21st Century Fox reported lower fourth-quarter earnings as sports cost rose at its cable networks and its broadcast network continue to struggle.
Net income was $87 million, or 4 cents a share, compared with $999 million, or 45 cents, a year ago.
Revenue in the quarter fell to $6.21 billion from $8.42 billion a year ago. Last year’s total included revenue from Fox’s DBS business. Excluding that, revenue was down 9%.
Operating income for the cable network programming segment rose 1% to $1.22 billion, impacted by higher sports programming costs at Fox Sports 1. Revenue was up 7%.
Domestic advertising for the cable networks was down 2%. Advertising was up at the regional sports networks but down at FX.
The company’s television segment had $113 million in operating income, down from $145 million a year ago. Advertising revenue was down 14% because of lower ratings for the Fox broadcast network's American Idol and The Following.
Read more at broadcastingcable.com.
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