21st Century Fox reported a big increase in Q2 profits as a result of the sale of its Sky stake.
As the company prepares to sell itself to Disney and spin off its broadcast, sports and news assets to ‘the new Fox’, it posted a 6 per cent increase in revenue to $8.5 billion (€7.47bn).
Net income jumped to $10.8 billion, compared to $1.831 billion. Excluding the effects of the Sky sale to Comcast, segment operating income (OIBDA) was up 9 per cent to $1.57 billion.
Fox’s cable network programming segment’s operating income rose 7 per cent to $1.453 billion from $1.365 billion. Revenue increased 4 per cent to $4.562 billion from $4.405 billion.
The television segment posted a $22 million loss compared to a $56 million profit a year ago.