21st Century Fox (FOXA) - Get Report on Monday reported adjusted earnings for the second quarter of fiscal 2017 that surpassed Wall Street's expectations, but revenue fell short of analysts' estimates.
After the closing bell, Fox said adjusted earnings were 53 cents a share, above analysts' projected 49 cents a share. Revenue came in at $7.68 billion, below Wall Street's expected $7.72 billion.
Shares of Fox were down 0.9% to $30.80 in after-hours trading on Monday.
Fox Chairmen Rupert and Lachlan Murdoch said the earnings were driven higher in the quarter ended Dec. 31 by "solid increases" in cable and television affiliate and advertising revenue.
For the period, cable network programming revenue was $3.96 billion, above the $3.7 billion reported during the same quarter last year. Television revenue was $1.92 billion, compared with $1.72 billion for the same period of 2015.
Filmed entertainment fell year over year, though, coming in at $2.27 billion, below the $2.36 billion reported in last year's second quarter.
Fox sees an additional earnings boost on the horizon from its acquisition of the remaining shares it doesn't already own in European pay-TV and internet provider Sky for $14.6 billion.
"We expect the transaction will generate significant adjusted earnings per share and free cash flow accretion, and it provides clarity on our near-term capital allocation priorities," the Murdochs said in Monday's statement.
Fox anticipated the deal, announced last December, would close by Dec. 31.