Fox reports first quarter fiscal 2020 revenues of US$2.67b

• The company reported total quarterly revenues of US$2.67 billion

Fox Corporation this week reported financial results for the three months ended September 30, 2019. Fox is the company that operates former Twenty-First Century Fox assets including Fox News Media, Fox Entertainment, Fox Sports, Fox Television stations and sports cable networks.

The company reported total quarterly revenues of US$2.67 billion, a 5% increase from the $2.54 billion of revenues in the prior year quarter. The increase in revenues included affiliate revenue growth of 4%, driven by a 14% increase at the Television segment, partially offset by a 2% decline in advertising revenues. The company also reported a 65% increase in other revenues, reflecting growth at both the Television and Cable Network Programming segments and higher revenues associated with the operations of the Fox Studios Lot for third parties.

Commenting on the results, Executive Chairman and Chief Executive Officer Lachlan Murdoch said:

“Fox Corporation’s first full fiscal year is off to a solid start. The company delivered strong financial results in the quarter and we are making tremendous progress on the operational goals and strategic initiatives that we outlined at our Investor Day in May. As just one example, we’ve seen our programming investments in the Fox Network deliver ratings growth, including The Masked Singer, WWE Friday Night Smackdown, Thursday Night Football and the NFL on Fox. At the same time, we have successfully renewed distribution agreements with many of our largest partners that reflect the strength of our brands. This progress gives us further confidence in the company’s differentiated strategy and our ability to deliver long-term value for our shareholders.”

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