Fox Corp. Sees Q4 Profit Rise on Ad Sales Rebound, Affiliate Increases

Fox Corporation said profit rose in its fourth fiscal quarter as advertisers ramped up spending as conditions of the coronavirus pandemic eased and it secured new revenue from distributors. But the company’s overall cash flow was crimped by fees for a wider range of sports events as well as investment in Tubi, its ad-supported streaming video outlet, and digital outlets at Fox News Media.

The owner of Fox News Channel, the Fox broadcast network and Fox Sports said net income came to table to $253 million, or 43 cents per share, compared with $122 million, or 20 cents per share in the year-earlier period. Revenue increased 20% to $2.89 billion, up from $2.42 billion in the year-earlier period.

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“We look forward to the year ahead, anticipating the return of normalized sports and entertainment calendars and the start of the midterm election cycle,” said Lachlan Murdoch, the company’s CEO, in a prepared statement. “Fox’s core live event programming, coupled with its growing digital businesses, will continue to deliver audiences on an unmatched scale for our advertising and distribution partners.”

More to come…

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