US cable news and media network Fox reported results largely in line with analysts’ expectations in its Q4 numbers, with revenue up 2 per cent year on year, an increase of $60 million (€54.9m), to $3.09 billion.

Affiliate fee revenues increased 5 per cent, driven by 9 per cent growth at the Television segment and 2 per cent growth at the Cable Network Programming segment. Television operating expenses increased 7.3 per cent to $1.19 billion, due in part to increased costs at Tubi, which continues to be the top AVoD service in the US, according to Nielsen. The service launched in the UK in July.

Advertising revenues were consistent with the prior year quarter, as Fox Sports’ Summer of Soccer, including the broadcasts of the UEFA Euro 2024 and CONMEBOL Copa América, along with continued growth at Tubi were offset by lower ratings and pricing at the Fox Network. Other revenues were $226 million as compared to the $253 million reported in the prior year quarter, primarily due to a lower volume of third party content sales in the current year quarter.

The company reported quarterly net income of $320 million as compared to the $369 million reported in the prior year quarter. Quarterly Adjusted EBITDA was $773 million, an increase of $38 million or 5 per cent from the prior year quarter.

Full Year

Fox reported total full year revenues of $13.98 billion as compared to the $14.91 billion reported in the prior year.
Affiliate fee revenues increased 4 per cent, led by 9 per cent growth at the Television segment. Advertising revenues were $5.44 billion as compared to the $6.61 billion reported in the prior year, primarily due to the absence of the prior year broadcasts of Super Bowl LVII and the FIFA Men’s World Cup at Fox Sports and lower political advertising revenues at the Fox Television Stations due to the absence of the prior year midterm elections, partially offset by continued growth at Tubi. Other revenues were $1.21 billion as compared to the $1.26 billion reported in the prior year, primarily attributed to lower content revenues at Fox Entertainment studios as a result of the 2023 industry guild labour disputes, partially offset by higher sports sublicensing revenues.

The company reported full year net income of $1.55 billion as compared to the $1.25 billion reported in the prior year.

Commenting on the results, CEO Lachlan Murdoch said: “Fiscal 2024 was another successful year for Fox with very clear achievements across our portfolio, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi’s position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated ratings and share growth at Fox News. We now carry this momentum into another major event cycle with fiscal 2025 featuring the Presidential Election and Super Bowl. The soundness of our strategy, the consistency of our delivery and the strength of our financial position have never distinguished us more and underpin our confidence in the future at Fox and in delivering shareholder value.”

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Categories: Articles, Business, Results

Tags: Fox, Tubi