Fox Corporation Sees Affiliate Gains, Ad Declines

Fox Corporation reported stable Q4 revenues of $3.03 billion, as gains in affiliate fees helped to offset a decline in advertising revenues.

Affiliate fee revenues increased 3 percent to $1.7 billion, driven by 9 percent growth at the television segment. Advertising revenues were down 4 percent to $1 billion, despite gains at Tubi. By segment, meanwhile, cable network revenues slipped to $1.4 billion while television revenues were up to $1.6 billion. Net income attributable to Fox Corporation stockholders was $375 million in Q4

Full-year revenues, meanwhile, were up 7 percent to $14.9 billion, including a 3 percent gain in affiliate fees and a 12 percent boost to ad revenues thanks to the Super Bowl and the FIFA Men’s World Cup, plus gains at Tubi and local political advertising campaigns.

Lachlan Murdoch, executive chair and CEO, commented: “Fiscal 2023 showcased the very best of FOX’s portfolio while achieving record annual revenue and EBITDA. From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men’s World Cup, to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the FOX platform was on full display. We enter fiscal 2024 with a focused strategy and best-in-class balance sheet as we continue to drive shareholder value.”