Twenty-First Century Fox Q4 Profit Tops Street View

(RTTNews) - Twenty-First Century Fox Inc., (FOXA, FOX) Wednesday reported a profit for the fourth quarter that trumped Wall Street expectations, as revenues grew 18 percent.

Fox's fourth-quarter profit surged to $920 million or $0.49 per share from $476 million or $0.26 per share last year.

On an adjusted basis, earnings were $0.57 per share, up from $0.36 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.54 per share for the quarter.

Revenues for the quarter grew 18 percent to $7.94 billion from $6.75 billion last year. Analysts had a consensus revenue estimate of $7.56 billion for the quarter.

Revenue in the cable-network segment rose 11 percent from last year to $4.93 billion, while television revenue rose 14 percent to $1.14 billion. Filmed entertainment segment revenues gained 27 percent to $2.30 billion from $1.80 billion last year.

Executive Chairmen Rupert and Lachlan Murdoch said, "Our strategic plan over the last decade has been built on a singular focus on creative excellence to power our world-class video brands. The outstanding shareholder value created this year through our proposed transactions recognizes the work we have done to position our businesses to succeed during a time of great change."

"As we move closer to combining our businesses with Disney and establishing new "Fox", we are convinced that the paths we are creating for our iconic businesses will drive enduring and growing value for our shareholders."

Walt Disney Company (DIS) has agreed to acquire Fox for $38 a share, including the Twentieth Century Fox Film and Television studios and certain cable and international television businesses.

Prior to the acquisition by Disney, the company will separate the Fox Broadcasting Company, Fox Television Stations, Fox News Channel, Fox Business Network, FS1, FS2, Big Ten Network and certain other assets and liabilities into a newly formed subsidiary.

The US Department of Justice has cleared the pending acquisition of the company by Disney.

FOX closed Wednesday's trading at $45.4624, down $0.04 or 0.09%, on the NYSE.