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Fox Q3 Profit Slumps, Despite Robust Super Bowl Revenue
Fox Corp. said profit in its third fiscal quarter slumped even as the company enjoyed robust revenue from a Super Bowl telecast
Fox Corporation said profit in its fiscal third quarter tumbled due to higher operating expenses despite a windfall of ad revenue generated by the company’s recent broadcast of Super Bowl LIX. The company’s top executive, Lachlan Murdoch, pointed investors to Fox’s free cash flow and revenue, not its profit. “Whether it is our market leading coverage of a sustained, active news cycle or our broadcast of a record-breaking Super Bowl, we deliver for our audiences, advertisers and distribution partners,” he said in a prepared statement.
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