Fox Corp media profits: Revenue up 11% off the back of US election campaigns ads

Fox Corp

Lachlan Murdoch: FY 2025 ‘off to a solid start across our portfolio with strong audience growth at Fox News, record political advertising.’

Fox Corp has reported financial results for the three months ended September 30, 2024.

The company reported total quarterly revenues of $3.56 billion (all amounts US$), an increase of $357 million or 11% from the amount reported in the prior year quarter.

Affiliate fee revenues increased 6%, driven by 10% growth at the television segment and 3% growth at the cable network programming segment.

Advertising revenues increased 11%, primarily due to higher political advertising revenues at the Fox Television stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at Fox News Media, and the impact of the “Summer of Soccer” at Fox Sports, including the broadcasts of the UEFA European Championship and CONMEBOL Copa América.

The growth was partially offset by the absence of the prior year broadcast of the FIFA Women’s World Cup. Other revenues increased 47%, primarily due to higher sports sublicensing revenues at the national sports networks.

Fox Corp executive chair and chief executive officer Lachlan Murdoch commented:

“Fiscal 2025 is off to a solid start across our portfolio with strong audience growth at Fox News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar. Collectively these contributions have combined to deliver particularly strong financial results in our fiscal first quarter led by notable top line revenue and earnings growth. Our strategy and our focus are delivering for our audiences, advertising and distribution partners, and the Fox shareholders.”

Cable network programming reported quarterly segment revenues of $1.60 billion, an increase of $210 million or 15% from the amount reported in the prior year quarter. Affiliate fee revenues increased $32 million or 3% as contractual price increases were partially offset by the impact of net subscriber declines.

Fox Corp advertising revenues increased $31 million or 11%, primarily due to higher ratings, higher pricing in the direct response marketplace and higher digital advertising revenues, partially offset by the effect of higher preemptions associated with breaking news coverage at Fox News Media. Other revenues increased $147 million, primarily due to higher sports sublicensing revenues at the national sports networks.

Cable network programming reported quarterly segment EBITDA of $748 million, an increase of $141 million or 23% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher programming rights amortization at the national sports networks and higher newsgathering costs, including costs relating to presidential election cycle coverage, at Fox News Media.

Television reported quarterly segment revenues of $1.95 billion, an increase of $173 million or 10% from the amount reported in the prior year quarter. Advertising revenues increased $98 million or 11%, primarily due to higher political advertising revenues at the Fox Television Stations, continued growth at Tubi, an additional NFL broadcast window, higher NFL ratings and the broadcasts of the UEFA European Championship and CONMEBOL Copa América at FOX Sports. These were partially offset by the absence of the prior year broadcast of the FIFA Women’s World Cup. Affiliate fee revenues increased $71 million or 10%, 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 higher third-party content revenues at Fox Entertainment studios.

Television reported quarterly segment EBITDA of $372 million, an increase of $21 million or 6%, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization, including an additional NFL broadcast window, and higher costs at Tubi.

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