Fox Corp profit beats on higher affiliate revenue
(Reuters) - Fox Corp beat analysts' estimates for quarterly profit on Wednesday, as it collected higher fees from cable and satellite operators, online distributors and digital television content licensees, sending its shares up 2.4% after market. The company was spun-off into an independent company in March this year, after Walt Disney Co won the bidding war against Comcast Corp and bought 21st Century Fox's film and television units for $71 billion
(Reuters) - Fox Corp
The company was spun-off into an independent company in March this year, after Walt Disney Co
Fox Corp, part of Rupert Murdoch's empire, reported a 4% increase in its affiliate revenue, or the fees collected from cable and satellite operators and online distributors, to $1.39 billion in its third quarter as a stand-alone company.
Revenue from advertising fell about 2%, while that from its cable division rose 1.6% to $1.28 billion.
The company also announced a stockholders agreement with the Murdoch Family Trust (MFT) where the Murdoch family collectively do not own more than 44% of the voting power of the Class B shares.
The stockholders agreement will terminate upon MFT's distribution of all or substantially all of its Class B common stock, the company said.
Net income attributable to stockholders for the three months ended Sept. 30 fell to $499 million, or 80 cents per share, from $604 million, or 97 cents per share, a year earlier.
On an adjusted basis, the company earned 83 cents per share, beating analysts' estimate of 69 cents per share, according to IBES data from Refinitiv.
Total revenue rose nearly 5% to $2.67 billion, above estimates of $2.60 billion.
(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)
This story has not been edited by Firstpost staff and is generated by auto-feed.
also read
France, Germany to agree to NATO role against Islamic State - sources | Reuters
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
China's Xi says navy should become world class | Reuters
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.