21st Century Fox Revenue Bolstered By Strong Ad Sales
Twenty-First Century Fox (NASDAQ:FOXA) reported a slightly better-than-expected quarterly profit, helped by higher ad revenue in its cable division.
The Rupert Murdoch-controlled company's shares were up 0.78 percent in extended trading on Wednesday.
Fox has been benefiting from the most sensational U.S. presidential election campaign. Fox News, known for a lineup of politically conservative commentators, is the most-watched channel in basic cable television this year, with an average of 2.2 million prime-time viewers, according to Nielsen data through June.
Revenue from its cable division, home to the Fox News channel among others, rose 9.9 percent in the fourth quarter, accounting for more than half of the company's total revenue.
Domestic advertising sales in the cable business rose 9 percent.
Total net income attributable to shareholders jumped to $567 million, or 30 cents per share, from $87 million, or 4 cents per share, helped by a tax benefit.
According to Thomson Reuters I/B/E/S, Fox earned 38 cents per share excluding certain items, just ahead of analysts average estimate of 37 cents per share.
The company's adjusted revenue rose 7.1 percent rise to $6.65 billion in quarter ended June 30.
Fox News chief Roger Ailes, who built the news channel into a money-making ratings powerhouse, resigned in July, following allegations of sexual harassment, sparking concerns among investors.
The company is the parent of FOXBusiness.com and FOX Business Network.
(Reporting by Rishika Sadam and Sweta Singh in Bengaluru; Editing by Savio D'Souza)