Revenues up at 21st Century Fox on higher advertising spending

Francesca Washtell
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66th Annual Primetime Emmy Awards - Press Room
Modern Family has been a consistent Emmy award winner for Fox (Source: Getty)

Media conglomerate 21st Century Fox reported a mixed bag of results today, as revenues were below analysts' expectations but earnings per share surpassed estimates.

Revenues were up seven per cent year-on-year to $6.65bn in the fourth quarter ended 30 June. However, this fell below projected estimates of $6.68bn. Annual revenues grew one per cent to $27.33bn.

Earnings per share (EPS) reached $0.45, surpassing Wall Street estimates of $0.37 EPS.

The rise was driven by increased advertising and affiliate revenues, in its network programming and TV segment and higher content revenues in its filmed entertainment arm.

Fox’s share price was down 4.6 per cent in after-hours trading to $25.79.

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The Fox Networks group garnered 144 Emmy nominations over the year, achieving 103 primetime nominations and 41 sports nominations.

Today Time Warner announced it had bought a 10 per cent stake in Fox's streaming service Hulu.

Executive chairmen Rupert and Lachlan Murdoch said:

We delivered full-year revenue and earnings growth on the strength of gains in affiliate and advertising revenues despite considerable foreign exchange headwinds and difficult film comparisons. The value created by our multi-year investment in our content production and our global video brands is clear.

The brands are an indispensable part of any consumer offering, whether from a traditional distributor or a new entrant like Hulu's upcoming live and on-demand service, which will benefit greatly from Time Warner's investment and participation.

The work we did this year bolsters our strong position in a world of growing demand and access to the premium content that consistently sets us apart.

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