Profit Slips at Fox Corporation

Fox Corporation’s Q1 revenues were largely stable at $3.21 billion, while net profit fell by 33 percent to $407 million amid higher expenses.

“Our fiscal 2024 is off to a solid start against a backdrop of an active news cycle and robust sports schedule,” said Lachlan Murdoch, executive chair and CEO. “Live content matters and nobody does live better than FOX. In the first quarter, we saw increased engagement at FOX Sports, driven by our broadcast of the FIFA Women’s World Cup and the start of college football, and at Tubi, which continues to drive impressive growth in viewing in an increasingly crowded marketplace. Taken as a whole, FOX continues to leverage the strength of its leadership brands while driving meaningful growth across our digital assets.”

Affiliate revenues were up by 2 percent to $1.74 billion, while ad revenues fell by 2 percent to $1.2 billion.

By segment, cable network programming delivered revenues of $1.39 billion, down from the year prior’s $1.4 billion, with decreases in both affiliate fees and ad revenues. Television revenues rose 4 percent to $1.78 billion, with the Women’s World Cup and Tubi helping to boost ad revenues. Other revenues rose by 6 percent to $135 million.