×

Fox Corporation Sees Q1 Profit Dip, Even As Revenue Rises

Fox Corporation said that profit in in the first quarter of its fiscal 2020 fell, even as the fees it collects from cable and satellite operators helped buoy the period.

The New York owner of Fox News Channel and the Fox broadcasting network said Wednesday that net income attributable to stockholders for the quarter ended Sept. 30 fell to $499 million, or 80 cents per share, compared  with $604 million, or 97 cents per share, in the year-earlier period. Revenue rose 5% to $2.67 billion, compared with $2.54 billion in the year-earlier period.

The company has become more reliant on a smaller stable of assets since it sold its cable and studio properties to Walt Disney Company. But Fox said its TV outlets performed well in at least one major area, with affiliate revenue growing 4%. Advertising revenue, however, fell 2% in the period.

Fox demonstrated its growing reliance on sports rights, noting that the absence of a small handful  FIFA World Cup games and  UFC matches in the period accounted for a decrease of $10 million in advertising revenue at its cable division, and a dip in political advertising and fewer World Cup games spurred a dip of $12 million at its broadcast-TV operations.

Lachlan Murdoch, executive chairman at the company, said in a prepared statement that the company’s investment in new sports and competition properties were helping its operations.  “We’ve seen our programming investments in the Fox Network deliver ratings growth, including The Masked Singer, WWE Friday Night Smackdown, Thursday Night Football and the NFL on Fox” he said. “At the same time, we have successfully renewed distribution agreements with many of our largest partners that reflect the strength of our brands.”

More TV

  • Aimee Garcia Patton Oswalt Ben Schwartz

    TV News Roundup: Marvel TV and Hulu Unveil Casting for 'Marvel's M.O.D.O.K'

    In today’s TV news roundup, Marvel TV and Hulu announced the cast of its upcoming animated series, “Marvel’s MODOK” and Netflix set the premiere date for “Gentefied.” CASTING Marvel TV and Hulu revealed that Patton Oswalt, Aimee Garcia, Ben Schwartz, Melissa Fumero, Wendi McLendon-Covey, Beck Bennet, Jon Daly and Sam Richardson are joining “Marvel’s MODOK.” The animated [...]

  • Writers vs Agents Packaging War WGA

    APA Reaches Deal With Writers Guild of America

    APA has reached a deal with the Writers Guild of America, ending a nine-month standoff over allowing the agency to represent guild members. The full-service agency made the announcement Tuesday, four days after the Gersh agency signed a similar deal with the WGA. It’s the sixth mid-size agency to accede to the WGA’s bans on [...]

  • Game of Thrones

    ‘Game of Thrones’ Sweeps Parrot Analytics’ 2nd Global TV Demand Awards

    MIAMI —  “I must check it out. I’ve been hearing a lot about the show,” host Carson Kressley (“Queer Eye”) joked at Parrot Analytics’ 2nd Global TV Demand Awards as “Game of Thrones” swept two of its biggest plaudits: Most In-Demand TV Series in the World, along with Most In-Demand Drama Series. The awards ceremony  [...]

  • Rachel Brosnahan

    Rachel Brosnahan's Parents Once Called Acting Her 'Hobby'

    The cast of “The Marvelous Mrs. Maisel” nabbed two Screen Actors Guild Awards at Sunday’s ceremony, for outstanding male actor (Tony Shalhoub) and outstanding performance by an ensemble in a comedy series, the latter adding one more statue to star Rachel Brosnahan’s collection.  Brosnahan won a SAG Award last year for outstanding female actor in [...]

More From Our Brands

Access exclusive content