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Fox earnings up in Q4 as ad revenue rises, full year profits hit $12.9 billion

Fox Corp. reported quarterly revenues of US$2.89 billion Wednesday (Aug. 4), up 20%, as its full year revenue increased 5% to $12.91 billion. The company’s Q4 net income rose to $272 ...
August 5, 2021

Fox Corp. reported quarterly revenues of US$2.89 billion Wednesday (Aug. 4), up 20%, as its full year revenue increased 5% to $12.91 billion.

The company’s Q4 net income rose to $272 million, compared to $145 million in the prior year quarter.

Affiliate revenues increased 10% with 16% growth at the company’s Television segment and 6% growth at Cable Network Programming. Fox’s Other revenues increased 30% in the quarter.

Advertising revenues also saw a bump, rising 38%, reflecting 51% growth at the Television segment, which Fox attributed to a recovering base market at Fox Television Stations, growth at Tubi and “strong” pricing at Fox Entertainment.

The Cable Network Programming segment also reported an increase in ad revenue, up 17%. Quarterly revenues for the segment increased 10% to $1.4 billion. Other revenues climbed $25 million.

For the full year, Cable Network Programming revenue landed at $5.69 billion, an increase of 3% from the previous year quarter. Affiliate revenues also rose by 3%, while Other revenues topped out at $351 million, down from the $458 million reported in the prior year.

Revenues for Television, meanwhile, reached $1.45 billion in Q4, up 30% Q4 4040. Other revenues increased 18%, primarily due to higher content revenues at Bento Box and Fox Entertainment.

Television reported full year segment revenues of $7.05 billion, an increase of 6% from the prior year. Other revenues saw 13% growth.

Advertising revenues for TV for the year were $4.09 billion compared to the $4.17 billion reported in the prior year, with the absence of the Super Bowl LIV.

Fox reported net income of $2.2 billion for the full year, up from the $1.06 billion reported in the prior year.

Affiliate revenues increased 9% for the year, led by 20% growth at the Television segment. Advertising revenues increased 2%, with the Cable Network Programming segment seeing 15% growth in ad revenue.

Other revenues were $1.04 billion as compared to the $1.06 billion reported in the prior year.

Executive chairman and CEO Lachlan Murdoch (pictured) said in a statement: “Our exceptional Fiscal 2021 financial results highlight the strength of our distinct strategy and serve as a foundation for sustained operating momentum. 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.”

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