Financial Performance - Total revenues for the quarter ended March 31, 2024, were $3.45 billion, a decrease of 15.6% from $4.08 billion in the prior year quarter[3] - Net income for the quarter was $704 million, compared to a net loss of $50 million in the prior year quarter, reflecting a significant turnaround[4] - Adjusted EBITDA for the quarter was $891 million, an increase of $58 million or 7% from the prior year quarter[4] - Revenues for the quarter ended March 31, 2024, were $3,447 million, a decrease of 15.6% compared to $4,084 million in the same quarter of 2023[20] - Net income attributable to Fox Corporation stockholders for the quarter was $666 million, compared to a net loss of $54 million in the same quarter of 2023[20] - Adjusted EBITDA for the quarter was $891 million, an increase of 6.9% from $833 million in the same quarter of 2023[33] - Adjusted EPS for the quarter was $1.09, compared to $0.94 in the same quarter of 2023[28] Revenue Breakdown - Affiliate fee revenues increased by 4% to $1.94 billion, driven by a 9% growth in the Television segment[3] - Advertising revenues decreased to $1.24 billion, down 34.3% from $1.88 billion in the prior year quarter, primarily due to the absence of Super Bowl LVII[3] - Cable Network Programming reported quarterly revenues of $1.47 billion, a decrease of 6.2% from $1.57 billion in the prior year quarter[6] - Television segment revenues were $1.94 billion, down 21.6% from $2.48 billion in the prior year quarter, with advertising revenues of $939 million[10] Capital Allocation and Shareholder Value - The company has repurchased approximately $4.35 billion of Class A common stock and $1 billion of Class B common stock, with a remaining authorization of up to $1.65 billion[14] - The company’s balanced capital allocation approach supports long-term value creation for shareholders, as stated by Executive Chair and CEO Lachlan Murdoch[4] Operating Expenses and Cash Flow - Operating expenses decreased to $2,050 million from $2,727 million year-over-year, reflecting a reduction of 24.8%[20] - Cash and cash equivalents at the end of the period were $3,791 million, down from $4,272 million at the beginning of the year[24] - The company reported a net cash provided by operating activities of $941 million for the nine months ended March 31, 2024, compared to $1,307 million in the same period of 2023[24] Assets and Borrowings - Total assets decreased to $21,717 million from $21,866 million as of June 30, 2023[22] - The company repaid $1,250 million in borrowings during the nine months ended March 31, 2024[24] Share Count - The weighted average shares outstanding decreased to 475 million from 521 million year-over-year[20]

NEW YORK and LOS ANGELES, April 11, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) will discuss third quarter fiscal 2024 financial results via a live audio webcast beginning at 8:30 a.m. ET / 5:30 a.m. PT on May 8, 2024.Results will be released at approximately 8:00 a.m. ET / 5:00 a.m. PT on May 8, 2024.A live audio webcast of the presentation, and the archived webcast, will be available at investor.foxcorporation.com.About Fox CorporationFox Corporation produces and distributes compelling news, ...

NEW YORK--(BUSINESS WIRE)--FOX Nation has renewed its original hit series “Crime Cam 24/7” for a second season, announced Lauren Petterson, president of the platform. Hosted by Live PD alumnus and retired Tulsa, Oklahoma police officer Sean “Sticks” Larkin, new episodes are set to roll out every Friday, beginning on March 29th at 6 PM/ET. The program will again air in the same timeslot as hit series “COPS,” which will return for an all-new season this fall. Notably, FOX Nation continues to offer a one-year ...

The landscape for investing in media stocks has changed dramatically in recent years with significant entertainment company consolidations. Today, most of the major U.S. news channels belong to a handful of gargantuan corporate entities. This has resulted in two major outcomes for the journalistic tradition in the United States.First, because many news companies fall within entertainment media conglomerates, they tend towards attracting viewers using opinion and sensation. Second, while this may result in l ...

NEW YORK--(BUSINESS WIRE)--FOX Nation, FOX News Media’s subscription based streaming service, has expanded distribution to DISH TV and SLING TV, announced its president Lauren Petterson. In making the announcement, Petterson said, “We’re thrilled to partner with DISH and SLING to make our on-demand content more readily available to viewers who crave FOX Nation.” Beginning mid-March, DISH customers will be able to add FOX Nation for $5.99 per month. Customers can purchase FOX Nation through the MyDISH ap ...

Fox Corp. COO John Nallen says the company is “much more focused on growing the business than we are on selling the business” despite accelerating pay-TV declines and other challenges. In an appearance Monday at Deutsche Bank’s Media, Internet & Telecom Conference, Nallen was asked if the time may be right for Fox to consider selling given the likelihood of more consolidation in the media sector. Questions about the company’s future have multiplied as the pay-TV bundle has shrunk, given the company’s tradi ...

NEW YORK--(BUSINESS WIRE)--FOX News Channel’s (FNC) chief political anchor and executive editor of Special Report Bret Baier will present an exclusive interview with Ukrainian President Volodymyr Zelenskyy on Thursday, February 22nd at 6 PM/ET from Ukraine. Airing on Special Report, the interview will mark the first time Zelenskyy has been interviewed at the frontlines of combat since the war started on February 24, 2022. Taking place less than a mile and a half from Russian positions, Baier will speak wit ...

NEW YORK--(BUSINESS WIRE)--FOX News Channel (FNC) has signed Court TV’s Chanley Painter as an overnight anchor. She will begin her role on February 26th. Since 2019, Painter has served as a legal correspondent and field anchor for Court TV. In this capacity, she covered the high-profile trials of Bryan Kohberger, Johnny Depp v. Amber Heard, Alex Murdaugh, Harvey Weinstein, and the death of George Floyd. In 2021 she was awarded the Scripps Give Light award for leadership, dedication, and hard work in legal ...

NEW YORK--(BUSINESS WIRE)--OutKick, the fastest growing national multimedia sports platform, saw the most growth in total multiplatform unique visitors amongst its custom competitive set with 7.1 million in January 2024, up 22% versus December 2023, according to Comscore. The platform also delivered 33 million total multiplatform views in January 2024, up 29% versus December 23 and saw 33 million total multiplatform minutes, up 27% versus the prior month, according the Comscore. In commenting on the digit ...

NEW YORK--(BUSINESS WIRE)--FOX News Digital finished January continuing its streak as the top news brand with both multiplatform views and minutes seeing double-digit monthly growth, according to Comscore. Notably, this marks 35 consecutive months that FOX News Digital has led news brands with multiplatform minutes and 16 consecutive months that it has been the leader in multiplatform views. FOX News Digital closed out the month reaching 3.3 billion total multiplatform minutes, 1.7 billion total multiplatfo ...