Don't miss

Replay


LATEST SHOWS

THE DEBATE

Wannacry more: How vulnerable are we to cyber attacks?

Read more

FOCUS

Spain struggles to tackle violence against women

Read more

MIDDLE EAST MATTERS

How drones are transforming the battleground in Syria

Read more

ENCORE!

Film show: The Netflix debate, 'Faces Places' and 'Marnie'

Read more

EYE ON AFRICA

Over 8,000 migrants rescued from Mediterranean in 48 hours

Read more

THE DEBATE

Farewell to arms? Crucial step for Colombia peace process

Read more

IN THE PAPERS

Angela Merkel softens resistance to gay marriage

Read more

IN THE PAPERS

'Medically assisted procreation for everyone?'

Read more

BUSINESS DAILY

Tracking the ransom payments amid latest global cyberattack

Read more

Murdoch's Fox confident on Sky takeover

© GETTY IMAGES/AFP | Rupert Murdoch and his eldest son Lachlan, shown together attending a conference in Sun Valley, Idaho in 2015, share the title of chairman at 21st Century Fox

NEW YORK (AFP) - 

Rupert Murdoch's media-entertainment giant 21st Century Fox reported Wednesday a dip in profits in the past quarter while expressing confidence on winning approval for its takeover of pay-TV giant Sky.

Profit in the January-March quarter fell 3.5 percent from a year ago to $799 million, while revenues grew 4.7 percent to $7.56 billion.

Shares in Fox -- which owns the Twentieth Century Fox film studios and the Fox television properties -- slumped 4.23 percent in after-hours trade on the results, which showed profits higher than forecast but weaker-than-expected revenues.

"We made progress in the quarter against our key strategic priorities, exemplified by our creative successes across screens, from theatrical releases 'Logan' and 'Hidden Figures' to new FX (television) debuts of 'Legion,' 'Feud' and 'Taboo,'" said a statement from Rupert Murdoch and his son Lachlan, who share the title of executive chairman.

The statement said the company expected to win approval in London of the agreement to buy the 61-percent stake in Sky which it does not already own.

"Our proposed combination with Sky, which was recently approved unconditionally by the European Commission, will advance another of our strategic priorities, driving innovation for customers," the statement said.

"We remain confident the proposed transaction will be approved by the end of the calendar year following a thorough review process."

The takeover bid raised fears that it could give the Murdoch family too much control over the British media landscape and reduce media plurality.

Sky broadcasts the 24-hour Sky News channel, blockbuster movies and live English Premier League football, and also provides internet and telephone services.

In 2011, Murdoch was forced to abandon his previous takeover bid of Sky -- then known as BSkyB -- as controversy raged over the hacking of the telephones of celebrities and crime victims by his tabloid the News of the World, which was subsequently shut down.

Some analysts have said the bid could be impacted by a scandal at US-based Fox News, where key executives have been ousted amid accusations of sexual harassment.

Fox said its revenues in the past quarter were helped by the television segment, led by its Super Bowl broadcast, and higher revenues from other television and cable operations, offset by lower box office receipts.

Despite some big-screen successes, revenues were lower than a year ago when it was showing its hit films like "Deadpool" and released "The Martian" for home entertainment.

The company was formed by the 2013 breakup of Murdoch's News Corp into two separate firms as part of a plan to "unlock value" for shareholders.

Murdoch, 86, began a gradual withdrawal from both companies in 2013, and now shares the title of chairman with his eldest son Lachlan at both firms.

© 2017 AFP