Tuesday, August 11, 2020

PROFITS AT FOX PLUNGE 50 PERCENT

May 5, 2011 by · Leave a Comment 

Chase Carey

Without Avatar, operating profits for 20th Century Fox fell 50 percent to $248 million against $497 million during parent News Corp’s third quarter last year, the company said in an SEC filing on Wednesday. The steep drop contributed to a 24-percent plunge in overall News Corp revenue to $639 million from $839 million, even though other units of the media corporation fared well — exceptionally well in some cases. Operating profit for its cable networks, including Fox News, Fox Business, the National Geographic Channel, and FX, rose 25 percent to $735 million — and News Corp President Chase Carey said in a conference call on Wednesday that there was more where that came from, indicating that he intends to raise the fee that cable companies will have to pay if they wish to carry Fox News. “We are expecting a big increase that reflects the strength of Fox News. It’s second only to ESPN in clout in the marketplace,” he said. The Fox broadcast network also reported a big jump in profits during the quarter, thanks primarily from the NFL playoffs and the Super Bowl. Profits were up 26 percent to $192 million. On the other hand, News Corp’s MySpace social-networking unit reported an operating loss of $165 million.