21st Century Fox (FOXA) , whose Fox broadcast network hit a home run when the World Series between the Cleveland Indians and Chicago Cubs went to a seventh and deciding game Wednesday night, saw its own winning streak continue earlier in the day when it reported adjusted first-quarter earnings of 51 cents a share, easily beating Wall Street expectations. That marks the third straight quarter it surpassed analyst expectations. 

Boosted by strong showings by its studio and cable networks,  the company headed by Rupert Murdoch reported quarterly revenue of $6.5 billion, a 7% increase that beat the consensus estimate of $6.47 billion. Fox's operating earnings of $1.79 billion were up 17% from a year earlier.

Shares in after-hours trading were up 42 cents to $26.25.

On Wednesday, Fox closed at $25.83, off 36 cents or 1.37%. The company's shares have fallen by 12.9% in the past year.

The company sees no need to seek acquisitions to grow the company faster, Fox CEO James Murdoch told analysts during a earnings conference call after making the announcement, in response to a question about increased interest in M&A within the media industry.

"This is a business that thrives on scale, but we like the mix we have, and we have invested in our scale brands," Murdoch said. "We have passed in the past at prices that we didn't think would deliver."

AT&T's (T) agreement to pay $85.4 billion for Time Warner (TWX) has turned a spotlight on potential media consolidation.

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