NEW YORK (AP) — Twenty-First Century Fox said Thursday that its fiscal second-quarter net income dropped 49 percent, largely as a result of acquisition costs, but still matched Wall Street predictions.
The media entertainment giant controlled by Rupert Murdoch also posted significantly higher-than-expected revenue, helped by its acquisition of a controlling stake in German satellite TV operator Sky Deutschland AG in January 2013.
As a result of that acquisition, revenue at the company's direct broadcast satellite TV division jumped 66 percent to $1.52 billion. Meanwhile, revenue from its cable network programming increased 14 percent to $2.96 billion, helped by other acquisitions and higher rates at TV stations in the U.S.
Revenue at the company's film division increased 7 percent to $2.48 billion on better TV production results that stemmed from the syndication of the comedy series "Modern Family" and higher revenue from the drama "Homeland." But the division wasn't as profitable as it was a year ago, when its results were boosted by the theatrical and home viewing releases of popular movies.
For the quarter ended Dec. 31, Twenty-First Century Fox Inc. earned $1.21 billion, or 53 cents per share, down from $2.38 billion, or $1.01 per share, in the same quarter the year before.