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Fox Corporation Class A Common Stock (FOXA) represents a leading force in the media industry, delivering a wide range of news, sports, and entertainment content. The company operates under two primary segments: Cable Networks and Television. Cable Networks focus on Fox News, Fox Business, and several sports channels, while Television encompasses the Fox broadcast network, 28 local television stations, and the ad-supported streaming platform, Tubi.
Fox Corporation's core brands include Fox News, Fox Sports, the Fox Network, and Fox Television Stations. These brands are not only culturally significant but also hold substantial value for distributors and advertisers. The company's extensive reach allows it to create content that captivates and informs audiences, fostering strong consumer relationships and offering compelling products.
In recent years, Fox sold a majority of its entertainment assets to Disney, pivoting its focus towards live news and sports. This strategic move emphasized the company’s strength in these areas, which remain integral to its operations primarily through pay-TV bundles.
Financially, Fox Corporation reported total quarterly revenues of $3.45 billion for the three months ended March 31, 2024. This is a decrease from the $4.08 billion reported in the prior year. The Television segment saw a 9% growth in affiliate fee revenues, contributing to the overall 4% increase in this category. Advertising revenues were impacted by the absence of Super Bowl LVII and fewer NFL games, totaling $1.24 billion compared to $1.88 billion in the previous year. Other revenues also declined due to timing issues related to sports sublicensing.
Net income for the quarter was $704 million, significantly up from a net loss of $50 million in the prior year. This improvement reflects the absence of legal settlement costs and gains from asset contributions to the United Football League joint venture. Adjusted EBITDA also saw an increase of 7%, reaching $891 million.
Fox Corporation continues to invest in and capitalize on its core strengths, while also exploring new initiatives. The company actively engages with its audience through its owned and operated television stations and streaming service, Tubi. The Murdoch family maintains control of the corporation, steering its strategic direction.
For more information about Fox Corporation, please visit www.foxcorporation.com.
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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