Fox Corp. Keeps Rolling In Fall Quarter Despite Lack Of Political Ads, Delivering Better-Than-Expected Revenue

Core Insights - Fox Corp. exceeded revenue expectations for the October-to-December quarter, reporting total revenue of $5.18 billion, a 2% increase from the previous year [1] - Earnings per share were reported at 52 cents, matching Wall Street expectations, with an adjusted figure of 81 cents [1] Revenue Breakdown - Advertising revenue increased by 1%, supported by higher pricing in sports and news, despite challenges from the upcoming presidential cycle [2] - Distribution revenue rose by 4%, primarily due to a 5% growth in the Cable Network Programming unit [2] - Television division revenue slightly decreased to $2.937 billion, a notable decline given the typical strength of the fall quarter [3] Expense and Profitability Analysis - EBITDA in the Television division fell to $143 million from $205 million in the prior year, attributed to higher expenses related to sports programming rights and production costs [5] - Distribution revenues saw a modest increase of 1%, driven by higher average rates at owned television stations and increased fees from third-party affiliates [4] Management Commentary - CEO Lachlan Murdoch emphasized that the results reflect a differentiated strategy and high-quality execution, showcasing the strength of the company's leadership brands across various sectors [6]