Shrinking Loss For 21st Century Fox After Split
The fiscal fourth quarter loss of entertainment media giant, 21st Century Fox shrank following the shedding of a publishing division by Fox News Channel and FX as it had caused a major write-down the previous year. In June, the New York-based company headed by Rupert Murdoch had split from News Corp. to focus more on its TV and movie business and to disassociate itself from its challenged print newspaper operations.
Faster Growth Expected
The loss this year was just $371 million as compared to the $1.55 billion last year. In future too, the growth of the company is expected to be faster even though it is planning to spend a staggering $200 million for launching several new channels, including Fox Sports 1 that will provide able competition to Disney’s ESPN. Another part of Fox’s growth plan is to repackage the ‘Idol’ to ward off some decline in revenues cause by the fall in the ratings of the show.
Through these plans, the entertainment media giant expects to rise by a ‘high-single, low double-digit’ percentage in the coming year.