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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.
FOX News Digital achieved its best month since January 2021 in July 2024, leading as the top news brand with 3.9 billion multiplatform minutes and 1.9 billion multiplatform views. The platform saw double-digit growth across all key performance indicators compared to the previous month and year. FOX News was the most engaged brand on social media with 42 million total interactions, a 39% year-over-year increase. FOXBusiness.com outperformed CNN Business and Bloomberg.com in multiplatform views. Compared to major competitors CNN.com and NYTimes.com, FOX News Digital showed significant growth in total views, minutes, and unique visitors.
FOX News Media has promoted Trey Yingst to chief foreign correspondent, announced by CEO Suzanne Scott. Yingst will continue to provide global coverage of international events. Additionally, he will author 'Black Saturday' for FOX News Books, set to publish on October 1st, 2024. The book offers a firsthand account of the October 7, 2023 terrorist attack in Israel and the ongoing war in Gaza.
Yingst, based in Jerusalem, was the first U.S. reporter on the scene during the Hamas attacks on Israel and continues to lead FNC's coverage of the Israel-Hamas war. He has also reported on major global events, including Russia's invasion of Ukraine and the U.S. troop withdrawal from Afghanistan. Throughout his career, Yingst has interviewed key international figures and broken numerous stories from conflict zones.
Fox reported its Q4 and full-year fiscal 2024 results. Q4 revenues increased 2% to $3.09 billion, with net income of $320 million and Adjusted EBITDA of $773 million, up 5% year-over-year. Full-year revenues were $13.98 billion, down from $14.91 billion in FY2023, with net income of $1.55 billion and Adjusted EBITDA of $2.88 billion.
Key highlights include:
- Q4 affiliate fee revenues up 5%, driven by 9% growth in Television segment
- Full-year affiliate fee revenues increased 4%
- Tubi achieved position as most watched free TV/movie streaming service in U.S.
- FOX News saw ratings and share growth
- Board authorized dividend increase to $0.27 per share
- $250 million in share repurchases during Q4
OutKick, a national multimedia sports platform owned by FOX , has announced the launch of The Ricky Cobb Show on August 12th. The 90-minute daily show, hosted by Ricky Cobb of @Super70sSports fame, will air live at 11 AM/ET. The show aims to blend Cobb's humor and extensive knowledge of sports and culture, featuring interviews with notable figures and signature segments.
Gary Schreier, OutKick's Senior VP and Managing Editor, expressed excitement about introducing Cobb's engaging personality to the OutKick audience. Cobb himself views the show as an opportunity to expand his reach beyond X (formerly Twitter) and spark engaging discussions. The Ricky Cobb Show will be available on OutKick.com, OutKick's social channels, and major podcast platforms, potentially reaching tens of millions of fans monthly.
FOX Weather, FOX News Media's free ad-supported streaming television weather service, has made two significant hires. Mike Seidel, a veteran meteorologist with over 30 years of experience at The Weather Channel, has joined as a meteorologist and storm specialist. Additionally, Ari Sarsalari, formerly of The Weather Channel App, has also joined the FOX Weather team.
Seidel, known for covering major weather events including numerous hurricanes, tropical storms, and sporting events, made his FOX Weather debut covering Hurricane Debby. His extensive experience, including over 25,000 live shots, is expected to be invaluable as FOX Weather continues to grow. Sarsalari brings nearly a decade of experience from The Weather Channel App.
FOX Weather, available through various platforms including foxweather.com, mobile apps, and connected TVs, offers comprehensive weather coverage with a team of 120 meteorologists and innovative forecasting approaches.
FOX Weather, FOX News Media's free ad-supported streaming television (FAST) weather platform, has expanded its distribution to include Pluto TV effective August 1st. This expansion comes during an unprecedented hurricane season, making FOX Weather's premium live weather news service available to Pluto TV users through its News and Opinion section or via search.
Since its launch in October 2021, FOX Weather has significantly increased its distribution partners, including major platforms like Samsung TV Plus, Verizon Fios, The Roku Channel, and Amazon News. The service is also available via simulcast on FOX Business Network and FOX Television Station Diginets in top markets.
FOX Weather offers 24/7 coverage with a team of 120 meteorologists, providing local, regional, and national reporting, as well as innovative forecasting tools like an immersive mobile 3D radar.
FOX News Channel (FNC) achieved its highest-rated July in network history, becoming the most-watched network in all of television during weekday primetime. FNC outperformed both cable and broadcast networks, growing its audience compared to 2020 and 2016 while competitors experienced significant viewership losses. The network dominated breaking news coverage, including the attempted assassination of former President Trump and the Republican National Convention (RNC).
FNC's revamped primetime lineup marked its one-year anniversary with substantial growth across all hours. Jesse Watters Primetime became the most-watched program in cable news, while Gutfeld! continued to lead late-night shows across broadcast and cable television. FNC also excelled in weekend programming and digital engagement, with FOX News Digital pacing towards its best month since November 2020.
Fox (Nasdaq: FOXA, FOX) has announced that it will discuss its fourth quarter and full year financial results for the fiscal year 2024, which ended on June 30, 2024. The company will host a live audio webcast on August 6, 2024, at 8:00 a.m. ET / 5:00 a.m. PT. The financial results will be released approximately 30 minutes earlier, at 7:30 a.m. ET / 4:30 a.m. PT on the same day. Investors and interested parties can access the live and archived webcast of the presentation through the company's investor relations website at investor.foxcorporation.com.
FOX News Media has appointed Katherine Moran Meeks as its new General Counsel, effective August 19th. Meeks, a former partner at Gibson, Dunn & Crutcher, brings extensive experience in media law and First Amendment cases. She replaces Bernard T. Gugar, who has stepped down from his role. Meeks will report to CEO Suzanne Scott and Fox 's Chief Legal and Policy Officer Adam Ciongoli.
Meeks' background includes representing journalists and media companies in libel cases, arguing in federal courts, and clerking for Supreme Court Justice Anthony M. Kennedy. She began her career as a journalist, notably contributing to The Times-Picayune's Pulitzer Prize-winning coverage of Hurricane Katrina. Meeks is a summa cum laude graduate of the University of Pennsylvania Law School and Yale University alumna.
OutKick, a national multimedia sports platform owned by FOX , reported strong growth in June 2024. The platform saw a 7% increase in total multiplatform unique visitors (5.9 million) and a 5% rise in total multiplatform minutes (21 million) compared to May 2024. OutKick also achieved 23 million total multiplatform views in June.
For Q2 2024, OutKick averaged 5.6 million monthly multiplatform unique visitors, with a total of 71 million multiplatform views and 62 million multiplatform minutes. The platform's social media presence also grew significantly, with 1.1 million social actions (up 29%) and 19.7 million video views (up 63%) across Facebook, X (formerly Twitter), Instagram, and YouTube.
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