Fox Q3 Revenues Up 25 Percent

Fox Corporation’s third-quarter revenues for fiscal 2020 rose by 25 percent to $3.44 billion, driven in part by ad revenues from the broadcast of the Super Bowl.

Ad revenues at the company were up 44 percent to $1.6 billion. Affiliate revenues rose 10 percent to $1.6 billion. The company also reported a 27 percent increase in other revenues to $311 million, led by the operation of the FOX Studios Lot for third parties. Net profit, however, plummeted from $539 million to $90 million.

Commenting on the results, Lachlan Murdoch, executive chairman and CEO, said, “We delivered exceptional operational and financial results in the quarter, highlighted by our successful broadcast of Super Bowl LIV on FOX. While we remain focused on continuing to execute against the strategy that drove this strong performance, we are acutely mindful of the global health crisis and its countless impacts. Our highest priority remains the safety and well-being of our employees and their families. Due to the selfless dedication of many of our colleagues, the strength of FOX has been on display throughout the crisis as we continue to provide news, information, entertainment and assistance to communities around the country. As we eventually emerge, we are confident that FOX’s focused collection of assets—centered on live and event programming—will be even more in-demand by advertisers and audiences alike, positioning us well for the future and enabling us to maximize long-term shareholder value.”

Fox’s cable network programming segment delivered revenues of $1.5 billion and a segment EBITDA of $792 million. Its television segment, which includes the FOX network, reported revenues of $1.9 billion and an EBITDA of $224 million.