Fox Corporation has reported financial results for the three months that ended March 31, 2024. The company reported total quarterly revenues of $3.45 billion as compared to the $4.08 billion reported in the prior year quarter. Affiliate fee revenues increased four percent, driven by a nine percent growth at the television segment and one percent growth at the cable network programming segment.
Advertising revenues were $1.24 billion as compared to the $1.88 billion reported in the prior year quarter, primarily due to the absence of the prior year broadcast of Super Bowl LVII and fewer NFL games at FOX Sports.
The company reported a quarterly net income of $704 million as compared to a net loss of $50 million reported in the prior year quarter. The increase primarily reflects the absence of charges associated with legal settlement costs at FOX News Media, as well as a gain on USFL assets.
Expenses decreased in the quarter, primarily due to lower sports programming rights amortization and production costs, led by the absence of the prior year broadcast of Super Bowl LVII and fewer NFL games.
Commenting on the results, executive chair and chief executive officer Lachlan Murdoch said: “FOX’s fiscal third quarter results once again demonstrate how our unique strategy continues to distinguish FOX from our peers. The strength and leadership of our core brands, coupled with our focus on live content and musthave event programming, is clearly valued by our audiences, advertisers and distribution partners. The consistent financial delivery from this strategy supports our investments in innovation which are driving momentum in our digital portfolio, led by Tubi. Our balanced capital allocation approach, fortified by our strong balance sheet, underpins our ability to drive long-term value creation for our shareholders.”
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