Strong Qtr. Fuels Fox Nets2/22/2004 7:00 PM Eastern
Goldman Sachs & Co. media analyst Anthony Noto reiterated his "in-line" rating on Fox Entertainment Group after the cable and broadcast-network giant reported strong fiscal second quarter results.
Overall, Fox delivered 10% cash flow growth on a 7% increase in revenue, all above Noto's estimates. Fueling that growth was solid performance at its cable networks — revenue rose 20% and cash flow was up 50% in the quarter. Noto wrote in a report that the cable networks benefited especially from double-digit revenue increases at the Fox News Channel, regional sports networks and FX in the quarter.
FNC increased its lead over rival Cable News Network in the period, reporting a 40% increase in 24-hour viewers.