21st Century Fox reported lower third-quarter earnings due, the company said, to a lack of Super Bowl revenue.
“Revenue for the quarter was $7.42 billion, a decline from last year’s $7.56 billion, but only slightly above analysts’ average $7.41 billion forecast,” The Wrap reported.
Fox executives blamed a fall in Super Bowl revenue for the lower earnings.
“Revenue in the cable-network segment rose 10 percent from last year to $4.42 billion, while television revenue declined to $1.15 billion from $1.69 billion, reflecting absence of advertising revenue from Super Bowl last year. Filmed entertainment segment revenues decreased to $2.24 billion from $2.26 billion last year,” Nasdaq.com said.
The company recently entered into an agreement to sell off much of its entertainment properties to Disney, but even with a two-cent rise in share earnings over last year’s 44 cents, the report was below Wall Street expectations.
However, Executive Chairmen Rupert and Lachlan Murdoch insisted that the company is still going strong.
“Our cable segment delivered its highest earnings ever in our fiscal third quarter, propelled by sustained double-digit gains in domestic affiliate revenues. Creatively, we are firing on all cylinders,” the Murdochs said.
Fox executive Lachlan Murdoch also spoke about the Disney sales but skirted questions on the issue after his short statements on the matter. Murdoch did note that Comcast may be looking to outbid Disney of the assets.
Still, Murdoch said, “We remain committed to our agreement with Disney.”
Follow Warner Todd Huston on Twitter @warnerthuston.