Fox Cable Ad Sales Sink 6%, Takes $50M Loss From Dominion

Fox News Media witnessed an “elevated supply in the direct response marketplace” advertising inventory that resulted a decline in total Fox cable TV advertising revenue of 6% in the first quarter, to $316 million.

Overall cable TV revenue -- which includes the Fox News Channel -- slipped 1% during the period. To an extent, this was offset by higher ad sales for the “World Baseball Games” on Fox Sports.

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.



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.

2 comments about "Fox Cable Ad Sales Sink 6%, Takes $50M Loss From Dominion".
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  1. Kevin Koval from AccentHealth, May 10, 2023 at 9:59 a.m.

    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! 

  2. Ben B from Retired replied, May 10, 2023 at 10:08 p.m.

    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.

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