Fox Corp Q2 revenue jumps 8% to $4.09 billion

Advertising revenue rose 14 per cent owing to political ads.

NEW DELHI: Fox Corp beat Wall Street expectations in its second fiscal quarter, with revenue of $4.09 billion improving eight per cent from the corresponding quarter last year.

Total quarterly revenues increased from last year's $3.78 billion driven by revenue growth at the television and cable network programming segments. Adjusted net income attributable to stockholders increased 45 per cent to $93 million from the $64 million reported in the year ago period.

Advertising revenue rose 14 per cent in the quarter, helped by a record haul of political advertising by Fox stations. The effects of Covid2019 on the college football season hurt results in the quarter, though, with “other” revenues dipping 14 per cent due to games cancelled by virus outbreaks.

The company’s cable networks saw a 31 per cent rise in ad revenue as political spending reached its peak, but affiliate and other revenue declined, leading to a slim one per cent increase in overall revenue in the segment. 

"Beyond advertising and because of the substantial pricing power of our brands, our affiliate revenues grew by six per cent despite a reserve taken for potential distribution credits," said Fox Corp executive chairman & CEO Lachlan Murdoch. "While we experienced a decline in subscriber volume, the trend improved for the third consecutive quarter. This quarter, we saw industry subscribers declined just above five per cent, which is more than a 50 basis point improvement from what we experienced in Q1."

Fox News has slipped from its No. 1 ratings perch since the November 3 presidential election. The network has also been sued by voting software firm Smartmatic for $2.7 billion over on-air claims about the company by Fox hosts and guests.

Fox’s Television division, the largest in the company and the one where the stations and broadcast network are housed, posted a 13 per cent increase in revenue. On top of ad gains, affiliate sales rose 23 per cent, with Fox crediting higher fees from third-party Fox affiliates and higher subscriber rates for the company’s owned and operated TV stations.

An EBITDA loss in the television unit of $185 million stemmed from higher programming rights amortisation at Fox Sports, led by contractual rights increases for the NFL. The consolidation of ad-supported streaming service Tubi, which Fox acquired last year, also made a dent.

"We have mobilised the entire Fox portfolio to support and supercharge Tubi, which we acquired less than a year ago. Tubi is an exciting growth engine for the company and a key strategic platform for not only our digital expansion, but also our broader reimagining of Fox’s broadcast model for the future. With Tubi as part of our portfolio, Fox broadens from being the leader in broadcast network television into a leader in linear and streaming ecosystems," commented Murdoch.

Latest Reads
ZEE Entertainment Board comes out in support of former directors Ashok Kurien & Manish Chokhani

The Board of Directors of ZEE Entertainment Enterprises Ltd (ZEEL) on Thursday came out in support of two of its former non-executive directors, Ashok Kurien and Manish Chokhani amid “allegations made by certain proxy advisory firms" against them.

Television TV Channels GECs
Viacom18 appoints Anil Jayaraj as CEO, sports

Mumbai: Viacom18 on Thursday announced the appointment of Anil Jayaraj as CEO – sports. He will be leading the media company’s foray into acquisition, broadcasting, and monetisation of sports properties.  In his most recent role, Jayaraj was with Star Sports as executive vice president responsible...

Television TV Channels Sports
Colors Tamil extends popular fiction shows to Sundays

Mumbai: Regional GEC Colors Tamil has extended its popular fiction shows to all seven days of the week. Beginning 19 September, viewers will be able to watch shows such as "Bommi BABL", "Idhayathai Thirudathey", "Abhi Tailor", and "Sillunu Oru Kaadhal" from Monday to Sunday at new time slots. The ...

Television TV Channels Regional
Zee Biskope announces new season of 'Kamariya Kare Hip Hop'

Mumbai: Dance is a form of self-expression, creativity, and representation. In that spirit, Dance Day is celebrated annually on the third Saturday of every September. With the intent of spreading the contagious fever of dance, Zee Biskope is set to bring the second season of its much-awaited...

Television TV Channels Regional
HistoryTV18 to narrate story of Narendra Modi Stadium

Mumbai: HistoryTV18’s latest documentary "Modern Marvel: World’s Largest Cricket Stadium" premiering on the 17 September at 9 p.m, is the amazing story of building cricket’s largest arena on the historic Motera ground in Gujarat’s Ahmedabad.  The brand new Narendra Modi Stadium, inaugurated by the...

Television TV Channels News Broadcasting
Sansad TV launched, PM Modi calls it a new chapter in India’s democratic system

Prime minister Narendra Modi on Wednesday launched Sansad TV, highlighting it as another important chapter in India's parliamentary system. The channel has been created by merging Lok Sabha TV and Rajya Sabha TV and will be led by retired IAS officer Ravi Capoor who was appointed as the chief...

Television TV Channels Viewership
RPG group chairman Harsh Goenka supports Zee TV’s Punit Goenka

The media has been full of cacophonic noise about the boardroom battle that is going on at Zee Entertainment Enterprises. Some investor groups have lauded the initiative by two of the company’s two main investors

Television TV Channels People
iTV Network onboards Anuraag Muskaan as news anchor

Mumbai: In a bid to bolster the coverage of primetime news, iTV Network has brought on board Anuraag Muskaan as host for its multi- format primetime news show "Jaagtey Raho". The show is slated to be broadcast on India News for 60 minutes and will be aired from Monday to Friday at 9 p.m.

Television TV Channels News Broadcasting
IPL 2021 set to welcome fans back to the stadiums

Mumbai: The Vivo Indian Premier League (IPL) 2021 resumes on 19 September with the five-time champions and current title holders Mumbai Indians taking on three-time IPL champions Chennai Super Kings at the Dubai International Cricket Stadium.  The spectators will be allowed back to the stadiums...

Television TV Channels Sports

Sign up for our Newsletter

subscribe for latest stories

* indicates required