21st Century Fox demonstrated greater resilience of broadcast TV in the three months to June, auguring well for its post-Disney sale future, with solid growth in its television segment from US$1 billion (€0.9 billion) last year to US$1.14 billion for the last quarter, boosted by higher retransmission revenue and advertising revenue from the FIFA World Cup.
Over the course of the full year, broadcast TV saw revenues dip from US$5.65 billion to US$5.16 billion, which the company said was due to cyclical factors including the a stronger sports line-up in the prior year.
Overall, Fox posted strong results for the final fiscal quarter. Cable network programming revenue was up from US$4.33 billion to US$4.93 billion, while filmed entertainment was up from US$1.8 billion to US$2.3 billion. Overall revenues for the quarter amounted to US$7.94 billion, up from US$6.75 billion.
Operating income before depreciation and amortization was up from US$1.45 billion to US$1.9 billion.
Fox said that its deal with Disney had delivered value for shareholders with the company’s stock price rising by 75% across the year thanks to the battle for control of its entertainment assets between Disney and Comcast.
Joint executive chairmen Rupert and Lachlan Murdoch said that the “outstanding shareholder value created this year through our proposed transactions recognizes the work we have done to position our businesses to succeed during a time of great change”.
The pair said that the post-Disney transaction company would be well placed to continue to deliver value to investors.
“As we move closer to combining our businesses with Disney and establishing new “Fox”, we are convinced that the paths we are creating for our iconic businesses will drive enduring and growing value for our shareholders,” they said.
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13 July 2020 @ 17:00:01 UTC