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Fox Sees Q2 Profit Fall on 20% Advertising Decline
Fox said second-quarter profit tumbled after the company saw a 20% shortfall in advertising revenue during the period
Fox Corp. said profit fell noticeably in its second fiscal quarter due in part to a 20% dip in advertising revenue that reflected the absence of a outsized sporting event like the FIFA Men’s World Cup in the period as well as lower political advertising at its stations and a continued glut of cheaper direct-response advertising that has filled commercial breaks at many cable-news outlets. The company, which owns Fox News Channel, the Fox broadcast network and Fox Sports, said second-quarter profit came to $109 million. Revenue for the period fell 8.2% to $4.23 billion, compared with $4.61 billion last year.
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