A federal judge on Friday put on pause a plan by Walt Disney, Fox and Warner Bros Discovery to launch a new sports streaming platform, saying that FuboTV is likely to be successful in proving its claim that the partnership would be anti-competitive.US District Judge Margaret Garnett in New York said in the ruling that a temporary injunction blocking the new streaming venture was appropriate.Fubo said in its Feb. 20 lawsuit that the proposed venture would “destroy competition and inflate prices for consumers ...

The Zacks Broadcast Radio and Television industry has been grappling with an escalation in cord-cutting despite a surge in demand for streaming content. However, industry players such as Netflix (NFLX) , Fox (FOXA) , Roku (ROKU) and TEGNA (TGNA) are reaping the benefits of a massive spike in digital content consumption. These companies are thriving due to their diverse content offerings, which include original, regional, and short-form content tailored for small screens like smartphones and tablets. Improve ...

Media Performance - FOX News has been the top-rated national cable news channel for over 20 consecutive years, finishing the fiscal year as the 1 cable network in Monday to Friday primetime and total day viewing among total viewers for the eighth consecutive year[18] - Tubi experienced over 40% growth in total view time in fiscal 2024 compared to the prior fiscal year, finishing with approximately 2.0% of all television viewing according to Nielsen's The Gauge[20] - FOX Entertainment featured the season's 1 new entertainment series and had four of the top comedies on television during the 2023-2024 broadcast season[19] - FOX Television Stations was the 1 or 2 rated news provider in the hours of 5 a.m. - 9 a.m. in the majority of its operating markets[20] - The FOX Network ranked 2 in the 18 to 49 and 18 to 34 year old audiences during the 2023-2024 broadcast season, and 1 in the male 18 to 49 and 18 to 34 year old audiences[50] - FOX Entertainment features top-rated programming, including the 1 new entertainment series Krapopolis and the 1 game show The Floor during the 2023-2024 season[52] Financial Performance - FOX's cash and cash equivalents at the end of fiscal 2024 were approximately $4.3 billion, with $1.25 billion returned to stockholders through stock repurchase and cash dividends[22] - FOX maintains a strong balance sheet, allowing for continued investment in growth initiatives and potential acquisitions across media categories[22] - The Company has $7.25 billion of outstanding fixed-rate debt as of June 30, 2024[303] - The fair value of borrowings liability increased from $6.895 billion in 2023 to $7.017 billion in 2024[305] - The total fair value of common stock investments decreased from $884 million in 2023 to $797 million in 2024[306] Content and Distribution - Tubi streamed approximately 9.7 billion hours of content over the fiscal year, marking a record for the platform[26] - The company launched over 140 new original titles and over 60 sports, entertainment, and local news channels on Tubi in fiscal 2024[24] - Tubi's content library expanded to over 260,000 titles, including 140 new original titles in fiscal 2024[54] - FOX News Media networks had a total of 67 million subscribers for FOX News and 65 million for FOX Business as of June 30, 2024[28] - FOX News Media operates direct-to-consumer services such as FOX Nation and FOX Weather, expanding its digital distribution capabilities[35] - FOX Entertainment Global engages in domestic and international sales and licenses of scripted and unscripted series, enhancing its distribution capabilities[55] Sports Broadcasting - FOX Sports has secured significant long-term contracts for marquee live sports broadcasts, including the NFL and FIFA World Cup[18] - FOX Sports has an expanded 11-year media rights agreement with the NFL, enhancing its coverage of NFL games and digital rights[52] - The UFL, launched in January 2024, consists of eight teams and has multi-year distribution agreements with FOX Sports and Disney/ESPN[66] Workforce and Employee Initiatives - As of June 30, 2024, the company had approximately 10,200 full-time employees[93] - The company’s internship program welcomed approximately 600 students in fiscal year 2024 and was recognized as one of the "100 Best Internships" by Vault[95] - The company provides comprehensive benefits, including medical insurance, dental and vision coverage, and a 401(k) Savings Plan with company contributions[98][99] - The company has expanded its partnership with the National Alliance on Mental Illness (NAMI) in 2024 to enhance mental health resources for employees[102] - The company launched the FOX Ad Sales Fast Future Initiative in 2021 to develop future leaders within its Ad Sales team[97] - The company’s diversity initiatives require that minority and female candidates are considered for every Director vacancy[94] - The company offers backup childcare and pet care services, as well as online academic help for employees' children[101] - The company has implemented various early career training initiatives to equip individuals with vital job skills[96] - The company’s workforce includes a significant portion of unionized employees, primarily based in the United States[93] Community Engagement and Philanthropy - The Company contributed over $9.5 million to various communities through philanthropic efforts in fiscal year 2024[111] - The FOX Giving program matched employee contributions to eligible non-profits, exceeding $1.5 million in total contributions during the fiscal year[116] - FOX's commitment to military veterans included a $2 million contribution to the Tunnel to Towers' Homeless Veteran Program[112] Regulatory and Compliance - The Company has filed all license renewal applications for its television stations, with one pending application opposed by a third party[70] - The FCC's national television ownership rule limits collective national audience reach to 39% of U.S. television households, impacting potential acquisitions[71] - The company actively monitors and adapts to evolving privacy and data security laws that impact its digital businesses[85] Environmental and Safety Initiatives - The Company has implemented a proactive Environment, Health and Safety (EHS) Program to manage risks and improve workplace safety[105] Real Estate and Assets - The FOX Studio Lot provides revenue streams from leasing office space and operating studio facilities, primarily for Disney productions until 2026[61] - FOX Television Stations owns and operates 29 full power broadcast television stations, delivering content to 38.4% of U.S. television households[44] - The Company holds a 66% equity stake in Credible Labs Inc., which operates consumer finance and insurance marketplaces in the U.S.[62] - The Company owns approximately 4.3 million ordinary shares of Flutter, representing about 2.4% equity interest as of June 30, 2024[63] Future Initiatives - A joint venture with ESPN and Warner Bros. Discovery for a digital sports distribution platform, Venu Sports, is expected to launch in fall 2024[67]

Key TakeawaysFox Corporation reported a better-than-anticipated profit and higher revenue, with growth in its affiliate fees and its Tubi free TV and movie streaming service.Affiliate fees rose 5% from a year ago, while advertising revenue was little changed.CEO Lachlan Murdoch said Fox's momentum could carry into the new fiscal year, with “another major event cycle" including the presidential election and Super Bowl. Fox Corporation (FOXA) shares jumped more than 5% in early trading Tuesday after the media ...

Fox Corporation (FOXA) reported fourth-quarter fiscal 2024 adjusted earnings per share of 90 cents, which beat the Zacks Consensus Estimate by 8.43%. The figure increased 2.3% year over year.Revenues increased 2% year over year to $3.09 billion. The figure missed the consensus mark by 0.29%.Affiliate fees (60.1% of total revenues) rose 5% to $1.86 billion, driven primarily by 9% growth in the Television segment.Advertising revenues (32.6% of total revenues) decreased 0.1% year over year to $1 billion, prima ...

Core Insights - Fox (FOXA) reported $3.09 billion in revenue for the quarter ended June 2024, a year-over-year increase of 2% and an EPS of $0.90 compared to $0.88 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $3.1 billion, resulting in a surprise of -0.29%, while the EPS exceeded expectations by +8.43% [1] Revenue Performance by Segment - **Cable Network Programming**: Revenue of $1.44 billion, exceeding the average estimate of $1.42 billion, with a year-over-year change of +2% [3] - **Television**: Revenue of $1.62 billion, slightly below the estimated $1.64 billion, reflecting a +1.8% change year-over-year [4] - **Other, Corporate and Eliminations**: Revenue of $39 million, surpassing the average estimate of $36.90 million, with a year-over-year increase of +11.4% [5] Revenue Breakdown by Component - **Cable Network Programming - Affiliate Fee**: Revenue of $1.05 billion, above the estimate of $1.04 billion, with a +2% year-over-year change [6] - **Cable Network Programming - Advertising**: Revenue of $328 million, exceeding the average estimate of $311.62 million, with a +2.5% year-over-year change [7] - **Television - Advertising**: Revenue of $679 million, slightly above the estimate of $677.86 million, showing a -1.3% year-over-year change [9] - **Television - Affiliate Fee**: Revenue of $811 million, slightly above the estimate of $808.48 million, with a +9% year-over-year change [10] - **Television - Other**: Revenue of $125 million, below the estimate of $155 million, reflecting a -19.4% year-over-year change [11] - **Revenues by Component - Affiliate Fee**: Total revenue of $1.86 billion, compared to the average estimate of $1.85 billion, with a +5% year-over-year change [12] - **Revenues by Component - Advertising**: Revenue of $1.01 billion, slightly above the estimate of $989.48 million, with a -0.1% year-over-year change [13] Stock Performance - Fox shares have returned +5.3% over the past month, contrasting with the Zacks S&P 500 composite's -6.7% change, indicating relative strength in the stock [14]

Fox (FOXA) came out with quarterly earnings of $0.90 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.43%. A quarter ago, it was expected that this TV broadcasting company would post earnings of $0.98 per share when it actually produced earnings of $1.09, delivering a surprise of 11.22%.Over the last four quarters, the compa ...

Group 1: Financial Performance - Fox reported total sales of $3.09 billion for the fiscal fourth quarter, a 2% increase from the previous year, aligning with Wall Street estimates [1] - Net income decreased to $320 million from $369 million year-over-year, with EPS at 68 cents compared to 74 cents, while adjusted EPS rose to 90 cents from 88 cents, exceeding expectations [1][2] - Affiliate fee revenues increased by 5%, driven by 9% growth in the Television segment and 2% growth in the Cable Network Programming segment [2] Group 2: Advertising and Revenue Insights - Advertising revenues remained flat compared to the prior year, with gains from Fox Sports and Tubi offset by lower ratings and pricing at the Fox Network [2] - "Other" revenues were reported at $226 million, down from $253 million in the prior year, primarily due to lower third-party content sales [2] Group 3: Strategic Outlook - The company anticipates a boost in political advertising and ratings due to the upcoming Presidential Election and Super Bowl in fiscal 2025 [3] - Fox's strategy and financial strength are highlighted as key factors for future shareholder value [3] Group 4: Corporate Developments - A family succession battle is ongoing, with Rupert Murdoch attempting to settle control of the family business, which could impact the future of Fox News [4] - Fox is set to launch a new sports streaming joint venture, Venu Sports, priced at $43.99 a month, amidst competition from Fubo [4]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Fourth Quarter Fiscal 2024 Performance](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202024%20Performance) For the fourth quarter of fiscal 2024, Fox Corporation reported a 2% year-over-year revenue increase to $3.09 billion, driven by 5% growth in affiliate fees. Advertising revenue remained flat as growth at Tubi and soccer broadcasts were offset by lower performance at the FOX Network. Adjusted EBITDA grew 5% to $773 million, benefiting from revenue growth and lower entertainment programming costs, despite higher sports rights and Tubi investment expenses | Financial Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $3.09 Billion | $3.03 Billion | +2% | | **Net Income** | $320 Million | $369 Million | -13.3% | | **Adjusted EBITDA** | $773 Million | $735 Million | +5% | | **Adjusted EPS** | $0.90 | $0.88 | +2.3% | - Quarterly revenue growth was primarily driven by a **5% increase in affiliate fee revenues**, stemming from **9% growth in the Television segment** and **2% in the Cable Network Programming segment**[4](index=4&type=chunk) - Advertising revenues were flat, as contributions from the UEFA European Championship, CONMEBOL Copa América, and continued growth at Tubi were offset by lower ratings and pricing at the FOX Network[4](index=4&type=chunk) [Full Year Fiscal 2024 Performance](index=1&type=section&id=Full%20Year%20Fiscal%202024%20Performance) For the full fiscal year 2024, revenues decreased to $13.98 billion from $14.91 billion in the prior year. This was mainly due to a significant drop in advertising revenue from the absence of Super Bowl LVII, the FIFA Men's World Cup, and midterm election political ads, which were present in fiscal 2023. Net income increased to $1.55 billion, largely due to the absence of prior-year legal settlement costs. Adjusted EBITDA declined to $2.88 billion | Financial Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $13.98 Billion | $14.91 Billion | -6.2% | | **Net Income** | $1.55 Billion | $1.25 Billion | +24.0% | | **Adjusted EBITDA** | $2.88 Billion | $3.19 Billion | -9.7% | | **Adjusted EPS** | $3.43 | $3.51 | -2.3% | - The decline in full-year advertising revenue to **$5.44 billion from $6.61 billion** was primarily due to the absence of Super Bowl LVII, the Men's World Cup, and lower political advertising revenues compared to the prior year's midterm elections[6](index=6&type=chunk) - Full-year net income rose to **$1.55 billion**, reflecting the absence of prior year charges related to legal settlement costs at FOX News Media[7](index=7&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Lachlan Murdoch highlighted fiscal 2024 as a successful year, emphasizing strong affiliate revenue growth, Tubi's establishment as the leading free streaming service in the U.S., and revitalized ratings at FOX News. He expressed confidence for fiscal 2025, which will feature a major event cycle including the Presidential Election and the Super Bowl, underscoring the company's sound strategy and financial strength - Key achievements in fiscal 2024 include strong quarterly affiliate revenue growth, cementing Tubi's position as the most-watched free TV and movie streaming service in the U.S., and reinvigorated ratings and share growth at FOX News[3](index=3&type=chunk) - The company anticipates carrying its momentum into fiscal 2025, which will feature major events like the Presidential Election and Super Bowl, underpinning confidence in future shareholder value delivery[3](index=3&type=chunk) [Review of Operating Results](index=3&type=section&id=REVIEW%20OF%20OPERATING%20RESULTS) [Consolidated Financial Performance](index=3&type=section&id=Consolidated%20Financial%20Performance) This section provides a detailed breakdown of the company's revenues and Adjusted EBITDA by segment for both the fourth quarter and the full fiscal year. For the full year, the Television segment saw a significant drop in advertising revenue and Adjusted EBITDA, while the Cable Network Programming segment's Adjusted EBITDA grew despite a slight revenue decline | (in $ Millions) | Q4 FY2024 | Q4 FY2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$3,092** | **$3,032** | **$13,980** | **$14,913** | | - Affiliate fee | $1,859 | $1,771 | $7,324 | $7,051 | | - Advertising | $1,007 | $1,008 | $5,444 | $6,606 | | **Total Adjusted EBITDA** | **$773** | **$735** | **$2,883** | **$3,191** | | - Cable Network Programming | $703 | $585 | $2,693 | $2,472 | | - Television | $148 | $227 | $506 | $1,009 | [Cable Network Programming Segment](index=4&type=section&id=CABLE%20NETWORK%20PROGRAMMING) The Cable Network Programming segment reported a 20% increase in Q4 EBITDA to $703 million, driven by a 2% revenue increase and lower expenses. For the full year, EBITDA grew 9% to $2.69 billion, as lower programming and legal costs, particularly from the absence of the Men's World Cup, more than compensated for a slight revenue decrease - Q4 affiliate fee revenue grew **2%** due to contractual price increases, partially offset by net subscriber declines. Advertising revenue rose **3%** from soccer broadcasts and improved pricing/ratings at FOX News Media[12](index=12&type=chunk) - The **20% increase in Q4 segment EBITDA** was due to revenue growth and lower expenses, driven by the deconsolidation of the USFL and reduced programming costs at FOX News Media[13](index=13&type=chunk) - Full-year segment EBITDA increased **9% to $2.69 billion**. The improvement was primarily due to lower expenses, including the absence of the prior year's Men's World Cup broadcast and reduced legal costs at FOX News Media[15](index=15&type=chunk) [Television Segment](index=5&type=section&id=TELEVISION) The Television segment's Q4 EBITDA declined to $148 million from $227 million year-over-year, as a 2% revenue increase was outweighed by higher expenses for sports programming and Tubi investments. For the full year, EBITDA was nearly halved to $506 million, primarily due to a significant drop in advertising revenue from the absence of major events like Super Bowl LVII and the midterm elections - Q4 affiliate fee revenue grew **9%** from higher fees from third-party affiliates and owned stations. Advertising revenue was slightly down as Tubi's growth and soccer broadcasts were offset by lower ratings and pricing at the FOX Network[17](index=17&type=chunk) - The decline in Q4 segment EBITDA was driven by higher costs for the UEFA European Championship and CONMEBOL Copa América, along with increased digital investment at Tubi[18](index=18&type=chunk) - Full-year advertising revenue fell from **$5.20 billion to $4.18 billion**, driven by the absence of Super Bowl LVII, the Men's World Cup, and lower political advertising. This was the primary cause for the segment's EBITDA dropping from **$1.01 billion to $506 million**[19](index=19&type=chunk)[20](index=20&type=chunk) [Shareholder Returns](index=6&type=section&id=Shareholder%20Returns) [Dividends](index=6&type=section&id=DIVIDEND) The Company's Board of Directors has approved an increase to the semi-annual dividend, signaling confidence in its financial health and commitment to returning capital to shareholders - The Board declared an increased semi-annual dividend of **$0.27 per Class A and Class B share**[21](index=21&type=chunk) - The dividend is payable on September 25, 2024, with a record date of September 4, 2024[21](index=21&type=chunk) [Share Repurchase Program](index=6&type=section&id=SHARE%20REPURCHASE%20PROGRAM) Fox continued its share repurchase program, buying back $250 million of its Class A common stock during the quarter. The company has $1.4 billion remaining under its current repurchase authorization - The Company repurchased approximately **$250 million** of its Class A common stock during the fourth quarter[22](index=22&type=chunk) - As of June 30, 2024, a total of **$5.6 billion** in stock has been repurchased under the program, with a remaining authorization of **$1.4 billion**[22](index=22&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The consolidated income statement shows a full-year revenue of $13.98 billion and net income attributable to stockholders of $1.50 billion, or $3.13 per share. This compares to revenue of $14.91 billion and net income of $1.24 billion, or $2.33 per share, in the prior fiscal year. The increase in net income was primarily due to lower restructuring and legal costs compared to the prior year | (in $ Millions) | Twelve Months Ended June 30, 2024 | Twelve Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Revenues** | $13,980 | $14,913 | | **Operating expenses** | ($9,089) | ($9,689) | | **Restructuring, impairment and other** | ($67) | ($1,182) | | **Income before income tax expense** | $2,104 | $1,736 | | **Net income attributable to Fox Corp. stockholders** | $1,501 | $1,239 | | **Net income per share** | $3.13 | $2.33 | [Consolidated Balance Sheets](index=8&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2024, Fox Corporation's balance sheet remained stable with total assets of $21.97 billion. Cash and cash equivalents stood at $4.32 billion. Total liabilities decreased to $11.16 billion from $11.42 billion in the prior year, primarily due to a reduction in current borrowings. Total stockholders' equity increased to $10.71 billion | (in $ Millions) | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $4,319 | $4,272 | | **Total current assets** | $7,501 | $7,257 | | **Total assets** | $21,972 | $21,866 | | **Total current liabilities** | $2,952 | $3,763 | | **Total liabilities** | $11,158 | $11,421 | | **Total Fox Corporation stockholders' equity** | $10,714 | $10,378 | [Consolidated Statements of Cash Flows](index=10&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the twelve months ended June 30, 2024, the company generated $1.84 billion in net cash from operating activities, a slight increase from the prior year. Net cash used in investing activities was $452 million. Financing activities used $1.34 billion, primarily for $1.0 billion in share repurchases and $281 million in dividend payments. The company ended the year with a net increase in cash of $47 million | (in $ Millions) | Twelve Months Ended June 30, 2024 | | :--- | :--- | | **Net cash provided by operating activities** | $1,840 | | **Net cash used in investing activities** | ($452) | | **Net cash used in financing activities** | ($1,341) | | *Repurchase of shares* | *($1,000)* | | *Dividends paid and distributions* | *($281)* | | **Net increase in cash and cash equivalents** | $47 | | **Cash and cash equivalents, end of year** | $4,319 | [Notes to Financials (Non-GAAP Reconciliations)](index=11&type=section&id=Notes%20to%20Financials%20(Non-GAAP%20Reconciliations)) [Note 1 – Adjusted Net Income and Adjusted EPS](index=11&type=section&id=NOTE%201%20%E2%80%93%20ADJUSTED%20NET%20INCOME%20AND%20ADJUSTED%20EPS) This note provides a reconciliation from GAAP Net Income to the non-GAAP measure of Adjusted Net Income. For the full fiscal year 2024, Adjusted Net Income was $1.65 billion ($3.43 per share), compared to $1.87 billion ($3.51 per share) in the prior year. The adjustments primarily remove the effects of restructuring charges and non-operating items to better reflect core operational performance | (in $ Millions, except per share) | Twelve Months Ended June 30, 2024 | Twelve Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net income attributable to Fox Corp. stockholders (GAAP)** | $1,501 | $1,239 | | **EPS (GAAP)** | $3.13 | $2.33 | | **Adjusted Net Income (Non-GAAP)** | $1,645 | $1,866 | | **Adjusted EPS (Non-GAAP)** | $3.43 | $3.51 | [Note 2 – Adjusted EBITDA](index=13&type=section&id=NOTE%202%20%E2%80%93%20ADJUSTED%20EBITDA) This note defines Adjusted EBITDA and reconciles it from GAAP Net Income. For the full fiscal year 2024, Adjusted EBITDA was $2.88 billion, down from $3.19 billion in the prior year. For the fourth quarter, Adjusted EBITDA was $773 million, an increase from $735 million year-over-year. Management uses this metric to evaluate the operating performance of its business portfolio - Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. It excludes items like depreciation, amortization, restructuring, and interest to provide insight into operational performance[36](index=36&type=chunk) | (in $ Millions) | Q4 FY2024 | Q4 FY2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (GAAP)** | $320 | $369 | $1,554 | $1,253 | | **Adjusted EBITDA (Non-GAAP)** | $773 | $735 | $2,883 | $3,191 |

FOX REPORTS FULL YEAR FISCAL 2024 REVENUES OF $13.98 BILLION, NET INCOME OF $1.55 BILLION, AND ADJUSTED EBITDA OF $2.88 BILLION NEW YORK, Aug. 6, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three and twelve months ended June 30, 2024. Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: "Fiscal 2024 was another successful year for FOX with very clear achievements across our portfolio, includ ...