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News summary: 21st Century Fox 1Q profit falls

The Associated Press

TV INVESTMENTS: Twenty-First Century Fox Inc. said investments in new channels Fox Sports 1 and FXX in the U.S. weighed on profit in its fiscal first quarter. The company spent $50 million in the quarter on launching them, on target with plans. Chief Operating Officer Chase Carey said ratings at the new channels were "mixed."

PROFIT: Net income was $1.26 billion, or 54 cents per share, compared with $2.23 billion, or 94 cents per share, a year ago. Adjusted earnings came to 33 cents per share, a penny short of analysts' expectations.

SALES: Revenue rose 18 percent to $7.06 billion, above the $6.82 billion expected, on strong sales growth at its TV businesses.