Fox Corp. Posts 17% Gains In Q3 Ad Revenues, Records Growth At Tubi

Fox Corp.'s quarterly advertising revenue, ending September 30, was sharply higher -- up 17% -- thanks to the rising business at its streaming platform Tubi, the return of a full schedule at Fox Sports, and scripted programming on the Fox Television Network.

Advertising revenue was $1.1 billion versus $969 million in the third quarter of 2020. A year ago, Fox and other TV networks groups were in the depths of the pandemic-related TV disruptions and programming cancellations.

In the recent period, affiliate revenues were up 9% to $1.67 billion for Fox.

Cable network revenue (advertising and affiliate fees) were up 5% to $1.4 billion, with its television unit revenue up 14% to $1.6 billion.

Tubi is included in Fox’s television unit, as well as the Fox Television Network and its TV stations. Advertising revenues at television were up 22% ($149 million) to $819 million.

In the current period, Lachlan Murdoch, executive chairman-CEO of Fox Corp. said Tubi’s growth has made “exceptional progress. At the end of 2021, Fox projects Tubi revenues to be $300 million."

In February, Murdoch said he estimates Tubi would become a “billion-dollar” business in a few years.

In the most recent quarter, Fox Corp’s company-wide revenues grew 12% to $3.05 billion.

Net income was down 37% to $708 million from $1.12 billion in the year ago quarterly period. In the year-ago period, Fox Corp. received a $462 million cash reimbursement from Disney. That's part of the agreement Fox Corp. cut, as it's selling around half of its entertainment businesses to Disney.

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