Profit Surges at 21st Century Fox as Disney Takeover Looms

By Williams, Joe | Examiner (Washington, D.C.), The, August 8, 2018 | Go to article overview

Profit Surges at 21st Century Fox as Disney Takeover Looms


Williams, Joe, Examiner (Washington, D.C.), The


21st Century Fox, the media firm preparing to sell key assets to Walt Disney Co., posted a surge in profit in the three months through June amid box-office success for the superhero film "Deadpool 2."

"The outstanding shareholder value created this year through our proposed transactions recognizes the work we have done to position our businesses to succeed during a time of great change," said Executive Chairmen Rupert and Lachlan Murdoch.

The Department of Justice approved Disney's $71 billion purchase of Fox assets earlier this year, and investors from both companies signed off in July.
The transaction was a boon for investors, as Fox shares rose 75 percent while regulators were reviewing the transaction, the company said in a statement.

Net income at Fox rose 93 percent to $920 million in the most recent quarter, spurred by a 27 percent revenue growth at the company's film business and higher advertising revenue, which is expected to increase as the November midterm elections near. …

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Profit Surges at 21st Century Fox as Disney Takeover Looms
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