21st Century Fox reported quarterly profits that exceeded Wall Street expectations, driven by big box-office hits, including “X-Men: Days of Future Past,” “Rio 2” and “The Fault in Our Stars.”
Earnings per share in the fiscal fourth quarter rose to 43 cents versus a forecast of 39 cents.
Revenue rose 17 percent, to $8.42 billion — topping estimates of $8 billion — on the strong theatrical results and growth in cable network programming.
The company also said Wednesday it is authorizing a $6 billion share buyback over the next 12 months.
Commenting on the aborted $80 billion bid for Time Warner, Chairman and CEO Rupert Murdoch said, “The refusal of Time Warner’s management and board to engage with us to explore this compelling offer, coupled with the reaction in our share price that undervalued our stock, resulted in our conclusion that this transaction was no longer attractive to Fox shareholders.”
“Yesterday we walked away. This is our resolute decision,” said Murdoch.
President and COO Chase Carey underscored that there would be no comeback, “Let me be clear: We are done.”
The executives emphasized there is no Plan B to buy another major company. Fox isn’t “going out on the acquisition trail,” said Murdoch.
Fox stock rose 4.2 percent in extended trading after closing at $32.33, up 3.3 percent.