Press release
FOX REPORTS FOURTH QUARTER FISCAL 2024 REVENUES OF $3.09 BILLION, NET INCOME OF $320 MILLION, AND ADJUSTED EBITDA OF $773 MILLION
FOX REPORTS FULL YEAR FISCAL 2024REVENUES OF $13.98 BILLION, NET INCOME OF $1.55 BILLION, ANDADJUSTED EBITDA OF $2.88 BILLION NEW YORK, Aug. 6, 2024
About this update from Fox Corporation
[{"type":"text","content":"FOX REPORTS FULL YEAR FISCAL 2024REVENUES OF $13.98 BILLION, NET INCOME OF $1.55 BILLION, ANDADJUSTED EBITDA OF $2.88 BILLION\nNEW YORK, Aug. 6, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; \"FOX\" or the \"Company\") today reported financial results for the three and twelve months ended June 30, 2024.\nCommenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:\n\"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.\"\nFOURTH QUARTER COMPANY RESULTS\nThe Company reported total quarterly revenues of $3.09 billion, an increase of $60 million or 2% from the amount reported in the prior year quarter. Affiliate fee revenues increased 5%, driven by 9% growth at the Television segment and 2% growth at the Cable Network Programming segment. Advertising revenues were consistent with the prior year quarter, as FOX Sports' \"Summer of Soccer\", including the broadcasts of the UEFA European Championship 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.\nThe Company reported quarterly net income of $320 million as compared to the $369 million reported in the prior year quarter. The variance includes the change in fair value of the Company's investments recognized in Non-operating other, net. Net income attributable to Fox Corporation stockholders was $319 million ($0.68 per share) as compared to the $375 million ($0.74 per share) reported in the prior year quarter. Adjusted...