Fox reported lower fiscal first-quarter earnings, with lower ad revenues offset by higher affiliate fee revenue.
Net income fell to $407 million, or 82 cents a share, from $613 million, or $1.10 a share a year ago. The company said the lower net included a change in the value of some of its investments.
Revenues rose 1% to $3.21 billion.
Ad revenues were down 2%, with lower political ad revenues at the Fox TV stations and the impact of higher supply in the direct response market on Fox News Media.
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Revenue at the Tubi streaming platform was up 30%.
Affiliate fee revenues were up 2%, with an 8% increase in the company’s television segment.
“Our Fiscal 2024 is off to a solid start against a backdrop of an active news cycle and robust sports schedule. Live content matters and nobody does live better than Fox,” CEO Lachlan Murdoch said.
“In the first quarter, we saw increased engagement at Fox Sports, driven by our broadcast of the FIFA Women's World Cup and the start of college football, and at Tubi, which continues to drive impressive growth in viewing in an increasingly crowded marketplace,“ Murdoch said. “Taken as a whole, Fox continues to leverage the strength of its leadership brands while driving meaningful growth across our digital assets.”
