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Murdoch's 21st Century Fox Falls as Profit Misses Forecasts

NEW YORK ( TheStreet) -- 21st Century Fox  (FOXA - Get Report) was falling in after-market trading as Rupert Murdoch's entertainment company posted profit for its fiscal first quarter that missed analyst forecasts as television programming costs climbed and box office sales underperformed.

Shares of Fox were dropping 2% to $33.40 in extended trading.

Profit from continuing operations fell to $768 million, or 33 cents a share, short of the consensus forecast of 35 cents, according to a Bloomberg survey. Revenue grew 18% to $7.06 billion, surpassing the $6.82 billion analyst estimate.

Fox is investing heavily in its sports programming as the company introduced Fox Sports 1 over the summer to compete with ESPN and serve as a hub for its many regional networks. Television has also been a concern as Fox has tended to trail its Big Four rivals in most key demographics for much of 2013.

--Written by Leon Lazaroff in New York

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