Twenty First Century Fox (FOXA) - Get Free Report posted stronger-than-expected second quarter earnings Wednesday and said it expects the sale of its media assets to Walt Disney Co. (DIS) - Get Free Report in the first half of this year.
Fox said adjusted earnings for the three months ending in December, the company's fiscal second quarter, came in at 37 cents per share, down 11% from the same period last year but ahead of the Street forecast of 33 cents. Group revenues, Fox said, rose 5.7% to $8.5 billion and essentially matched analysts' estimates.
"Our Company delivered another strong quarter of financial results, underpinned by distribution and advertising revenue increases at our domestic cable networks and broadcast businesses and the substantial gain on our sale of Sky," chairmen Rupert Murdoch said in a statement alongside the earnings release. "These results reflect our continued commitment to excellence in all aspects of our business. There has also been significant progress regarding the transaction with Disney and the spin-off of Fox Corporation including the effectiveness of the Form 10."
Fox shares edged 0.3% higher to close at $49.43 in Wednesday 's trading, trimming the stock's three month gain to about 5.2% and valuing the New York-based media group at about $91.3 billion.
Filmed entertainment revenue slipped 3.8% from the same period last year to $2.246 billion, while cable network programming revenues edged 3.56% higher to $4.562 billion. Television revenues surged nearly 19 to $2.148 billion.