Fox Corp. reported higher fiscal fourth-quarter earnings.
Net income jumped to $253 million, or 43 cents a share, from $122 million, or 20 cents share a year ago.
Revenues rose 20% to $2.89 billion.
Advertising revenue rose 38%. Ad revenues were up 51% at Fox’s television segment, and 17% at its cable networks.
Affiliate revenue rose 10%, with the TV segment up 16% and cable networks up 6%.
Cable network EBITDA was flat at $674 million as revenues rose 10% to $1.4 billion.
EBITDA fell to $148 million from $169 million at Fox’s television segment as revenues rose to $1.4 billion from $1.1 billion.
“Our exceptional Fiscal 2021 financial results highlight the strength of our distinct strategy and serve as a foundation for sustained operating momentum.” said executive chairman and 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,” Murdoch said. “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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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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