Fox Corp., parent of Fox News and the Fox broadcast network, said revenue rose in the latest quarter, as the company expects the return of live sports and entertainment events will continue to propel its growth, reports The Wall Street Journal.
Revenue for the company’s fiscal fourth quarter was $2.89 billion, up 20% from the year-ago period.
Revenue at Fox’s cable programming, which also includes the Fox Business Network and Fox Sports channel as well as Fox News, was $1.4 billion. That is a 10% increase from a year ago, as Fox continued to monetize its digital assets and benefited from the return of live events and sports shows compared with last year.
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| Lachlan Murdoch |
Profit rose to $253 million in the June quarter, or 43 cents a share, from $122 million, or 20 cents a share, a year earlier.
On Wednesday, Fox’s entertainment arm said it had struck a deal with chef and reality TV star Gordon Ramsay to create Studio Ramsay Global. The new production company will create and distribute content for the Fox Broadcasting network and the Tubi streaming platform, and as part of the deal, is also acquiring all of Mr. Ramsay’s television business.
“Our exceptional Fiscal 2021 financial results highlight the strength of our distinct strategy and serve as a foundation for sustained operating momentum,” said Fox CEO Lachlan Murdoch.
"Despite the challenges presented by COVID, our businesses continued to inform and entertain households across the country. And in the midst of it all, we strengthened our core brands and expanded our digital capabilities, which together provide a robust platform for future growth. We look forward to the year ahead, anticipating the return of normalized sports and entertainment calendars and the start of the midterm election cycle. FOX’s core live event programming, coupled with its growing digital businesses, will continue to deliver audiences on an unmatched scale for our advertising and distribution partners."
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