Increased advertising sales in the run-up to the 2018 midterm elections helped offset lower film earnings at 21st Century Fox in the third quarter.
Companywide, revenue at the New York-based media conglomerate grew to $7.2 billion, while profit soared 50 percent to $1.29 billion, or 69 cents per share.
Earnings from Fox’s television network grew 20 percent to $1.3 billion, buoyed by a 22 increase in advertising profits to $799 million. Revenue at its cable networking sector, which includes Fox News, rose to $4.3 billion, less than what analysts expected.
The company’s sale of key assets like the 20th Century Fox movie studio to the Walt Disney Co. gained federal approval earlier this year. Fox plans to spin off the entities it still owns into what it is calling “new Fox.”
The leadership team at the network will allow the new company to “capture opportunities in live programming while delivering long-term value for shareholders,” Executive Chairmen Rupert and Lachlan Murdoch said in a statement.
The company’s stock was up slightly in New York trading.
