Firm optimistic that the long-term strategy of cultivating diversified assets at different stages of development will augur well in these difficult ti
The media firm reported a 6% rise in revenues to $7.5 billion from $7.1 billion in the prior year. Declines in the advertising sensitive businesses due to the economic slowdown and reported lower contributions drove net income 30% down to $515 million or 20 cents per share.
Despite the recessionary environ, growth in drivers and balance sheet strength will help weather this storm and strengthen and grow the businesses.
The media firm reported 16% growth in revenue to $8.6 billion, driving income up by 27% to $1.13 billion or 43 cents a share from $890 million or 28 cents a share in 2007 coupled by strong performance in filmed entertainment. The escalating price of energy, the contraction of real estate values, and liquidity and competence issues in the finance sector are creating economic shocks that will likely be felt by the vast majority of consumers in the U.S. as well as in Europe and maybe elsewhere.
Income marginally increased to $832 million or 27 cents a share, as management rules out a bid for Yahoo!
The media firm had a 10% rise in revenues from $7.8 billion in 2006 to $8.6 billion as the strength of the broadcast network and cable assets enabled it to capitalize on the current advertising market, while ramping up affiliate revenues across cable channels. The firm is also generating increased profits internationally led by continued subscriber growth at Sky Italia and expanded offerings from Fox International Cable channels hence the revenue guidance increase.
