Fox Corp. Quarterly Ad Revenues Down 7% Due To Fewer Sports Events, Scripted Programming

While Fox News Media saw strong advertising revenue gains, overall Fox Corp. advertising was down 7% in its latest quarterly period, as fewer live sports events and a decline in scripted programming at Fox Television Network resulted from the COVID-19 pandemic.

Fox Corp. posted $969 million in advertising vs. $1.4 billion for the same period a year ago, ending September 30.

Company-wide revenue grew 2% to $2.7 billion, with affiliate revenue providing a big lift -- up 10% to $1.53 billion.

Cable programming -- largely from Fox News Media, including Fox News Channel -- posted an 18% rise in ad sales in the period to $299 million. Affiliate revenue was 4% higher to $973 million.

Overall advertising at Fox Television Network and Fox’ TV stations was down 15% to $670 million due to fewer NFL games and postponement of college football games.



On the plus side, the TV group had higher affiliate fees -- up 23% to $560 million.

Fox TV stations did see benefits from stronger political advertising revenues.

Fox’s TV streamer, Tubi, also saw ad revenue gains.

Total TV revenues were flat at $1.35 billion.

Net income at the company doubled to $1.12 billion from $513 million, driven by cash payments from Disney resulting from tax issues arising from Fox’s deal to sell half the company to Disney in 2019 for $52.4 billion.

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