Fox Corp beat Wall Street estimates with its fiscal third-quarter earnings report on Wednesday, with revenue hitting $3.4 billion and net income rising to $704 million. The increase in profits was due to last year’s settlement at Fox News, along with an increase in the value of its USFL assets, which it merged with the XFL to form the UFL.
Advertising revenue fell sharply to $1.2 billion in the quarter from $1.9 billion a year ago, but that was because last year’s quarter included the Super Bowl. Affiliate fee revenue rose slightly to $1.9 billion.
Fox’s cable division, led by Fox News, reported a $1.5 billion drop in revenue from last year, while its TV division, led by Fox Broadcast Network, saw revenue decline by $1.5 billion. was $1.9 billion, down more sharply than last year. Super Bowl comparisons.
“Fox’s fiscal third quarter results demonstrate once again how our unique strategy differentiates Fox from our peers,” Fox CEO Lachlan Murdoch said in a statement. “The strength and leadership of our core brands, along with our focus on live content and must-have event programming, are clearly valued by our audiences, advertisers and distribution partners. This strategy will continue to generate financial Deliveries support our investment in innovation, which is accelerating across our digital portfolio, led by Tubi.Our balanced capital allocation approach, underpinned by our strong balance sheet, our strengthens our ability to drive long-term value creation for shareholders.”
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Credit : www.hollywoodreporter.com