its earnings for the third quarter, after asset sales and the fact it did not show the Super Bowl.
Net income fell seven per cent to $975m (£640m), from $1.06bn a year earlier. The media giant posted quarterly revenues of $US6.8bn, which were down from $US8.2bn a year ago, but up by 1.2 per cent when adjusted because of the sale of Sky Italia and Sky Deutschland in November.
Television operating income fell 51 per cent to $141m on revenue that sank 22 per cent to $1.2bn. The company suffered from not screening the Super Bowl, as it did in 2013.
The company’s other two sections – pay TV and film – were more successful. Operating income for films rose eight per cent to $382m, with revenue of $2.4bn. Box office hits such as Taken 3 and Kingsman: The Secret Service, helped lift the tally. Cable network programming operating income rose five per cent to $1.2bn.