Menu

Fox Corp. Sees Q3 Profit Dip, Citing Absence of Super Bowl
📰
0

Fox Corp. Sees Q3 Profit Dip, Citing Absence of Super Bowl

Variety·Brian Steinberg·22 days ago
#PgDVqGiT
Reading 0:00
15s threshold

Fox Corp. said the absence of a Super Bowl broadcast in its third fiscal quarter led to a downturn in profit and revenue, even as its cable operations showed increases in key areas. The owner of Fox News Channel and the Fox broadcast network said revenue fell to $3.99 billion during the period, compared to the $4.37 billion in the year-earlier quarter. And while distribution revenue rose 3% thanks to activity from the company’s cable operations, none of it could truly offset comparisons with last year’s period. Advertising revenue came to $1.56 billion, compared to the $2.04 billion in last year’s period. Fox said last year that its telecast of Super Bowl LIX generated $800 million in gross revenue. Without the Super Bowl overhang, ad revenue in the third quarter would have grown by “double digits,” Fox CEO Lachlan Murdoch said during a call with investors on Monday. Popular on Variety In prepared remarks, Murdoch put a spotlight on another massive sporting event that Fox had in the offing.…

Continue reading — create a free account

Join HashtagPLUS to read full articles, follow hashtags, vote, and join the conversation.

Read More