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Fox Corporation reports second quarter fiscal 2022 financial results

Fox Corporation today reported financial results for the three months ended December 31, 2021.

The Company reported total quarterly revenues of $4.44 billion, a 9% increase from the $4.09 billion reported in the prior year quarter. Affiliate revenues increased 11% with 12% growth at the Cable Network Programming segment and 10% growth at the Television segment. Advertising revenues increased 6%, primarily due to continued pricing strength at the FOX Network, underpinned by the strength of the Company’s sports portfolio, and continued growth at Tubi. Other revenues increased 20%, led by higher sports sublicensing revenues at the Cable Network Programming segment which were impacted by Coronavirus Disease 2019 (“COVID-19”) in the prior year quarter.

The quarterly net loss was $73 million compared to net income of $230 million reported in the prior year quarter. The variance was primarily due to the change in fair value of the Company’s investments recognized in Other, net. The net loss attributable to Fox Corporation stockholders was $85 million ($(0.15) per share) as compared to net income attributable to Fox Corporation stockholders of $224 million ($0.37 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $77 million ($0.13 per share) as compared to the $93 million ($0.16 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2
increased 2% to $310 million from $305 million reported in the prior year quarter, led by higher contributions at the Cable Network Programming segment.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: “Against the high bar we set in our fiscal second quarter last year, we have once again delivered revenue and Adjusted EBITDA growth in the second quarter of our 2022 fiscal year, while continuing to invest in our digital growth initiatives. These strong results and broad-based operating momentum are underpinned by the most valuable news franchise in the country, the leading live sports franchise, our top broadcast network reinforced by a strategic stations portfolio, as well as the emerging leader in AVOD. This focused portfolio is delivering consistent growth for our shareholders in a thoughtful and disciplined manner.” BCS Bureau

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