Business
FOX Reports First Quarter Fiscal 2022 Revenues of $3.05 Billion
NET INCOME OF $708 MILLION, EARNINGS PER SHARE OF $1.21 ADJUSTED EBITDA OF $1.06 BILLION NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA,
About this update from Fox Corporation
[{"type":"text","content":"NET INCOME OF $708 MILLION, EARNINGS PER SHARE OF $1.21\n ADJUSTED EBITDA OF $1.06 BILLION\n\n\nNEW YORK, Nov. 3, 2021 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) (\"FOX\" or the \"Company\") today reported financial results for the three months ended September 30, 2021.\nThe Company reported total quarterly revenues of $3.05 billion, a 12% increase from the $2.72 billion of revenues reported in the prior year quarter. Advertising revenues increased 17%, primarily due to continued growth at Tubi and the return of a full schedule of live events at FOX Sports and more scripted programming at FOX Entertainment in the current year quarter, as compared to the postponements and cancellations in the prior year quarter as a result of Coronavirus Disease 2019 (\"COVID-19\"). Affiliate revenues increased 9% with 14% growth at the Television segment and 5% growth at the Cable Network Programming segment. Other revenues increased 15%, led by the return of sports sublicensing revenues at the Cable Network Programming segment which were impacted by COVID-19 in the prior year quarter.\nQuarterly net income of $708 million compares to the $1.12 billion reported in the prior year quarter. The change in net income was primarily due to the absence of a $462 million gain recognized in Other, net in the prior year quarter associated with the cash reimbursement received from Disney for the Company's prepayment of its share of the tax liabilities resulting from Disney's divestiture of certain Twenty-First Century Fox assets. Net Income attributable to Fox Corporation stockholders was $701 million ($1.21 per share) as compared to the $1.11 billion ($1.83 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $642 million ($1.11 per share) as compared to the $716 million ($1.18 per share) reported in the prior year quarter.\nQuarterly Adjusted EBITDA2 was $1.06 billion as compared to the $1.17 billion reported in the prior year quarter as the revenue increases noted above were more than offset by what was an anticipated increase in expenses. The increase in expenses primarily reflects higher programming rights amortization associated with normalized sports and entertainment schedules that were impacted by COVID-19 in the prior year quarter and increased digital investment.\nCommenting...