2018.05.0919:44:00UTC+00Twenty-First Century Fox Posts Revenue Beat on Strong Cable Earnings

Twenty-First Century Fox Inc reported quarterly revenue that surpassed analysts' estimate, as higher fees from cable and satellite distributors boosted cable business earnings to hit a record high.

The media and entertainment company controlled by Rupert Murdoch, which agreed to sell the majority of its fim and TV assets to Walt Disney Co last year in a $52.4 billion agreement, expects to ask for stakeholder approval of the deal this summer.

Revenue from Fox's cable business increased 9.8 percent to $4.42 billion, representing more than 50 percent of total revenue in the financial quarter ended March 31. The figures beat analysts' average estimate of $4.4 billion.

The firm posted revenue of $3.51 billion in affiliated fees, denoting an increase of 11 percent from a year earlier.

Revenue at its television division came in at $1.15 billion, falling 32 percent from the year-prior quarter, missing analysts' estimate of $1.28 billion. Overall revenue declined 2 percent to $7.42 billion, but beat projections of $7.4 billion.

Net income attributable to shareholders rose to $858 million or 46 cents per share, from $799 million or 43 cents per share a year prior.

Excluding items, Fox's EPS came in at 49 cents, below analysts' estimates of 53 cents per share.

On an analyst call, Executive Chair Lachlan declined to comment on reports that Comcast Corp. is preparing an all-cash rival bid for the assets. James Murdoch, chief executive officer of Twenty-First Century Fox, said the company expects to receive UK regulatory approval on its bid to buy the remaining stake it does not already own of European pay-TV provider.

The company's stock traded flat in extended trading.