Fox entertainment assets shine, helping validate Disney deal | Advertising
21st Century Fox’s entertainment assets helped push earnings past Wall Street estimates last quarter, validating a plan by Walt Disney Co. to acquire the business.
Movies like “Deadpool 2” and cable-network subscriber fees contributed to earnings of 57 cents a share in the fiscal fourth quarter, excluding some items. Analysts estimated 54 cents a share on average for the company, which is controlled by billionaire Rupert Murdoch.
What’s good for Fox is mostly good for Disney, since it’s preparing to acquire the bulk of the media company’s operations. Fox shareholders approved a $71 billion deal last month to sell off 20th Century Fox studio and cable channels such as FX and National Geographic. The remaining parts of the companies will be used to create “New Fox,” which will retain the Fox network, Fox News and other assets.
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