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Higher Sports Costs Helps Drag Down 21st Century Fox' Bottom Line

21st Century Fox posted Q3 financials and its profit declined as “continuing struggles at the Fox broadcast network, higher sports costs and unfavorable foreign exchange rates combined to overshadow strength in movies and climbing cable fees.” For the quarter ended March 31, the company reported net income of $975M, compared to $1.05B, a year earlier. Revenue totaled $6.84B, “roughly flat from a year ago.” Domestic cable ad revenue was flat, as increases at Fox News and FS1 were "offset by declines at FX and National Geographic" (N.Y. TIMES, 5/7).

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