Among the factors for the decrease: higher retransmission consent revenue was more than offset by lower advertising revenues reflecting lower cyclical political revenues at the TV stations, lower National Football League and World Series ratings.
21st Century Fox on Wednesday afternoon reported fourth quarter (fiscal second quarter) Television Segment revenues totaling $1.8 billion, down 5.9% from $1.9 billion the same period a year ago.
The company said Television Segment revenues were down because higher retransmission consent revenue was more than offset by lower advertising revenues reflecting lower cyclical political revenues at the TV stations, lower National Football League and World Series ratings and the absence of revenue generated in the prior year quarter by the granting of a license of one of our television stations to permit the commercial use of adjacent wireless spectrum in that market.
Television generated quarterly segment OIBDA of $56 million, down from $376 million in the corresponding quarter a year earlier.
Cable Network Programming revenue came in a $4.4 billion, up 11% from $3.9 billion. Cable network segment OIBDA was flat at $1.3 billion.
The company as a whole reported quarterly revenue of $8.04 billion, a $355 million, or 5%, increase from the $7.68 billion of revenues reported in the prior year quarter. This increase reflects higher affiliate, syndication and advertising revenues reported at the Cable Network Programming segment partially offset by lower revenues reported at the Television segment.
Quarterly income from continuing operations of $703 million decreased 49% from the $1.39 billion reported in the prior year quarter.
Commenting on the results, Executive Chairmen Rupert and Lachlan Murdoch said: “We delivered another quarter of solid top-line revenue growth including the further acceleration of gains in global affiliate revenues and despite challenging revenue comparisons for our TV segment.
“Our results also reflect increased investment behind higher volumes of global sporting events as well as film releases from our studio, which led the industry in Golden Globe awards and Oscar nominations.
“Looking ahead, we are focused on continuing to deliver value to our shareholders through achieving our near-term growth plans, completing our proposed acquisition of the balance of Sky, obtaining the required approvals for the successful completion of our transaction with Disney and planning for the exciting launch of the new ‘Fox’.”
Read the company’s report here.