×
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

  • Timbaland

    Hipgnosis Songs Acquires Timbaland Catalog

    The fast-rising Hipgnosis Songs Fund Limited continues its aggressive growth surge, acquiring a catalog from songwriter-producer-artist Timbaland that comprises 108 albums and songs. Timbaland is one of the most successful songwriter-producers in the hip-hop/R&B realm: The catalog includes hits by Justin Timberlake, Missy Elliott, Aaliyah, Jay-Z, Nelly Furtado, 50 Cent, Madonna, 2Pac, Rihanna, Drake and [...]

  • Rufus Wainwright Signs With BMG for

    Rufus Wainwright Signs With BMG for New Studio Album

    Singer-songwriter Rufus Wainwright has signed a new global recordings agreement with BMG to release his upcoming studio album. The still-untitled album, Wainwright’s ninth of original material and first since 2012, is described in the announcement as “a return to form and his most accessible album to date.” To that end, it is “the bookend” to [...]

  • Kevin Feige Marvel Studios Variety Cover

    Kevin Feige Named Chief Creative Officer of Marvel

    Kevin Feige’s universe continues to grow. The mastermind of the Marvel Cinematic Universe has been named Chief Creative Officer, Marvel in addition to being president of Marvel Studios, Variety has learned. He will now be responsible for the overall creative direction of Marvel’s storytelling across mediums, including publishing, film, TV, and animation. Marvel Television and [...]

  • China presentation mipcom

    Reality Shows, Rom-Coms and Ping Pong Dramas: Chinese Producers Show Off TV Exports

    At its best, television serves as a mirror for its audience. This year, the Mipcom conference trained its annual country-of-focus spotlight on original TV content produced in China. That proved to be a timely choice as the conference came on the heels of last week’s headline-making clashes between Chinese and Western cultural values in the [...]

  • Felicity Huffman

    Felicity Huffman Reports to Federal Prison to Serve Two-Week Sentence

    Felicity Huffman reported to federal prison in Dublin, Calif., on Tuesday morning to begin her two-week sentence for paying to cheat on her daughter’s SAT test. Huffman pleaded guilty to one count of fraud, admitting that she paid $15,000 to consultant Rick Singer to boost her daughter’s SAT score. Judge Idira Talwani sentenced her last [...]

  • Sallie Krawcheck

    Sallie Krawcheck's Ellevest Launches Women-Focused Impact Investment Platform

    Ellevest, the female-focused investment platform headed by Sallie Krawcheck, has launched an impact investment fund that will court high-net-worth women in entertainment and other sectors who want to tailor their stock portfolios to favor companies with good track records on a range of social concerns. Krawcheck, who was one of the highest-ranking women on Wall [...]

More From Our Brands

Access exclusive content