Revamped News lifts profit
The company's profit for the 2013 financial year was $US6.8 billion ($7.6 billion), more than double the earnings of the previous year.
The result was boosted by $US3.76 billion in gains on the company's purchase of TV assets Sky Deutschland and ESPN Star Sports, and the sale of its stake in NDS Group.
In June, Mr Murdoch's global media empire, News Corp, split its broadcast and publishing operations into separate companies.
The profitable pay TV, broadcast TV and film operations became 21st Century Fox, and the company's Australian, US and UK newspapers, book publishing arm and Australian pay TV business became new News Corp.
What is now the new News Corp was classified as discontinued operations in 21st Century Fox's accounts, and those operations made a profit of $US277 million in the year to June 30. The 21st Century Fox result was built on annual revenue of $US27.68 billion, up 10 per cent.
Mr Murdoch said that with the company split complete, 21st Century Fox "not only delivered strong earnings and revenue growth ... we also positioned ourselves for future success with strategic investments in our global channels businesses".
Chief financial officer of 21st Century Fox John Nallen said its growth in fiscal 2014 would be driven by the company's cable TV business, but its filmed entertainment business would "be down a touch".
"In 2014, our growth will be impacted by several strategic initiatives, most notably the launch of sport networks here in the US and Asia as well as the launch of [cable TV network] FXX," Mr Nallen said. "Additionally, we are expecting adverse currency effects to impact 2014 growth, principally from Latin American currencies and the Indian rupee."
Frequently Asked Questions about this Article…
21st Century Fox reported a 2013 financial year profit of US$6.8 billion (about A$7.6 billion), more than double the prior year's earnings.
The result was boosted by US$3.76 billion in gains related to the company's purchases of Sky Deutschland and ESPN Star Sports, together with the sale of its stake in NDS Group.
In June the original News Corp split its broadcast and publishing operations into two companies: the profitable pay TV, broadcast TV and film operations became 21st Century Fox, while newspapers, book publishing and the Australian pay TV business became the new News Corp. The new News Corp was treated as discontinued operations in 21st Century Fox's accounts.
Yes. The businesses classified as discontinued operations (the new News Corp) made a profit of US$277 million in the year to June 30.
21st Century Fox reported annual revenue of US$27.68 billion, a rise of 10% year on year.
The company said growth in fiscal 2014 would be driven by its cable TV business, although its filmed entertainment division was expected to be "down a touch."
21st Century Fox warned that the cost of launching sport networks in the US and Asia and the launch of its cable network FXX would impact 2014 growth and affect earnings in the year ahead.
Yes. The company expects adverse currency effects to impact 2014 growth, principally from Latin American currencies and the Indian rupee.
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