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Channel launches hurt 21st Century Fox 1Q profit

November 6, 2013 • Entertainment


FILE – This file image provided by News Corp. shows the company’s corporate logo. Entertainment giant Twenty-First Century Fox Inc. on Tuesday, Nov. 5, 2013, posted better-than-expected revenue growth from its TV businesses at home and abroad but said investments in new channels, including the launch of Fox Sports 1 and FXX in the U.S., more than offset the gains. (AP Photo/News Corp-21st Century Fox, File)

LOS ANGELES (AP) — Entertainment giant Twenty-First Century Fox Inc. on Tuesday said that investments in new channels, including the launch of Fox Sports 1 and FXX in the U.S., hurt its profit in its fiscal first quarter.

The results marked the first quarter as a separate entity from publishing company News Corp., which was spun off at the end of June. Both entities remain controlled by Rupert Murdoch, who is CEO of 21st Century Fox and executive chairman of News Corp.

Net income for the three months through Sept. 30 was $1.26 billion, or 54 cents per Login to read more

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