21st Century Fox Reports Lower Fourth-Quarter Earnings

By Jon Lafayette
published

21st Century Fox reported lower fourth-quarter profit despite gains at its cable programming operations.

Net income fell 16% to $476 million, or 26 cents a share, from $567 million, or 30 cents a share.

Revenue rose 2% to $6.75 billion in the quarter.

Earnings were a hair above Wall Street forecasts, but revenue fell short.

Operating income increased 19% to $1.44 billion at the company’s cable network programming unit. Revenue rose to $4.329 billion from $3.921 billion.

Domestic affiliate revenue rose 10% on increased rates at Fox News Channel, FX, FS1 and the regional sports networks.

Related: Fox News, ‘Game of Thrones’ Stay Hot in Weekly Cable Ratings Race

Domestic advertising revenue was up 6% because of higher ratings at Fox News and increases at National Geographic Channel.

At Fox’s television unit, which includes the Fox Broadcasting Co., fourth-quarter operating income fell by $7 million to $137 million. Revenue dropped to $137 million from $144 million.

National and local advertising was down, offsetting gains in retransmission payments. Expenses were 3% lower because of lower entertainment programming costs.

Read more at broadcastingcable.com.

Jon Lafayette
Jon Lafayette

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.