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Fox Corp profits shoot up in Q3, despite ad revenue dip

CEO Lachlan Murdoch said the company will place new emphasis on digital media.

New Delhi: Fox Corporation on Thursday reported increase in quarterly net income which rose to $582 million as compared to the $90 million reported in the prior year quarter.

A change in how the TV broadcasting company valued some of its assets is being considered a key reason for the increase in net income.

However, the total quarterly revenues dropped to $3.22 billion as compared to the $3.44 billion reported in the year ago quarter. According to the New York-based company, this was primarily due to the absence of the ad revenue from the broadcast of Super Bowl LIV. Advertising revenues fell 24 per cent to $1.20 billion as compared to the $1.57 billion reported in the prior year quarter. Fox News, too recorded a seven per cent drop in ad revenue.

Though, it was partially offset by the consolidation of it's free streaming platform Tubi and the impact of additional NFL regular season and playoff broadcasts in the current year quarter, said the company.

The affiliate revenues increased 10 per cent with 18 per cent growth at the television segment and six per cent growth at the Cable Network Programming segment.

Overall, the cable news giant Fox News continued to make vast majority of the Fox Corporation's profits, said the company.

Executive chairman and chief executive officer Lachlan Murdoch said the company has delivered operationally and financially with the year-to-date revenues, despite the impact of Covid and the comparison against a Super Bowl year. 

"Consistent with our expectations, Fox News reclaimed its leadership position as America's number one cable news network and the most watched cable network in primetime, while Fox Sports reached a landmark agreement with the NFL to extend our Sunday NFC rights package with expanded digital rights. These strategic milestones, coupled with a slate of complementary, high-growth, digital-focused assets, led by continued record growth at Tubi, provide a powerful platform to grow our business for the long-term," he detailed.

Murdoch went on to add that the company would lay emphasis on digital media and the new business was likely to be found in podcasting, digital venues, and a new weather-news unit Fox had been building in its Fox News Media unit.

The net Income attributable to Fox Corporation stockholders was $567 million ($0.96 per share) as compared to the $78 million ($0.13 per share) reported in the prior year quarter. 

The company also used the occasion to announce the acquisition of OutKick Media, the news outlet founded by Clay Travis.

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