Welcome to our dedicated page for Fox Corporation news (Ticker: FOXA), a resource for investors and traders seeking the latest updates and insights on Fox Corporation stock.
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.
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.
Fox Corporation's Special Committee of the Board has provided an update regarding its exploration of a potential transaction with News Corporation. The Committee is composed entirely of independent directors and holds the authority to evaluate the proposal. It has retained J.P. Morgan as its financial advisor and Wachtell, Lipton, Rosen & Katz for legal counsel. The company confirms that Mr. Rupert Murdoch and the Murdoch Family Trust will only support a transaction recommended by the Special Committee and approved by non-affiliated stockholders. No decision has yet been made on the combination.
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