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Twenty-First Century Fox's quarterly revenue beats Street


(Reuters) - Twenty-First Century Inc's quarterly topped market estimates on Wednesday as higher advertising sales and from traditional and online distributors boosted its cable business.

The company's shares were up nearly 1 percent in extended trading.

The come after CNBC reported on Monday that had, in the last few weeks, held talks about selling most of its film and television assets to Walt Disney Co .

The two sides are not currently in discussion, CNBC had reported.

Rupert Murdoch-controlled did not address the report in its first-quarter report.

from Fox's cable division, which houses the and FX channels among others, rose 10 percent to $4.20 billion, accounting for more than half of total in the quarter.

That beat analysts average estimate of $4.12 billion, according to financial data and analytics firm FactSet.

Domestic advertising in the cable business rose 3 percent. Fox's ad can vary from quarter to quarter depending on events, but has been hit by viewer's increasing preference for streaming services.

at Fox's filmed entertainment division rose 3 percent to $1.96 billion, edging past analysts estimate of $1.95 billion, according to FactSet.

said rose to $7.00 billion in the quarter ended Sept. 30, higher than the $6.51 billion a year earlier and the $6.81 billion analysts were expecting, according to Thomson I/B/E/S.

Net income attributable to shareholders increased to $855 million, or 46 cents per share, from $821 million, or 44 cents per share.

Excluding items, earned 49 cents per share, inline with market estimates.

The reported talks with Disney adds another layer of uncertainty to Fox's bid to buy the rest the nearly 61 percent of European pay-TV group Sky Plc it does not already own in an offer worth $14.5 billion made in December.

The offer is being closely scrutinized by the British government. Murdoch has repeatedly stated that deal would be approved in the first half of 2018.

"Absent further delays, the transaction is expected to close by June 30, 2018," said on Wednesday.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D'Souza)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 04:38 IST