Rupert Murdoch's 21st Century Fox reports dip in profits
Film and TV company that split from News Corp in June says launch of Fox Sports 1 and FXX in US dented bottom line
Entertainment giant 21st Century Fox has said that investments in new channels, including the launch of Fox Sports 1 and FXX in the US, hurt its profit in its fiscal first quarter.
The results, announced on Tuesday, marked the first quarter as a separate entity from publishing company News Corp, which was spun off at the end of June. Both entities remain controlled by Rupert Murdoch, who is CEO of 21st Century Fox and executive chairman of News Corp.
- The net income for the three months to 30 September was $1.26bn
- The revenue rose 18% to $7.06bn with the help from its TV businesses at home and abroad
- The expected revenue from Wall Street was $6.82bn
- TV operator Sky Deutschland lifted direct broadcast satellite TV revenue 68% to $1.39bn
- Pay-TV revenue from its networks such as Fox News Channel and FX increased 12% to $2.81bn
- Studio revenue improved 9% to $2.12bn, partly because of the sales of TV shows, such as the first two seasons of New Girl to online streaming service Netflix.
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