Fox Corporation said profit fell in its fiscal second quarter despite revenue gains that were fueled by political advertising at its local stations and digital advertising at its large Fox News Media unit.
The owner of Fox News Channel, Fox Sports and the Fox broadcast network said net income attributable to shareholders came to $224 million, or 37 cents per share, compared with $300 million, or 48 cents per share in the year-earlier period. Fox said the decline in profit was largely due to a revenue decline in its operations that are separate from its main media operations, citing a gain in the year-earlier quarter. The segment includes the company’s corporate overhead, stake in financial-tech company Credible Labs, and its L.A. studio properties.
Revenue rose 8%, to $4.09 billion, compared with $3.78 billion in the year-earlier quarter.
Lachlan Murdoch, the company’s executive chairman and CEO, noted “an unprecedented political advertising cycle at our local television stations, strong digital growth at Fox News Media and an
influx of new advertisers at Tubi,” the company’s streaming-video outlet.
More to come…
