21st Century Fox profit rises to $1.29B in Q3

NEW YORK: Twenty-First Century Fox reported on Wednesday (Thursday

third quarter as the conglomerate controlled by Rupert Murdoch said it was on track to complete a key asset sale and launch a slimmed-down media group.

The New York-based media-enter-

the period rose by 54 percent from a year ago to $1.29 billion, lifted by a $220-million gain from the sale of its stake in British-based broadcaster Sky.

Revenues rose 2 percent from a year ago to $7.2 billion in the quarter end-

for the group. on track to complete the sale of key

its big Hollywood studio, to Walt Disney Co. in a $71-billion blockbuster deal.

The deal will allow Murdoch, 87, who has been gradually turning over control of his media empire to his two sons, to slim down his holdings to focus on a “new Fox” to include the US- based broadcast network and

Fox News Channel.

“We continue to deliver against our growth plan, even as we make important strides toward completing our Disney transaction and launch-

2019,” said a statement from Rupert and Lachlan Murdoch, who share the title of executive chairman.

“We have assembled a stellar leadership team for Fox, giving us further confidence in the new company’s ability to capture opportunities in live programming while delivering longterm value for shareholders,” it added.

In September, Fox agreed to sell its 39-percent stake in Sky to Comcast, giving the US cable and media giant full control of the British television giant.

That agreement ends a longrunning battle for control of Sky by Murdoch in the face of resistance