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BREAKING NEWS

Fox Corp beats profit estimates on higher affiliate fees

Fox Corp beats profit estimates on higher affiliate fees
FILE PHOTO: Lachlan Murdoch, co-chairman and chief executive officer of Fox Corp., attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 11, 2019. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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(Reuters) – Media company Fox Corp <FOXA.O> beat Wall Street estimates for quarterly profit on Wednesday, boosted by higher fees collected from cable and satellite operators and online distributors.

Rupert Murdoch’s newly spun-off Fox Corp debuted on the Nasdaq in March following the $71 billion (£58.4 billion) sale of Twenty-First Century Fox Inc’s film and television assets to Walt Disney Co <DIS.N>.

Affiliate revenue, or the fees collected from cable and satellite operators and online distributors, rose 7.4% to $1.41 billion in the fourth quarter, while revenue from advertising fell 6%.

Fox said sales in its cable network programming business rose 2.2% to $1.3 billion.

Net income attributable to shareholders fell to $454 million, or 73 cents per share, in the three months ended June 30, from $471 million, or 76 cents per share, a year earlier.

Excluding items, the company earned 62 cents per share, beating analysts’ estimates of 59 cents.

Revenue rose nearly 5% to $2.51 billion. Analysts on average had expected revenue of $2.47 billion, according to IBES data from Refinitiv.

(Reporting by Akanksha Rana in Bengaluru and Hilary Russ in New York; Editing by Sriraj Kalluvila)

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