News Summary: 21st Century Fox shrinks 4Q loss

SLIMMER FOX: Media entertainment company 21st Century Fox reported a smaller fourth-quarter loss Tuesday after spinning off its publishing division in June.

MIXED RESULTS: Excluding the publishing unit and other one-time items, adjusted earnings came to 31 cents per share, below the 34 cents expected by analysts polled by FactSet. Revenue rose 16 percent to $7.21 billion, beating the $7.14 billion expected by analysts.

PROGRAMMING INVESTMENTS: Chief Operating Officer Chase Carey says the company will spend more than $200 million launching channels including Fox Sports 1 this year, and another $150 on its Fox broadcasting programming, including a re-tooled "American Idol," which saw an audience ratings decline last year.