Fox reported total quarterly revenue of $3.99 billion for its fiscal third quarter ended in March, down from $4.37 billion the year earlier as ad sales dipped due to tough comparison given the absence of Super Bowl in the current vs last year.
Distribution revenue increased 3%, driven by 5% growth at the cable network programming segment. Advertising revenue was $1.56 billion, down from $2 billion on the Super Bowl comps, partly offset by the impact of an additional NFL Wild Card game and continued digital growth at Tubi.
Content and other revenue increased 12% on higher sports sub-licensing sales.
“Our fiscal third quarter results once again demonstrate continued strength and momentum across our business. This strong performance, led by robust core advertising trends, underscores FOX’s leadership in live programming, bolstered by continued strength at our leading free streaming service, Tubi,” said CEO Lachlan Murdoch. “Against this backdrop, we are proud to be bringing the world’s biggest sporting event to American homes with the FIFA Men’s World Cup hosted here in North America across June and July. Meanwhile we remain steadfast in our commitment to delivering long-term shareholder value supported by our strong balance sheet.”
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Adjusted EBITDA of $954 million rose by $98 million or 11% as the revenue dip was more than offset by lower expenses. Adjusted net income of $1.32 a share also beat forecasts.
Net income fell to $175 million from $354 million
Execs will hold a call at 8:30 am ET.
More to come