Quarterly income grows by more than $1 billion thanks in large part to Disney selling off former Fox RSNs
Fox News Media
Fox’s cable ad sales rose $45 million in the company’s first quarter for the fiscal year 2021 as Fox News ratings climbed ahead of the 2020 presidential election, the company revealed Tuesday along with the rest of Q1 earnings report.
The company’s quarterly income grew by more than $1 billion thanks in large part to Disney selling off former Fox RSNs.
Wall Street forecast earnings per share (EPS) of 74 cents on $2.57 billion in revenue, according to a consensus compiled by Yahoo Finance. Fox reported adjusted EPS of TK on $2.72 billion in revenue.
Most media companies were financially rocked in the third quarter of 2020, which is when the greatest impact (thus far, at least) of the coronavirus shutdown was felt.
“We delivered solid financial and operating results across the Company in the first quarter while we continued to navigate the impacts of the pandemic on our businesses,” CEO Lachlan Murdoch said in a prepared statement accompanying the financials. “Our growth was led by FOX News Media where the FOX News Channel has been the highest rated television network in America for the last four months and has consistently achieved record digital engagement across its platforms. We have successfully adapted to changes in the sports calendar and entertainment production schedules to deliver key programming to audiences and advertisers across FOX, most notably at our local television stations where political advertising will have achieved a record for any election. Our digital-native businesses – Tubi, Credible and FoxBet – are also performing well above expectations as we use the collective power of all the FOX brands to drive consumers to these innovative and strategic growth platforms. Across the Company, we are demonstrating strong momentum underpinned by a healthy financial position.”
Fox stock closed Monday at $27.40 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
Murdoch and other Fox executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.
More to come…
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