21st Century Fox loss shrinks after public division shedding

By Ryan Nakashima, AP

LOS ANGELES — Entertainment media company 21st Century Fox shrank its fiscal fourth-quarter loss after the owner of Fox News Channel and FX shed the publishing division that caused a big write-down a year earlier.

The New York-based company controlled by Rupert Murdoch split from News Corp. in June to focus on its TV and movie business and separate itself from its challenged print newspaper operations.

The loss in the three months to June 30 came to US$371 million, or 16 cents per share. In the same months a year ago, the loss came to US$1.55 billion, or 64 cents per share.

Excluding the spun-off divisions and one-time items, however, 21st Century Fox posted a profit of 31 cents per share.

Revenue rose 16 percent to US$7.21 billion.

Analysts polled by FactSet expected adjusted earnings of 34 cents per share on revenue of US$7.14 billion.

Shares rose US$1.17, or 3.8 percent, to US$32.40 in after-hours trading Tuesday following the release of results.