Fox Corp. Sees Q3 Profit Dip, Citing Absence of Super Bowl

Fox Corp. said the absence of a Super Bowl broadcast in its third fiscal quarter led to a downturn in profit and revenue, even as its cable operations showed increases in key areas.

The owner of Fox News Channel and the Fox broadcast network said revenue fell to $3.99 billion during the period, compared to the $4.37 billion in the year-earlier quarter. And while distribution revenue rose 3% thanks to activity from the company’s cable operations, none of it could truly offset comparisons with last year’s period. Advertising revenue came to $1.56 billion, compared to the $2.04 billion in last year’s period.

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Fox said last year that its telecast of Super Bowl LIX generated $800 million in gross revenue.

In prepared remarks, Fox CEO Lachlan Murdoch put a spotlight on another massive sporting event that Fox had in the offing. “We are proud to be bringing the world’s biggest sporting event to American homes with the FIFA Men’s World Cup hosted here in North America across June and July,” he siad. “Meanwhile we remain steadfast in our commitment to delivering long-term shareholder value supported by our strong balance sheet.”

The company said net income attributable to shareholders totaled $166 million, or 38 cents per share, compared with $346 million, or 75 cents a share, in the year-earlier period.

More to come…