Fox reports higher revenue, as sports and entertainment events resume
Fox Corp. expects the return of live sports and entertainment events to propel its growth
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Fox Corp., parent of Fox News and the Fox broadcast network, said revenue rose in the latest quarter, as the company expects the return of live sports and entertainment events will continue to propel its growth.
Revenue for the company's fiscal fourth quarter was $2.89 billion, up 20% from the year-ago period.
Revenue at Fox's cable programming, which also includes the Fox Business Network and Fox Sports channel as well as Fox News, was $1.4 billion. That is a 10% increase from a year ago, as Fox continued to monetize its digital assets and benefited from the return of live events and sports shows compared with last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FOXA | FOX CORP. | 45.64 | -1.84 | -3.88% |
| FOX | FOX CORP. | 42.87 | -1.35 | -3.05% |
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Revenue in the TV station unit rose 30% from a year ago to $1.45 billion on higher advertising sales as local markets recovered with a swath of the economy reopening from coronavirus-related restrictions a year earlier.
Profit rose to $253 million in the June quarter, or 43 cents a share, from $122 million, or 20 cents a share, a year earlier.
Fox News parent Fox Corp. and Wall Street Journal parent company News Corp share common ownership.
FOX logo outside the News Corporation Building at 1211 Sixth Avenue, Fox News Headquarters in NYC. (Erik McGregor/LightRocket via Getty Images)
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On Wednesday, Fox's entertainment arm said it had struck a deal with chef and reality TV star Gordon Ramsay to create Studio Ramsay Global. The new production company will create and distribute content for the Fox Broadcasting network and the Tubi streaming platform, and as part of the deal, is also acquiring all of Mr. Ramsay's television business.
Fox Corp. is the parent of FOX Business and Fox News.