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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 Media has promoted Jacqui Heinrich to senior White House correspondent, as announced by President and Executive Editor Jay Wallace. Heinrich, who joined FOX News in 2018, has been covering the White House since 2021 and will continue to cover national and international activities of the President and administration issues. With a track record of significant reporting including the 2023 Iran prisoner swap and the ongoing Israel-Hamas war, Heinrich has traveled with President Biden to 17 countries. She is also a three-time Emmy-award-winning journalist and serves on the White House Correspondents Association’s board. Heinrich will continue co-hosting FOX News Audio’s FOX News Rundown podcast. FOX News Media, owned by Fox , operates multiple channels and services, reaching nearly 200 million people monthly.
FOX News Media has elevated Peter Doocy to the position of Senior White House Correspondent. This promotion by President and Executive Editor Jay Wallace will see Doocy continue his comprehensive coverage of both domestic and international activities involving the U.S. President and key administrative issues. Wallace expressed high regard for Doocy's dedication to delivering hourly news updates directly from the White House since his initial assignment post-2020 campaign trail. Doocy has a rich history with FOX News, reporting on significant events such as the 80th anniversary of D-Day, the Israel-Hamas conflict, and Russia’s invasion of Ukraine. His career includes coverage of major political elections since 2009 and hosting FOX Nation and FNC documentaries. FOX News Media, under Fox , operates multiple media platforms and remains the leading cable network for 22 years.
FOX News Books has delivered its latest number one nonfiction book, 'The War on Warriors,' by Pete Hegseth, to the top of the New York Times bestseller list. This achievement marks Hegseth's fourth New York Times bestseller and his second under the FOX News Books imprint. Since its inception in 2020, the imprint has sold over 2.5 million books across 11 titles. 'The War on Warriors' has sold over 60,000 copies since its release on June 4th and explores the impact of changes in the military on service members and national security. The book has received particular resonance among active troops, veterans, and military families. FOX News Books has partnered with HarperCollins Publishers for this and other successful releases.
Fox (Nasdaq: FOXA) has expanded its partnership with FreeWheel to enhance its dynamic ad insertion capabilities for College Football broadcasts on FOX. This collaboration will see FreeWheel serve as the primary monetization engine for Tubi and the entire One FOX portfolio, integrating with FOX's AdRise to streamline access to premium video ad inventory. This move aims to offer advertisers more targeted, contextually rich ad opportunities in live sports. FreeWheel's technology, including Beeswax, will create a unified pool of premium video ad inventory, making it more accessible to marketers.
FOX News Media has announced the addition of Mary Katharine Ham as a contributor. Ham, a journalist, author, and speaker, will provide analysis across the network’s platforms starting today on America’s Newsroom. She is also a columnist for OutKick and the host of the bi-weekly podcast 'Getting Hammered' alongside Vic Matus. Ham has a notable history, having co-moderated a Republican presidential primary debate for ABC News in 2016 and co-authored a book with Guy Benson. She returns to FOX News after previous stints from 2007-2015 and a period at CNN, where she departed following a suspension in 2022. FOX News Media, a division of Fox , operates several news and business channels, reaching nearly 200 million people monthly. The network has been the top watched television news channel for 22 years.
OutKick, a national multimedia sports platform owned by FOX, reported significant growth in April 2024 with 24 million total multiplatform views and 22 million total multiplatform minutes.
The platform also attracted over 5.3 million unique visitors, according to Comscore data. On social media, OutKick achieved over 930K total social actions and 8.8 million video views across Facebook, X (formerly Twitter), and YouTube.
Additionally, the show 'Tomi Lahren is Fearless' will now air live every weekday at 1 PM/ET on OutKick.com, instead of its previous schedule of three days a week at 7 PM/ET.
FOX News Digital led news brands with multiplatform minutes for 38 consecutive months and reached 3 billion total multiplatform minutes in April, according to Comscore. The platform saw 1.5 billion multiplatform views and 105 million unique visitors. The FOX News Mobile App had 5.6 million unique visitors. FOX News was the most engaged news brand on social media for 116 consecutive months, with 24.8 million interactions, including 8.5 million on Facebook, 14.5 million on Instagram, and 1.8 million on X.
FOXBusiness.com achieved 162 million multiplatform views, surpassing CNN Business for the 25th month and Bloomberg.com for the 36th month, with 11% year-over-year growth. April's comparison showed FOX News Digital with 1.5 billion multiplatform views (down 1%), CNN.com with 1.2 billion views (up 9%), and NYTimes.com with 1.5 billion views (up 28%). FOX News Digital led in multiplatform minutes with 3 billion, despite an 8% decline, while CNN.com and NYTimes.com saw respective declines and growth of 2% and 30%.
FOX Nation is set to premiere 'Vietnam: Footsteps of My Father with Harris Faulkner' on May 16. This series follows Faulkner as she traces her late father Lt. Col. Bobby R. Harris' combat journey during the Vietnam War. The series offers insights into the war through the perspectives of historians, veterans, and family members.
Over three episodes, Faulkner visits significant locations, interviews veterans and historians, and shares personal stories, including her father's experiences. FOX Nation, a subscription service with over 10,000 hours of content, continues to grow rapidly, especially among Gen Z adults.
FOX News Audio is launching The FOX Business Rundown Podcast on May 20th, featuring business news from FBN anchors and correspondents. The podcast will cover trending topics like inflation, artificial intelligence, and economic policy, with insights from CEOs, lawmakers, economists, and top FBN reporters. Listeners can tune in on Mondays and Fridays to stay up-to-date on Wall Street and Main Street news.
Fox 's Chief Financial Officer, Steve Tomsic, is set to participate in MoffettNathanson's Media, Internet & Communications Conference 2024 on May 15. The event will be live-streamed and archived for viewing.
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