21st Century Fox puts on superhero show

Irving Hamilton
August 9, 2018

The box office success of "Deadpool 2" and the continued ratings strength of Fox News bolstered earnings at 21st Century Fox during its most recent financial quarter.

The company reported a profit of $4.48 billion in the fiscal year that ended June 30, compared with net income of $3 billion the previous year.

Revenue rose 17.7 percent, to $7.94 billion, topping analysts' estimates of $7.56 billion.

The firm's global properties, including its stake in satellite broadcaster Sky, are also included in the deal, which Fox said it expects to close in the first half of 2019, pending approval from regulators.

Fox's cable arm saw earnings climb 12% to $1.61 billion, which it attributed to higher advertising revenue and affiliate fees.

21st Century Fox Inc.'s quarterly profit almost doubled as its cable-television and film units posted significant gains, overcoming a subdued performance in the broadcast-TV unit.

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It has accepted a bid from Disney, the $170 billion film, television and theme parks conglomerate, for a large package of entertainment and distribution assets, including the Twentieth Century Fox... Under the agreement, Disney will acquire Fox's film and TV studios, majority ownership of Hulu, a stake in United Kingdom pay-TV company Sky and cable networks FX and National Geographic.

It is selling its film and television divisions to Walt Disney, in a $71bn cash-and-stock deal that shareholders approved last month.

Fox is also seeking to buy the remainder of Sky, a stake that would also join Disney's media portfolio as part of their deal. Comcast has made a $33 billion offer for Sky.

Rupert Murdoch and son Lachlan, who chair Fox, said: "As we move closer to combining our businesses with Disney and establishing new "Fox", we are convinced that the paths we are creating for our iconic businesses will drive enduring and growing value for our shareholders".

It's a time of great change for the media empire behind 20th Century Fox, Fox News, and FX.

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