21st Century Fox Reports Lower Quarterly Profit, Higher Revenue
The company reported a $605 million increase from satellite TV services and a $366 million increase at the cable network group.
Twenty First Century Fox on Thursday reported it had $8.16 billion in revenue for the quarter that ended Dec. 31, 2013, a 15 percent increase over the same quarter last year.
The growth in revenue includes a $605 million increase from satellite TV services, primarily the inclusion of Sky Deutschland AG (“Sky Deutschland”) and a $366 million or 14% increase at the cable network group.
Operating income before depreciation and amortization (OIBDA) was $1.54 billion, compared to $1.61 billion a year ago, representing a 4% decline. The company said that is primarily due to lower profits from the filmed entertainment segment, television and other direct broadcast satellite services.
“In the fiscal second quarter, we continued to deliver top-line revenue growth across our businesses, including double-digit increases in affiliate fees and retransmission consent revenues as well as the inclusion of Sky Deutschland results,” chairman Rupert Murdoch said in a statement. “Our quarterly OIBDA results also reflect the planned investments we are making in our core businesses to support long-term growth. We remain confident that these investments, together with our demonstrated ability to consistently grow our revenues, will drive 21st Century Fox’s future profits and cash flow toward our targets and even better position the Company to benefit from the increasing global demand for premium content and channels."
Twentieth Century Fox was split off from the old News Corp. in July 2013 and includes the TV, movie and satellite businesses.