21st Century Fox Reports Q3 Total Segment Operating Income before Depreciation and Amortization of $1.79 Billion

  21st Century Fox Reports Q3 Total Segment Operating Income before
  Depreciation and Amortization of $1.79 Billion

Business Wire

NEW YORK -- May 7, 2014

Twenty-First Century Fox Inc. (“21st Century Fox” or the “Company” -- NASDAQ:
FOXA, FOX) today reported $8.22 billion of total revenue for the three months
ending March31, 2014, an $866 million or 12% increase over the $7.35 billion
of revenue reported in the prior year quarter^(1). The growth in revenue was
driven by a $338 million increase at the Television segment, led by the
broadcast of Super Bowl XLVIII, and a $325 million or 11% increase at the
Cable Network Programming segment, led by continued global affiliate revenue
growth.

The Company reported third quarter total segment operating income before
depreciation and amortization (“OIBDA”)^(2) of $1.79 billion, as compared to
$1.57 billion reported a year ago, representing a $217 million or 14%
increase. The OIBDA growth was led by increased contributions from the Cable
Network Programming and Television segments.

The Company reported quarterly income from continuing operations attributable
to stockholders of $1.07 billion ($0.47 per share), as compared to $2.53
billion ($1.09 per share) reported in the corresponding period of the prior
year. Current year quarterly results included a $53 million increase in
Depreciation and amortization expense principally resulting from the
amortization of intangible assets related to the Company’s acquisition of a
controlling ownership stake of Sky Deutschland AG (“Sky Deutschland”) in
January 2013. The current year quarterly results also included $33 million of
expense in Other, net, principally reflecting the completion of all terms
related to the prior year sale of the Company’s ownership stake in NDS Group
Ltd, as compared to income of $2.11 billion in the corresponding period of the
prior year driven by the gain on the acquisition of the additional ownership
stake in Sky Deutschland. Excluding the net income effects of Other, net, as
well as the exclusion of gains from the Company’s participation in British Sky
Broadcasting’s (“BSkyB”) share repurchase program included in Equity earnings
of affiliates, third quarter adjusted earnings per share^(3) was $0.47, a
$0.15 or 47% increase versus the adjusted prior year quarter result of $0.32.

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

“We delivered strong results in the fiscal third quarter with double-digit
revenue and earnings growth led by sustained gains in affiliate fees at our
cable networks. The sizeable audiences of our live television events, led by
the most watched Super Bowl in history, underscore the value of our
investments in live sports programming, both in the US and internationally.
This quarter’s continued solid operational and financial performance
demonstrates the global leadership of our businesses and the long-term value
we are creating for our shareholders.”

________________________________________________________________________________
                         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 businesses and the new News
^(1)                    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.
^(2)                     See page 10 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 12 for a reconciliation of reported income and
                         earnings per share from continuing operations
^(3)                     attributable to stockholders to adjusted income and
                         earnings per share from continuing operations
                         attributable to stockholders.
                         

                                                              
REVIEW OF SEGMENT OPERATING RESULTS
                                
                                                                    
                         Three Months Ended          Nine Months Ended
                         March 31,                   March 31,
                         2014        2013          2014         2013
                         US$Millions
Revenues
                                                                    
Cable Network            $ 3,152       $ 2,827       $ 8,926        $ 7,928
Programming
Television                 1,587         1,249         4,265          3,764
Filmed                     2,279         2,346         6,876          6,607
Entertainment
Direct Broadcast
Satellite                  1,530         1,320         4,437          3,060
Television
Other, Corporate          (329  )      (389  )      (1,061 )      (896   )
and Eliminations
Total Revenues           $ 8,219      $ 7,353      $ 23,443      $ 20,463 
                                                                    
Segment OIBDA
                                                                    
Cable Network            $ 1,176       $ 1,069       $ 3,205        $ 3,098
Programming
Television                 288           219           737            642
Filmed                     354           334           1,019          1,191
Entertainment
Direct Broadcast
Satellite                  58            91            278            241
Television
Other, Corporate          (89   )      (143  )      (290   )      (399   )
and Eliminations
Total Segment            $ 1,787      $ 1,570      $ 4,949       $ 4,773  
OIBDA
                                                                    

CABLE NETWORK PROGRAMMING

Cable Network Programming quarterly segment OIBDA increased 10% to $1.18
billion, driven by an 11% revenue increase led by affiliate revenue growth
across our networks. This revenue growth was partially offset by a 12%
increase in expenses, more than half of which reflects the planned investments
related to the launches of new channels, including Fox Sports 1, STAR Sports
and FXX. Segment OIBDA growth was also adversely impacted by 4% from foreign
exchange rate fluctuations.

Domestic affiliate revenue grew 12% reflecting the combination of sustained
growth at the regional sports networks (“RSNs”), FX Network and Fox News
Channel and the contributions from the launches of Fox Sports 1 and FXX.
Reported international affiliate revenue also increased 12% driven by strong
local currency growth at the Fox International Channels (“FIC”), partially
offset by a 9% adverse impact from the strengthened U.S. dollar, primarily in
Latin America.

Domestic advertising revenue grew 8% in the quarter over the prior year period
driven by solid growth at the FX Networks, Fox News Channel and RSNs. The
growth at the FX Networks included increases related to the launch of FXX.
Reported international advertising revenue increased 4% due to strong local
currency growth at STAR and FIC, partially offset by a 10% adverse impact from
the strengthened U.S. dollar, primarily in India and Latin America.

OIBDA from the domestic channels increased 13% from the corresponding period
in the prior year, reflecting strong OIBDA growth at the FX Networks, RSNs and
Fox News Channel. Reported quarterly OIBDA at the Company’s international
cable channels’ declined 1% from the corresponding period of the prior year as
strong local currency growth at FIC and the STAR entertainment channels was
more than offset by investments in the STAR Sports channels and a 17% adverse
impact from the strengthened U.S. dollar, primarily in Latin America and
India.

TELEVISION

Television reported quarterly segment OIBDA of $288 million, an increase of
32% as compared to the prior year quarter driven by 27% revenue growth
reflecting increased advertising revenue and continued growth of
retransmission consent revenues. Quarterly advertising revenues grew 30% from
the corresponding period of the prior year driven by the broadcast of Super
Bowl XLVIII and higher rates and ratings for the National Football League
playoffs, partially offset by the impact from lower general entertainment
ratings, led by declines at American Idol. The segment results also included
higher costs associated with the broadcast of Super Bowl XLVIII and higher
scripted programming and marketing costs.

FILMED ENTERTAINMENT

Filmed Entertainment reported quarterly segment OIBDA of $354 million, a 6%
increase over the $334 million reported in the same period a year ago. This
result reflects higher contributions from the television production
businesses, led by higher SVOD revenues driven by the sale of series to
Amazon, which included 24 and The Americans, and the syndication of Modern
Family. This growth was  partially offset by the timing of theatrical launch
costs incurred in the quarter in advance of the successful worldwide
theatrical release of Rio 2 in April, which has grossed nearly $400 million in
worldwide box office to date.

DIRECT BROADCAST SATELLITE TELEVISION

DBS generated quarterly segment OIBDA of $58 million, compared to $91 million
reported in the same period a year ago. The decrease in OIBDA reflects higher
programming costs related to SKY Italia’s broadcast of the Sochi Olympics and
Sky Deutschland’s exclusive broadcast of Bundesliga soccer, which commenced in
the current fiscal year. The impact from the increased programming costs more
than offset a $210 million or 16% increase in segment revenues driven by
continued subscriber growth at Sky Deutschland and a 4% beneficial impact from
the strengthened Euro. At SKY Italia, quarterly local currency revenue was
consistent with the corresponding period of the prior year. Sky Deutschland
grew net direct subscribers by approximately 64,000 during the quarter,
bringing total direct subscribers to 3.73 million while SKY Italia’s
subscriber base was essentially unchanged at 4.75 million.

REVIEW OF EQUITY EARNINGS (LOSSES) OF AFFILIATES’ RESULTS

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

                                                  
                                   Three Months Ended     Nine Months Ended
                                   March 31,              March 31,
                   % Owned         2014     2013        2014      2013
                                                                 
BSkyB              39%^(1)         $  165     $ 160       $ 441       $ 667
Other              Various^(2)       5        (28 )      (11 )      (235 )
affiliates
Total equity
earnings of                        $  170     $ 132      $ 430      $ 432  
affiliates

^(1)  Please refer to BSkyB’s earnings releases for detailed information.
       Primarily comprised of Hulu and STAR equity affiliates, as well as the
^(2)   Yankees Entertainment and Sports Network (“YES Network”) through
       February 2014 and Sky Deutschland through December 2012.
       

Quarterly equity earnings of affiliates was $170 million as compared to $132
million in the same period a year ago. The increased contributions from
affiliates are primarily due to improved contributions from the YES Network
and Hulu. The impact of the Company’s pre-tax gain related to its
participation in BSkyB’s share repurchase increased from $11 million in the
corresponding period of the prior year to $28 million in the current quarter.

OTHER ITEMS

Share repurchases

On August8, 2013, 21st Century Fox announced that its Board of Directors
authorized the repurchase of $4 billion of ClassA Common Stock, excluding
commissions, which replaced the remaining authorized amount under the stock
repurchase program. During the quarter, the Company repurchased 31.2 million
shares of Class A Common Stock for $1.0 billion bringing the total fiscal year
to date repurchase to 84.7 million shares of Class A Common Stock for $2.8
billion. As a result of the stock repurchase program, diluted weighted average
ClassA Common Stock outstanding of 2,256million in this year’s quarter
declined 3% from 2,330million in the same period a year ago.

Acquisition of additional stake in YES Network

In February 2014, the Company acquired an additional 31% interest in the YES
Network for approximately $680 million and funded approximately $160 million
of additional upfront costs on behalf of YES Network. As a result of the
acquisition, effective March 1, 2014, the Company consolidated the balance
sheet and operating results of the YES Network, including approximately $1.7
billion in debt, as it has an 80% controlling interest.

Delisting from the Australian Securities Exchange

In March 2014, the Company received approval from its stockholders and
subsequently the Australian Securities Exchange (the “ASX”) for removal of its
full foreign listing from the ASX. On May 1, 2014, the ASX suspended trading
of 21st Century Fox’s CHESS Depositary Interests on the ASX. Delisting from
the ASX is expected to occur on May 8, 2014 and, effective as of that date,
all of 21st Century Fox’s Class A and Class B Common Stock will be listed
solely on the NASDAQ Global Select Market.

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 third
quarter results can be heard live on the Internet at 4:30 p.m. Eastern
Daylight Savings 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
                     Three Months Ended            Nine Months Ended
                     March 31,                     March 31,
                      2014       2013         2014        2013    
                     US$Millions(exceptsharerelatedamounts)
                                                                   
Revenues             $ 8,219        $ 7,353        $ 23,443        $ 20,463
                                                                   
                                                                   
Operating              (5,475 )       (4,826 )       (15,473 )       (12,859 )
expenses
Selling, general
and                    (978   )       (980   )       (3,082  )       (2,898  )
administrative
Depreciation and       (267   )       (214   )       (840    )       (569    )
amortization
Impairment             -              -              -               (35     )
charges
Equity earnings        170            132            430             432
of affiliates
Interest               (284   )       (277   )       (830    )       (802    )
expense, net
Interest income        6              8              21              39
Other, net            (33    )      2,109        123           3,672   
Income from
continuing
operations             1,358          3,305          3,792           7,443
before income
tax expense
Income tax            (269   )      (728   )      (929    )      (1,437  )
expense
Income from
continuing             1,089          2,577          2,863           6,006
operations
(Loss) income
from
discontinued          (16    )      321          696           1,625   
operations, net
of tax
Net Income           $ 1,073       $ 2,898       $ 3,559        $ 7,631   
Less: Net income
attributable to       (20    )      (44    )      (44     )      (163    )
noncontrolling
interests
Net income
attributable to
Twenty-First         $ 1,053       $ 2,854       $ 3,515        $ 7,468   
Century Fox,
Inc.
stockholders
                                                                   
                                                                   
Weighted average       2,256          2,330          2,283           2,348
shares:
                                                                   
Income from
continuing
operations
attributable to
Twenty-First         $ 0.47         $ 1.09         $ 1.23          $ 2.49
Century Fox,
Inc.
stockholders per
share:
                                                                   
Net income
attributable to
Twenty-First
Century Fox,         $ 0.47         $ 1.22         $ 1.54          $ 3.18
Inc.
stockholders per
share:
                                                                             

                                                                
CONSOLIDATED BALANCE SHEETS
                                                        March 31,     June 30,
                                                        2014          2013
Assets:                                                 US $ Millions
Current assets:
Cash and cash equivalents                               $  5,517      $ 6,659
Receivables, net                                           6,314        5,459
Inventories, net                                           3,387        2,784
Other                                                     431         665
Total current assets                                      15,649      15,567
                                                                      
Non-current assets:
Receivables                                                456          437
Investments                                                2,908        3,704
Inventories, net                                           6,541        5,371
Property, plant and equipment, net                         2,942        2,829
Intangible assets, net                                     8,294        5,064
Goodwill                                                   17,918       17,255
Other non-current assets                                  585         717
Total assets                                            $  55,293     $ 50,944
                                                                      
                                                                      
Liabilities and Equity:
Current liabilities:
Borrowings                                              $  797        $ 137
Accounts payable, accrued expenses and other               4,434        4,434
current liabilities
Participations, residuals and royalties payable            1,881        1,663
Program rights payable                                     1,921        1,524
Deferred revenue                                          682         677
Total current liabilities                                 9,715       8,435
                                                                      
Non-current liabilities:
Borrowings                                                 18,257       16,321
Other liabilities                                          3,100        3,264
Deferred income taxes                                      2,723        2,280
Redeemable noncontrolling interests                        534          519
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value                      14           15
Class B common stock, $0.01 par value                      8            8
Additional paid-in capital                                 15,200       15,840
Retained earnings and accumulated other                   2,241       1,135
comprehensive income
Total Twenty-First Century Fox, Inc.                       17,463       16,998
stockholders' equity
Noncontrolling interests                                  3,501       3,127
Total equity                                              20,964      20,125
Total liabilities and equity                            $  55,293     $ 50,944
                                                                        

                                                              
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                     NineMonthsEnded
                                                     March 31,
                                                     2014           2013
                                                     US$Millions
Operating activities:
Net Income                                           $ 3,559        $ 7,631
Less: Income from discontinued operations, net        696          1,625  
of tax
Income from continuing operations                      2,863          6,006
Adjustments to reconcile income from
continuing operations

to cash provided by operating activities:
Depreciation and amortization                          840            569
Amortization of cable distribution investments         61             67
Equity earnings of affiliates                          (430   )       (432   )
Cash distributions received from affiliates            223            192
Impairment charges                                     -              35
Other, net                                             (123   )       (3,672 )
Change in operating assets and liabilities,
net of acquisitions:
Receivables and other assets                           (680   )       (233   )
Inventories, net                                       (1,457 )       (964   )
Accounts payable and other liabilities                284          817    
Net cash provided by operating activities from        1,581        2,385  
continuing operations
                                                                    
Investing activities:
Property, plant and equipment                          (470   )       (400   )
Acquisitions, net of cash acquired                     (692   )       (589   )
Investments in equity affiliates                       (72    )       (615   )
Other investments                                      (33    )       (57    )
Proceeds from dispositions                            259          1,968  
Net cash (used in) provided by investing
activities from continuing                            (1,008 )      307    

operations
                                                                    
Financing activities:
Borrowings                                             987            1,277
Repayment of borrowings                                (142   )       (754   )
Issuance of shares                                     66             170
Repurchase of shares                                   (2,752 )       (1,834 )
Dividends paid                                         (444   )       (364   )
Purchase of subsidiary shares from                     (76    )       -
noncontrolling interests
Sale of subsidiary shares to noncontrolling            -              70
interests
Distribution to News Corporation                      (10    )      -      
Net cash used in financing activities from            (2,371 )      (1,435 )
continuing operations
                                                                    
Net increase (decrease) in cash and cash
equivalents from discontinued                          608            (1,577 )

operations
                                                                    
Net decrease in cash and cash equivalents              (1,190 )       (320   )
Cash and cash equivalents, beginning of year           6,659          9,626
Exchange movement on opening cash balance             48           18     
Cash and cash equivalents, end of period             $ 5,517       $ 9,324  
                                                                             

                                                          
SEGMENT
INFORMATION
                                                                    
                         Three Months Ended          Nine Months Ended
                         March 31,                   March 31,
                         2014          2013          2014           2013
                         US $ Millions
Revenues
                                                                    
Cable Network            $ 3,152       $ 2,827       $ 8,926        $ 7,928
Programming
Television                 1,587         1,249         4,265          3,764
Filmed                     2,279         2,346         6,876          6,607
Entertainment
Direct Broadcast
Satellite                  1,530         1,320         4,437          3,060
Television
Other, Corporate          (329  )      (389  )      (1,061 )      (896   )
and Eliminations
Total Revenues           $ 8,219      $ 7,353      $ 23,443      $ 20,463 
                                                                    
                                                                    
Segment OIBDA
                                                                    
Cable Network            $ 1,176       $ 1,069       $ 3,205        $ 3,098
Programming
Television                 288           219           737            642
Filmed                     354           334           1,019          1,191
Entertainment
Direct Broadcast
Satellite                  58            91            278            241
Television
Other, Corporate          (89   )      (143  )      (290   )      (399   )
and Eliminations
Total Segment            $ 1,787      $ 1,570      $ 4,949       $ 4,773  
OIBDA
                                                                    
                                                                    
Depreciation and
Amortization
                                                                    
Cable Network            $ 58          $ 53          $ 157          $ 140
Programming
Television                 30            23            79             66
Filmed                     33            32            98             98
Entertainment
Direct Broadcast
Satellite                  143           102           495            249
Television
Other, Corporate          3           4           11           16     
and Eliminations
Total Depreciation       $ 267        $ 214        $ 840         $ 569    
and Amortization *

    The three months ended March 31, 2014 and 2013 include the amortization of
    definite lived intangible assets of $82 million and $51 million,
*  respectively. The nine months ended March 31, 2014 and 2013 include the
    amortization of definite lived intangible assets of $300 million and $125
    million, respectively. These amounts principally reflect purchase price
    amortization related to acquisitions.


CONSOLIDATED REVENUES BY COMPONENT
                                                
                     Three Months Ended     Nine Months Ended
                     March 31,              March 31,
                     2014       2013        2014         2013
                     US$Millions
                                                         
Affiliate Fees       $  2,326   $ 2,066     $ 6,547      $ 5,593
Subscription            1,390     1,216       4,061        2,814
Advertising             2,294     1,884       6,344        5,781
Content                 2,067     2,098       6,135        5,978
Other                  142      89         356         297
Total Revenues       $  8,219   $ 7,353     $ 23,443     $ 20,463
                                                         

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:

                                                         
                     Three Months Ended            Nine Months Ended,
                     March 31,                     March 31,
                      2014       2013         2014        2013    
                     US $ Millions
                                                                             
Revenues             $ 8,219        $ 7,353        $ 23,443        $ 20,463
Operating              (5,475 )       (4,826 )       (15,473 )       (12,859 )
expenses
Selling,
general and
administrative         (978   )       (980   )       (3,082  )       (2,898  )

expenses
Add:
Amortization
of cable              21           23           61            67      
distribution

investments
Total Segment          1,787          1,570          4,949           4,773
OIBDA
Amortization
of cable
distribution           (21    )       (23    )       (61     )       (67     )

investments
Depreciation
and                    (267   )       (214   )       (840    )       (569    )
amortization
Impairment             -              -              -               (35     )
charges
Equity
earnings of            170            132            430             432
affiliates
Interest               (284   )       (277   )       (830    )       (802    )
expense, net
Interest               6              8              21              39
income
Other, net            (33    )      2,109        123           3,672   
Income from
continuing
operations           $ 1,358       $ 3,305       $ 3,792        $ 7,443   

before income
tax expense
                                                                             

                                                                  
                    ThreeMonthsEndedMarch31,2014
                    (US$Millions)
                                   Operatingand
                                   selling,           Add: Amortization
                    Revenues       general            of cable              SegmentOIBDA
                                   and                distribution
                                   administrative     investments
                                   expenses
Cable Network       $ 3,152        $  (1,997   )      $        21           $   1,176
Programming
Television            1,587           (1,299   )               -                288
Filmed                2,279           (1,925   )               -                354
Entertainment
Direct
Broadcast             1,530           (1,472   )               -                58
Satellite
Television
Other,
Corporate and        (329   )       240                    -               (89    )
Eliminations
Consolidated        $ 8,219       $  (6,453   )      $        21           $   1,787  
Total
                                                                            
                    ThreeMonthsEndedMarch31,2013
                    (US$Millions)
                                   Operatingand
                                   Selling,           Add:Amortization
                    Revenues       general            of cable              SegmentOIBDA
                                   and                distribution
                                   administrative     investments
                                   expenses
Cable Network       $ 2,827        $  (1,781   )      $        23           $   1,069
Programming
Television            1,249           (1,030   )               -                219
Filmed                2,346           (2,012   )               -                334
Entertainment
Direct
Broadcast             1,320           (1,229   )               -                91
Satellite
Television
Other,
Corporate and        (389   )       246                    -               (143   )
Eliminations
Consolidated        $ 7,353       $  (5,806   )      $        23           $   1,570  
Total
                                                                            
                    NineMonthsEndedMarch31,2014
                    (US$Millions)
                                   Operatingand
                                   Selling,           Add: Amortization
                    Revenues       general            of cable              SegmentOIBDA
                                   and                distribution
                                   administrative     investments
                                   expenses
Cable Network       $ 8,926        $  (5,782   )      $        61           $   3,205
Programming
Television            4,265           (3,528   )               -                737
Filmed                6,876           (5,857   )               -                1,019
Entertainment
Direct
Broadcast             4,437           (4,159   )               -                278
Satellite
Television
Other,
Corporate and        (1,061 )       771                    -               (290   )
Eliminations
Consolidated        $ 23,443      $  (18,555  )      $        61           $   4,949  
Total
                                                                            
                    NineMonthsEndedMarch31,2013
                    (US$Millions)
                                   Operatingand
                                   Selling,           Add: Amortization
                    Revenues       general            of cable              SegmentOIBDA
                                   and                distribution
                                   administrative     investments
                                   expenses
Cable Network       $ 7,928        $  (4,897   )      $        67           $   3,098
Programming
Television            3,764           (3,122   )               -                642
Filmed                6,607           (5,416   )               -                1,191
Entertainment
Direct
Broadcast             3,060           (2,819   )               -                241
Satellite
Television
Other,
Corporate and        (896   )       497                    -               (399   )
Eliminations
Consolidated        $ 20,463      $  (15,757  )      $        67           $   4,773  
Total
                                                                                       

NOTE 2 – ADJUSTED INCOME AND EPS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO
STOCKHOLDERS

The calculation of income and earnings per share (“EPS”) from continuing
operations attributable to stockholders excluding Equity affiliate adjustments
and “Other, net”, net of tax (“adjusted income and diluted EPS from continuing
operations attributable to stockholders”) 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 income and
diluted EPS from continuing operations attributable to stockholders are not
measures of performance under generally accepted accounting principles and
should not be construed as substitutes for consolidated net income and EPS 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 income and diluted EPS from continuing operations
attributable to stockholders 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 table reconciles reported income and reported diluted EPS from
continuing operations attributable to stockholders to adjusted income and
diluted EPS from continuing operations attributable to stockholders for the
three months ended March 31, 2014 and 2013.

                                                           
                          ThreeMonthsEnded
                          March 31, 2014              March 31, 2013
                          Income        EPS           Income         EPS
                          (inUS$millions,exceptpersharedata)
Income from
continuing                $ 1,089                     $ 2,577
operations
Less: Net income
attributable to            (20   )                    (44    )
noncontrolling
interests
Income from
continuing
operations                $ 1,069       $ 0.47        $ 2,533        $ 1.09
attributable to
stockholders
                                                                     
Equity affiliate
adjustments (net of
provision for
income taxes of -$7
and -$3                     (21   )       (0.01 )       (8     )       (0.00 )
for the three
months ended March
31,2014 and 2013,
respectively)^(a)
                                                                     
Other, net (net of
provision for
income
taxes of +$11 and           22            0.01          (1,785 )       (0.77 )
-$324 for the three
months ended March
31, 2014 and 2013,
respectively)
                                                                  
As adjusted               $ 1,070      $ 0.47       $ 740         $ 0.32  

          Equity earnings of affiliates for the three months ended March 31,
  (a)  2014 and 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
or
Joe Dorrego, 212-852-7856
or
Press Inquiries
Julie Henderson, 310-369-0773
or
Nathaniel Brown, 212-852-7746
 
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