News Corp. Q4 Up Despite Sluggish Movie Biz8 Aug, 2007 By: Erik Gruenwedel
A near 50% drop in filmed entertainment operating income didn't stop News Corp. from posting a fourth quarter (ended June 30) profit of $890 million compared to income of $852 million during the same period last year.
Operating income in the filmed entertainment segment was $106 million compared to $200 million last year, which included theatrical results from Ice Age: The Meltdown.
Principle drivers in the quarter included worldwide DVD sales of Night at the Museum, TV DVD sales of “24” and “Prison Break” and pay-per-view sales of Ice Age: The Meltdown and X-Men: The Last Stand.
Additional revenue sources included theatrical revenue from Fantastic Four: Rise of the Silver Surfer and Live Free or Die Hard, which has earned $320 million since its release June 27.
For fiscal year 2007, filmed entertainment revenues topped $1.2 billion compared to $1.1 billion last year. Notable titles in home video and box office included The Devil Wears Prada, Borat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan, Night at the Museum, Little Miss Sunshine, Walk the Line, The Fantastic Four and X-Men: The Last Stand.