Fox reported an $11 million drop in pre-tax earnings for its owned TV stations for the quarter ended March 31 to $122 million, down 8% from the same quarter a year ago.
The Fox network posted a pre-tax $1 million profit versus a $5 million loss a year ago. The network's ratings gains this year were partially off-set by the weak economy, the company said, noting that advertising was down "nearly in every major category." Fox News Channel posted a profit for the second consecutive quarter, while Fox's cable networks reported combined profits of $35 million, up 25% from a year ago.
Company wide pre-tax earnings for the Fox Entertainment Group totaled $218 million, down 17%, due to the declines at the TV stations and the film unit, where profits dropped to $63 million in the quarter from $111 million a year ago. For the first nine months of Fox's fiscal year, TV station profits are down 5% to $523 million. But company wide profits are up 5% to $902 million, due largely to gains at the film unit.
- Steve McClellan