Cable nets boost 21st Century Fox fiscal year | Major Businesses | Business
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It may be seemingly bogged down in attempting to take full control of Sky, but it has been business as usual for 21st Century Fox during its last fiscal year, with revenues showing a solid 9% annual rise.

21stcentFox 11August2017For the year ended 30 June 2017, the Rupert Murdoch-owned TV ad film company reported full-year income from continuing operations before income tax expense of $4.69 billion and total segment operating income before depreciation and amortisation of $7.17 billion. This was driven by yearly revenues of $28.5 billion, up 4.3% compared with the same period of 2016. For the last three months of the year, the company posted quarterly revenues of $6.75 billion a 2%, increase from those reported in the quarter at the same point last year.

Over the year, which encompasses the US presidential election, the company saw particular increases in its cable channel and television businesses, with 8% growth in affiliate revenues and 5% advertising gains. Its Fox News Channel was said to be the most watched basic cable network over the last 12 months during which it achieved its highest rated quarter ever in 24-hour viewership.

Other highlights were what were describes as ‘very successful’ broadcasts of Super Bowl LI and the Major League Baseball World Series, which 21st Century Fox claimed to have delivered the most watched baseball game in a quarter century. These contributed to grow Fox Sports broadcast viewership by approximately 25% over the prior year driving a 20% increase in television segment contributions.

Commenting on the results, executive chairmen Rupert and Lachlan Murdoch, said: “We delivered strong financial and operational momentum in fiscal 2017 ... The investment we have made in our video brands, and in programming that truly differentiates, is proving to be the right strategy. It is driving the value of our brand portfolio across both established and emerging distribution platforms and reflects our deep commitment to creative excellence across all of our entertainment production businesses. In addition, the outstanding performance of our live news and sports programming drove advertising growth for the year and continues to set our business apart. What we achieved in 2017 sets us up well for this year and beyond.”

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