Fox announces higher revenues, as sports and entertainment events pick up

Fox’s cable programming revenue, which includes Fox Sports, was $ 1.4 billion.


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Fox Corp.

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, parent company of Fox News and the Fox broadcast network, said revenue increased in the last quarter as the company expects the return of sporting events and live entertainment to continue to propel its growth. .

The company’s fiscal fourth quarter revenue was $ 2.89 billion, up 20% from a year earlier.

Fox’s cable programming revenue, which also includes Fox Business Network and Fox Sports as well as Fox News, was $ 1.4 billion. This is a 10% increase from a year ago as Fox continued to monetize its digital assets and benefited from the return of live events and sports broadcasts compared to last year.

The TV station’s unit revenue rose 30% from a year ago to $ 1.45 billion on higher advertising sales as local markets rebounded with the part of the economy reopened from coronavirus restrictions a year earlier.

Profit hit $ 253 million in the June quarter, or 43 cents per share, from $ 122 million, or 20 cents per share, a year earlier.

Fox News’ parent company, Fox Corp. and the Wall Street Journal’s parent company, News Corp, share common property.

Fox’s entertainment arm on Wednesday said it had struck a deal with chef and reality TV star Gordon Ramsay to create Studio Ramsay Global. The new production company will create and distribute content for the Fox Broadcasting network and the streaming platform Tubi, and as part of the deal, also acquires all of Mr. Ramsay’s television business.

Write to Kimberly Chin at [email protected]

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Appeared in the August 5, 2021 print edition under the title “Fox Posts Higher Revenue On Sports”.

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Jennifer R. Strohm

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