Fox profits dip
November 2, 2023
Fox Corporation has reported financial results for the three months ended September 30th.
The company reported total quarterly revenues of $3.21 billion as compared to the $3.19 billion reported in the prior year quarter. Affiliate fee revenues increased 2 per cent, driven by 8 per cent growth at the Television segment. Advertising revenues decreased 2 per cent as the broadcast of the FIFA Women’s World Cup at Fox Sports and continued growth at Tubi were more than offset by comparably lower political advertising revenues at the Fox Television Stations and the impact of elevated supply in the direct response marketplace at Fox News Media. Other revenues increased 2 per cent.
The company reported quarterly net income of $415 million as compared to the $613 million reported in the prior year quarter. The variance includes the change in fair value of the company’s investments recognised in Other, net. Net Income attributable to Fox Corporation stockholders was $407 million ($0.82 per share) as compared to the $605 million ($1.10 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $537 million ($1.09 per share) as compared to the $670 million ($1.21 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA was $869 million as compared to the $1.09 billion reported in the prior year quarter. Expenses increased in the quarter, primarily due to higher sports programming rights amortisation and production costs, including the broadcast of the Women’s World Cup and the renewed NFL contract, as well as higher expenses associated with digital investments.
Fox Executive Chair and CEO, Lachlan Murdoch, said: “Our Fiscal 2024 is off to a solid start against a backdrop of an active news cycle and robust sports schedule. Live content matters and nobody does live better than Fox. In the first quarter, we saw increased engagement at Fox Sports, driven by our broadcast of the FIFA Women’s World Cup and the start of college football, and at Tubi, which continues to drive impressive growth in viewing in an increasingly crowded marketplace. Taken as a whole, Fox continues to leverage the strength of its leadership brands while driving meaningful growth across our digital assets.”