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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.
FOX News Audio has partnered with Apple Podcasts Subscriptions to launch FOX News Podcasts+, a subscription service priced at $2.99/month or $29.99/year. This platform offers exclusive content, including seasonal specials and commercial-free versions of popular shows like FOX News Sunday and The Brian Kilmeade Show. The service includes access to over 40 original podcasts hosted by network personalities. FOX News Podcasts has seen significant growth, ranking among the top 15 podcast publishers and achieving double-digit year-over-year growth in Q1 2021.
Fox Corporation (Nasdaq: FOXA, FOX) has announced that Chief Financial Officer Steve Tomsic will present at the Credit Suisse 23rd Annual Communications Conference on June 14, 2021, at 12:40 PM Eastern time. A live and archived webcast of his presentation will be accessible at investor.foxcorporation.com.
Fox Corporation is renowned for producing compelling news, sports, and entertainment content through brands like FOX News Media and FOX Sports, which play a significant role in engaging audiences nationwide.
FOX News Media's franchise series Proud American will celebrate its eighth year by honoring U.S. armed forces and veterans, featuring stories across multiple platforms including FOX News Channel and FOX News Digital. In a Memorial Day commemoration, the series includes donations of $25,000 to The Navy Seal Foundation and $15,000 to the USO. Special programming starts May 28, with live broadcasts from iconic sites and special podcasts hosted by veterans. FOX News remains the top-rated cable news network, reaching 200 million monthly viewers.
FOX News International is expanding into Asia, starting May 27, reaching a total of 37 countries. The service, which includes live streams of FOX News Channel and FOX Business Network, previously launched in Turkey in March and Mexico last August. April 2021 marked record engagement for the platform. Notable download success was seen in the UK, Germany, and Spain, with Turkey performing well despite its recent launch. The service costs $6.99 monthly and is available on multiple platforms, including iOS and Android.
FOX Nation announced the launch of FOX News Primetime All The Time, allowing subscribers to access on-demand episodes of popular FNC shows like Tucker Carlson Tonight, Hannity, and The Ingraham Angle starting June 2. This service enhances viewer flexibility, making highly-rated programming available anytime. The move complements FOX Nation's existing content, which includes over 3,200 hours of original programming and documentaries. FNC's primetime shows continue to dominate cable news ratings, outperforming competitors significantly in viewership.
Fox Corporation (Nasdaq: FOXA, FOX) announced that Chief Operating Officer John Nallen will participate in a keynote session at the J.P. Morgan Global Technology, Media and Communications Conference on Wednesday, May 26, at approximately 12:40 PM Eastern (9:40 AM Pacific). A live and archived webcast of the presentation will be available at investor.foxcorporation.com. Fox Corporation is known for its leading brands in news, sports, and entertainment, including FOX News Media and FOX Sports.
FOX News Channel has appointed Rachel Campos-Duffy as co-host of FOX & Friends Weekend, marking her as the first Hispanic woman to hold this role. She joins co-hosts Pete Hegseth and Will Cain starting June 12. Lawrence Jones will transition to enterprise reporter for the franchise. FOX & Friends Weekend leads cable news ratings, particularly in the coveted 25-54 demographic. Campos-Duffy will also continue with her show Moms on FOX Nation and launch a new podcast titled From the Kitchen Table – the Duffy’s.
FOX Weather, the new AVOD streaming weather service from FOX News Media, has appointed six executives to its leadership team, announced president Sharri Berg. The platform will utilize over 75 meteorologists and robust news resources to deliver comprehensive weather updates. Key appointments include David Clark as Senior VP and Head of Programming, Steve Baron as Senior VP Digital Product & Strategy, and Mike McClain as Senior VP and General Manager. This management structure aims to enhance mobile app and streaming channel operations as FOX Weather prepares for its 3Q 2021 launch.
FOX News Media has filed a motion to dismiss the lawsuit from Dominion Voting Systems, arguing it infringes on media free speech rights. Key points include that Dominion failed to prove actionable defamation and did not allege actual malice by FOX. The motion emphasizes the press's role in covering newsworthy government proceedings and states that the allegations against Dominion existed before the presidential election. FOX asserts that Dominion's claims lack substantial legal basis, referencing protections under New York's Anti-SLAPP statute and asserting that the lawsuit threatens press freedoms.
In April, FOX News Digital surpassed CNN.com in total multiplatform minutes for the second consecutive month, achieving over 3.5 billion total multiplatform minutes. The network attracted over 89 million unique visitors and nearly 1.7 billion views, outperforming major news brands. Additionally, FOX News led social media engagement for the 80th consecutive month and dominated YouTube views with over 240 million, reflecting a 54% increase month-over-month. FOXBusiness.com also showed strong performance with over 20 million unique visitors.
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