Box Office Weighs On 21st Century Fox Results

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Box office weighs on 21st Century Fox results

Media-entertainment giant 21st Century Fox on Wednesday reported a drop in profit in the past quarter as weaker box office revenues hurt performance for the Murdoch family-controlled group

NEW YORK, (UrduPoint / Pakistan Point News - 10th Aug, 2017 ) - Media-entertainment giant 21st Century Fox on Wednesday reported a drop in profit in the past quarter as weaker box office revenues hurt performance for the Murdoch family-controlled group.

Fox reported a net profit of $476 million in the fiscal fourth quarter to June 30, a drop of 16 percent from last year. Revenues managed a gain of 1.5 percent to $6.75 billion.

Its film segment which includes the Fox Hollywood studios saw a revenue drop of 11.5 percent, stemming from an unfavorable comparison with a year ago when it released its hit action film "Deadpool." Fox saw improvement however in its cable television operations which include the Fox news Channel.

That segment saw a 10.4 percent rise in revenue from a year ago. A statement from Rupert Murdoch and his son Lachlan Murdoch who share the title of executive chairman said the results showed "strong financial and operational momentum."