21st Century Fox beats revenue outlook, narrowly misses on earnings

By EarningsFOXBusiness

Disney CEO confident about deal with 21st Century Fox

FBN's Cheryl Casone on Disney CEO Bob Iger saying he is confident the company's deal to acquire entertainment assets from 21st Century Fox will go through.

21st Century Fox posted mixed results in a quarterly report on Wednesday, posting higher-than-expected revenue while narrowly missing expectations on earnings.

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The media giant posted quarterly revenue of 49 cents per share, slightly below Wall Street’s expectation of 53 cents per share, according to Thomson Reuters data. Revenue reached $7.42 billion, exceeding an expected $7.40 billion.

A strong quarter from 21st Century Fox’s cable networks bolstered overall results, with $4.42 billion in revenue. The company’s television and filmed entertainment divisions each posted slight revenue declines.

“Our cable segment delivered its highest earnings ever in our fiscal third quarter, propelled by sustained double-digit gains in domestic affiliate revenues,” Executive Chairmen Rupert Murdoch and Lachlan Murdoch said in a statement. “Creatively, we are firing on all cylinders.”

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21st Century Fox is in the process of selling some of its film and television assets to the Walt Disney Co. in a $52.4 billion deal. Media rival Comcast is mulling a hostile bid to unseat Disney and purchase the assets, according to multiple reports.

Fox is also attempting to purchase the remaining 61% of Sky, the European broadcaster, to add to the 39% of the company it already owns. Comcast has also posted a bid to buy Sky.

Company shares were roughly flat in after-hours trading.

21st Century Fox is the parent company of FOX Business.

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