Higher fees for the Fox News, FX and sports cable networks "lifted revenues" for 21st Century Fox and "helped offset weak performances from the Fox Broadcasting and film units," according to Maria Armental of the WALL STREET JOURNAL. Fox "reported a 10% gain in the fees pay-TV distributors pay to carry the channels compared with the same period a year ago." Domestic advertising revenue was up 6%. The importance of news and sports to 21st Century Fox "was emphasized" by co-Chair Lachlan Murdoch, who told analysts that news and sports "account for more than half the company’s advertising revenue." Advertising brought in $8B in the FY ended in June. The picture was "bleaker at 21st Century Fox’s broadcast network and film studio" (WALL STREET JOURNAL, 8/10). USA TODAY's Mike Snider noted Fox "reported annual profit" of $2.95B compared to $2.75B in the same period last year (USA TODAY, 8/10). In L.A., David Ng noted Fox "reported" Q4 earnings that "exceeded expectations." Fox is "still awaiting British approval" for its $14B bid to "take control of Europe's largest pay-TV company, Sky (L.A. TIMES, 8/10).
