Fox Corporation reported US$3.78 billion in revenues for the second quarter of 2020 on Wednesday (Feb. 5), climbing 5% over the last year, with gains for both television and cable network programming segments.
The media company’s television revenue rose 5% from the prior year quarter to $2.27 billion, reflecting increases in affiliate, advertising and “other” revenue, Fox stated in a release.
Advertising revenues for the segment jumped $39 million, or 2%, as higher sports and entertainment revenues at the Fox Network offset losses of political advertising revenues.
Fox’s second quarter statement comes just a year after the premiere of its hit shiny floor entertainment format, The Masked Singer (pictured), currently in its second season. The series premiere on Jan. 2, 2019 averaged 9.4 million viewers, becoming the network’s highest rated unscripted launch since The X Factor debuted in 2011. The broadcaster most recently revealed plans to spin-off the series with The Masked Dancer.
Cable network programming, meanwhile, surged 2%, or $35 million, over the last year to reach quarterly segment revenues of $1.47 billion. That increase, due to affiliate and “other” revenues, was partially offset by lower advertising revenue.
Overall, quarterly net income increased to $314 million from $24 million in the prior year quarter, largely thanks to “unrealized gains” in other, related to changes in the value of Fox’s investments in Roku and The Stars Group.
Adjusted earnings per share (EPS) for stockholders came to $0.10, lower than the $0.43 EPS in the prior year quarter.
Lachlan Murdoch, executive chairman and CEO, said in a statement: “Our results reaffirm that Fox Corporation is delivering on the operational and financial objectives that we established less than twelve months ago. Our brands are exhibiting strength in a competitive marketplace and delivering healthy top-line growth as we continue to invest strategically to expand the reach of our portfolio and further diversify our revenue streams. Meanwhile, we are taking a balanced approach to capital allocation, including the return of $500 million to shareholders in the form of share repurchases since our last earnings release. Coming off an incredibly successful Super Bowl LIV and with the buildup to the November Presidential Election ahead of us, we look forward to continuing our momentum through calendar 2020.”