Fox Corp. beat Wall Street’s estimates for its fiscal first quarter, with total revenue reaching $2.67 billion
.
Adjusted earnings per share of 80 cents beat the consensus estimate for 69 cents. Given the Disney-Fox deal, which closed in March, pure year-to-year comparisons are still a couple of quarters away, but on a pro-forma basis, revenue gained 5% on the same period of 2018. Along with the financials, the company announced a $2 billion stock buyback as well as an agreement with theThe deal with the family limits the potential accretion of voting power by the trust and Murdoch family members through market purchases or as an indirect result of repurchases by the company of shares of Class B common stock.
The trust would also forfeit votes to the extent necessary to ensure that the MFT and the Murdoch family collectively do not exceed 44% of the outstanding voting power of the Class B Shares. One exception would be a case where a Murdoch family member votes their own shares differently from the trust on any matter.
Since Fox began trading as a new, stand-alone entity in March, its Class A shares have fallen 17%. They have perked up in recent days and gained nearly 1% on Wednesday to close at $33.10.
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