Fox earnings top expectations

By Dow Jones newswires

Global Indices IndexLastChg% Chg DOW JONES16441. 71+12. 20. 1% S&P 5001920. 24 NASDAQ4355. 05+2. 20. 1% FTSE 1006636. 16-46. 3-0. 21st Century Fox reported a better-than-expected profit for its fiscal fourth quarter as the entertainment company benefited from strength in its film unit and continued growth at its cable networks.

The earnings report comes a day after Fox abruptly abandoned its $US80 billion ($85. 5bn) takeover bid for Time Warner, citing both Time Warner's unwillingness to "engage with us" and a sharp drop in Fox's stock price which made a deal "unattractive to Fox shareholders.

A combination of Fox and Time Warner would have created an entertainment giant: Fox owns the Twentieth Century Fox film studio as well as the Fox broadcast network and an array of cable channels, such as Fox News.

Read more here: Business Spectator


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