Fox Corporation Reports Mixed Q4 Results with Flat Ad Revenue and Declining Profits
Despite slight revenue growth and strong performances from Tubi and Fox News, Fox Corporation's net income dropped due to lower ratings and pricing at the Fox Network.
- Fox Corporation's Q4 revenue reached $3.09 billion, a 2% increase from the prior year, but fell short of Wall Street expectations.
- Net income declined to $320 million from $369 million, impacted by the fair value change of company investments.
- Advertising revenue remained flat at $1.007 billion, offset by higher ratings at Fox Sports and Tubi but lower ratings at the Fox Network.
- Fox News maintained its position as the most-watched cable news network, benefiting from a dynamic news cycle and upcoming election coverage.
- The launch of Venu Sports, a joint venture with Disney and Warner Bros. Discovery, is anticipated this fall despite facing legal challenges from Fubo.
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