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Fox tops profit, revenue estimates as cable earnings rise
[BENGALURU] Twenty-First Century Fox Inc's quarterly profit and revenue topped Wall Street estimates on Wednesday, as the Rupert Murdoch-controlled media company earned higher fees from cable distributors.
The results come as Fox prepares to sell the bulk of its film and TV assets to Walt Disney Co in a US$71 billion deal. The cash and stock transaction has already received approval from US regulators, but awaits approval from more than a dozen countries, including China and Russia and regulators from the European Union.
Revenue from Fox's cable division, home to the Fox News and FX channels, rose 13.8 per cent to US$4.93 billion in the fourth quarter ended June 30, accounting for more than half of overall revenue. Analysts on average had estimated US$4.88 billion, according to Thomson Reuters I/B/E/S.
Revenue at Fox's television unit, which houses Fox Broadcasting, climbed 13.9 per cent to US$1.14 billion, also exceeding financial analysts' estimates.
Fox's total revenue jumped 17.7 per cent to US$7.94 billion, comfortably above expectations of US$7.56 billion.
Net income attributable to shareholders increased to $920 million, from $476 million a year earlier.
Excluding one-time items, Fox earned 57 cents per share, topping analysts' estimates of 54 cents.