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Fox Corporation (NASDAQ: FOXA, FOX) is a leading American news, sports, and entertainment company. Operating through two segments—Cable Networks and Television—Fox Corporation's prominent brands include Fox News, Fox Business, Fox Sports, and the Fox Television Stations. The company also boasts the ad-supported streaming platform, Tubi.
The Cable Networks segment features major entities such as Fox News and Fox Business, alongside various pay-TV sports stations. Meanwhile, the Television segment encompasses the Fox broadcast network, which operates 28 owned and operated local television stations, with 18 affiliated to the Fox network. Tubi, known for its vast library of free, ad-supported streaming content, is also part of the Television segment.
Significantly, in 2019, Fox Corporation sold most of its entertainment assets to Disney, pivoting its focus primarily on live news and sports content. The Murdoch family maintains control over Fox.
Recently, Fox Corporation reported total quarterly revenues of $3.45 billion for the three months ended March 31, 2024, compared to $4.08 billion in the prior year quarter. However, the company saw a 4% increase in affiliate fee revenues, driven by a 9% growth in the Television segment and a 1% growth in Cable Network Programming. Advertising revenues were recorded at $1.24 billion, compared to $1.88 billion the previous year, which had included the Super Bowl LVII broadcast.
In terms of profitability, Fox reported a quarterly net income of $704 million, up from a net loss of $50 million in the previous year. This improvement reflects the absence of prior charges related to legal settlements at Fox News Media and a gain on USFL assets contributed to the United Football League joint venture. Adjusted net income attributable to Fox Corporation stockholders was $520 million, or $1.09 per share.
Fox Corporation continues to be a pivotal player in the media landscape, leveraging its strong brand presence and commitment to delivering engaging news and sports content. For more information, visit Fox Corporation's website.
OutKick, FOX 's sports multimedia platform, reported significant growth in November 2024. The platform achieved 7.7 million total desktop and mobile unique visitors (up 21% YoY), 34 million total multiplatform views (up 39% YoY), and 32 million total multiplatform minutes (up 38% YoY).
Social media performance was equally impressive, with 2.1 million social actions across Facebook, X, and Instagram (up 64% YoY and 11% MoM), and 17.7 million total video views on Facebook, X, and YouTube (up 94% YoY). The platform's success is attributed to its coverage of stories at the intersection of sports, culture, and politics.
FOX News achieved remarkable digital performance in November 2024, leading news brands with 4.5 billion total multiplatform minutes (up 57%) and 2.4 billion views (up 43%). The network set a YouTube record with 402 million video views, marking a 114% year-over-year increase. FOX News Digital attracted 114.9 million unique visitors, while their mobile app reached 7.2 million users. The network dominated social media engagement with 51 million total interactions. Meanwhile, FOXBusiness.com maintained its leadership position over CNN Business and Bloomberg.com, generating 162 million multiplatform views. In contrast, CNN experienced declines in both multiplatform views (-3%) and minutes (-8%) compared to November 2023.
FOX News Channel's Sean Hannity launches a new long-form interview show titled 'Sean' on FOX Nation, featuring in-depth conversations with notable figures from sports, entertainment, and politics. The show premieres with Sylvester Stallone and Jennifer Flavin Stallone as first guests, followed by future episodes featuring Stephen A. Smith and Jillian Michaels.
The monthly series aims to explore guests' life journeys, challenges, and successes through candid conversations. As the longest-running primetime cable news host, Hannity brings his experience of interviewing key newsmakers to this new format. FOX Nation, recently named one of the top 10 fastest-growing brands among Gen Z adults, offers this show as part of its streaming service designed for FOX News Channel's most dedicated viewers.
Fox announced that CFO Steve Tomsic will participate in the UBS Global Media and Communications Conference on December 9, 2024. The presentation is scheduled for 12:00 PM Eastern Time (9:00 AM Pacific Time). Interested parties can access both live and archived versions of the presentation through Fox 's investor relations website at investor.foxcorporation.com.
FOX News Channel (FNC) achieved its highest-ever share of cable news audience, commanding 62% of viewers during the election month. The network marked 45 consecutive months as number one in both primetime and total day viewership. FNC delivered 3.2 million primetime viewers and saw an 86% year-over-year growth. Post-election, FNC's audience rose 24% in primetime while competitors CNN and MSNBC saw significant declines of 39% and 52% respectively. FNC dominated Election Day coverage across platforms with 13.6 million viewers and led television ratings during Vice President Harris' concession speech with nearly 8 million viewers.
OutKick, a national multimedia sports platform owned by FOX , reported significant growth in October 2024. The platform achieved 8.6 million total desktop and mobile unique visitors, marking a 61% monthly increase and 44% year-over-year growth. Total multiplatform views reached 31 million, up 32% monthly and 30% annually. Social media engagement saw 1.9 million social actions across Facebook, X, and Instagram, up 119% year-over-year, while video views reached 19.7 million across social platforms, a 73% annual increase. The growth was attributed to coverage of major sports events and controversial topics in sports.
FOX News Digital achieved significant growth in October 2024, surpassing CNN in total digital multiplatform unique visitors for the third time this year. The platform recorded 3.9 billion total multiplatform minutes (up 13%), 2 billion total multiplatform views (up 9%), and 115.8 million unique visitors (up 6%). FOX News dominated social media engagement with 47 million total interactions, while FOXBusiness.com outperformed CNN Business for the 31st consecutive month. Meanwhile, CNN experienced double-digit declines across all key performance indicators.
FOX Nation will host its sixth annual Patriot Awards on December 5th at the Tilles Center in Brookville, New York. Sean Hannity, Long Island native and FOX News Channel's top-rated primetime host, will emcee the event, which will stream live on FOX Nation at 8 PM/ET, with an encore presentation on FNC on December 8th.
The awards show, partnering with Tunnel 2 Towers, Patriot Mobile, Golden Corral, and Belfor, will honor military veterans, first responders, and everyday heroes across multiple categories. Notable FOX News personalities will serve as presenters. Leading up to the event, The Five and FOX & Friends will present live audience shows from the venue, offering attendees meet-and-greet opportunities with network personalities.
FOX News Channel (FNC) achieved record-breaking viewership during Vice President Kamala Harris' concession speech, drawing 7.9 million viewers and 1.4 million in the 25-54 demographic. The network dominated with 64% of cable news audience during its FOX News Democracy 24 special coverage. The Five secured 7.2 million viewers, while FNC led primetime with 5.1 million viewers, significantly outperforming CNN and MSNBC. The network maintained its position as the most-watched cable news network in swing states and attracted the highest number of Independent and Democrat viewers among cable news networks.
FOX News Media led all broadcast and cable networks in 2024 election night coverage with 13.6 million total viewers and 4.4 million in the 25-54 demographic. FOX News Channel's Democracy 2024 primetime coverage averaged 10.3 million viewers, outperforming ABC, NBC, CBS, and all cable news networks. The network's coverage peaked at 10.8 million viewers during the 10 PM/ET hour. FOX was first to call the race for Trump at 1:47 AM/ET. FOX Business Network achieved its highest-rated primetime in network history for the 25-54 demo. FOX News Digital recorded its best day since 2020 in page views and media initiations.
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