21st Century Fox Registers Strong Cable Growth, But Flat Broadcast

Twenty-First Century Fox witnessed continued cable TV growth, flat broadcast TV business, and sharply lower film revenues for its first fiscal quarter.

Cable TV networks/programming were up 7.2% to $3.46 billion. Its broadcast business flat at $1.05 billion, with filmed entertainment, down 27.9% to $1.79 billion. Fox blames a poor performance during the period of “The Fantastic Four” for its sinking film revenues.

Cable benefited from strong domestic affiliate revenue growth -- up 11% -- and higher domestic advertising revenues -- 4% higher -- with lower expenses. In particular, Fox News Channel and its sports networks tallied high advertising revenues.

International advertising and affiliate revenue both sank 1% -- due in large part to foreign exchange rate issues.



Fox’s broadcast network and stations had a 5% decline in advertising revenues primarily reflecting one less week of National Football League games versus the prior year quarter. Additionally, there was lower political revenues at the TV stations and lower general entertainment ratings at the Fox Broadcast Network.

The Fox film unit not only witness low results from “Fantastic Four,” but it was also subject to lower syndication revenues of “How I Met Your Mother” versus the same quarter a year ago, as well as the absence of revenue from Shine TV company.

Fox’s recent theatrical release “The Martian” expects to contribute strong results in its next financial reporting quarter -- pulling in $430 million in worldwide box office revenues.

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