9:08 AM, Nov 7, 2018 — Twenty-First Century Fox (FOX) reported first-quarter earnings that were in line with expectations and revenue that missed.
Adjusted earnings rose to $0.52 a share in the September quarter, up from $0.49 a year earlier and in line with estimates from Capital IQ. First-quarter revenue rose 2% year-over-year to $7.18 billion, trailing consensus for $7.23 billion.
Income from continuing operations attributable to shareholders rose 54% to $1.29 billion, Fox said. The income includes a non-cash tax benefit of about $220 million, or $0.11 a share, from the company’s decision to sell its interest in Sky plc. Adjusted earnings from continuing operations rose 6% to $0.52 a share.
“This increase (in revenue) principally reflects higher affiliate and advertising revenues reported at the television and cable segments partially offset by lower theatrical revenue reported at the filmed entertainment segment,” Fox said.
The European Commission on Tuesday approved Walt Disney’s (DIS) plan to acquire Fox assets including film and television properties as long as Disney compiles with commitments to offload its interest in factual channels.
Disney and Fox are active in the European Economic Area, or EEA, “as providers of audio-visual content and TV channels to TV broadcasters and distributors,” the commission said on its website. It found that the deal between the companies “would have eliminated competition between two strong suppliers of ‘factual channels’ in several EEA Member States.”
Companies: Twenty-First Century Fox, Inc.
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