Fox Sees Ad Dip But Profit Soars From Year Earlier Quarter Hit By Fox News-Dominion Settlement
deadline.comFox Corp. saw revenue dip for its fiscal third quarter as advertising slid on tough comps with the Super Bowl broadcast the year earlier.
Sales of $3.45B, in line with Wall Street expectations, compared with $4.1 billion. Net income for the March quarter soared to $704 million vs a $50 million loss that primarily reflecting the absence of a big charge associated with legal settlement costs at Fox News.
Fox paid close to $800 million to settle the suit brought by Dominion Voting Services. Affiliate fee rose 4% on pricing benefits from recent renewals.
Advertising of $1.24 billion compared with $1.88 billion reported in the prior year quarter mostly due to the absence of the prior year broadcast of Super Bowl LVII and fewer NFL games at Fox Sports.
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