The local media group’s performance of $199 million is driven by a 134% increase in political plus other revenue that more than offset an 8% drop in core advertising.
Net income rose 8% to $114.3 million from $106.1 million a year ago because of lower interest and tax payments. Adjusted operating income fell 7.5% to $304.1 million. Revenue dropped 2% to $749.8 million. Ad revenue was down 7.3% to $434 million.
In one of its last financial reports as a stand-alone company, 21st Century Fox topped Wall Street estimates for its fourth fiscal quarter, posting earnings of 57 cents a share on an adjusted basis and revenue of $7.94 billion. Growth came from several divisions, with Cable Network Programming and Filmed Entertainment overcoming a lackluster period for Television due to higher expenses and lower NFL ratings.
Political, digital and distribution revenue are drivers. 2Q operating income was $131.6 million while net income was $28 million.
The gain to $660.3 million come from higher retrans, political and digital contributions. Both local and national ad rev were down.
The Walt Disney Co. missed Wall Street estimates in its third quarter, reporting earnings per share of $1.87 and total revenue of $15.23 billion. Disney stock declined more than 2% in after-hours trading, erasing gains during the regular session. Shares earlier in the day hit a three-year high of $117.88 before retreating to close at $116.60, up a fraction.
The $524 million total was attributed to higher political ad revenue and growth in subscription revenue.