Fox Profits Up in Second Quarter
Fox Entertainment saw its second quarter operating income climb to $752 million, up 35% from the same period last year, the company said today. Revenue rose 17% to $3.9 billion. For the six months ended December 31, operating income rose to $1.4 billion from $1.2 billion. Six-month revenues rose to $6.8 billion from $6.1 billion.
The company credited the improvements largely to record second quarter operating income in its Filmed Entertainment division, where operating income before depreciation and amortization jumped 52% to $419 million. The results reflected strong home entertainment releases and revenues from worldwide pay-TV markets.
Fox’s Cable Network Programming division saw its operating income rise 34% to $265 million. Results were driven by a 45% increase in income from Fox News Channel. Operating income was also up by more than a third at FX and the regional sports channels.
But Fox Broadcasting reported an operating loss of $152 million in the quarter, a worse result than last year’s $128 million operating loss. The worsening profit picture at the Fox network was due to a 12% decline in prime time ratings and to increased programming costs. Profits at the Television Stations group increased slightly to $290 million.
[Source: Business Wire]