Welcome to our dedicated page for Fox Corporation Class B news (Ticker: FOX), a resource for investors and traders seeking the latest updates and insights on Fox Corporation Class B stock.
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.
Tubi, Fox Corporation's ad-supported video-on-demand service, made its debut on Nielsen's The Gauge, achieving 1% of total TV viewing minutes in February 2023. This milestone positions Tubi as the most watched FAST service in the U.S. According to Chief Revenue Officer Mark Rotblat, the achievement validates Tubi's capacity to attract significant viewership through effective personalization. Additionally, Tubi's lightweight ad load and tools for advertisers offer significant advantages as they invest in a fully addressable audience.
Tubi boasts over 50,000 movies and TV shows, including Tubi Originals, and is accessible on various platforms, making it a compelling choice for viewers.
Tubi, an ad-supported video-on-demand service under Fox Corporation (NASDAQ: FOXA, FOX), will host its inaugural Tubi Connect conference for advertisers on March 23, 2023, in New York City. The event aims to provide insights into Tubi's growth trajectory and its strategy to connect diverse audiences with brand partners.
Highlighting record growth, Tubi reported a 44% increase in total viewing time year-over-year, with over 5 billion hours streamed in 2022 and 64 million active users. The conference will feature Tubi executives and discussions on effective advertising strategies.
Fox Corporation (NASDAQ: FOXA) announced that Executive Chair and CEO Lachlan Murdoch will participate in the Morgan Stanley 2023 Technology, Media & Telecom Conference on March 9, scheduled for 9:10 AM Pacific / 12:10 PM Eastern. A live and archived webcast of this presentation will be available on the Fox Corporation investor website. Fox Corporation is known for its prominent brands, including FOX News Media, FOX Sports, and FOX Entertainment, delivering significant content in news, sports, and entertainment while maintaining a robust media presence.
Tubi, Fox Corporation's ad-supported streaming service, reported a significant 44% growth in total viewing time, reaching over 5 billion hours streamed in 2022. The platform now boasts 64 million monthly active users, with notable increases among young and diverse audiences. The annual report indicates that as subscription costs rise, many consumers are shifting to AVOD services. Key trends highlight a growing preference for connected TV advertising, with significant investments from various media budgets shifting to CTV. Tubi offers over 50,000 titles and is well-positioned in an evolving streaming landscape.
Tubi, Fox Corporation's ad-supported video-on-demand service, reported a 44% year-over-year growth in total viewing time, surpassing 5 billion hours streamed in 2022. The platform now boasts over 64 million monthly active users. Key insights from Tubi's annual report indicate a shift towards AVOD as consumers seek to reduce subscription expenses, with 75% of users viewing AVOD as a practical cable alternative. Notable audience demographics include a 50% growth in African American and LGBT viewers. The report also highlights that 51% of streamers prefer limited ad exposure, and advertisers increasingly value streaming TV, with 80% considering it a key investment.
Fox Corporation (Nasdaq: FOXA, FOX) reported a quarterly revenue of $4.61 billion, reflecting a 4% year-over-year increase. The company achieved a net income of $321 million, recovering from a net loss of $73 million in the previous year. Adjusted net income rose to $259 million from $77 million, while adjusted EBITDA surged 71% to $531 million. Fox declared a $0.25 semi-annual dividend and authorized a $3 billion stock repurchase program, raising total authorization to $7 billion. CEO Lachlan Murdoch emphasized confidence in their strategy and assets, particularly following strong sports programming and political advertising results.
Fox Corporation (NASDAQ: FOX, FOXA) announced charitable commitments exceeding $300,000 to support Arizona communities as part of its FOX Forward and FOX Sports Supports initiatives. The funds will benefit organizations like the Pat Tillman Veterans Center for student veterans, Purple Heart Homes for veteran home modifications, and the Boys & Girls Clubs of the Valley to develop career readiness programs. These initiatives tie in with Super Bowl LVII, highlighting corporate social responsibility, and aim to create a lasting impact on military service members, veterans, and underserved youth.
Fox Corporation (NASDAQ: FOX, FOXA) announced charitable commitments exceeding $300,000 as part of its corporate social responsibility initiatives, celebrating Super Bowl LVII in Arizona. Key partnerships include the Pat Tillman Veterans Center, enhancing scholarships and resources for veterans, and the Boys & Girls Clubs of the Valley, focusing on youth career training. The Purple Heart Homes will benefit from home renovations for veterans. These initiatives aim to positively impact military members and underserved youth, showcasing FOX's commitment to community support.
Tubi has announced a significant content partnership with Warner Bros. Discovery, set to enhance its library with 14 new FAST channels and over 225 AVOD titles, totaling more than 2,000 hours of content.
The launch includes three curated channels: WB TV Series, WB TV Reality, and WB TV Family, showcasing popular titles like "Westworld" and "FBoy Island." In addition, 11 genre-specific channels will introduce fan-favorite shows and films, including classics from the Warner Bros. catalog. The rollout begins February 1, expanding Tubi's offerings to include more content from major Hollywood studios.
Fox Corporation (NASDAQ: FOXA, FOX) will announce its second quarter fiscal 2023 financial results on February 8, 2023. The earnings report will be released at 8:00 a.m. ET, followed by a live audio webcast of the discussion at 8:30 a.m. ET. Investors can access the webcast on the company’s investor relations site. Fox Corporation is known for its influential news, sports, and entertainment brands like FOX News Media, FOX Sports, and FOX Entertainment, and delivers engaging content that enhances consumer relationships and advertising effectiveness.
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