Twenty-First Century Fox Inc. (NASDAQ:$FOX)’s quarterly revenue topped market estimates on Wednesday as higher advertising sales and revenue from traditional and online distributors boosted its cable business.
Specifically, the company’s shares were up nearly 1% in extended trading.
On Monday, CNBC reported that Fox had, in the last few weeks, held talks about selling most of its film and television assets to Walt Disney Co. (NYSE:$DIS) The two sides are not currently in discussion, added CNBC.
Revenue from Fox’s cable division, parent to Fox News and FX channels, among others, rose 10% to $4.20 billion, accounting for more than half of total revenue in the quarter. That beats analysts average estimate of $4.12 billion.
Domestic advertising revenue in the company’s cable business also jumped 3%. Fox’s ad revenue can vary from quarter to quarter depending on events but has been hit by viewer’s increasing preference for streaming services.
As for Fox’s total revenue, the number rose to $7 billion in the nearest quarter, higher than the $6.51 billion a year earlier. Net income attributable to shareholders increased to $855 million, or 46 cents per share, from $821 million, or 44 cents per share.
Featured Image: twitter
