Fox Cable Ad Sales Sink 6%, Takes $50M Loss From Dominion
- by Wayne Friedman , May 9, 2023
At its Television unit -- which includes the Fox Television Network -- advertising sales grew 61% to $590 million due to the airing of the Super Bowl in February.
The company also gave credit to higher ad business at its ad-supported streaming platform, Tubi.
Overall revenue for Fox Corp's television business grew 36% to $2.5 billion.
With a $787.5 million settlement in the case brought by Dominion Voting Systems, Fox Corp. had a net loss of $50 million, compared to $290 million net income in the first quarter of 2022.
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Total company-wide revenues were up 18% to $4.1 billion, largely attributable to advertising sales driven by the Super Bowl. Typically, the big game can bring in around $400 million to $450 million in total day advertising revenue.
The Super Bowl posted the best-ever Nielsen-measured ratings at 115.1 million, after a recent re-calculation of viewership by Nielsen.
Affiliate fee revenue grew 3% in the period to $1.86 billion. Mid-day trading of Fox Corp. stock was up 1% at $32.46.
Allowing Fox to take a deduction on their federal taxes is a clear example of how skewed our tax system is for corporations and the super rich. Fox settles a defamation case by admitting they were guilty; and, instead of the financial pain being harsh they just "write it off" and minimize the actual damages. Ridiculous!
It's called just business since businesses can write off some of the settlement not breaking the law if it was government then Fox couldn't write it off the settlement. I was always how much Fox was willing to fight settling cost them less in the long run than fighting it for years.