Big TV license fees from SVOD platforms and higher advertising gains driven by FIFA World Cup programming helped 21st Century Fox enjoy sharply higher quarterly revenues.
Fox’s revenues were up 18% to $7.9 billion in its fiscal fourth quarter versus $6.7 billion in the comparable period the year before. Net income almost doubled -- to $983 million versus $532 million.
Fox’s Filmed Entertainment division added 27% in revenue to $2.3 billion due to higher SVOD revenue for its TV studio, as well as improved entertainment, television and theatrical license fee revenues for its film studio.
Fox saw strong results from worldwide box-office gains of “Deadpool 2" and the worldwide home-entertainment release of “The Greatest Showman.”
Cable network programming saw 14% higher revenue to $4.9 billion -- with major benefits from 11% more domestic affiliate revenue.
Even with the FIFA World Cup posting strong advertising revenues on its FS1 network and higher pricing at Fox News Channel, overall Fox cable network advertising revenue was only up 1%. Fox also says it had lower advertising revenues at its regional sports networks.
At the Fox broadcasting network and its TV stations, revenues grew 14% to $1.1 billion -- from higher retransmission fee revenue and improved advertising on the Fox network from the World Cup programming and higher entertainment pricing.
Fox has until September 22 to top Comcast’s $33 billion bid for 61% of Sky, the pan-European broadcasting company. Fox currently has a 39% stake in the company.