Fox brought down the curtain on its previous chapter as the larger media entity 21st Century Fox, reporting third-quarter results that exceeded Wall Street expectations.
Excluding items, earnings per share came in at 76 cents, almost a dime better than estimates, and revenue of $2.75 billion beat forecasts for $2.61 billion.
Fox, which is led by CEO Lachlan Murdoch, chalked up the revenue gain to affiliate and advertising revenue growth of 11% and 9%, respectively. Driving those gains was a 29% jump in retransmission consent revenue and a 10% increase in TV advertising revenue. A 35% increase in “other” revenue derived from digital content licensing, the company said.
On March 19, Fox became a separately traded public company after the close of the $71.3 billion deal to sell two-thirds of 21st Century Fox to Disney. The company’s studio assets, as well as FX Networks, National Geographic, 30% of Hulu and other holdings have been transferred to Disney. Remaining are the Fox broadcast network, Fox News, Fox Sports, FS1, FS2, Fox Business and a lucrative portfolio of local stations. While the company is leaner, it has a sturdy collection of assets with consistent recent performance.
The company did not convene a conference call with analysts, as it is planning a full immersion into its business strategy during a four-hour Investor Day on Thursday.