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Fox’s TV Businesses Report Lower EBITDA in Q3

Fox
(Image credit: The Texanist)

Fox Corp.’s TV businesses had lower profits than a year ago, when its broadcast network had the Super Bowl, but because of a drop in the value of assets a year ago, net income jumped.

Adjusted earnings before interest, taxes, depreciation and amortization were $899 million, compared to $920 million a year ago for Fox's fiscal third quarter.

Revenues slid to $3.22 million from $3.44 billion a year ago. 

Net income was $567 million, or 96 cents per share, compared to $78 million, or 13 cents a share, a year ago.

Adjusted EBITDA edged up to $1.47 billion at Fox’s cable network programming unit, but fell to $1.7 billion from $1.9 billion at its television division.

Affiliate revenues rose 10%to $1.7 billion, with an 18% gain coming at the company’s television segment and 6% at its cable network programming segment.

Ad revenues were $1.2 billion, down from $1.57 billion. The loss of Super Bowl revenue was partly offset by the addition of Tubi, the streaming service Fox acquired last year.

Cable network ad revenues dropped to $283 million from $304 million a year ago. For the television division, ad revenues fell to $915 million from $1.3 billion a year ago.

“The company continues to deliver operationally and financially with our year-to-date Revenues and EBITDA pacing well ahead of last year, despite the impact of COVID and the comparison against a Super Bowl year,” said CEO Lachlan Murdoch. 

Murdoch noted a rebound in viewing at Fox News Channel and a new rights deal with the NFL. “These strategic milestones, coupled with a slate of complementary, high-growth, digital-focused assets, led by continued record growth at Tubi, provide a powerful platform to grow our business for the long-term,” he said.