Manu
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MUMBAI: Even in the absence of Fox News' star Bill O'Reilly, 21st Century Fox earnings for the year and quarter ended 30 June, 2017, have beaten expectations, narrowly missing revenues, however.
International affiliate revenue increased seven per cent driven by strong local currency growth at both FNG International channels and STAR, partially offset by a four per cent adverse impact from the strengthened U.S. dollar. International advertising revenue decreased three per cent due to the effect of the Indian government demonetisation initiatives on the general advertising market, a lower volume of cricket matches broadcast in the current year at STAR and the negative impact of foreign exchange, partially offset by local currency growth at FNG International. Annual OIBDA at the international cable channels increased four per cent reflecting higher affiliate revenues at both FNG International and STAR and lower sports programming costs at STAR due to lower volume of cricket matches broadcast in the current year.
The increase in expenses was primarily due to higher domestic sports programming costs driven by higher professional team rights costs at the regional sports networks (“RSNs”) and increased MLB and National Association for Stock Car Auto Racing (“NASCAR”) rights costs at FS1, higher programming and marketing costs at FX Networks and National Geographic and higher entertainment programming costs at Fox Networks Group International (“FNG International”) and STAR India (“STAR”).
Star India's ent. prog costs & De-Mon impact 21st CF even as revenue beats expectations
International affiliate revenue increased seven per cent driven by strong local currency growth at both FNG International channels and STAR, partially offset by a four per cent adverse impact from the strengthened U.S. dollar. International advertising revenue decreased three per cent due to the effect of the Indian government demonetisation initiatives on the general advertising market, a lower volume of cricket matches broadcast in the current year at STAR and the negative impact of foreign exchange, partially offset by local currency growth at FNG International. Annual OIBDA at the international cable channels increased four per cent reflecting higher affiliate revenues at both FNG International and STAR and lower sports programming costs at STAR due to lower volume of cricket matches broadcast in the current year.
The increase in expenses was primarily due to higher domestic sports programming costs driven by higher professional team rights costs at the regional sports networks (“RSNs”) and increased MLB and National Association for Stock Car Auto Racing (“NASCAR”) rights costs at FS1, higher programming and marketing costs at FX Networks and National Geographic and higher entertainment programming costs at Fox Networks Group International (“FNG International”) and STAR India (“STAR”).
Star India's ent. prog costs & De-Mon impact 21st CF even as revenue beats expectations