Fox reported higher fiscal fourth-quarter earnings, as Fox News Channel ratings rose, political advertising increased at the company’s TV stations and Tubi continued to grow.
Net income rose to $306 million, or 55 cents a share, from $253 million, or 43 cents a share, a year ago.
Revenue rose 5% to $3.03 billion. Affiliate-fee revenue rose to $1.73 billion from $1.67billion. Advertising revenue increased to $1.06 billion from $982 million.
At Fox’s cable network programming segment, earnings before interest, taxes, depreciation and amortization (EBITDA) dipped to $628 million from $674 million a year ago. Revenue increases were offset by higher expenses, including digital investments and increased costs at Fox News Media and spending to launch the USFL, the company said.
Cable revenues rose 2% to $1.46 billion. Advertising revenues rose 14% to $358 million.
EBITDA at Fox’s Television segment rose 53% to $226 million. Revenue rose 5% to $1.53 billion. Ad revenue grew 4% to $683 million on gains in political advertising on Fox TV stations, growth at Tubi and the addition of the USFL on Fox Sports. Fox Entertainment ratings and revenue was lower. Affiliate-fee revenue went up 7% to $683 million.
“We completed another successful year at Fox, with Fiscal 2022 results demonstrating the strength and durability of our core brands and their ability to deliver consistent audiences across the entirety of Fox,” CEO Lachlan Murdoch said.
“These results validate the strategy we embarked on three years ago — to focus on live news and sports while investing in high-growth digital initiatives to create a platform for ongoing growth,” Murdoch said. “We begin Fiscal 2023 with strong momentum, supported by an enviable schedule of live sporting events and the midterm election cycle and bolstered by a best-in-class balance sheet. These attributes will serve us well in navigating any macroeconomic uncertainty while continuing to create value for our shareholders.” ■
