21st Century Fox Inc., Rupert Murdoch’s entertainment company, reported fourth-quarter profit that beat analysts’ estimates, citing higher results at its cable-TV business.
Profit, excluding some items, fell to 39 cents a share, the New York-based company said Wednesday in a statement. That topped the 37-cent average of 26 analysts’ estimates. Revenue of $6.21 billion missed estimates of $6.42 billion in the period ended June 30.
Fox, which operates FX and Fox News, said cable continued to be a bright spot -- citing sports events like the Women’s World Cup -- even as competitors Walt Disney Co. and Time Warner Inc. show the impact of a weakening pay-TV bundle. Like those media companies, Fox got hit by the currency effects of a stronger U.S. dollar.
Results at the film unit declined. Fox produced fewer hits in the period like last year’s “X-Men: Days of Future Past” and “Rio 2.”
This is the first earnings report under new chief executive James Murdoch, who succeeded his father on July 1. Rupert Murdoch remains executive co-chairman with another son, Lachlan.
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