Fox Corp., led by executive chairman and CEO Lachlan Murdoch, reported improved financials for its fiscal quarter on Thursday, as advertising revenue fell 2 percent in the period ended Sept. 31, but affiliate revenue fell 2 percent. alleys. ‘Other’ turnover also improved by 2 percent.
The company reported quarterly profit of $415 million, compared to a profit of $613 million a year ago. Adjusted earnings fell to $537 million, or 1.09 per share, compared to $670 million, or $1.21 per share, in the year-ago quarter.
Fox reported total quarterly revenue that rose slightly from the same period a year ago to $3.21 billion. Affiliate fee revenues increased, driven by 8 percent growth in the television segment. Advertising revenue declined “as the FIFA Women’s World Cup broadcast at Fox Sports and continued growth at Tubi were more than offset by comparably lower political ad revenue at Fox Television Stations and the impact of increased direct response content market at Fox News. Media,” the company said.
The earnings update was the first since media mogul Rupert Murdoch announced in September that he would step down as chairman of Fox and News Corp in November, becoming chairman emeritus.
Lachlan Murdoch said: “Our 2024 financial year is off to a solid start against the backdrop of an active news cycle and a robust sports schedule. Live content is important and no one lives it better than Fox.”
He added: “In the first quarter we saw increased engagement with Fox Sports, driven by our broadcast of the FIFA Women’s World Cup and the start of college football, and with Tubi, which continues to deliver an impressive to achieve audience growth in an increasingly busy marketplace. Overall, Fox continues to leverage the strength of its leading brands while driving meaningful growth in our digital assets.”