Fox Beats Estimates With Growth in Pay TV, Cable Ad Sales
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Rupert Murdoch’s entertainment company 21st Century Fox posted second-quarter results that beat analysts’ estimates, benefiting from rising pay TV fees, higher ad sales and the Oscar-nominated hit “Gone Girl.”
Earnings rose to 53 cents a share, excluding items, the New York-based company said Wednesday in a statement, topping the 42-cent average of analysts’ estimates. Fox sold its interests in Sky Deutschland and Sky Italia during the quarter, recording a gain that boosted net income fivefold to $6.2 billion.
Mr. Murdoch’s TV and film company is enjoying growth in two key areas, pay-TV fees and advertising sales at its cable networks, including industry leader Fox News Channel and newer outlets like Fox Sports 1 and FXX. Viacom Inc. and Walt Disney Co. earlier reported weak ad revenue.
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