×
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

  • BBC Orders Oscar Wilde Documentary with

    BBC Orders Oscar Wilde Documentary With Stephen Fry, Freddie Fox

    A new documentary about Oscar Wilde will tell the celebrated writer’s story with a star cast recreating excerpts from his greatest works, including “The Importance of Being Earnest” and “The Picture of Dorian Gray.” Freddie Fox, Claire Skinner, Anna Chancellor and James Fleet will all perform in the 80-minute show, “The Importance of Being Oscar,” which [...]

  • FOSSE VERDON -- Pictured: (l-r) Michelle

    TV News Roundup: 'Fosse/Verdon' Premiere Date Set at FX

    In today’s TV news roundup, FX announced the premiere date for “Fosse/Verdon,” and Comedy Central released a new trailer for the final season of “Broad City.”  DATES “Workin’ Moms” is set to premiere Feb. 22 on Netflix. The series, which is currently in its third season, first aired in Canada on CBC Television and is [...]

  • Ilana Glazer Abbi Jacobson

    'Broad City' Stars on Discovering New Aspects of Their Characters

    Throughout the run of “Broad City,” creators Abbi Jacobson and Ilana Glazer have been conflicted about how much of their on-screen characters (also named Abbi and Ilana) should come directly from their personalities and lives. But when it came to the final season, Jacobson in particular experienced a life-changing shift that she wanted to impart [...]

  • The Goldbergs spinoff

    NBC Orders Comedy Pilot 'Uninsured' From 'Goldbergs' Producers

    NBC has ordered a pilot for the multi-camera comedy “Uninsured.” In the series, young parents Dave and Rebecca end up having to take care of Dave’s parents who have mishandled their finances and need help to pay down a sizable debt. Dan Levy will serve as writer and executive producer, with Doug Robinson and Alison Greenspan [...]

  • Emily Kapnek

    'Splitting Up Together' Creator Emily Kapnek Inks Overall Deal at ABC Studios (EXCLUSIVE)

    Writer and producer Emily Kapnek has signed a three-year overall deal at ABC Studios, Variety has learned exclusively. Kapnek most recently developed the ABC single-cam comedy series “Splitting Up Together,” which is based on the Danish series “Bedre skilt end aldrig.” She was previously under an overall deal at Warner Bros. Television, which produces “Splitting Up [...]

More From Our Brands

Access exclusive content