Fox Posts Revenue, Profit Gains In FQ4, Ad Sales Up 7%

Fox revenues hit $3. 03 billion for June quarter, up 5% from $2. 89 billion.

Ad sales popped 7%, primarily on stronger pricing and higher ratings at FOX News , political advertising revenues at Fox Television Stations and continued growth at TUBI. Net Income to Fox shareholders came in at $306 million ($0. 55 per share) as compared to the $253 million, or $0.

43, per share. Adjusted, that was $0. 74 per share vs $0.

65 per share last quarter. The numbers fell a bit shy of Wall Street expectations, but the stock was trading higher in pre-market action. “We completed another successful year at FOX, with Fiscal 2022 results demonstrating the strength and durability of our core brands and their ability to deliver consistent audiences across the entirety of FOX.

These results validate the strategy we embarked on three years ago – to focus on live news and sports while investing in high growth digital initiatives to create a platform for ongoing growth. ,” said CEO Lachlan Murdoch. “We begin Fiscal 2023 with strong momentum, supported by an enviable schedule of live sporting events and the mid-term election cycle, and bolstered by a best-in-class balance sheet.

These attributes will serve us well in navigating any macroeconomic uncertainty while continuing to create value for our shareholders. ” Related Story ‘The Simpsons’ Showrunner Matt Selman On “A New Intimacy To The Classic Homer And Marge Love Story” And His Excitement For Season 34 Speaking to investors on a call this morning, Murdoch said, “We are not seeing an advertising impact on our business. ” The two main components of revenue: Affiliate fees of $1.

726 were up from $1. 665 billion. Ad sales jumped to $1.

055 billion from $982 million. Cable network programming saw revenue of $1. 46 billion from $1.

399 billion. Operating profit dipped to $628 million from $674. Advertising revenue for the sector increased $44 million or 14%, primarily due to continued strength in pricing and higher ratings at FOX News Media, partially offset by the impact of higher preemptions associated with breaking news coverage.

Other revenues were $59 million , unchanged from the prior year quarter, primarily due to higher FOX Nation subscription revenues being offset by the timing of sports sublicensing revenues which were impacted by COVID-19 in the prior year quarter Television sales stood at $1. 5B vs $1. 4B on profit that jumped to $226 million from $148 million.

. Ad revenues increased $30 million, or 4%, primarily due to higher political advertising revenues at the Fox Stations, continued growth at TUBI and the addition of the USFL at FOX Sports, partially offset by lower ratings at Fox Entertainment. Affiliate fee revenues increased $44 million or 7%, driven by higher average rates at the company’s owned and operated television stations and increases in fees from third-party Fox affiliates.

Other revenues increased $4 million or 3%, primarily due to the impact of the consolidation of MarVista Entertainment, TMZ and Studio Ramsay Global. Television expenses were unchanged from the prior year quarter as the increased digital investment at TUBI was offset by the timing of programming rights amortization at FOX Entertainment. MORE.