21st Century Fox Reports First Quarter Total Segment Operating Income Before Depreciation and Amortization of $1.62 Billion

  21st Century Fox Reports First Quarter Total Segment Operating Income Before
  Depreciation and Amortization of $1.62 Billion

   First Quarter Revenue Increased $1.06 Billion or 18% over the Prior Year
                           Quarter to $7.06 Billion

Business Wire

NEW YORK -- November 5, 2013

Twenty-First Century Fox Inc. (“21st Century Fox” or the “Company” -- (NASDAQ:
FOXA, FOX; ASX: FOXLV, FOX) today reported $7.06 billion of total revenue for
the three months ending September 30, 2013, a $1.06 billion or 18% increase
over the $6.00 billion of revenue in the prior year quarter^(1). Approximately
half of the revenue 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”)
revenue in the Direct Broadcasting Satellite Television (“DBS”) segment.

The Company reported first quarter total segment operating income before
depreciation and amortization (“OIBDA”)^(2) of $1.62 billion, as compared to
$1.59 billion reported a year ago. The 2% improvement was led by OIBDA growth
at the Company’s DBS and Television segments which was offset principally by
declines at the Filmed Entertainment segment.

The Company reported quarterly income from continuing operations attributable
to stockholders of $768 million ($0.33 per share), as compared to $2.25
billion ($0.95 per share) reported in the corresponding period of the prior
year. Current year quarterly results included a $139 million increase in
Depreciation and amortization expense principally resulting from the
consolidation of Sky Deutschland, including the amortization of intangible
assets resulting from the Company’s acquisition of a controlling ownership
stake in this entity in January 2013. Prior year quarterly results included
$1.37 billion of income in Other, net, principally related to the gain on the
sale of the ownership stake in the NDS Group Limited. Excluding the net income
effects of Other, net and Impairment charges, as well as gains from the
Company’s participation in British Sky Broadcasting’s (“BSkyB”) share
repurchase program, which are reflected in Equity earnings, first quarter
adjusted earnings per share^(3) was $0.33 versus the adjusted prior year
quarter result of $0.38.

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

“In our first quarter as 21st Century Fox, we delivered strong revenue
increases across all of our businesses as well as growth in OIBDA even as we
made significant investment in our channels business, and faced a difficult
film comparison and currency headwinds. The investment we are making,
including the launch of FXX and Fox Sports 1, will drive future sustained
growth toward our stated 2016 target of $9 billion of OIBDA and beyond.”

     
       On June 28, 2013, the Company completed the separation of its
       businesses into two independent, publicly-traded companies (the
       “Separation”). The Company retained the media and entertainment
^(1)  businesses and the new News Corporation holds the Company’s former
       publishing, digital education and Australian media businesses.
       Historical results for periods prior to June 28, 2013 described in the
       press release have been adjusted to reflect the Separation.
       
       Total segment operating income before depreciation and amortization
       (“OIBDA”) is a non-GAAP financial measure. See page 10 for a
^(2)   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 12 for a reconciliation of reported net income and earnings
^(3)   per share from continuing operations attributable to stockholders to
       adjusted net income and adjusted earnings per share from continuing
       operations attributable to stockholders.
       

REVIEW OF SEGMENT OPERATING RESULTS

                                         3 Months Ended
                                            September 30,
                                            2013         2012
                                            US $ Millions
Revenues                                                
                                                              
Cable Network Programming                   $ 2,810         $ 2,503
Television                                    1,048           972
Filmed Entertainment                          2,120           1,937
Direct Broadcast Satellite Television         1,390           828
Other, Corporate and Eliminations            (307  )        (237  )
Total Revenues                              $ 7,061        $ 6,003 
                                                                    

Segment OIBDA                           
                                                        
Cable Network Programming                   $ 991           $ 1,015
Television                                    231             178
Filmed Entertainment                          328             433
Direct Broadcast Satellite Television         190             95
Other, Corporate and Eliminations            (122  )        (132  )
Total Segment OIBDA                         $ 1,618        $ 1,589 
                                                                    

CABLE NETWORK PROGRAMMING

Cable Network Programming reported quarterly segment OIBDA of $0.99 billion,
as compared to $1.02 billion in the prior year quarter. Overall OIBDA growth
was impacted, as anticipated, by the costs of the new cable channel
initiatives, a 3% adverse impact from foreign exchange rate fluctuations and
the timing of programming and marketing at the FX Network. Revenue grew 12%,
reflecting growth at all networks as well as the benefit from the
consolidation of the newly acquired businesses, including ESPN Star Sports
(“ESS”), Eredivisie Media & Marketing CV (“EMM”) and SportsTime Ohio. This
growth was more than offset by a 22% increase in expenses, primarily from the
investments in new channels. Approximately two-thirds of the expense increase
was attributable to the net costs associated with the launches of new
channels, including Fox Sports 1 and FXX, as well as the investments in the
newly acquired businesses.

Affiliate revenue grew 10% and 40% at the domestic and international cable
channels, respectively. Domestic network growth reflects higher rates across
all networks, led by growth at the Company’s regional sports networks
(“RSNs”), FX Networks and Fox News Channel. The international affiliate
revenue increase reflects strong local currency growth of nearly 20% at the
non-sports channels at the Fox International Channels (“FIC”) and STAR. The
balance of the international growth was attributable to the sports channels,
including the former ESS and EMM networks, partially offset by a 7% adverse
impact from the strengthened U.S. dollar, primarily in Latin America and
India.

Advertising revenue at the domestic cable channels grew 6% in the quarter over
the prior year period driven by double-digit growth at the FX Networks, RSNs
and National Geographic Channels, partially offset by lower advertising
revenue at the Fox News Channel, due to the absence of the 2012 presidential
election. The international cable channels’ advertising revenue increased 21%
which reflects strong local currency growth at the non-sports channels at FIC
and STAR. The international growth attributable to the sports channels,
including the former ESS and EMM networks, was offset by an 8% adverse impact
from the strengthened U.S. dollar, primarily in Latin America and India.

OIBDA contributions from the domestic channels decreased 7% from the
corresponding period in the prior year, as sustained OIBDA growth at the RSNs,
Fox News Channel, National Geographic Channels and Fox Business Channel was
more than offset by the impact from the commencement of our investments toward
the launches of Fox Sports 1 and FXX in the quarter as well as lower
contributions from the FX Network, as a result of higher programming and
marketing costs for new series launches, and the impact of distributor credits
in the prior year. The Company’s international cable channels’ quarterly
contributions increased 15% from the same period a year ago, reflecting strong
local currency growth at the non-sports channels at FIC and STAR. The
international OIBDA improvement attributable to the sports channels was more
than offset by a 13% adverse impact from the strengthened U.S. dollar,
primarily in Latin America and India.

TELEVISION

Television reported quarterly segment OIBDA of $231 million, an increase of
$53 million or 30% versus the same period a year ago. This increase was driven
by a doubling of retransmission consent revenue. Quarterly advertising revenue
was consistent with that from the prior year quarter as the impact from higher
rates and increased sports ratings, driven by strong National Football League
viewership, offset the impact from lower general entertainment ratings, led by
declines at X Factor, and lower political advertising at the TV stations.

FILMED ENTERTAINMENT

Filmed Entertainment reported quarterly segment OIBDA of $328 million, as
compared to $433 million reported in the same period a year ago. The $105
million decline was primarily attributable to difficult comparisons to the
successful worldwide theatrical performance of Ice Age: Continental Drift in
the corresponding period of the prior year. Current year quarterly results
reflect the successful worldwide theatrical performances of The Wolverine and
The Heat, which grossed over $400 million and $230 million in worldwide box
office, respectively. Current year quarterly results also included the pay
television performances of Taken 2 and Life of Pi. Quarterly revenue increased
$183 million or 9% to $2.12 billion, primarily reflecting growth at the
television production businesses, led by the syndication of Modern Family and
higher SVOD revenue resulting from the sale of the first two seasons of New
Girl to Netflix.

DIRECT BROADCAST SATELLITE TELEVISION

DBS generated quarterly segment OIBDA of $190 million, compared to $95 million
reported in the same period a year ago. The improvement was driven by the
lower programming expenses at SKY Italia, due to the absence of costs
associated with the broadcast of last year’s London Olympics, and the
consolidation of Sky Deutschland results, following the Company’s acquisition
of a controlling ownership stake in this entity in January 2013. Revenue
increased $562 million versus the same period a year ago, reflecting the
inclusion of Sky Deutschland revenue. Sky Deutschland grew net direct
subscribers by approximately 76,000 during the quarter, bringing total direct
subscribers to 3.53 million. Quarterly local currency revenue at SKY Italia
was consistent with the corresponding period of the prior year. SKY Italia
maintained its subscriber base during the quarter, with total subscribers at
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
                                               September 30,
                           % Owned             2013    2012
                                               US $ Millions
BSkyB                      39%^(1)             $   92          $   209
Other affiliates           Various^(2)            -                (80   )
Total equity earnings of                       $   92            $   129   
affiliates
                                                                            

^(1)  Please refer to BSkyB’s earnings releases for detailed information.
       Primarily comprised of Yankees Entertainment and Sports Network (“YES
^(2)   Network”), Hulu and STAR equity affiliates, as well as Sky Deutschland
       through December 2012 in the prior year.
       

Quarterly earnings from affiliates were $92 million as compared to $129
million in the same period a year ago. The decreased contributions from
affiliates are primarily due to lower contributions from BSkyB, including the
impact of the Company’s pre-tax gain related to its participation in BSkyB’s
share repurchase declining from $75 million in the corresponding period of the
prior year to $8 million in the current quarter. This decrease was partially
offset by the absence of NDS Group Limited results due to its sale in July
2012 and Sky Deutschland operating losses resulting from its consolidation in
January 2013, as well as improved contributions from other affiliates,
including the YES Network and Hulu.

OTHER ITEMS

Dividends

On August 8, 2013, the Company declared a dividend of $0.125 per Class A and
Class B share. This dividend was paid on October 16, 2013 and reflects a 47%
increase over the prior year semi-annual dividend of $0.085 per Class A and
Class B share of the former News Corporation common stock (prior to the
Separation).

Share repurchases

On August 8, 2013, 21st Century Fox announced that its Board of Directors
authorized the repurchase of $4 billion of Class A Common Stock, excluding
commissions, which replaced the remaining authorized amount under the stock
repurchase program. Since the commencement of the current stock repurchase
program in August 2011 through November 4, 2013, the Company has purchased
nearly $7.9 billion of Class A common stock, at an average price of $20.83 per
share. As a result of the stock repurchase program, diluted weighted Class A
shares outstanding of 2,309 million in this year’s quarter declined 3% from
2,370 million in the same period a year ago.

Sale of Phoenix Satellite Television Holdings Ltd.

In November 2013, the Company finalized the sale of its remaining 12%
ownership stake in Phoenix Satellite Television Holdings Ltd. for
approximately $210 million.

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 first
quarter results can be heard live on the Internet at 4:30 p.m. Eastern
Standard 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
                                  September 30,
                                  2013                    2012
                                  US $ Millions (except share related amounts)
                                                                
Revenues                          $    7,061               $    6,003
                                                                
                                                                
Operating expenses                     (4,447    )              (3,515    )
Selling, general and                   (1,018    )              (920      )
administrative expenses
Depreciation and amortization          (313      )              (174      )
Impairment charges                     -                        (35       )
Equity earnings of affiliates          92                       129
Interest expense, net                  (272      )              (261      )
Interest income                        8                        15
Other, net                             (35       )              1,369     
Income from continuing
operations before income tax           1,076                    2,611
expense
Income tax expense                     (300      )              (304      )
Income from continuing                 776                      2,307
operations
Income (loss) on discontinued          487                     (20       )
operations, net of tax
Net Income                        $    1,263              $    2,287     
Less: Net income attributable
to                                     (8        )              (54       )

noncontrolling interests
Net income attributable to
Twenty-First Century Fox, Inc.    $    1,255              $    2,233     
stockholders
                                                                
                                                                
Weighted average shares:               2,309                    2,370
                                                                
Income from continuing
operations attributable to        $    0.33                $    0.95
Twenty-First Century Fox, Inc.
stockholders per share:
                                                                
Net income attributable to
Twenty-First Century Fox, Inc.    $    0.54                $    0.94
stockholders per share:
                                                                          

CONSOLIDATED BALANCE SHEETS               September 30,   June 30,
                                            2013            2013
Assets:                                     US $ Millions
Current assets:
Cash and cash equivalents                   $  6,681          $   6,659
Receivables, net                               5,605              5,459
Inventories, net                               3,278              2,784
Other                                         979              665      
Total current assets                          16,543           15,567   
                                                                           
Non-current assets:
Receivables                                    452                437
Investments                                    3,802              3,704
Inventories, net                               5,723              5,371
Property, plant and equipment, net             2,875              2,829
Intangible assets, net                         6,618              5,064
Goodwill                                       16,297             17,255
Other non-current assets                      715              717      
Total assets                                $  53,025        $   50,944   
                                                                           
                                                                           
Liabilities and Equity:
Current liabilities:
Borrowings                                  $  140            $   137
Accounts payable, accrued expenses and         4,744              4,434
other current liabilities
Participations, residuals and royalties        1,655              1,663
payable
Program rights payable                         1,613              1,524
Deferred revenue                              761              677      
Total current liabilities                     8,913            8,435    
                                                                           
Non-current liabilities:
Borrowings                                     17,333             16,321
Other liabilities                              3,172              3,264
Deferred income taxes                          2,712              2,280
Redeemable noncontrolling interests            518                519
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                     15,532             15,840
Retained earnings and accumulated other       1,669            1,135    
comprehensive income
Total Twenty-First Century Fox, Inc.           17,224             16,998
stockholders' equity
Noncontrolling interests                      3,153            3,127    
Total equity                                  20,377           20,125   
Total liabilities and equity                $  53,025        $   50,944   
                                                                           

CONSOLIDATED STATEMENTS OF CASH FLOWS                         
                                                  3 Months Ended September 30,
                                                  2013           2012
                                                  US $ Millions
Operating activities:
Net Income                                        $  1,263          $ 2,287
Less: Income (loss) on discontinued                 487            (20    )
operations, net of tax
Income from continuing operations                    776              2,307
Adjustments to reconcile income from
continuing operations to cash provided by
operating activities:
Depreciation and amortization                        313              174
Amortization of cable distribution                   22               21
investments
Equity earnings of affiliates                        (92    )         (129   )
Cash distributions received from affiliates          13               2
Impairment charges                                   -                35
Other, net                                           35               (1,369 )
Change in operating assets and liabilities,
net of acquisitions:
Receivables and other assets                         (150   )         (139   )
Inventories, net                                     (805   )         (444   )
Accounts payable and other liabilities              233            345    
Net cash provided by operating activities           345            803    
from continuing operations
                                                                      
Investing activities:
Property, plant and equipment                        (171   )         (112   )
Acquisitions, net of cash acquired                   (7     )         -
Investments in equity affiliates                     (137   )         70
Other investments                                    (14    )         (30    )
Proceeds from dispositions                          3              1,825  
Net cash (used in) provided by investing            (326   )        1,753  
activities from continuing operations
                                                                      
Financing activities:
Borrowings                                           987              987
Issuance of shares                                   66               111
Repurchase of shares                                 (913   )         (877   )
Dividends paid                                       (58    )         (41    )
Purchase of subsidiary shares from                   (75    )         -
noncontrolling interests
Sale of subsidiary shares to noncontrolling          -                9
interests
Distribution to News Corporation                    (10    )        -      
Net cash (used in) provided by financing            (3     )        189    
activities from continuing operations
                                                                      
Net (decrease) in cash and cash equivalents          (29    )         (395   )
from discontinued operations
                                                                      
Net (decrease) increase in cash and cash             (13    )         2,350
equivalents
Cash and cash equivalents, beginning of              6,659            9,626
period
Exchange movement on opening cash balance           35             31     
Cash and cash equivalents, end of period          $  6,681         $ 12,007 
                                                                             

SEGMENT INFORMATION                     3 Months Ended
                                          September 30,
                                          2013         2012
                                          US $ Millions
Revenues                                              
                                                            
Cable Network Programming                 $ 2,810         $ 2,503
Television                                  1,048           972
Filmed Entertainment                        2,120           1,937
Direct Broadcast Satellite Television       1,390           828
Other, Corporate and Eliminations          (307  )        (237  )
Total Revenues                            $ 7,061        $ 6,003 
                                                            
                                                            
Segment OIBDA
                                                            
Cable Network Programming                 $ 991           $ 1,015
Television                                  231             178
Filmed Entertainment                        328             433
Direct Broadcast Satellite Television       190             95
Other, Corporate and Eliminations          (122  )        (132  )
Total Segment OIBDA                       $ 1,618        $ 1,589 
                                                            
                                                            
Depreciation and Amortization
                                                            
Cable Network Programming                 $ 50            $ 41
Television                                  24              22
Filmed Entertainment                        32              33
Direct Broadcast Satellite Television       203             72
Other, Corporate and Eliminations          4             6     
Total Depreciation and Amortization *     $ 313          $ 174   
                                                                  

    The three months ended September 30, 2013 and 2012 include the
*  amortization of definite lived intangible assets of $139 million and $35
    million, respectively, principally comprised of purchase price
    amortization related to acquisitions.
    

CONSOLIDATED REVENUES BY COMPONENT   3 Months Ended
                                       September 30,
                                       2013       2012
                                       US $ Millions
                                                 
Affiliate Fees                         $ 2,102       $ 1,748
Subscription                             1,305         780
Advertising                              1,665         1,583
Content                                  1,912         1,776
Other                                   77           116
Total Revenues                         $ 7,061       $ 6,003
                                                       

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 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. 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 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
                                                   September 30,
                                                   2013          2012
                                                   US $ Millions
                                                                
Revenues                                           $ 7,061          $ 6,003
Operating expenses                                   (4,447 )         (3,515 )
Selling, general and administrative expenses         (1,018 )         (920   )
Add: Amortization of cable distribution             22             21     
investments
Total Segment OIBDA                                  1,618            1,589
Amortization of cable distribution investments       (22    )         (21    )
Depreciation and amortization                        (313   )         (174   )
Impairment charges                                   -                (35    )
Equity earnings of affiliates                        92               129
Interest expense, net                                (272   )         (261   )
Interest income                                      8                15
Other, net                                          (35    )        1,369  
Income from continuing operations before           $ 1,076         $ 2,611  
income tax expense
                                                                      

                   3 Months Ended September 30, 2013
                    (US $ Millions)
                               Operating and      Add:          
                                                    Amortization
                                Selling, general    of cable
                                and                 distribution
                                administrative
                    Revenues    expenses            investments     Segment
                                                                    OIBDA
Cable Network       $ 2,810     $    (1,841   )     $    22         $  991
Programming
Television            1,048          (817     )          -             231
Filmed                2,120          (1,792   )          -             328
Entertainment
Direct Broadcast
Satellite             1,390          (1,200   )          -             190
Television
Other, Corporate     (307  )       185               -           (122  )
and Eliminations
Consolidated        $ 7,061    $    (5,465   )     $    22        $  1,618 
Total
                                                                       

                   3 Months Ended September 30, 2012
                    (US $ Millions)
                               Operating and      Add:          
                                                    Amortization
                                Selling, general    of cable
                                and                 distribution
                                administrative
                    Revenues    expenses            investments     Segment
                                                                    OIBDA
Cable Network       $ 2,503     $    (1,509   )     $    21         $  1,015
Programming
Television            972            (794     )          -             178
Filmed                1,937          (1,504   )          -             433
Entertainment
Direct Broadcast
Satellite             828            (733     )          -             95
Television
Other, Corporate     (237  )       105               -           (132  )
and Eliminations
Consolidated        $ 6,003    $    (4,435   )     $    21        $  1,589 
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 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 months ended September 30, 2013 and 2012.

                        3 Months Ended
                         September 30, 2013         September 30, 2012
                         Net income  EPS   Net income  EPS
                         (in US$ millions, except per share data)
                                                                
As reported              $  776                       $ 2,307
                                                                      
Less: Net income
attributable to            (8   )                 $ (54    )     
noncontrolling
interests
                                                                      
Income from continuing
operations               $  768       $  0.33         $ 2,253      $  0.95
attributable to
stockholders
                                                                      
Impairment charges          -            -              35            0.01
                                                                      
Equity affiliate
adjustments (net of
provision for income
taxes of -$2 and -$25       (6   )       -              (50    )      (0.02  )
for the three months
ended September 30,
2013 and 2012,
respectively)^(a)
                                                                      
Other, net (net of
provision for income
taxes of $28 and -$27       7            -              (1,342 )      (0.57  )
for the three months
ended September 30,
2013 and 2012)
                                                                      
Rounding                                                              0.01
                                                              
As adjusted              $  769      $  0.33        $ 896       $  0.38   
                                                                      

      Equity earnings of affiliates for the three months ended September 30,
(a)  2013 and 2012 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
Nathaniel Brown, 212-852-7746