Fox Ad Sales Climb in Broadcast and Cable
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21st Century Fox Inc. posted fiscal fourth-quarter profit that exceeded analysts’ estimates on the strength of its broadcast TV business, registering gains that overshadowed stalled cable earnings and a drop in film.
Profit excluding some items rose to 45 cents a share, New York-based Fox said Wednesday in a statement. Analysts were projecting 37 cents, the average of estimates compiled by Bloomberg. Revenue grew 7.1% to $6.65 billion in the period ended June 30, missing analysts’ projections of $6.68 billion.
Fox is benefiting from rising ad sales and affiliate fees at both of its TV businesses — broadcast and cable. Profit from cable was held back by rising program costs, for sports and political coverage during the U.S. president election. The division has also been rattled by the ouster of news chief Roger Ailes, who was sued for sexual harassment by former anchor Gretchen Carlson.
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