
The first glimpse of the new 21st Century Fox Inc. isn’t all pretty.
Sure, the Fox News cable network had a solid quarter, with higher subscriber fees via pay-TV companies. But a drop in political spending, higher college football costs and lower audience ratings depressed results at the Fox broadcast network and local stations that carry its programs.
Those businesses will be a much larger part of the new, smaller Fox when founder and media billionaire Rupert Murdoch completes his $52.4 billion sale of the 20th Century Fox film and TV studios, the cable channel FX and other assets to Walt Disney Co. Built on Fox News, broadcasting and sports programming, the new company will confront strong headwinds as viewers and sponsors abandon conventional TV for new entertainment options.
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