Sector: Communication Services|Industry: Entertainment|Market Cap: $22.53B|Employees: 10.2K
Fox Corporation is a news, sports, and entertainment company that operates through Cable Network Programming and Television segments. It produces and licenses news and sports content, distributes programming through broadcast networks and digital platforms, and has a significant presence in major U.S. markets. The company differentiates itself through its iconic brands, live content focus, and broad distribution across traditional and digital platforms.
The Company's revenues decreased by $637 million or 16% for the three months ended March 31, 2024, as compared to the corresponding period of fiscal 2023, due to lower advertising and other revenues, partially offset by higher affiliate fee revenue. The decrease of $640 million or 34% in advertising revenue was primarily due to the absence of the February 2023 broadcast of Super Bowl LVII and fewer National Football League ("NFL") games.
Operating expenses decreased $677 million or 25% for the three months ended March 31, 2024, as compared to the corresponding period of fiscal 2023, primarily due to the impact of the absence of the February 2023 broadcast of Super Bowl LVII, fewer NFL games and the timing of sports programming rights amortization at the national sports networks.
The Company recorded net income of $704 million for the three months ended March 31, 2024, as compared to a net loss of $50 million for the three months ended March 31, 2023. The increases were primarily due to the absence of the fiscal 2023 legal settlement costs at FOX News Media.