21st Century Fox Reports Full Year Total Segment Operating Income before Depreciation and Amortization of $6.26 Billion, a 9%

  21st Century Fox Reports Full Year Total Segment Operating Income before
  Depreciation and Amortization of $6.26 Billion, a 9% Increase over the Prior
  Year Results on Revenue of $27.68 Billion

    Fourth Quarter Total Segment Operating Income before Depreciation and
   Amortization of $1.49 Billion, Increased 14% on Revenue of $7.21 Billion

Business Wire

NEW YORK -- August 6, 2013

Twenty-First Century Fox Inc. (“21st Century Fox” or the “Company” -- NASDAQ:
FOXA, FOX; ASX: FOXLV, FOX) today reported financial results for the three
months and full year ended June 30, 2013.

On June 28, 2013, the Company, formerly known as News Corporation, completed
the separation of its businesses into two independent, publicly-traded
companies (the “Separation”). The Company has retained the media and
entertainment businesses and the new News Corporation (“News Corp”) holds the
Company’s former publishing, digital education and Australian media
businesses. Following the Separation, the Company does not hold any equity
interest in News Corp. As a result of this transaction, News Corp’s historical
financial results for periods prior to June 28, 2013 are reflected in the
Company's financial statements as discontinued operations.

Full Year Company Results

The Company reported annual revenues of $27.68 billion, a $2.62 billion, or
10%, increase over prior year revenues of $25.05 billion. Nearly
three-quarters of this increase reflects growth at the Cable Network
Programming, Filmed Entertainment and Television segments. The balance of the
growth primarily relates to the inclusion of Sky Deutschland AG (“Sky
Deutschland”) revenues beginning in January 2013.

The Company reported annual total segment operating income before depreciation
and amortization (“OIBDA”)^(1) of $6.26 billion compared with prior year OIBDA
of $5.76 billion. This 9% increase was driven by growth at the Company’s Cable
Network Programming and Television segments partially offset by decreases at
the Direct Broadcast Satellite Television (“DBS”) segment.

The Company reported annual income from continuing operations attributable to
stockholders of $6.82 billion ($2.91 per share), compared with $3.18 billion
($1.27 per share) in the prior year. The full year results included $3.76
billion of income in Other, net, principally related to gains on the
acquisition of additional ownership stakes in Sky Deutschland and ESPN Star
Sports (now operating as Fox and Star Sports Asia), as well as the sale of the
ownership stake in NDS Group Limited (“NDS”). The full year results also
included a $306 million gain from the Company’s participation in British Sky
Broadcasting’s (“BSkyB”) share repurchase program, which is reflected in
Equity earnings of affiliates. These gains were slightly offset by
restructuring and impairment charges of $48 million, primarily related to the
Company’s digital media business which was sold in February 2013. Excluding
the net income effects of these items, along with comparable items in both
years, adjusted annual income per share from continuing operations
attributable to stockholders^(2) was $1.36 compared with the adjusted year-ago
result of $1.20.

_________________________
                 Total segment operating income before depreciation and
                 amortization (“OIBDA”) is a non-GAAP financial measure. See
     ^(1)  page 11 for a description of total segment OIBDA and for a
                 reconciliation from revenues to total segment OIBDA and from
                 OIBDA to income from continuing operations before income tax
                 expense.

                 See page 14 for a reconciliation of reported net income and
                 earnings per share from continuing operations attributable to
          ^(2)   stockholders to adjusted net income and adjusted earnings per
                 share from continuing operations attributable to
                 stockholders.


Fourth Quarter Company Results

The Company reported quarterly revenues of $7.21 billion, a $977 million, or
16% increase over prior year quarterly revenues of $6.24 billion.
Approximately half of this increase reflects growth at the Cable Network
Programming and Filmed Entertainment segments with the balance primarily
relating to this year’s inclusion of Sky Deutschland revenues.

The Company reported quarterly total segment OIBDA of $1.49 billion compared
with prior year quarterly OIBDA of $1.31 billion. This 14% growth was led by
25% growth at the Cable Network Programming segment which was partially offset
by lower contributions at the Filmed Entertainment, Television and DBS
segments.

The Company reported quarterly income from continuing operations attributable
to stockholders of $977 million ($0.42 per share), compared with $596 million
($0.25 per share) in the corresponding period of the prior year. The quarterly
results included an $89 million gain from the Company’s participation in
BSkyB’s share repurchased program, which is reflected in Equity earnings of
affiliates and Other, net income of $81 million, which includes net gains on
asset sales and acquisitions. Excluding the net income effects of these items,
and the $6 million restructuring and impairment charge, along with comparable
items in both years, adjusted quarterly income per share from continuing
operations attributable to stockholders was $0.31 compared with the adjusted
result from the corresponding period of $0.27.

Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch
said:

“With the Separation complete 21st Century Fox launches as a distinct public
company with its own identity, its own strategy and its own growth and capital
plan. Although a significant amount of time and effort was spent over the past
twelve months on this Separation, we never lost focus on the operation of our
businesses. The Company not only delivered strong earnings and revenue growth
led by our channels businesses, we also positioned ourselves for future
success with strategic investments in our global channels businesses,
including the acquisitions of Sports Time Ohio and an ownership stake in the
YES Network, as well as the announcement of the impending launches of Fox
Sports 1 and FXX. As a result of these advances, 21st Century Fox is poised to
deliver continued innovation for our customers as well as sustained growth and
long-term value for our stockholders.”

REVIEW OF SEGMENT OPERATING RESULTS

                 3 Months Ended         12 Months Ended
                  June 30,                June 30,
                  2013       2012       2013        2012        2011
                  US $ Millions
Revenues                                                        
                                                                      
Cable Network     $ 2,953     $ 2,540     $ 10,881     $ 9,324      $ 8,212
Programming
Television          1,096       1,101       4,860        4,803        4,844
Filmed              2,035       1,977       8,642        8,363        7,813
Entertainment
Direct
Broadcast           1,379       948         4,439        3,740        3,761
Satellite
Television
Other,
Corporate and      (251  )    (331  )    (1,147 )    (1,179 )    (398   )
Eliminations
Total Revenues    $ 7,212    $ 6,235    $ 27,675    $ 25,051    $ 24,232 
                                                                      
Segment OIBDA
                                                                      
Cable Network     $ 1,079     $ 860       $ 4,177      $ 3,549      $ 3,009
Programming
Television          213         235         855          791          770
Filmed              117         140         1,308        1,312        1,058
Entertainment
Direct
Broadcast           156         168         397          561          546
Satellite
Television
Other,
Corporate and      (77   )    (98   )    (476   )    (456   )    (563   )
Eliminations
Total Segment     $ 1,488    $ 1,305    $ 6,261     $ 5,757     $ 4,820  
OIBDA


CABLE NETWORK PROGRAMMING

Full Year Segment Results

Cable Network Programming reported annual segment OIBDA of $4.18 billion, a
$628 million, or 18%, increase over the prior year, driven by a 17% increase
in revenues. OIBDA contributions from the domestic channels increased 17%,
underpinned by growth at the Regional Sports Networks (“RSNs”), Fox News
Channel and FX Networks. OIBDA contributions from the Company’s international
cable channels grew 18%, reflecting strong growth at the Fox International
Channels (“FIC”) and the STAR general entertainment channels, which was
partially offset by STAR’s investment in BCCI cricket rights and a 9% adverse
impact from the strengthened U.S. dollar.

Affiliate revenues growth of 12% at the domestic cable channels primarily
reflects higher rates across all networks, led by growth at the RSNs, Fox News
Channel and FX Networks. Affiliate revenues at the international cable
channels increased 35% over the prior year. Over half of the international
affiliate revenues increase reflects strong local currency growth at the
non-sports channels at FIC and STAR, which was partially offset by a 7%
adverse impact from the strengthened U.S. dollar. The balance of the growth
was attributable to the international sports channels, including Fox Sports
Latin America and Asia, Star Sports Asia and Eredivisie Media & Marketing
(“EMM”).

Advertising revenues at the domestic cable channels grew 6% in fiscal 2013
over the prior year, reflecting growth at the FX Networks, National Geographic
Networks and RSNs. Approximately three-quarters of the international cable
channels’ 20% advertising revenues growth reflects strong local currency
growth at the non-sports channels at FIC and STAR which was partially offset
by an 8% adverse impact from the strengthened U.S. dollar. The balance of the
growth was attributable to the international sports channels, including Fox
Sports Latin America and Asia, Star Sports Asia and EMM.

In fiscal 2013, expenses at Cable Network Programming grew 16% over the prior
year. Nearly half of this increase was attributable to the new international
sports networks at FIC and STAR, including the investment in BCCI cricket
rights in India. The balance of the increase was due to higher programming
costs related to expanded college football coverage, a full year of UFC rights
fees, higher NBA costs at the RSNs due to the shortened season in the prior
year, and investments in new programming at the FX and National Geographic
Networks, partially offset by lower NHL costs at the RSNs due to this year’s
shortened season.

Fourth Quarter Segment Results

Cable Network Programming reported quarterly segment OIBDA of $1.08 billion, a
$219 million, or 25%, increase over the corresponding period in the prior
year, driven by a 16% increase in revenues. OIBDA contributions from the
domestic channels increased 18%, underpinned by growth at the Fox News and
National Geographic channels. OIBDA contributions from the Company’s
international cable channels grew 47%, reflecting strong growth at FIC,
including contributions from Fox Sports Latin America and Asia, and EMM, which
was partially offset by a 7% adverse impact from the strengthened U.S. dollar.

Affiliate revenues growth of 9% at the domestic cable channels primarily
reflects higher rates across all networks, led by growth at the RSNs, Fox News
Channel, FX Networks and National Geographic Channels. Affiliate revenues at
the international cable channels increased 41% over the prior year. Over half
of the international affiliate revenues increase reflects strong local
currency growth at the non-sports channels at FIC and STAR, which was
partially offset by a 6% adverse impact from the strengthened U.S. dollar. The
balance of the growth was attributable to the international sports channels,
including Fox and Star Sports Asia and EMM.

Advertising revenues at the domestic cable channels grew 4% over the
corresponding period in the prior year, reflecting growth at the RSNs and FX
Networks. Approximately half of the international cable channels’ 20%
advertising revenues growth reflects strong local currency growth at the
non-sports channels at FIC and STAR, which was partially offset by a 5%
adverse impact from the strengthened U.S. dollar. The balance of the growth
was attributable to the international sports channels, including Fox and Star
Sports Asia and EMM.

Expenses at Cable Network Programming grew 12% over the corresponding period
in the prior year. This increase was primarily attributable to the
consolidation of the Fox and Star Sports Asia networks and EMM, increased
sports programming costs in Latin America and the costs associated with the
launch of Fox Sports Japan.

TELEVISION

Full Year Segment Results

Full year segment OIBDA of $855 million increased $64 million, or 8%, versus
the prior year. This increase was driven by a doubling of retransmission
consent revenues and lower programming expenses at the Fox Broadcast Company.
These improvements were partially offset by a 7% decline in national
advertising revenues reflecting lower primetime ratings driven by declines at
X-Factor and American Idol, which recently finished its twelfth season.

Fourth Quarter Segment Results

Television reported quarterly segment OIBDA of $213 million, as compared with
prior year quarterly OIBDA of $235 million. This decline reflects a near
doubling of retransmission consent revenues and lower programming expenses at
the Fox Broadcast Company, which were more than offset by a 7% decline in
national and local advertising revenues primarily driven by lower American
Idol ratings.

FILMED ENTERTAINMENT

Full Year Segment Results

Full year segment OIBDA of $1.31 billion was in line with prior year amounts.
Annual results were led by the strong worldwide theatrical and home
entertainment performance as well as the pay-tv availability of Ice Age:
Continental Drift. The current year results also include the successful
worldwide theatrical and home entertainment performances of Taken 2,
Prometheus and Life of Pi as well as the pay-tv availability of Alvin and the
Chipmunks: Chipwrecked and Chronicle. Prior year film results were led by the
home entertainment release and pay-tv availability of Rio and X-Men: First
Class as well as the theatrical and home entertainment release and pay-tv
availability of Rise of the Planet of the Apes.

Fourth Quarter Segment Results

Filmed Entertainment reported quarterly segment OIBDA of $117 million,
compared with $140 million in the same period a year ago. The $23 million
decline was attributable to lower contributions from the television production
studios, as a provision for library content more than offset the revenues
related to the delivery of the new season of Arrested Development to Netflix.
Quarterly results also included the successful theatrical performance of
DreamWorks Animation’s The Croods (which has grossed over $500 million in
worldwide box office), the home entertainment performance of Life of Pi, the
pay-tv availabilities of Ice Age: Continental Drift and Prometheus, as well as
the theatrical pre-release costs for The Wolverine and DreamWorks Animation’s
Turbo.

DIRECT BROADCAST SATELLITE TELEVISION

Full Year Segment Results

DBS generated annual segment OIBDA of $397 million, compared with prior year
OIBDA of $561 million. The decline was driven by lower contributions from SKY
Italia reflecting increased programming expenses, including approximately $150
million of rights costs primarily associated with the broadcast of the
Olympics and expanded UEFA Champions League, Europa League and Formula One
coverage. This decline was partially offset by the consolidation of Sky
Deutschland results, following the Company’s acquisition of an additional 5%
ownership stake in this entity in January 2013. Revenues increased $699
million versus a year ago, reflecting the inclusion of Sky Deutschland
revenues, which were partially offset by lower revenues from SKY Italia. Local
currency revenue at SKY Italia declined slightly from the prior year.

Fourth Quarter Segment Results

DBS generated quarterly segment OIBDA of $156 million, compared with prior
year quarterly OIBDA of $168 million. This decline reflects lower
contributions from SKY Italia due to higher programming expenses and lower
revenues, partially offset by the consolidation of Sky Deutschland results.
The increased programming expenses at Sky Italia included approximately $35
million of rights costs primarily associated with Formula One and expanded
UEFA Champions and Europa League coverage. Segment revenues increased $431
million versus the same period a year ago, reflecting the inclusion of Sky
Deutschland revenues. Sky Deutschland grew net subscribers by 48,000 during
the quarter, bringing total direct subscribers to 3.45 million. Quarterly
local currency revenue at SKY Italia declined slightly from the corresponding
period of the prior year, reflecting lower subscription, activation and
advertising revenues. SKY Italia experienced a net reduction of 27,000
subscribers during the quarter, bringing total subscribers to 4.76 million.

REVIEW OF EQUITY EARNINGS (LOSSES) OF AFFILIATES’ RESULTS

The Company’s share of equity earnings (losses) of affiliates is as follows:

                          3 Months Ended     12 Months Ended
                            June 30,            June 30,
              % Owned       2013     2012     2013      2012      2011
                            US $ Millions
BSkyB         39%^(1)       $ 235    $ 249     $ 902     $ 826     $ 498
Other         Various^(2)    (12 )    9       (247 )    (190 )    (146 )
affiliates
Total
equity                      $ 223    $ 258    $ 655     $ 636     $ 352  
earnings of
affiliates

    ^(1)  Please refer to BSkyB’s earnings releases for detailed
               information.
               Primarily comprised of Sky Deutschland (prior to its
        ^(2)   consolidation as of January 2013), Hulu and STAR equity
               affiliates, as well as NDS in the prior year.


Full Year Results

Annual earnings from affiliates were $655 million as compared with $636
million in the same period a year ago. The increased contributions from
affiliates are primarily due to improved results from BSkyB, including the
Company’s pre-tax gain related to its participation in BSkyB’s share
repurchase which increased from a $270 million gain in the prior year to $306
million in the current year, and the absence of a full year of Sky Deutschland
operating losses resulting from its consolidation in January 2013. This
increase was partially offset by increased losses from Hulu, including
one-time costs resulting from Hulu’s purchase of Providence Equity Partners’
ownership stake and the absence of contributions from NDS.

Fourth Quarter Results

Quarterly earnings from affiliates were $223 million as compared with $258
million in the same period a year ago. The decreased contributions from
affiliates are primarily due to lower contributions from BSkyB, as improved
results were more than offset by a decrease in the Company’s pre-tax gain
related to its participation in BSkyB’s share repurchase which declined from a
$115 million gain in the corresponding period of the prior year to $89 million
in the current quarter. This decrease was partially offset by the absence of
Sky Deutschland operating losses resulting from its consolidation as of
January 2013.

OTHER ITEMS

Share repurchases

On May 9, 2012, the Company announced that its Board of Directors approved an
increase to the previously authorized stock repurchase program from $5 billion
to $10 billion. Through August 5, 2013, the Company has purchased more than
$6.9 billion of Class A common stock under the program, at an average price of
$19.82 per share. As a result of the stock repurchase program, diluted
weighted Class A common stock outstanding of approximately 2,321 million in
this year’s quarter declined 4% from approximately 2,420 million in the same
period a year ago.

To receive a copy of this press release through the Internet, access 21st
Century Fox’s corporate Web site located at http://www.21cf.com.

Audio from 21st Century Fox’s conference call with analysts on the full year
and fourth quarter results can be heard live on the Internet at 4:30 p.m.
Eastern Daylight Time today. To listen to the call, visit http://www.21cf.com.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management’s views and assumptions regarding future events and
business performance as of the time the statements are made. Actual results
may differ materially from these expectations due to changes in global
economic, business, competitive market and regulatory factors. More detailed
information about these and other factors that could affect future results is
contained in our filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made only as of the
date of this document and we do not have any obligation to publicly update any
“forward-looking statements” to reflect subsequent events or circumstances,
except as required by law.

CONSOLIDATED STATEMENTS OF OPERATIONS
                3 Months Ended           12 Months Ended
                 June 30,                  June 30,
                 2013        2012        2013         2012         2011
                 US $ Millions (except share related amounts)
                                                                   
Revenues         $ 7,212      $ 6,235      $ 27,675      $ 25,051      $ 24,232
                                                                         
                                                                         
Operating          (4,705 )     (3,960 )     (17,496 )     (15,663 )     (15,745 )
expenses
Selling,
general and        (1,041 )     (989   )     (4,007  )     (3,719  )     (3,759  )
administrative
expenses
Depreciation
and                (228   )     (188   )     (797    )     (711    )     (777    )
amortization
Impairment and
restructuring      (6     )     (208   )     (48     )     (242    )     (288    )
charges
Equity
earnings of        223          258          655           636           352
affiliates
Interest           (261   )     (261   )     (1,063  )     (1,032  )     (962    )
expense, net
Interest           18           27           57            77            75
income
Other, net         81          42          3,760        66           (30     )
Income from
continuing
operations         1,293        956          8,736         4,463         3,098
before income
tax expense
Income tax         (253   )     (327   )     (1,690  )     (1,094  )     (673    )
expense
Income from
continuing         1,040        629          7,046         3,369         2,425
operations
(Loss) Income
on
discontinued       (1,348 )     (2,149 )     277          (1,997  )     443     
operations,
net of tax
Net income         (308   )     (1,520 )     7,323         1,372         2,868
Less: Net
income
attributable       (63    )     (33    )     (226    )     (193    )     (129    )
to
noncontrolling
interests
Net income
attributable
to
Twenty-First     $ (371   )   $ (1,553 )   $ 7,097      $ 1,179      $ 2,739   
Century Fox,
Inc.
stockholders
                                                                         
                                                                         
Weighted
average            2,321        2,420        2,341         2,504         2,633
shares:
                                                                         
Income from
continuing
operations
attributable
to               $ 0.42       $ 0.25       $ 2.91        $ 1.27        $ 0.87
Twenty-First
Century Fox,
Inc.
stockholders
per share:
                                                                         
Net income
attributable
to
Twenty-First     $ (0.16  )   $ (0.64  )   $ 3.03        $ 0.47        $ 1.04
Century Fox,
Inc.
stockholders
per share:


CONSOLIDATED BALANCE SHEETS                               June 30,
                                                           2013      2012
                                                           US $ Millions
Assets:                                                             
Current assets:
Cash and cash equivalents                                  $ 6,659    $ 9,626
Receivables, net                                             5,459      6,608
Inventories, net                                             2,784      2,595
Other                                                       665       619
Total current assets                                        15,567    19,448
                                                                        
Non-current assets:
Receivables                                                  437        387
Investments                                                  3,704      4,968
Inventories, net                                             5,371      4,596
Property, plant and equipment, net                           2,829      5,814
Intangible assets, net                                       5,064      7,133
Goodwill                                                     17,255     13,174
Other non-current assets                                    717       1,143
Total assets                                               $ 50,944   $ 56,663
                                                                        
                                                                        
Liabilities and Equity:
Current liabilities:
Borrowings                                                 $ 137      $ 273
Accounts payable, accrued expenses and other current         4,434      5,405
liabilities
Participations, residuals and royalties payable              1,663      1,691
Program rights payable                                       1,524      1,368
Deferred revenue                                            677       880
Total current liabilities                                   8,435     9,617
                                                                        
Non-current liabilities:
Borrowings                                                   16,321     15,182
Other liabilities                                            3,264      3,650
Deferred income taxes                                        2,280      2,388
Redeemable noncontrolling interests                          519        641
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value                        15         15
Class B common stock, $0.01 par value                        8          8
Additional paid-in capital                                   15,840     16,140
Retained earnings and accumulated other comprehensive       1,135     8,521
income
Total Twenty-First Century Fox, Inc. stockholders'           16,998     24,684
equity
Noncontrolling interests                                    3,127     501
Total equity                                                20,125    25,185
Total liabilities and equity                               $ 50,944   $ 56,663


CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                     12 Months Ended June 30,
                                                      2013         2012
                                                      US $ Millions
Operating activities:                                             
Net Income                                            $  7,323      $ 1,372
(Loss) Income on discontinued operations, net of         (277   )     1,997  
tax
Income from continuing operations                        7,046        3,369
Adjustments to reconcile income from continuing
operations to cash provided by operating
activities:
Depreciation and amortization                            797          711
Amortization of cable distribution investments           89           88
Equity earnings of affiliates                            (655   )     (636   )
Cash distributions received from affiliates              324          281
Impairment charges, net of tax                           35           201
Other, net                                               (3,760 )     (66    )
Change in operating assets and liabilities, net of
acquisitions:
Receivables and other assets                             (127   )     (734   )
Inventories, net                                         (1,035 )     (393   )
Accounts payable and other liabilities                  288        13     
Net cash provided by operating activities from          3,002      2,834  
continuing operations
                                                                      
Investing activities:
Property, plant and equipment, net of acquisitions       (622   )     (564   )
Acquisitions, net of cash acquired                       (606   )     (450   )
Investments in equity affiliates                         (502   )     25
Other investments                                        (152   )     (181   )
Proceeds from dispositions                              1,968      404    
Net cash provided by / (used in) investing              86         (766   )
activities from continuing operations
                                                                      
Financing activities:
Borrowings                                               1,277        -
Repayment of borrowings                                  (754   )     (35    )
Issuance of shares                                       203          167
Repurchase of shares                                     (2,026 )     (4,589 )
Dividends paid                                           (613   )     (580   )
Purchase of subsidiary shares from noncontrolling        (163   )     (65    )
interests
Sale of subsidiary shares to noncontrolling              93           -
interests
Distribution to News Corporation                        (2,588 )    -      
Net cash (used in) financing activities from            (4,571 )    (5,102 )
continuing operations
                                                                      
Net (Decrease) / Increase in cash and cash               (1,431 )     288
equivalents from discontinued operations
                                                                      
Net (decrease) increase in cash and cash                 (2,914 )     (2,746 )
equivalents
Cash and cash equivalents, beginning of period           9,626        12,680
Exchange movement on opening cash balance               (53    )    (308   )
Cash and cash equivalents, end of period              $  6,659     $ 9,626  


SEGMENT INFORMATION

                 3 Months Ended         12 Months Ended
                  June 30,                June 30,
                  2013       2012       2013        2012        2011
                  US $ Millions
Revenues                                                        
                                                                      
Cable Network     $ 2,953     $ 2,540     $ 10,881     $ 9,324      $ 8,212
Programming
Television          1,096       1,101       4,860        4,803        4,844
Filmed              2,035       1,977       8,642        8,363        7,813
Entertainment
Direct
Broadcast           1,379       948         4,439        3,740        3,761
Satellite
Television
Other,
Corporate and      (251  )    (331  )    (1,147 )    (1,179 )    (398   )
Eliminations
Total Revenues    $ 7,212    $ 6,235    $ 27,675    $ 25,051    $ 24,232 


Segment OIBDA
                                                                      
Cable Network     $ 1,079     $ 860       $ 4,177      $ 3,549      $ 3,009
Programming
Television          213         235         855          791          770
Filmed              117         140         1,308        1,312        1,058
Entertainment
Direct
Broadcast           156         168         397          561          546
Satellite
Television
Other,
Corporate and      (77   )    (98   )    (476   )    (456   )    (563   )
Eliminations
Total Segment     $ 1,488    $ 1,305    $ 6,261     $ 5,757     $ 4,820  
OIBDA


Depreciation
and
Amortization
                                                                      
Cable Network     $ 57        $ 49        $ 197        $ 166        $ 156
Programming
Television          27          22          93           85           89
Filmed              34          33          132          129          110
Entertainment
Direct
Broadcast           106         79          355          307          314
Satellite
Television
Other,
Corporate and      4         5         20         24         108    
Eliminations
Total
Depreciation      $ 228      $ 188      $ 797       $ 711       $ 777    
and
Amortization*

    The three months ended June 30, 2013 and 2012 include the amortization of
*  definite lived intangible assets of $57 million and $37 million,
    respectively, principally comprised of purchase price amortization related
    to acquisitions.

    The twelve months ended June 30, 2013, 2012 and 2011 include the
    amortization of definite lived intangible assets of $183 million, $126
    million and $110 million, respectively, principally comprised of purchase
    price amortization related to acquisitions.


NOTE 1 – TOTAL SEGMENT OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION

The Company evaluates the performance of its operating segments based on
segment operating income before depreciation and amortization (“OIBDA”), and
management uses total segment OIBDA as a measure of the performance of
operating businesses separate from non-operating factors. Total segment OIBDA
is a non-GAAP measure and should be considered in addition to, not as a
substitute for, net income, cash flow and other measures of financial
performance reported in accordance with GAAP. In addition, this measure does
not reflect cash available to fund requirements. This measure excludes items,
such as depreciation and amortization as well as impairment and restructuring
charges, which are significant components in assessing the Company’s financial
performance.

Management believes that total segment OIBDA is an appropriate measure for
evaluating the operating performance of the Company’s business and provides
investors and equity analysts a measure to analyze operating performance of
the Company’s business and enterprise value against historical data and
competitors’ data. Total segment OIBDA is the primary measure used by our
chief operating decision maker to evaluate the performance of and allocate
resources to the Company’s business segments.

Segment OIBDA does not include depreciation and amortization and the
amortization of cable distribution investments and eliminates the variable
effect across all business segments of depreciation and amortization.
Depreciation and amortization expense includes the depreciation of property
and equipment, as well as amortization of finite-lived intangible assets.
Amortization of cable distribution investments represents a reduction against
revenues over the term of a carriage arrangement and, as such, it is excluded
from segment operating income before depreciation and amortization.

In addition, total segment OIBDA does not include: Impairment and
restructuring charges, discontinued operations, Equity earnings of affiliates,
Interest expense, net, Interest income, Other, net, Income tax expense and Net
income attributable to noncontrolling interests.

The following tables reconcile revenues to segment OIBDA and from OIBDA to
Income from continuing operations before income tax expense:

                3 Months Ended           12 Months Ended
                 June 30,                  June 30,
                 2013        2012        2013         2012         2011
                 US $ Millions                                       
                                                      
Revenues         $ 7,212      $ 6,235      $ 27,675      $ 25,051      $ 24,232
Operating          (4,705 )     (3,960 )     (17,496 )     (15,663 )     (15,745 )
expenses
Selling,
general and        (1,041 )     (989   )     (4,007  )     (3,719  )     (3,759  )
administrative
expenses
Add:
Amortization
of cable          22         19         89          88          92      
distribution
investments
Total Segment    $ 1,488      $ 1,305      $ 6,261       $ 5,757       $ 4,820
OIBDA
Amortization
of cable           (22    )     (19    )     (89     )     (88     )     (92     )
distribution
investments
Depreciation
and                (228   )     (188   )     (797    )     (711    )     (777    )
amortization
Restructuring
and impairment     (6     )     (208   )     (48     )     (242    )     (288    )
charges
Equity
earnings of        223          258          655           636           352
affiliates
Interest           (261   )     (261   )     (1,063  )     (1,032  )     (962    )
expense, net
Interest           18           27           57            77            75
income
Other, net        81         42         3,760       66          (30     )
Income from
continuing
operations       $ 1,293     $ 956       $ 8,736      $ 4,463      $ 3,098   
before income
tax expense


                  For the Three Months Ended June 30, 2013
                   (US $ Millions)
                               Operating and     Add:          
                                                   Amortization
                                Selling, general   of cable
                                and                distribution
                                administrative
                   Revenues     expenses           investments     Segment
                                                                   OIBDA
Cable Network      $ 2,953      $   (1,896    )    $      22       $  1,079
Programming
Television           1,096          (883      )           -           213
Filmed               2,035          (1,918    )           -           117
Entertainment
Direct Broadcast
Satellite            1,379          (1,223    )           -           156
Television
Other, Corporate    (251   )      174                 -          (77    )
and Eliminations
Consolidated       $ 7,212     $   (5,746    )    $      22       $  1,488  
Total


                   For the Three Months Ended June 30, 2012
                   (US $ Millions)
                                Operating and      Add:
                                                   Amortization
                                Selling, general   of cable
                                and                distribution
                                administrative
                   Revenues     expenses           investments     Segment
                                                                   OIBDA
Cable Network      $ 2,540      $   (1,699    )    $      19       $  860
Programming
Television           1,101          (866      )           -           235
Filmed               1,977          (1,837    )           -           140
Entertainment
Direct Broadcast
Satellite            948            (780      )           -           168
Television
Other, Corporate    (331   )      233                 -          (98    )
and Eliminations
Consolidated       $ 6,235     $   (4,949    )    $      19       $  1,305  
Total


                   For the Twelve Months Ended June 30, 2013
                   (US $ Millions)
                                Operating and      Add:
                                                   Amortization
                                Selling, general   of cable
                                and                distribution
                                administrative
                   Revenues     expenses           investments     Segment
                                                                   OIBDA
Cable Network      $ 10,881     $   (6,793    )    $      89       $  4,177
Programming
Television           4,860          (4,005    )           -           855
Filmed               8,642          (7,334    )           -           1,308
Entertainment
Direct Broadcast
Satellite            4,439          (4,042    )           -           397
Television
Other, Corporate    (1,147 )      671                 -          (476   )
and Eliminations
Consolidated       $ 27,675    $   (21,503   )    $      89       $  6,261  
Total


                   For the Twelve Months Ended June 30, 2012
                   (US $ Millions)
                                Operating and      Add:
                                                   Amortization
                                Selling, general   of cable
                                and                distribution
                                administrative
                   Revenues     expenses           investments     Segment
                                                                   OIBDA
Cable Network      $ 9,324      $   (5,863    )    $      88       $  3,549
Programming
Television           4,803          (4,012    )           -           791
Filmed               8,363          (7,051    )           -           1,312
Entertainment
Direct Broadcast
Satellite            3,740          (3,179    )           -           561
Television
Other, Corporate    (1,179 )      723                 -          (456   )
and Eliminations
Consolidated       $ 25,051    $   (19,382   )    $      88       $  5,757  
Total


                   For the Twelve Months Ended June 30, 2011
                   (US $ Millions)
                                Operating and      Add:
                                                   Amortization
                                Selling, general   of cable
                                and                distribution
                                administrative
                   Revenues     expenses           investments     Segment
                                                                   OIBDA
Cable Network      $ 8,212      $   (5,295    )    $      92       $  3,009
Programming
Television           4,844          (4,074    )           -           770
Filmed               7,813          (6,755    )           -           1,058
Entertainment
Direct Broadcast
Satellite            3,761          (3,215    )           -           546
Television
Other, Corporate    (398   )      (165      )          -          (563   )
and Eliminations
Consolidated       $ 24,232    $   (19,504   )    $      92       $  4,820  
Total


NOTE 2 – ADJUSTED NET INCOME AND ADJUSTED EPS FROM CONTINUING OPERATIONS

The calculation of net income and earnings per share from continuing
operations excluding Impairment and restructuring charges, Equity affiliate
adjustments and “Other, net”, net of tax (“adjusted net income and adjusted
diluted earnings per share from continuing operations”) may not be comparable
to similarly titled measures reported by other companies, since companies and
investors may differ as to what type of events warrant adjustment. Adjusted
net income and adjusted diluted earnings per share from continuing operations
are not measures of performance under generally accepted accounting principles
and should not be construed as substitutes for consolidated net income and
earnings per share as determined under GAAP as a measure of performance.
However, management uses these measures in comparing the Company’s historical
performance and believes that they provide meaningful and comparable
information to investors to assist in their analysis of our performance
relative to prior periods and our competitors.

The Company uses adjusted net income and adjusted diluted earnings per share
from continuing operations to evaluate the performance of the Company’s
operations exclusive of certain items that impact the comparability of results
from period to period.

The following tables reconcile reported net income and reported diluted
earnings per share (“EPS”) from continuing operations to adjusted net income
and adjusted diluted earnings per share from continuing operations for the
three and twelve months ended June 30, 2013, and 2012, as well as the twelve
months ended June 30, 2011.

                          3 Months Ended June 30,
                           2013                       2012
                           Net                        Net       
                           income       EPS          income     EPS
                           (in US$ millions, except per share data)
                                                                  
Income from continuing     $   1,040                   $   629
operations
                                                                       
Less: Net income
attributable to               (63   )                    (33 )
noncontrolling interests
                                                                       
Income from continuing
operations attributable    $   977       $   0.42      $   596     $   0.25
to stockholders
                                                                       
Impairment and
restructuring charges
(net of provision for
income taxes of $2 and         4             -             205         0.08
$3 for the three months
ended June 30, 2013 and
2012, respectively)
                                                                       
Equity affiliate
adjustments (net of
provision for income
taxes of $53 and $40 for       (36   )       (0.02 )       (75 )       (0.03 )
the three months ended
June 30, 2013 and 2012,
respectively)^(a)
                                                                       
Other, net (net of
provision for income
taxes of $138 and $40          (219  )       (0.09 )       (82 )       (0.03 )
for the three months
ended June 30, 2013 and
2012, respectively)
                                                            
As adjusted                $  726      $  0.31     $  644    $  0.27  

              Equity earnings of affiliates three months ended June 30, 2013
    (a)  and June 30, 2012 were adjusted to exclude from BSkyB results
              21st Century Fox’s gain on the BSkyB repurchase program.


                   12 Months Ended June 30,
                    2013                        2012                       2011
                    Net                         Net                        Net         
                    income        EPS          income       EPS          income       EPS
                    (in US$ millions, except per share data)
                                                                                        
Income from
continuing          $   7,046                    $   3,369                   $   2,425
operations
                                                                                               
Less: Net income
attributable to        (226   )                    (193  )                    (129  )
noncontrolling
interest
                                                                                               
Income from
continuing
operations          $   6,820      $   2.91      $   3,176     $   1.27      $   2,296     $   0.87
attributable to
stockholders
                                                                                               
Impairment and
restructuring
charges (net of
provision for
income taxes of
$5, $15 and $42         43             0.02          227           0.09          246           0.09
for the twelve
months ended June
30, 2013, 2012
and 2011,
respectively)
                                                                                               
Equity affiliate
adjustments (net
of provision for
income taxes of
$85, $101 and $46       (164   )       (0.07 )       (187  )       (0.07 )       (87   )       (0.03 )
for the twelve
months ended June
30, 2013, 2012
and 2011,
respectively)^(a)
                                                                                               
Other, net (net
of provision for
income taxes of
$242, $140 and
$137 for the            (3,518 )       (1.50 )       (206  )       (0.08 )       (107  )       (0.04 )
twelve months
ended June 30,
2013, 2012 and
2011,
respectively)
                                                                                               
Rounding                                                (0.01 )                
As adjusted         $  3,181     $  1.36     $  3,010    $  1.20     $  2,348    $  0.89  

              Equity earnings of affiliates for the twelve months ended June
              30, 2013 and June 30, 2012 was adjusted to exclude from BSkyB’s
              results 21st Century Fox’s gain on the BSkyB repurchase program.
              The twelve months ended June 30, 2013 were also adjusted to
              exclude from Hulu results one-time costs resulting from its
              purchase of the Providence Equity Partners’ ownership stake. The
    (a)  twelve months ended June 30, 2012 were adjusted to exclude from
              BSkyB’s results the gain recognized on the fee paid by 21st
              Century Fox related to its withdrawal of its acquisition bid in
              July. Equity earnings of affiliates for the twelve months ended
              2011 was adjusted to exclude from NDS’ results its gain on the
              sale of its Open Bet business and the write-off of deferred
              financing costs from its debt restructuring, and from BSkyB
              results the gain recognized on the sale of its Easynet asset.


NOTE 3 – FISCAL 2013 RESULTS BY QUARTER

CONSOLIDATED STATEMENTS OF OPERATIONS
                       3 Months Ended
                        September 30,  December 31,  March 31,   June 30,
                        2012           2012          2013        2013
                        US $ Millions (except share related amounts)
                                                                      
Revenues                $  6,003        $  7,107       $ 7,353      $ 7,212
                                                                      
                                                                      
Operating expenses         (3,515  )       (4,518  )     (4,758 )     (4,705 )
Selling, general and
administrative             (920    )       (998    )     (1,048 )     (1,041 )
expenses
Depreciation and           (174    )       (181    )     (214   )     (228   )
amortization
Impairment and             (38     )       (2      )     (2     )     (6     )
restructuring charges
Equity earnings of         129             171           132          223
affiliates
Interest expense, net      (261    )       (264    )     (277   )     (261   )
Interest income            15              16            8            18
Other, net                 1,372          196          2,111       81     
Income from
continuing operations      2,611           1,527         3,305        1,293
before income tax
expense
Income tax expense         (304    )       (405    )     (728   )     (253   )
Income from                2,307           1,122         2,577        1,040
continuing operations
(Loss) Income on
discontinued               (20     )       1,324        321         (1,348 )
operations, net of
tax
Net income                 2,287           2,446         2,898        (308   )
Less: Net income
attributable to            (54     )       (65     )     (44    )     (63    )
noncontrolling
interests
Net income
attributable to
Twenty-First Century    $  2,233       $  2,381      $ 2,854     $ (371   )
Fox, Inc.
stockholders
                                                                      
                                                                      
Weighted average           2,370           2,346         2,330        2,321
shares:
                                                                      
Income from
continuing operations
attributable to
Twenty-First Century    $  0.95         $  0.45        $ 1.09       $ 0.42
Fox, Inc.
stockholders per
share:
                                                                      
Net income
attributable to
Twenty-First Century    $  0.94         $  1.01        $ 1.22       $ (0.16  )
Fox, Inc.
stockholders per
share:


SEGMENT INFORMATION

                         3 Months Ended
                          September 30,  December 31,  March 31,  June 30,
                          2012           2012          2013       2013
                          US $ Millions
Revenues
                                                                       
Cable Network             $   2,503       $  2,598       $ 2,827     $ 2,953
Programming
Television                    972            1,543         1,249       1,096
Filmed Entertainment          1,937          2,324         2,346       2,035
Direct Broadcast              828            912           1,320       1,379
Satellite Television
Other, Corporate and         (237   )      (270   )     (389  )    (251  )
Eliminations
Total Revenues            $   6,003      $  7,107      $ 7,353    $ 7,212 


Segment OIBDA
                                                                       
Cable Network             $   1,015       $  1,014       $ 1,069     $ 1,079
Programming
Television                    178            245           219         213
Filmed Entertainment          433            424           334         117
Direct Broadcast              95             55            91          156
Satellite Television
Other, Corporate and         (132   )      (124   )     (143  )    (77   )
Eliminations
Total Segment OIBDA       $   1,589      $  1,614      $ 1,570    $ 1,488 


Depreciation and
Amortization
                                                                       
Cable Network             $   41          $  46          $ 53        $ 57
Programming
Television                    22             21            23          27
Filmed Entertainment          33             33            32          34
Direct Broadcast              72             75            102         106
Satellite Television
Other, Corporate and         6            6           4         4     
Eliminations
Total Depreciation and    $   174        $  181        $ 214      $ 228   
Amortization *
                                                                       
Amortization of cable
distribution              $   21         $  23         $ 23       $ 22    
investments

            The three months ended September 30, 2012, December 31, 2012,
            March 31, 2013 and June 30, 2013 include the amortization of
    *  definite lived intangible assets of $35 million, $38 million, $52
            million and $57 million, respectively, principally comprised of
            purchase price amortization related to acquisitions.


ADJUSTED NET INCOME AND ADJUSTED EPS FROM CONTINUING OPERATIONS BY QUARTER

                       3 Months Ended
                        September 30, 2012          December 31, 2012
                        Net                        Net         
                        income        EPS          income       EPS
                        (in US$ millions, except per share data)
                                                                  
Net income from         $   2,307                    $   1,122
continuing operations
                                                                       
Less: Net income
attributable to            (54    )                    (65   )
noncontrolling
interests
                                                                       
Net income from
continuing operations   $   2,253      $   0.95      $   1,057     $   0.45
attributable to
stockholders
                                                                       
Impairment and
restructuring charges
(net of provision for
income taxes of $1
and $1 for the three        37             0.02          1             -
months ended
September 30 and
December 31 2012,
respectively)
                                                                       
Equity affiliate
adjustments (net of
provision for income
taxes of $25 and $5         (50    )       (0.02 )       (69   )       (0.03 )
for the three months
ended September 30
and December 31 2012,
respectively)^(a)
                                                                       
Other, net (net of
provision for income
taxes of $28 and $26
for the three months        (1,344 )       (0.57 )       (170  )       (0.07 )
ended September 30
and December 31 2012,
respectively)
                                                            
As adjusted             $  896       $  0.38     $  819      $  0.35  

              Equity earnings of affiliates for the three months ended
              September 30 and December 31, 2012 was adjusted to exclude from
              BSkyB results 21st Century Fox’s gain on the BSkyB repurchase
    (a)  program. The three months ended December 31, 2012 were also
              adjusted to exclude from Hulu results one-time costs resulting
              from its purchase of the Providence Equity Partners’ ownership
              stake.


                            3 Months Ended
                             March 31, 2013            June 30, 2013
                             Net                      Net       
                             income       EPS         income     EPS
                             (in US$ millions, except per share data)
                                                                   
Net income from continuing   $   2,577                  $   1,040
operations
                                                                        
Less: Net income
attributable to                 (44)                      (63)
noncontrolling interests
                                                                        
Net income from continuing
operations attributable to   $   2,533     $   1.09     $   977     $   0.42
stockholders
                                                                        
Impairment and
restructuring charges (net
of provision for income
taxes of $1 and $2 for the       1             -            4           -
three months ended March
31 and June 30, 2013,
respectively)
                                                                        
Equity affiliate
adjustments (net of
provision for income taxes
of $3 and $53 for the            (8)           -            (36)        (0.02)
three months ended March
31 and June 30, 2013,
respectively)^(a)
                                                                        
Other, net (net of
provision for income taxes
of $325 and $138 for the         (1,786)       (0.77)       (219)       (0.09)
three months ended March
31 and June 30, 2013,
respectively)
                                                             
As adjusted                  $  740       $  0.32     $  726     $  0.31

              Equity earnings of affiliates for the three months ended March
    (a)  31 and June 30, 2013 was adjusted to exclude from BSkyB results
              21st Century Fox’s gain on the BSkyB repurchase program.

Contact:

Twenty-First Century Fox Inc.
Investor Relations
Reed Nolte, 212-852-7092
Joe Dorrego, 212-852-7856
or
Press Inquiries
Julie Henderson, 310-369-0773
Dan Berger, 310-369-1274
Nathaniel Brown, 212-852-7746
 
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