Second-quarter revenues at Fox Corporation increased by 5 percent to $3.8 billion, delivering a profit of $314 million.
“Our results reaffirm that Fox Corporation is delivering on the operational and financial objectives that we established less than 12 months ago,” said Lachlan Murdoch, executive chairman and CEO. “Our brands are exhibiting strength in a competitive marketplace and delivering healthy top-line growth as we continue to invest strategically to expand the reach of our portfolio and further diversify our revenue streams. Meanwhile, we are taking a balanced approach to capital allocation, including the return of $500 million to shareholders in the form of share repurchases since our last earnings release. Coming off an incredibly successful Super Bowl LIV and with the buildup to the November presidential election ahead of us, we look forward to continuing our momentum through calendar 2020.”
The company saw increases in both affiliate fees ($1.4 billion) and advertising revenues ($2 billion). By segment, the cable networks programming division delivered revenues of $1.5 billion, up from $1.4 billion, and television contributed $2.3 billion, up from $2.1 billion. Television delivered a wider EBITDA loss of $214 million due to higher programming rights amortization costs at FOX Sports and FOX Entertainment. Cable networks EBITDA rose by 7 percent to $556 million.