‘New’ Fox Reports Higher Profits in Fiscal Third Quarter

Ad revenues up 9%
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In its first quarter as a stand-alone company, the new Fox Corp. reported higher profits.

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Net income was $529 million, or 85 cents a share, compared to $457 million, or 74 cents a share, a year ago.

Revenues rose 12% to $2.752 billion.

Ad revenues were up 9% and affiliate revenues jumped 11%.

The company was spun off when The Walt Disney Co. acquired 21st Century Fox.

“Our first quarterly results as Fox Corporation demonstrate the strength of our businesses as we delivered strong top line growth across our operating segments and across our key revenue categories,” said CEO Lachlan Murdoch. ”Fox commences as a standalone company with strong assets in unique positions to succeed in the evolving media landscape. Our team is all pulling in the same direction and achieving great things together.”

EBITDA for Fox’s cable network programming unit rose 7% to $741 million from $692 million. Revenue increased 4% to $1.38 billion from $1.32 billion. Affiliate revenues were up 5% and ad revenues rose 4%

Television EBITDA was $99 million, up 22% from $81 million as revenue rose 20% to $1.383 billion. Revenue was boosted by having one more NFL playoff game. Affiliate revenues were up $28% to $102 million. Ad revenues rose 10% to $77 million.

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