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Fox Gains as The Martian Soars at the Weekend Box Office

"The Martian", Twenty-First Century Fox, Inc. 's FOXA latest science fiction, has surpassed analysts' estimates of $45 million in its opening weekend amassing a box office collection of $55 million in U.S. and Canada. Following the news, the company's shares gained 1.1% yesterday.

The Matt Damon-led movie currently occupies the second place for the biggest ever October opening. Time Warner Inc.'s TWX "Gravity" is at the top with its opening weekend collection of $55.8 million back in 2013.

The Martian" which has been released in 49 international markets has collected $45.2 million. Made on a total budget of $108 million, the movie has collected more than $100 million globally in the opening weekend itself.

So far, 2015 has been a mixed year for Twenty-First Century Fox which brought us a blockbuster movie like "Spy", whereas "Fantastic Four" met with a lukewarm reception.

The company has an enviable film slate for fiscal 2016, which includes the likes of "Independence Day 2", "X-Men: Apocalypso" and "Ice Age 5". The release schedule is such that the studio will be incurring significant charges for theatrical releases in the current year but the benefit on EBITDA will be reflected in fiscal 2017.

Management had earlier pulled down the fiscal 2016 EBITDA guidance for the second time and maintained a cautious stance for both Filmed and Television segments. Management expects television EBITDA to remain flat year over year as increases in expenses and flat ad revenues will offset double-digit growth in retransmission revenues. Marred by timing of movie release and forex fluctuations, Filmed segment's EBITDA is expected to go down by $200 million from fiscal 2015.

Zacks Rank

Twenty-First Century Fox currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in this sector include Gray Television, Inc. GTN and Salem Media Group, Inc. SALM . Both the stocks carry a Zacks Rank #2 (Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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