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Key Takeaways
- Fox Corporation reported a better-than-anticipated profit and higher revenue, with growth in its affiliate fees and its Tubi free TV and movie streaming service.
- Affiliate fees rose 5% from a year ago, while advertising revenue was little changed.
- CEO Lachlan Murdoch said Fox’s momentum could carry into the new fiscal year, with “another major event cycle” including the presidential election and Super Bowl.
Fox Corporation (FOXA) shares jumped more than 5% in early trading Tuesday after the media company posted a better-than-expected profit on higher affiliate fees and continued growth of its Tubi free TV and movie streaming service.
The owner of the Fox News and FS1 sports networks reported adjusted earnings per share of 90 cents for the fiscal fourth quarter of 2024, up from 88 cents a year ago and above estimates compiled by Visible Alpha. Revenue rose 2% from a year earlier to $3.09 billion, just short of forecasts.
CEO Lachlan Murdoch Calls 2024 ‘Another Successful Year for Fox’
Affiliate fees increased 5% to $1.90 billion, driven by a 9% jump in the Television segment and 2% gain in the Cable Network Programming unit. Advertising revenue fell less than 1% to $1.01 billion.
CEO Lachlan Murdoch called 2024 “another successful year for Fox,” and said Fox’s momentum will carry over into “another major event cycle with fiscal 2025 featuring the Presidential Election and Super Bowl.” Fox and its Spanish-language network Fox Deportes will be broadcasting the game.
Shares of Fox Corporation were up over 5% at $38.32 as of 11:30 a.m. ET Tuesday following the news, and have gained over 29% since the start of the year.
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