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.
FOX Weather, the new AVOD streaming weather service from FOX News Media, is set to launch this fall. Three reporters, Nicole Valdes, Steve Bender, and Max Gorden, have been hired to cover live weather events. Valdes, based in Nashville, has a background in investigative journalism and hurricane reporting. Bender, stationed in Miami, has covered various natural disasters. Gorden will be based in Los Angeles, having previously worked in Arizona and Wisconsin. Additionally, five multimedia journalists will join the team to enhance coverage as the platform grows.
Comscore (NASDAQ: SCOR) has announced an expanded multi-year partnership with Fox Corporation (NASDAQ: FOXA, FOX), enhancing its National TV measurement services. This collaboration results from Comscore's improved data rights, promoting measurement stability and product enhancements. Comscore's Chief Revenue Officer highlighted the importance of reliable TV measurement amidst the industry's shift to impressions-based buying. The company aims to drive a multi-currency marketplace, allowing advertisers to reach audiences based on detailed consumer behaviors and preferences.
FOX News Channel (FNC) appointed Jacqui Heinrich as White House correspondent, covering President Biden's agenda alongside Peter Doocy. Aishah Hasnie advances to Congressional correspondent, while Alexandria Hoff joins as a general assignment reporter. Heinrich, previously FNC's Congressional correspondent, has significant experience, including key events during the 2020 election cycle. Hasnie is recognized for impactful reporting during the COVID-19 pandemic. Hoff previously worked at CBS in Philadelphia, covering elections and major events. FNC remains a leading news service with high viewer trust and engagement.
Fox Corporation (Nasdaq: FOXA, FOX) reported strong financial results for Q4 2021, with a net income of $272 million, up from $145 million year-over-year. Quarterly revenues increased by 20% to $2.89 billion, driven by a 38% rise in advertising revenues. For the full year, net income reached $2.20 billion, a substantial increase from $1.06 billion in the previous year. The company declared a semi-annual dividend of $0.24 per share and continued its share repurchase program, having repurchased $1.17 billion in Class A stock. However, challenges from COVID-19 persist, affecting content production and advertising spending.
FOX Business Network (FBN) will launch FBN Prime on September 20, featuring a lineup of new primetime programs that highlight American industry and success stories. The series includes How America Works, hosted by Mike Rowe, and American Built, led by Stuart Varney. Following shows include American Dream Home and Mansion Global. The new programming aims to engage viewers with inspiring narratives while honoring key sectors of the American economy.
FOX News Channel (FNC) ranked as the most-watched basic cable network in July, achieving an average of 2.1 million viewers in primetime. The network dominated viewership with 61 of the top 100 cable telecasts. CNN faced a significant decline, losing over half its audience, while MSNBC also saw major losses. FNC's Tucker Carlson Tonight was the top-rated program, averaging over 3 million viewers. FNC sustained minimal viewership declines compared to its competitors, highlighting its strong position in the market.
Fox Corporation (Nasdaq: FOXA, FOX) will present its fourth quarter and full year fiscal 2021 financial results in a live audio webcast on August 4, 2021, starting at 4:30 p.m. ET. Results will be available at approximately 4:00 p.m. ET the same day. The webcast can be accessed live and archived on investor.foxcorporation.com. Fox Corporation is known for its significant news, sports, and entertainment content through brands like FOX News Media and FOX Sports.
FOX News Digital achieved top rankings in Q2 2021, amassing over 4.7 billion multiplatform views and nearly 9.9 billion minutes of engagement, according to Comscore. In June alone, it surpassed CNN.com with 2.9 billion minutes and 1.5 billion views. The FOX News Mobile App drove 7 million unique visitors. FOXBusiness.com saw significant growth, with a 14% increase in views and minutes year-over-year. Despite leading metrics, there were declines compared to 2020, with unique visitors down 25% and total minutes down 26% for Q2.
Fox Corporation has appointed Brian Nick as the new Executive Vice President and Chief Communications Officer, effective at the end of July 2021. Nick joins from Coca-Cola Consolidated, bringing extensive experience in communications, including previous roles at Walmart and the National Republican Senatorial Committee. Lachlan Murdoch, Chairman and CEO, expressed enthusiasm about Nick's wealth of experience and potential to strengthen FOX's voice in the market. FOX, known for its influential news and entertainment brands, aims to leverage Nick's expertise to enhance internal and external communications.
FOX Weather, the AVOD streaming service of FOX News Media, has signed six meteorologists to anchor its programming, announced president Sharri Berg. The team includes Jason Frazer, Britta Merwin, Craig Herrera, Brigit Mahoney, Nick Kosir, and Stephen Morgan, each bringing unique regional expertise. The service aims to enhance weather coverage and engage viewers with diverse perspectives. FOX Weather capitalizes on FOX Corporation's strong media presence, reaching 200 million people monthly and currently leading cable viewership in news.
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