Murdoch’s 21st Century Fox sees profit rise on cable TV gains

Rupert Murdoch’s company, 21st Century Fox, reported profit of $7.1 billion. (File photo: Reuters)

Rupert Murdoch’s freshly unfettered entertainment company 21st Century Fox on Tuesday reported that its annual profit was pumped up by revenue from its cable television operations.

In its first earnings report since Murdoch’s media empire split the newspapers and book publishing from television and film businesses, 21st Century said that profit leapt six-fold in its fiscal year.

The company reported profit of $7.1 billion on revenue that increased 10 percent to $27.68 billion compared with the prior year.

“With the separation complete, 21st Century Fox launches as a distinct public company with its own identity, its own strategy and its own growth and capital plan,” Murdoch said in the earnings report.

“The company not only delivered strong earnings and revenue growth led by our channels businesses, we also positioned ourselves for future success.”

The strong annual earnings figures came despite Fox posting a loss of $371 million in its fourth fiscal quarter that ended June 30.

The company’s entertainment holdings include 20th Century Fox film studio and television networks along with Italian television provider Sky Italia, and major stakes in BSkyB in Britain and Sky Deutschland.

Murdoch’s scandal-tainted News Corp newspaper holdings include the Wall Street Journal.

Fox revenue gains exceeded Wall Street expectations and shares rose more than three percent to $32.25 in after-hours trading.

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Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40
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