21st Century Fox reported lower second-quarter net income despite strong revenue growth at its cable and broadcast TV operations.
Net income was $748 million, or 34 cents a share, down from $6.3 billion, or $2.89 a share a year ago. Excluding large net gains a year ago from Sky and Endemol Shine Group, earnings per share from continuing operations were 44 cents a share, compared with 53 cents per share a year ago.
Revenue was $7.38 billion, down 1% from a year ago.
The earnings were in line with Wall Street forecasts, but revenue was lower than expected.
While revenue rose at the company’s cable network programming and television segments, it was were more than offset by lower revenue in filmed entertainment and the spinoff of Shine. The stronger dollar also impacted revenue by 3%, or $207 million.
Cable network operating income rose 8% to $1.25 billion as revenue rose 9%. Domestic affiliate revenue was up 10% reflecting growth at Fox Sport 1 and Fox News.
Read more at broadcastingcable.com.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.