Fox Corporation managed to swing to a profit in its fiscal third quarter, even though it faced challenges due to a slump in advertising revenue. The owner of Fox News Channel and the Fox broadcasting network said overall revenue fell to about $3.45 billion, compared to approximately $4.08 billion in the year-earlier period.
Here are the key points:
Revenue Comparison: Overall revenue fell to approximately $3.45 billion, compared to around $4.08 billion in the same period last year. The decline was partly due to the absence of last year’s Super Bowl broadcast.
Legal Setback and Boost in Affiliate Fees: Fox benefited from the lack of charges associated with a massive legal setback tied to Fox News Channel. Additionally, affiliate fees provided a boost.
Dominion Voting Systems Settlement: In the previous quarter, Fox faced a significant loss of over $50 million due to a settlement of more than $787 million with Dominion Voting Systems. This settlement wiped out profit but did not recur in the current quarter.
Profit and Adjusted Earnings: Fox swung to a profit of $704 million in the most recent quarter. Adjusted earnings per share came to $1.09.
Advertising Revenue Decline: Ad revenue fell year over year due to the absence of the Super Bowl. Advertising revenues slipped to $939 million, compared with $1.56 billion reported in the year-earlier period.
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