NEW YORK: Twenty-First Century Fox, Inc. has reported financial results for the three months and full year ended June 30. Revenue rose 18% to $7.94 billion for the quarter, topping the $7.55 billion estimated by analysts.
International affiliate revenue increased 12% during the quarter driven primarily by subscriber growth at both FNG International and Star India. International advertising revenue increased 55% led by the broadcast of the IPL at Star and continued growth at FNG International.
Quarterly OIBDA at the international cable channels increased 53% from the prior year quarter primarily reflecting the higher revenues at both Star and FNG International.
Just how important Star India’s win last September of the Indian Premier League’s global media and digital broadcast rights for $2.55 billion (Rs163.475 billion) was driven home in the results declared. “Aided by the inaugural broadcast of the IPL, further penetration of its Hotstar platform and continued general entertainment growth, Star nearly doubled its profit contributions year on year,” the results statement released by the media conglomerate asserts.
Full Year Segment Results
International affiliate revenue increased 12% driven by strong double-digit growth at both FNG International channels and Star. International advertising revenue increased 21% led by Star, due to the impact of the inaugural broadcast of the IPL and entertainment growth, combined with continued growth at FNG International. Annual OIBDA at the international cable channels increased 22%, reflecting higher affiliate and advertising revenues at both FNG International and Star partially offset by higher sports programming costs.
Fourth Quarter Segment Results
International affiliate revenue increased 12% driven primarily by subscriber growth at both FNG International and Star. International advertising revenue increased 55% led by the broadcast of the IPL at Star and continued growth at FNG International. Quarterly OIBDA at the international cable channels increased 53% from the prior year quarter, primarily reflecting the higher revenues at both Star and FNG International.
Commenting on the results, 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. We continued to make progress this past fiscal year. We delivered financial and operational momentum, including four consecutive quarters of double-digit domestic affiliate gains, one of the strongest six-month periods ever for our film studio, and continued dominance in live sports and news.
“We start a new fiscal year with tailwinds from last quarter’s double-digit topline growth across our business segments. 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.”
