Fox Corp. Sees Q3 Profits Dip Due to FanDuel Stake, Despite Revenue Gains
Brian Steinberg Senior TV EditorFox Corporation said profit dipped in its third fiscal quarter due to declines in value of some of its outside investments, even as revenue increased at its mainstay cable and broadcast operations.The owner of the Fox broadcast network, Fox Sports and Fox News Channel said net income attributable to shareholders came to $283 million, or 50 cents per share, compared with $567 million, or 96 cents per share, in the year-earlier period. The company has a sizable stake in Flutter Entertainment, the sports-betting company that controls FanDuel. Meanwhile, the company enjoyed a 7% increase in revenue, which rose to $3.46 billion from $3.22 billion a year earlier.In a statement, Fox CEO Lachlan Murdoch cited “pricing strength in both distribution and advertising revenues across our leadership brands, complemented by the powerful momentum we continue to see at Tubi,” the company’s streaming hub, as reasons for the revenue gains.