21st Century Fox has reported strong third-quarter profits which were boosted by its cable and television divisions, offsetting lower returns from the box office.
The multinational mass media corporation generated a quarterly revenue of US$7.18 billion, a 2% increase from the $7 billion in 2017′s third quarter.
Fox’s cable network programming, meanwhile, reported a quarterly income of $1.54 billion, a 2% increase over last year’s Q3.
Elsewhere, the company’s television division reported a quarterly income of $168 million, a bump of $46 million (38%), as revenues rose by 20%. Television advertising revenue received a 22% surge over 2017′s Q3, driven by on-screen sports including 2018 FIFA World Cup matches and additional NFL games, as well as an uptick in political advertising revenue related to the U.S. midterm elections.
It wasn’t all clear skies for Fox, which saw revenues for its filmed entertainment division decrease by 7% to $1.82 billion, due in part to a lower volume and variety of films – across both documentary and scripted – released theatrically.
The company’s reported quarterly income was $1.29 billion, a 54% increase compared to the $839 million reported in the prior-year quarter.
Reporting on Fox’s earnings will look differently in the next few months as its expected that The Walt Disney Company will close its $71.3 billion dollar deal to acquire a portion of the media company’s assets in the first half of 2019. The remaining assets will be part of its scaled-down subsidiary which will be known simply as “Fox”. The European Commission cleared the deal on Tuesday (Nov.6), five months after the U.S. Antitrust Division greenlit the deal.
“We continue to deliver against our growth plan even as we make important strides toward completing our Disney transaction and launching Fox in the first half of 2019,” said executive chairman Rupert (pictured) and Lachlan Murdoch, in a statement.
“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. 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.”