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Twenty-First Century Fox, Inc.

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Twenty-First Century Fox has outperformed the industry in the past three months, primarily due to back-to-back earnings beat. The company’s Cable Network Programming has been driving force backed by rising affiliate fees. Earlier, the company said that the pace of affiliate fees will accelerate in the back half of the fiscal year as 15–20% of the company’s domestic subscribers will be up for annual renewal in couple of years. Moreover, increase in content revenues at the Filmed Entertainment segment is also boosting the company’s overall performance. However, increase in programming costs and fluctuation in foreign currency exchange rate continues to act as a headwind for Twenty-First Century Fox. Further, it expects costs at Cable Network to go up in fiscal 2017. Increase in expenses may dent the company’s margins and in turn the bottom line. Estimates are stable lately ahead of the second quarter earnings release.


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