Fox posts fiscal-year losses

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Fox executives have been upfront about the fact that the network has gone
through a tough year. And the numbers show it.

According to the company's just-released fiscal-2002 year-end results (ended
June 30), the Fox network had an operating loss of $283 million versus a loss of
$65 million for fiscal 2001.

For the quarter ended June 30, the network lost $60 million, almost as much
as it lost in the entire previous fiscal year.

The owned TV stations had a better year, posting a 20 percent gain in
operating income for the full year to $598 million.

For the quarter, the group posted a 48 percent operating income gain to $189
million.

The cable unit turned the profit corner for the year, posting $6 million in
operating profits versus a $59 million loss for 2001.

Cable losses for the quarter decreased 44 percent to $18 million from a
$44 million loss for the same three months in 2001.

The revenue picture was better for all of the Fox divisions in 2002 versus the
prior year. The TV stations showed a 21 percent gain to almost $1.9 billion,
while the network posted a 12 percent revenue gain to $2.05 billion.

Cable revenue was up 28 percent to almost $1.8 billion.

For the quarter, revenue was up for all three units, as well, with the stations
showing a 28 percent gain to $518 million, the network showing an 11 percent
gain to $453 million and cable showing a 30 percent gain to $533 million.

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