×
You will be redirected back to your article in seconds

21st Century Fox Film Division Helps Revenue Rise 17% in Q4

Film and cable programming gains powered 21st Century Fox to strong earnings and revenue gains in the fiscal fourth quarter, despite a big decline at the Fox network from the collapse of “American Idol.”

Fox reported revenue of $8.42 billion, a 17% gain over the year-ago quarter powered by stronger contributions from the film division.

Operating income climbed 17% to $1.77 billion.

Net income for the fourth quarter dipped to $966 million, or 43 cents per share, compared with $977 million in the year-ago quarter. Fox cited higher costs from depreciation expenses associated with Fox’s taking majority stakes in Sky Deutschland and the YES network for the decline, which was offset by a $50 million gain from Fox’s share of BSkyB’s stock buyback program.

Regarding the company’s failed plans to buy Time Warner for $80 billion, “we have moved on,” said company chief operating officer Chase Carey during a call with analysts to discuss the quarterly results, with Fox-chief Rupert Murdoch adding, “this is our resolute decision,” also during the call.

Carey criticized Time Warner’s board, calling them “highly defensive” of the merger talks and was adamant that Fox no longer had plans to go after its rival. “Let me be clear: we are done,” he said, adding that the company also wasn’t interested in pursuing other companies, either.

Neither did Murdoch. “We have no plan to go out on the acquisition trail. All of our best businesses, we’ve built them ourselves.”

At the cable networks wing, regional sports nets powered gains of 6% in operating income, which reached $4.41 billion. However, some of the growth in affiliate free revenue was offset by higher costs related to recent channel losses and the consolidation of Fox’s ownership stake in the Yes Network, and other regional cablers. Operating income was also hit by exchange rate fluctuations in Latin America and India, Fox said.

Domestic affiliate revenue grew 14% while international revenue spiked 19% thanks to gains at the Fox International Channels unit and satcaster Star. Advertising revenue grew 8% for the quarter.

Fox’s filmed entertainment unit saw its operating income nearly triple from year-ago, to $339 million, thanks to “X-Men: Days of Future Past,” “Rio 2” and “The Fault in Our Stars.” Syndication and licensing coin from “Modern Family” and the reboot “24: Live Another Day” also plumped the division’s coffers.

More Biz

  • Stan Lee, left, and Keya Morgan

    Stan Lee's Former Business Manager Arrested on Elder Abuse Charges

    Stan Lee’s former business manager, Keya Morgan, was arrested in Arizona Saturday morning on an outstanding warrant from the Los Angeles Police Department. The LAPD’s Mike Lopez confirmed that the arrest warrant was for the following charges: one count of false imprisonment – elder adult; three counts of grand theft from elder or dependent adult, [...]

  • promenade Cannes Croisette Cannes Placeholder

    Cannes Market Claims Record Visitor Numbers

    The Cannes Market, the Cannes Film Festival’s commercial wing, says that its 2019 edition welcomed a record number of participants. It reported 12,527 attendees. The largest group by nationality was from the U.S. with 2,264 participants, followed by France with 1,943 participants, and the U.K. 1,145. Comparable figures for 2018 were not available. The number [...]

  • Former movie producer Harvey Weinstein (L)

    Some Weinstein Accusers Balk at $30 Million Settlement

    Updated: Some of Harvey Weinstein’s accusers are balking at a proposed $30 million settlement of their harassment claims, which could scuttle the deal, Variety has learned. Attorneys in the Weinstein Co. bankruptcy case told Judge Mary Walrath on Thursday that they are close to a global resolution of the civil litigation. The accusers, their lawyers [...]

  • Director Dean DeBlois and online game

    'Dragon' Director Dean DeBlois and PUBG's CH Kim to Keynote 2019 VIEW Conference

    Dean DeBlois, director and executive producer of DreamWorks Animation’s “How to Train Your Dragon: The Hidden World,” and PUBG Corporation CEO CH Kim are the first keynote speakers announced for the 2019 VIEW Conference in Turin, Italy, in October. Since it began 12 years ago, VIEW, which stands for Virtual Interactive Emerging World, has continually [...]

  • Harvey Weinstein

    Harvey Weinstein Accusers Near Settlement in Bankruptcy Case

    Attorneys in the Weinstein Co. bankruptcy case say they are getting close to reaching a settlement that would compensate Harvey Weinstein’s sexual misconduct accusers. The company went bankrupt last year, as it faced hundreds of millions of dollars in debt and numerous civil suits on behalf of Weinstein’s alleged victims. The company sold to Lantern [...]

  • Ari Emanuel Endeavor

    Endeavor IPO Filing Offers Details of Company's Financials, Leadership Pay Packages

    Endeavor’s IPO filing Thursday offers a hard look at the company’s financial performance during the past three years during a period of rapid growth for the company that’s home to UFC, WME, Professional Bull Riders and a clutch of other assets. Endeavor is generating solid free cash flow from operations and healthy adjusted earnings for [...]

More From Our Brands

Access exclusive content