Top Stories
Top Stories

UPDATE 1-Fox Corp beats profit estimates on higher affiliate fees

(Adds segment wise details, estimates)

Aug 7 (Reuters) - Media company Fox Corp beat Wall Street estimates for quarterly profit on Wednesday, boosted by higher fees collected from cable and satellite operators and online distributors.

Rupert Murdoch's newly spun-off Fox Corp debuted on the Nasdaq in March following the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co .

Affiliate revenue, or the fees collected from cable and satellite operators and online distributors, rose 7.4% to $1.41 billion in the fourth quarter, while revenue from advertising fell 6%.

Fox said sales in its cable network programming business rose 2.2% to $1.3 billion.

Net income attributable to shareholders fell to $454 million, or 73 cents per share, in the three months ended June 30, from $471 million, or 76 cents per share, a year earlier.

Excluding items, the company earned 62 cents per share, beating analysts' estimates of 59 cents.

Revenue rose nearly 5% to $2.51 billion. Analysts on average had expected revenue of $2.47 billion, according to IBES data from Refinitiv. (Reporting by Akanksha Rana in Bengaluru and Hilary Russ in New York; Editing by Sriraj Kalluvila)