Fox Corp. Quarterly Revenue Up 9% To $4.4 Billion, Beating Forecasts On Sports, Tubi, Fox Network Pricing

deadline.com:

Fox Corp. reported sales of $4.4 billion in its fiscal second quarter ended in December, up 9% from the year before, beating Wall Street forecasts and citing sports, Fox Network pricing and Tubi.The company swung to a net loss of $73 million from a $230 million profit – or a negative 15 cents a share from 37 cents.Affiliate revenues increased 11% with 12% growth at cable network programming segment and 10% growth in broadcasting.

Advertising revenues rose 6% on continued pricing strength at the Fox Network, underpinned by the sports portfolio and Tubi growth, the company said. “Other” revenues were up 20%, led by higher sports sublicensing revenues, were hit by Covid in the prior year quarter.CEO Lachlan Murdoch said “strong results and broad-based operating momentum are underpinned by the most valuable news franchise in the country, the leading live sports franchise, our top broadcast network reinforced by a strategic stations portfolio, as well as the emerging leader in AVOD.

This focused portfolio is delivering consistent growth for our shareholders in a thoughtful and disciplined manner.”Fox execs will host a call with analysts at 8:30 ET.Cable Network Programming reported quarterly segment revenues of $1.64 billion, an increase of $150 million or 10% from the amount reported in the prior year quarter.

Affiliate revenues increased $111 million or 12%, primarily due to contractual price increases, including the impact of distribution agreement renewals, and the absence of the prior year accrual for potential distribution credits as a result of cancelled college football games.