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Fox Earnings Hit By Lower Advertising Revenue Last Quarter; Wall Street Eager For Details On New Streaming Sports Joint Venture
Fox quarterly revenue fell on weaker advertising the day after it announced a three-way streaming sports venture with Disney and Warner Bros. Discovery.
Fox saw revenue dip 8% last quarter to $4.23 billion on weaker advertising due in part to tough comps from the year before. Expenses decreased in the quarter, primarily due to lower entertainment and sports programming rights amortization and production costs, led by fewer hours of original scripted programming and the absence of the Men’s World Cup, partially offset by the renewed NFL contract. “At the halfway point in our fiscal year, our results demonstrate the strength and durability of our core brands and their ability to deliver solid audiences across our portfolio,” said CEO Lachlan Murdoch.
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