Fox Corporation joined other media companies like Walt Disney and ViacomCBS Tuesday with an acknowledgement that the continuing coronavirus pandemic may have an effect on its financial operations.
“While the Company’s national news ratings remain strong, sports events for which the Company has broadcast rights have been cancelled or postponed and the production of certain entertainment content the Company acquires has been suspended,” Fox said in a filing with the U.S. Securities and Exchange Commission Tuesday. “The evolving and uncertain nature of this situation makes it challenging for the Company to estimate the future performance of its businesses, particularly over the near to medium term, including the supply and demand for its services, its cash flows and its current and future advertising revenues.”
In the wake of its the recent sale of its cable-and-studio assets to Walt Disney Company, Fox has positioned itself as an entrepreneurial concern focused on live programming, particularly in news and sports. And while ratings have grown in recent weeks at its Fox News operations, the lack of availability of live sports is no doubt crimping the business of both Fox Sports and Fox Broadcasting.
Other media and advertising companies, including Disney, ViacomCBS, Interpublic Group of Cos. and WPP, have all made similar filings describing how business is likely to be disrupted by the spread of coronavirus.