Fox profit beats estimates

RUPERT Murdoch-controlled Twenty-First Century Fox’s quarterly profit edged past analysts’ estimates, but revenue fell just short of expectations, hurt by the lack of box office hits from its movie studio. The company, which is seeking regulatory approval to completely buy out Sky, said revenue at its filmed entertainment division fell 11.5 percent to $1.80 billion (R24.18bn) in the fourth quarter. Fox said the lower home entertainment revenue was due to the strong performance of Deadpool in the year-ago quarter. However, revenue from Fox’s cable division, which houses the Fox News, FX channels among others, rose 10.4 percent and accounted for more than half of total revenue. Net income fell to $476 million, or 26 cents per share. – Reuters