21st Century Fox Inc., Rupert Murdoch’s entertainment company, posted second-quarter results that beat analysts’ estimates, benefiting from rising pay TV fees, higher ad sales and the Oscar-nominated film hit “Gone Girl.”
Earnings rose to 53 cents a share, excluding items, the New York-based company said Wednesday in a statement, topping the 42-cent average of analysts’ estimates. Fox sold its interests in Sky Deutschland and Sky Italia during the quarter, recording a gain that boosted net income fivefold to $6.2 billion.
Murdoch’s TV and film company is enjoying growth in two key areas, pay-television fees and advertising sales at its cable networks, including industry leader Fox News Channel and newer outlets like Fox Sports 1 and FXX. Viacom Inc. and Walt Disney Co. earlier reported weak ad revenue.
Sales for the quarter ended Dec. 31 totaled $7.42 billion, excluding the satellite TV businesses that were sold, Fox said. Analysts were forecasting $7.34 billion.
Murdoch’s film division led the industry in U.S. box-office sales last year, with $1.94 billion, according to Box Office Mojo.
The R-rated thriller “Gone Girl” was the studio’s top release of the quarter, with $368 million in global ticket sales. Based on the book by Gillian Flynn, the film features Ben Affleck as a husband whose wife, played by Rosamund Pike, mysteriously disappears. Pike was nominated for an Oscar for her role.
Fox rose 2.3 percent to $35.47 in extended trading after the announcement. The Class A shares gained 0.2 percent to $34.66 at the close in New York and have declined 9.8 percent this year. The company raised its quarterly dividend to 15 cents from 12.5 cents previously.
During the quarter, Fox completed the sale of Sky Italia and its 57 percent stake in Sky Deutschland to Sky Plc for about $9 billion. Fox continues to hold a 39 percent stake in Sky, formerly British Sky Broadcasting.
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