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Tax benefit lifts profit for Rupert Murdoch’s Fox

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Media-entertainment giant 21st Century Fox said Wednesday that profits had doubled in the past quarter, boosted by a one-time tax benefit from recently enacted US legislation.

The group led by mogul Rupert Murdoch and his family reported a net profit for shareholders of $1.83 billion in the final three months of 2017, up from $856 million a year earlier.

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 Revenues rose nearly five percent in the period to $8.04 billion for the company, which has struck a deal to sell a large portion of its film and television assets to Walt Disney Co.
Rupert Murdoch and his son Lachlan, who share the title of executive chairman, welcomed “solid top-line revenue growth” at the group, which includes the Fox studios in Hollywood, the Fox broadcast and cable operations, and other film and television operations.

“Our results also reflect increased investment behind higher volumes of global sporting events as well as film releases from our studio, which led the industry in Golden Globe awards and Oscar nominations,” the statement said.

The Murdochs said they expect to win regulatory approval in Britain to acquire full ownership in the pay TV group Sky, which would then be transferred to Disney upon approval of that tie-up.

“Looking ahead, we are focused on continuing to deliver value to our shareholders through achieving our near-term growth plans, completing our proposed acquisition of the balance of Sky, obtaining the required approvals for the successful completion of our transaction with Disney and planning for the exciting launch of the ‘new Fox.'”

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The “new Fox” would be a more tightly focused group including Fox Broadcasting, local US television stations, Fox News Channel and some sports cable channels.

In the group’s fiscal first quarter, Fox reported modest changes in its film, television and cable programming units.

The results include a tax benefit of $1.34 billion, based on a reassessment of the company’s tax liability following passage of a major tax overhaul approved by Congress.

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Fox said its operating earnings were hit by lower advertising revenues from a drop in political ads at TV stations and lower ratings for National Football League games and Major League Baseball’s World Series.

The filmed entertainment segment saw a drop in earnings due to higher costs which offset increased revenues for its slate of films, which included “Murder On The Orient Express” and Oscar favorite “The Shape Of Water.”

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Trump Twitter freaks out about coming recession and tries to pin the blame on the Democrats

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President Donald Trump betrayed his mortal fear of a recession in another early morning Twitter rant about the economy.

The president insisted the economy was fine, and again tried to blame Democrats and the media if a recession hits before the 2020 election.

"The Economy is strong and good, whereas the rest of the world is not doing so well," the president tweeted. "Despite this the Fake News Media, together with their Partner, the Democrat Party, are working overtime to convince people that we are in, or will soon be going into, a Recession."

He suggested that his political enemies were willing to sacrifice their wealth to defeat him next year.

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‘Vive la France’: 75 years ago, Paris freed from Nazi occupation

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In August 1944 ordinary Parisians rose up, led by Resistance fighters supported by workers, women and even priests to throw off the Nazi yoke after four years.

Following six days of street clashes, random attacks and armed barricades, they were joined by French and US soldiers and victory was confirmed.

"Paris outraged! Paris broken! Paris martyred!" General Charles de Gaulle declared outside the city hall on August 25.

"But Paris liberated! Liberated by itself. Liberated by its people."

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The landing of tens of thousands of American, British and Canadian troops on the beaches of Normandy on June 6 launched the final pushback against Adolf Hitler's forces.

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‘American Carnage’: How Mike Pence uses his brand of right-wing evangelical Christianity to play Trump

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In February of 2018, Donald Trump's former political guru Steve Bannon told Bloomberg News that in the 2016 election, "The real opposition is the media. And the way to deal with them is to flood the zone with shit.”

Bannon was proven correct in his strategy of how Trump's racist, authoritarian pseudo-populist movement could win power in the United States (and various other places around the world). Nearly three years into Trump's tenure the American news media is still struggling with how to cover a president and an administration that have no use for democratic norms, the Constitution, the rule of law, and the truth or reality itself.

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