Rupert Murdoch’s 21st Century Fox delivered a less-than-fantastic fiscal first quarter, with a disappointing performance from its 20th Century Fox film studio and higher marketing costs in television.
The media company, which has a large portfolio of foreign TV businesses, also was hurt by unfavorable foreign currency exchange rates. Without that drag, the company said it would have reported 5% growth.
Fox revenue missed Wall Street’s expectations. The company generated adjusted revenue of $6.01 billion, a 6% decline from the year-earlier period. Analysts were expecting $6.4 billion.
Fox’s cable television unit continued to be the standout performer with improved results from Fox News Channel, FX and the company’s fleet of sports channels. Cable networks reported revenue of $3.46 billion, an increase of 7% due to higher cable affiliate fees including Fox Sports 1.
“FS1 is making real headway and is on or above plans in all metrics,” James Murdoch said. He noted that TV ratings for the just-ended World Series were higher than this year, with nearly 15 million viewers tuning in, but the company was disappointed the series only went five games.
The Kansas City Royals beat the New York Mets, 4-1.
Read more at the LA Times where this article was originally published
Jason Barrett is the President and Founder of Barrett Media since the company was created in September 2015. Prior to its arrival, JB served as a sports radio programmer, launching brands such as 95.7 The Game in San Francisco, and 101 ESPN in St. Louis. He also spent time programming SportsTalk 950 in Philadelphia, 590 The Fan KFNS in St. Louis, and ESPN 1340/1390 in Poughkeepsie, NY. Jason also worked on-air and behind the scenes in local radio at 101.5 WPDH, WTBQ 1110AM, and WPYX 106.5. He also spent two years on the national stage, producing radio shows for ESPN Radio in Bristol, CT. Among them included the Dan Patrick Show, and GameNight.
You can find JB on Twitter @SportsRadioPD. He’s also reachable by email at Jason@BarrettMedia.com.
