Quarterly earnings for 21 Century Fox topped Wall Street estimates but revenue came in below projections as gains in sports advertising revenue were dragged down by losses in entertainment.
The film and TV company now led by CEO James Murdoch posted fiscal fourth-quarter profit of 39 cents per share on $6.21 billion in revenue, down from the $8.42 billion in the year-earlier period.
Wall Street had expected 21st Century Fox to deliver quarterly earnings per share of 37 cents on $6.41 billion in revenue, according to consensus estimates from Thomson Reuters.
The company announced a $5 billion authorization to its stock buyback program as well as a 15 cent dividend.
"We made clear operational strides over the last year that will further position us to benefit from the strong and growing global demand for high-quality video content," Executive Chairman Rupert Murdoch said.
Shares of 21st Century Fox were up as much as 1.66 percent in extended-hours trading before turning marginally lower.