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Fox Swings to Q3 Profit Despite Slump in Ad Revenue
Fox Corporation said it swung to a profit in its fiscal third quarter despite seeing shortfalls in advertising revenue
Fox Corp. said it swung to a profit in its fiscal third quarter despite slumps in advertising revenue, largely due to the absence of charges associated with a massive legal setback tied to Fox News Channel and a boost in affiliate fees. Fox was crimped by comparisons with the year-earlier quarter, which featured a Super Bowl broadcast, but it was also boosted by the lack of charges associated with a settlement of more than $787 million to the voting technology firm Dominion Voting Systems, which wiped out profit at the company and spurred a loss of more than $50 million in its previous third fiscal quarte r despite increases in revenue from advertising and distribution. In a statement, Fox CEO Lachlan Murdoch noted the company’s “\focus on live content and must-have event programming, is clearly valued by our audiences, advertisers and distribution partners.”
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