Rupert Murdoch’s 21st Century Fox delivered a less-than-fantastic fiscal first quarter, with a disappointing performance from its 20th Century Fox film studio and higher marketing costs in television.
The media company, which has a large portfolio of foreign TV businesses, also was hurt by unfavorable foreign currency exchange rates. Without that drag, the company said it would have reported 5% growth.
Fox revenue missed Wall Street’s expectations. The company generated adjusted revenue of $6.01 billion, a 6% decline from the year-earlier period. Analysts were expecting $6.4 billion.
Fox’s cable television unit continued to be the standout performer with improved results from Fox News Channel, FX and the company’s fleet of sports channels. Cable networks reported revenue of $3.46 billion, an increase of 7% due to higher cable affiliate fees including Fox Sports 1.
“FS1 is making real headway and is on or above plans in all metrics,” James Murdoch said. He noted that TV ratings for the just-ended World Series were higher than this year, with nearly 15 million viewers tuning in, but the company was disappointed the series only went five games.
The Kansas City Royals beat the New York Mets, 4-1.
Read more at the LA Times where this article was originally published