21st Century Fox reports revenue growth ahead of “New Fox” spinoff

21st Century Fox has reported total quarterly revenues of US$8.04 billion, a $355 million – or 5% – increase from the $7.68b of revenues reported in the prior year quarter. The increase reflects higher affiliate, syndication and advertising revenues reported at the cable network programming segment partially offset by lower revenues reported at the television segment.

Executive Chairmen Rupert and Lachlan Murdoch said:

“We delivered another quarter of solid top-line revenue growth including the further acceleration of gains in global affiliate revenues and despite challenging revenue comparisons for our TV segment. Our results also reflect increased investment behind higher volumes of global sporting events as well as film releases from our studio, which led the industry in Golden Globe awards and Oscar nominations. Looking ahead, we are focused on continuing to deliver value to our shareholders through achieving our near-term growth plans, completing our proposed acquisition of the balance of Sky, obtaining the required approvals for the successful completion of our transaction with Disney and planning for the exciting launch of the new ‘Fox’.”

The company reported that prior to the Disney acquisition of key assets, the company will separate the Fox Broadcasting network and its owned and operated television stations, Fox News Channel, Fox Business Network, FS1, FS2, Big Ten Network and certain other assets into a newly listed company that will be spun off to its shareholders.