21st Century Fox Net Down in Second Quarter

Cable Ad Revenue Up 3%
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21st Century Fox reported lower second-quarter net income despite strong revenue growth at its cable and broadcast TV operations.

Net income was $748 million, or 34 cents a share, down from $6.3 billion, or $2.89 a share a year ago. Excluding large net gains a year ago from Sky and Endemol Shine Group, earnings per share from continuing operations were 44 cents a share, compared with 53 cents per share a year ago.

Revenue was $7.38 billion, down 1% from a year ago.

The earnings were in line with Wall Street forecasts, but revenue was lower than expected.

While revenue rose at the company’s cable network programming and television segments, it was were more than offset by lower revenue in filmed entertainment and the spinoff of Shine. The stronger dollar also impacted revenue by 3%, or $207 million.

Cable network operating income rose 8% to $1.25 billion as revenue rose 9%. Domestic affiliate revenue was up 10% reflecting growth at Fox Sport 1 and Fox News.

Read more at broadcastingcable.com.

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