×
You will be redirected back to your article in seconds

Fox Quarterly Earnings Climb as Disney Deal Looms

Earnings at 21st Century Fox were in line with expectations on Wednesday, even as the media conglomerate’s revenues for its most recent financial quarter fell short of projections. The company’s television and cable assets delivered strong results, but a lack of major film releases meant that big screen contributions were minimal. The midterm elections, combined with more NFL games and World Cup matches, goosed advertising revenues across Fox’s small screen operations.

The report was something of a formality. Fox, or at least Fox as it is currently conceived, will cease to exist within a matter of months. The Walt Disney Company is shelling out $71.3 billion to buy the bulk of the Murdoch clan’s media empire. That deal passed an important milestone earlier this week after European antitrust regulators approved the pact.

Fox reported quarterly income of $1.29 billion, a 54% increase from the prior year quarter, and total quarterly revenues of $7.18 billion, a 2% increase from the same quarter in 2017. Analysts expected Fox to post revenues of $7.22 billion. The company’s adjusted earnings of 52 cents per share mirrored Wall Street’s projections.

Disney will buy Fox’s film studio, as well as FX Networks, National Geographic, Star India, and the company’s take in Hulu. After the sale to Disney is completed, Rupert Murdoch and his son Lachlan will relaunch the company around Fox Broadcasting Company, the network behind “The Simpsons” and “Empire,” Fox Sports, and the conservative news networks Fox Business News and Fox News. Last month, the new company tapped AMC’s Charlie Collier to run its entertainment operations.

“We have assembled a stellar leadership team for Fox, giving us further confidence in the new company’s ability to capture opportunities in live programming while delivering long-term value for shareholders,” Rupert and Lachlan Murdoch said in a joint statement. “Our quarterly performance builds on the operational and financial achievements of last year and sets up our businesses for continued momentum under both the enlarged Disney and the future Fox.”

Fox will not host a call for analysts, with the company citing the pending sale to Disney. It projects the deal with Disney will close in the first half of 2019.

More TV

  • Consumer Reporter Jeff Rossen Joins Hearst

    Consumer Reporter Jeff Rossen Joins Hearst Television

     Jeff Rossen, a TV journalist who became a fixture on NBC’s “Today” with reports about consumer tips and avoiding scams, is taking up a new role at Hearst Television. Rossen will become the company’s chief national consumer correspondent, a new role, and will continue to deliver his “Rossen Reports” that help people analyze how to [...]

  • THE MASKED SINGER: The Butterfly in

    TV Ratings: 'Masked Singer,' 'The Moodys' Lead Fox to Wednesday Win

    Fox walked away with a win in the Wednesday night TV ratings, thanks to another solid performance from “The Masked Singer” and the debut of its new comedy miniseries “The Moodys.” “The Masked Singer” was down a fraction on last week both in terms of rating, coming in at a 1.8 among adults 18-49, and [...]

  • Dark

    'This Is Just the Beginning,' Netflix Exec Says of Non-English Programming

    Netflix is just “scratching the surface” of what it plans to do in non-English-language programming, the company’s head of international originals said Thursday, adding that, for the streaming giant, “Hollywood is not the be-all and end-all of storytelling.” The streamer’s success with series such as Germany’s “Dark” and Denmark’s “The Rain” means it will go [...]

  • Gabrielle Union Julianne Hough

    Julianne Hough Praises Gabrielle Union for 'Speaking Her Truth' on 'AGT' Controversy

    Julianne Hough addressed Gabrielle Union’s revelation yesterday that she had a five-hour meeting with NBC about the culture at “America’s Got Talent.” Speaking during an appearance on the “Today” show this morning, Hough commended Union for standing up for herself, and also congratulated NBC for agreeing to sit down with her for discussions. “When I [...]

  • Eloise Kay Thompson

    MRC Lands Film, TV, Live Stage Rights to Kay Thompson's 'Eloise'

    Indie film and television studio MRC has acquired the rights to beloved children’s book series “Eloise,” written by Kay Thompson and illustrated by Hilary Knight and first published in 1955. The deal spans film, TV, live stage and related ancillary rights. MRC plans to work closely with Handmade Films, and work with the Thompson estate, [...]

  • Bob Bakish Viacom CEO

    Shares of ViacomCBS Dip in First-Day Early Trading

    Shares of the newly combined ViacomCBS were off in early trading, a sign that Wall Street continues to look for new signs of growth after two of the best-known names in entertainment merged to vie with bigger rivals. Shares of the company’s new common stock were off 59 cents, or 1.38%, in late-morning trading on [...]

More From Our Brands

Access exclusive content