Revenues Rise at Fox Corporation

Fourth-quarter profit at Fox Corporation fell to $320 million, despite a 2 percent gain in revenues to $3.09 billion.

“Fiscal 2024 was another successful year for FOX with very clear achievements across our portfolio, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi’s position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated ratings and share growth at FOX News,” said Lachlan Murdoch, executive chair and CEO. “We now carry this momentum into another major event cycle with fiscal 2025 featuring the Presidential Election and Super Bowl. The soundness of our strategy, the consistency of our delivery and the strength of our financial position have never distinguished us more and underpin our confidence in the future at FOX and in delivering shareholder value.”

In the quarter, affiliate revenues rose to $1.86 billion, with ad revenues stable at $1 billion and other revenues slipping to $226 million, largely due to lower volume of third-party content sales. By segment, television delivered improved revenues of $1.6 billion, with cable network programming rising slightly to $1.4 billion.

Full year revenues were down from $14.9 billion to $14 billion, but net profit was up to $1.55 billion.