21st Century Fox Posts Mixed Q4 Results

21st Century Fox reported a revenue miss for its fourth quarter on Wednesday.
By Giovanni Bruno ,

Shares of Twenty-First Century Fox Inc.  (FOXA) - Get Report were roughly flat in after-hours trading on Wednesday following mixed fourth quarter financial results from the American mass media company.

For the quarter, Fox reported adjusted earnings of 36 cents per share on revenue of $6.75 billion. Analysts were projecting adjusted earnings of 35 cents per share on revenue of $6.77 billion. 

"We delivered strong financial and operational momentum in fiscal 2017 driven by an acceleration in affiliate revenue growth which fueled fourth quarter cable segment OIBDA growth of 19%," Executive Chairmen Rupert and Lachlan Murdoch said.

"The investment we have made in our video brands, and in programming that truly differentiates is proving to be the right strategy. It is driving the value of our brand portfolio across both established and emerging distribution platforms and reflects our deep commitment to creative excellence across all of our entertainment production businesses," they added.

It was reported earlier on Wednesday that Fox's bid to purchase the 61% stake of British satellite broadcaster Sky (BSYBF) that it does not already own hit another bump after one of the company's investors said that its $15.2 billion bid undervalues the company.

Shares of Twenty-First Century Fox have dropped just over 1% year-to-date. 

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