Fox Q3 Net Income Hits $704M Despite Ad Dip, Post-Dominion Settlement

May 8, 2024, 05:40 PM

Fox Corporation reported a significant turnaround in its Q3 financial results, achieving a net income of $704 million, up from a $50 million loss in the same quarter the previous year, which was impacted by the Fox News-Dominion settlement. Despite a 33% decline in advertising revenue to $1.2 billion, overall revenue fell by 15% year-over-year to $3.4 billion. The company attributed its profitability to a robust $1.9 billion in affiliate fee revenue and reduced costs. Fox's streaming service Tubi was highlighted as a key factor in the company's performance, with CEO Lachlan Murdoch emphasizing its role in compensating for the ad revenue dip and its leadership in the free TV and movie streaming sector in the US.