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Fox Corp. beat Wall Street forecasts on earnings per share, and was in line on revenue, in its fiscal Q4 earnings report Tuesday morning.

However, the company also saw its advertising revenue decline 4 percent year over year to $1 billion, with impacts at both its broadcast and cable networks.

In broadcast, the decline was due to lower political advertising revenues, which were offset by higher revenues at the free streaming service Tubi. At cable, the impact was “primarily due to the continued impact of elevated supply in the direct response marketplace” at Fox News. Fox News ousted its 8 p.m. host Tucker Carlson in the quarter, resulting in a ratings decline in that hour (however, the company said that more than 40 new advertisers joined the hour after his departure).

It is not clear how much an impact Carlson’s departure had, but it was something that Fox CEO Lachlan Murdoch addressed on the company’s earnings call, telling analysts that “this past year, Fox News’ leadership position was never at risk.”

“We sustained double digit advantages and total viewership over our nearest competitors for the entire fiscal year, even during the period where our primetime lineup was in transition,” he added. “Fox News debuted its tweaked primetime lineup last month. We are pleased with the initial results, and are confident that our deep bench of talent will continue to set the standard for all new services as we move towards the 2024 presidential election.”

Total revenue for Fox were $3 billion in the quarter, just down slightly from a year ago, as higher affiliate fees at the Fox broadcast network helped make up for the advertising declines, as well as another decrease in affiliate fees in cable “as contractual price increases were more than offset by the impact of net subscriber declines.”

A growth spot for Fox was its Tubi ad-supported streaming service, which saw substantial growth in both viewership and in advertising.

Elsewhere, the company said that it was reducing its expenses at Fox News, lowering its “digital investment and newsgathering costs at Fox News Media.”

And Murdoch said that, while Fox Bet has been shuttered, “we aspire to be operators of a wagering sports wagering business,” and said that the decision, which was initiated by Flutter, led to other third parties approaching them about partnerships. Murdoch also noted the company’s option to acquire a stake in FanDuel, the largest online betting company in the U.S.

“We’re really positioned well to continue to benefit from the emergence of sports wagering in the United States,” he said.

And Murdoch made clear to note that his company still expects to be acquisitive: “We didn’t see any attractive M&A opportunities this past year that that particularly caught our attention,” he said. “We are always looking for businesses that fit our portfolio and those that will be attractive growth businesses.”

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