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Fox earnings hit by lower box office, one-time costs

Media-entertainment conglomerate 21st Century Fox on Wednesday reported a sharp drop in earnings amid weaker film revenues and one-time costs for television programming and pensions.

The company created by Rupert Murdoch and now mostly managed by his two sons reported net profit in the past quarter plunged 91 percent from a year ago to $87 million.

Fox also announced a $5 billion share buyback program, a move which aims to boost returns for its investors.

Revenues for the quarter ending June 30 dropped 26 percent to $6.2 billion, reflecting in part...