Q3 Gains for Fox Corporation

Third quarter revenues at Fox Corporation rose by 27 percent to $4.37 billion, boosted in large part by ad revenues from coverage of the Super Bowl.

Affiliate fee revenues were up 3 percent to $2 billion, with television up 4 percent and cable network programming up 3 percent. Ad revenues, meanwhile, increased by 65 percent to $2 billion, led by the Super Bowl, gains at Tubi and strong news ratings. Higher sports sublicensing revenues helped drive other revenues up by 20 percent to $330 million.

Commenting on the results, Lachlan Murdoch, executive chair and CEO, said, “Our strong fiscal third quarter underscored the central role FOX plays in informing and entertaining America, and our financial performance, highlighted by record free cash flow, once again illustrates the strength of the FOX platform. Whether it is our market-leading coverage of a sustained, active news cycle or our broadcast of a record-breaking Super Bowl, we deliver for our audiences, advertisers and distribution partners. We are confident that our best-in-class assets, deliberate strategy and robust balance sheet position us strongly to drive long-term value for our shareholders.”

The company has also lifted the lid on its new streaming platform: the service, which will be home to its news, sports and entertainment brands, will be called FOX One. Launching in the fall, it will deliver FOX News, FOX Business, FOX Weather, FOX Sports, FS1, FS2, BTN, FOX Deportes, FOX Local Stations and the FOX network as well as the option to bundle FOX Nation within one platform.

“We know that FOX has the most loyal and engaged audiences in the industry, and FOX One is designed to reach outside of the pay-TV bundle and deliver all the best FOX-branded content directly to viewers wherever they are,” said Pete Distad, CEO of FOX One. “We have built this platform from the ground up to allow consumers to enjoy and engage with our programming in new and exciting ways, leveraging cutting-edge technology to enhance the user experience across the platform.”