The company says the drop “principally reflects the absence of advertising revenue generated from the broadcast of the Super Bowl in the prior year quarter.”
21st Century Fox on Wednesday afternoon reported first quarter (the company’s fiscal third quarter) Television Segment revenues totaling $1.2 billion, down 29.5% from $1.7 billion in the corresponding quarter a year ago.
The company said the Television Segment revenues decline “principally reflects the absence of advertising revenue generated from the broadcast of the Super Bowl in the prior year quarter. Additionally, this quarter’s results reflect revenue declines from lower National Football League postseason ratings and three fewer NFL broadcasts in the current quarter versus the prior year quarter that more than offset double-digit retransmission consent revenue growth and improved entertainment contributions.
Television generated quarterly segment OIBDA of $78 million, a decrease of $112 million compared to the prior year quarter.
Cable Network Programming revenue came in at $4.4 billion, up 9.8% for a year ago.
The company as a whole reported quarterly revenue of $7.42 billion, a 2% decrease from the $7.56 billion of revenues reported in the prior year quarter. This decrease principally reflects the absence of advertising revenues generated by Super Bowl LI in the prior year at the Television segment partially offset by higher affiliate, syndication and advertising revenues at the Cable Network Programming segment.
Quarterly income from continuing operations before income tax expense of $1.33 billion increased 6% from the $1.25 billion reported in the prior year quarter.
Commenting on the results, Executive Chairmen Rupert and Lachlan Murdoch said: “We continue to make operational and financial progress against near-term objectives as we also work to close our strategic transactions. Our cable segment delivered its highest earnings ever in our fiscal third quarter, propelled by sustained double-digit gains in domestic affiliate revenues.
“Creatively, we are firing on all cylinders. Our stand-out programming continues to drive up the value of our video brands to distributors, as well as build our direct relationship with consumers, as we’re demonstrating with the successful inaugural season of Indian Premiere League on STAR Sports and Hotstar platforms. Our film studio delivered box office and awards momentum that we expect to continue with the upcoming release of Deadpool 2.”
Read the company’s report here.