Wednesday, May 8, 2024
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| Lachlan Murdoch |
Fox Corp. reports fiscal Q3 revenues plummeted 15.4 percent to $3.4B from the year ago period that included the broadcast of advertising-rich Super Bowl LVII.
Net income soared to $704M from the $50M 2023 loss, which was largely due to the nearly $800M charge to settle the Dominion Voting Services case.
Fox’s cable programming segment posted a 6.4 percent drop in revenues to $1.5B. Ad revenues fell 6.3 percent to $296M due to lower digital revenues and direct response pricing declines at Fox News Media.
CEO Lachlan Murdoch told analysts that overall advertising trends are moving in the right direction.
He expressed disappointment that the Republicans didn’t have a competitive primary season, which cut into Fox’s political advertising revenues.
Murdoch expects stronger ad revenues during the second-half of the year, driven by the presidential and Congressional races, along with local ballot issues.
He noted that Republicans and Democrats have raised a tremendous amount of money and much of that will flow to local television stations.