Fox Q4 Net Income Dips to $319 Million

Fox reported lower fourth-quarter net earnings while revenues rose.

Net income fell to $319 million, or 68 cents a share, from $375 million, or 74 cents a share, a year ago.

The company said income was affected by a change in the value of the company’s non-operating investments.

Revenues rose 2% to $3.09 billion.

Quarterly adjusted earnings before interest, taxes, depreciation and amortization rose 5% to $773 million because of the gain in revenues, partially offset by hire costs for soccer programming and investments in Tubi.

Affiliate-fee revenue rose 5%, with 9% growth in Fox’s television segment and a 2% gain in cable.

Advertising revenues were flat with revenue from soccer and growth at Tubi offsetting lower ratings and ad prices at the Fox broadcast network, the company said.

“Fiscal 2024 was another successful year for Fox with very clear achievements across our portfolio, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi’s position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated ratings and share growth at Fox News,” CEO Lachlan Murdoch said.

“We now carry this momentum into another major event cycle with fiscal 2025 featuring the presidential election and Super Bowl,” Murdoch said. “The soundness of our strategy, the consistency of our delivery and the strength of our financial position have never distinguished us more and underpin our confidence in the future at Fox and in delivering shareholder value.“