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21st Century Fox Reports First Quarter Total Segment Operating Income Before Depreciation And Amortization Of $1.62 Billion

Twenty-First Century Fox Inc. (“21st Century Fox” or the “Company” -- (NASDAQ: FOXA, FOX; ASX: FOXLV, FOX) today reported $7.06 billion of total revenue for the three months ending September 30, 2013, a $1.06 billion or 18% increase over the $6.00 billion of revenue in the prior year quarter (1). Approximately half of the revenue increase reflects growth at the Cable Network Programming, Filmed Entertainment and Television segments. The balance of the growth primarily relates to the inclusion of Sky Deutschland AG (“Sky Deutschland”) revenue in the Direct Broadcasting Satellite Television (“DBS”) segment.

The Company reported first quarter total segment operating income before depreciation and amortization (“OIBDA”) (2) of $1.62 billion, as compared to $1.59 billion reported a year ago. The 2% improvement was led by OIBDA growth at the Company’s DBS and Television segments which was offset principally by declines at the Filmed Entertainment segment.

The Company reported quarterly income from continuing operations attributable to stockholders of $768 million ($0.33 per share), as compared to $2.25 billion ($0.95 per share) reported in the corresponding period of the prior year. Current year quarterly results included a $139 million increase in Depreciation and amortization expense principally resulting from the consolidation of Sky Deutschland, including the amortization of intangible assets resulting from the Company’s acquisition of a controlling ownership stake in this entity in January 2013. Prior year quarterly results included $1.37 billion of income in Other, net, principally related to the gain on the sale of the ownership stake in the NDS Group Limited. Excluding the net income effects of Other, net and Impairment charges, as well as gains from the Company’s participation in British Sky Broadcasting’s (“BSkyB”) share repurchase program, which are reflected in Equity earnings, first quarter adjusted earnings per share (3) was $0.33 versus the adjusted prior year quarter result of $0.38.

Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said:

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