21st Century Fox Touts Cable Assets in First Earnings Call Since Split

Revenue rose 16% in the quarter

21st Century Fox COO Chase Carey touted the growth in the company’s new sports businesses as “the most significant event” from the past year in the company’s first earnings call since splitting from News Corp. in June.

The company, which announced revenues of $7.21 billion in the quarter, has been preparing for the launch of its new Fox Sports 1 network, as well as building FXX. Quarterly revenues were up 16% from the same period last year, slightly beating analyst expectations. Income rose to $977 million, up from $596 million last year.

Television and cable operations drove 2013 revenues up 9% over the prior year period to $27.68 billion. Company also ended the year with $6.6 billion in cash.

Excluding one-time costs, including June’s split, 21st Century Fox posted a profit of 31 cents per share, compared to last year’s 27 cents per share.

Besides separating from News Corp., which now holds the publishing assets of the former News Corp. entity, Fox has been busy spending hundreds of millions of dollars to broadcast content from MLB, Nascar and the NFL.

Filmed entertainment operating income dropped to $117 million in the quarter, compared to $140 million for the same period last year. DreamWorks Animation’s “The Croods,” the home entertainment performance of “Life of Pi,” and pay-tv revenues from “Ice Age: Continental Drift” and “Prometheus” drove earnings on the film side.

Carey said he expected fiscal 2014 results from the filmed entertainment segment to be “down a touch … As we prudently would not forecast our releases (to have) the level of contributions that ‘Ice Age 4’ had.”

But Fox’s cable assets including its Regional Sports Networks, Fox News Channel and FX Networks were the biggest driver of EBITDA. Carey projected “continued, solid growth” from the those operations.

21st Century Fox posted a decline in income of $371 million. That’s better than the prior year’s quarter, when News Corp. took a hit of $1.55 billion amidst its split between its publishing and entertainment assets.

21st Century Fox will hold an investor day on Thursday in Los Angeles.

Popular on Variety

More News


    Billie Eilish Tells Crowd She Plans to Tour Behind... Her 2017 EP

    Okay, so it may just have been a way to get some crowd members who were dead-set on calling out requests off her back. But she seemed to mean it. At a show for SiriusXM and Pandora at L.A.’s Troubadour club Wednesday, Billie Eilish made an interesting vow to the crowd: She plans to tour [...]

  • Johnnie To Quits Taiwan Golden Horse

    Johnnie To Quits Golden Horse Awards as China Builds Pressure

    Leading Hong Kong film maker Johnnie To has dropped out of the Golden Horse Awards, where he was set to be president of the jury deciding the prize winners. The awards, which take place and are organized from Taiwan, have long been considered the most prestigious prized in Chinese-language cinema. However they are currently under [...]

  • Still from "Andhadhun"

    Microsoft Streaming Deal Lifts Shares in India’s Eros

    Shares of leading Bollywood film distributor Eros International soared by 38% on Thursday following news of the company’s link up with Microsoft to develop a new generation of video streaming platform. The multinational company said that its Eros Now video operation would work with Microsoft Azure to develop its technology in three ways. They seek [...]

  • 10 Storytellers to Watch

    Variety Celebrates Inaugural 10 Storytellers to Watch Event

    Storytellers from across the spectrum of entertainment — film, literature, podcasting and play writing — were honored Thursday at Variety’s inaugural 10 Storytellers to Watch luncheon at Gramercy Park Hotel, hosted with partner the Independent Filmmaker Project and presented by Audible. Honorees Nana Kwame Adjei-Brenyah, author of “Friday Black”; “Limetown” podcasters Zack Akers and Skip Bronkie; [...]

  • Danny Ramirez'On My Block' TV show

    Danny Ramirez to Star in Film Adaptation of 'Root Letter' Video Game (EXCLUSIVE)

    An English-language film adaptation of Japanese video game “Root Letter,” starring Danny Ramirez, is in production in the U.S. through Akatsuki Entertainment USA. Besides Ramirez (“Top Gun: Maverick,” “Assassination Nation”), the film stars Keana Marie (“Huge in France,” “Live in Pieces”) and Lydia Hearst (“The Haunting of Sharon Tate,” “Z Nation”). With a screenplay by [...]

  • Screen writer Beau WillimonMary Queen of

    Beau Willimon Re-Elected as President of Writers Guild of America East

    Beau Willimon, the playwright and showrunner who launched Netflix’s “House of Cards,” has been re-elected without opposition to a two-year term as president of the Writers Guild of America East. Willimon also ran unopposed in 2017 to succeed Michael Winship. Kathy McGee was elected to the vice president slot over Phil Pilato. Secretary-treasurer Bob Schneider [...]

  • UTA lobby in Nashville

    UTA's Nashville Office Sets 2020 for Move to Historic Downtown Library Building

    UTA has announced a forthcoming move to much bigger digs in Nashville, with plans to leave its current home at the Cummins Station complex in the first quarter of 2020 to make good on a signed lease on a major library building in the heart of downtown that’s being renovated for office use. Once construction [...]

More From Our Brands

Access exclusive content