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 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.
FOX News Digital maintained its leadership in the news industry during Q2 2024, marking its 13th consecutive quarter as the top news brand for multiplatform minutes and 8th consecutive quarter for multiplatform views. The platform achieved 9.2 billion total multiplatform minutes, 4.8 billion multiplatform views, and averaged 104 million monthly unique visitors. FOX News Digital also led in social media engagement for the 41st consecutive quarter with 77.6 million total interactions.
In June, FOX News Digital surpassed CNN in total digital multiplatform unique visitors for the first time since February. The FOX News Mobile app outperformed CNN's, averaging 5.7 million unique visitors compared to CNN's 4.4 million. FOXBusiness.com also showed strong performance, surpassing CNN Business in multiplatform views for the 9th consecutive quarter.
FOX Weather will start simulcasting weekday mornings on FOX Business Network (FBN) from 5-6 AM/ET starting Monday, July 15th. The simulcast, called FOX Weather First, will be co-anchored by Britta Merwin and Craig Herrera. This move complements FOX Weather's existing weekend morning simulcast on FBN, initiated in December 2021. The launch coincides with an active hurricane season, recently marked by Hurricane Beryl.
Additionally, FOX Weather correspondent Max Gorden will transition to a reporter role at FBN, filling the position at the Los Angeles bureau previously held by Kelly O’Grady. Gorden, who joined FOX Weather in 2021, has covered major events including Hurricane Hilary in August 2023 and wildfires in Hawaii during the summer of 2023. FOX Weather is a 24/7 free ad-supported television service, leveraging resources from FOX News Channel and FOX Television Stations to provide comprehensive weather reporting and innovative forecasting techniques.
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