Fox Corporation earned more than $3 billion in revenue during its fourth financial quarter (calendar Q2) of 2024, with its overall earnings relatively unharmed by a blockbuster legal settlement involving two of its cable news channels earlier this year.
On Tuesday, Fox revealed its overall revenue for the year was $14.92 billion, which included expenses related to its settlement with Dominion Voting Systems over election-related conspiracy theories aired on the Fox News Channel and Fox Business Network.
Fox reports its year-end revenue during the calendar second quarter, with its fiscal year falling between July 1 of the previous year to June 30 of the current year.
The company’s earnings were boosted by higher fees charged to cable, satellite and streaming companies, which brought in $7.051 billion for the year, an increase of 2.5 percent compared to 2022. During Q4, affiliate revenue reached $1.771 billion, up 2.6 percent compared to Q4 2022.
Advertising weighed slightly on revenue, with Fox earning $1.01 billion during the three-month period that ended June 30, down 4.7 percent. In a statement, Fox said better ad revenue from Tubi helped offset declines in its traditional broadcast and cable television business.
By the Numbers: Fox Corporation Q4 2023
- Total revenue: $3.032 billion (-0.03%)
- Affiliate fee revenue: $1.771 billion (+2.6%)
- Advertising revenue: $1.008 billion (-4.45%)
- Other revenue: $253 million (+0.39%)
- Broadcast & Tubi revenue: $1.587 billion (+4.06%)
- Broadcast & Tubi advertising revenue: $688 million (-1.43%)
- Broadcast affiliate fee revenue: $744 million (+8.93%)
- Cable network revenue: $1.410 billion (-3.42%)
- Cable network advertising revenue: $320 million (-10.61%)
- Cable affiliate fee revenue: $1.027 billion (-1.53%)
- Net income: $375 million (+22.5%)
Broadcast television continued to be Fox’s highest earner, boosted in part by the network’s telecast agreements to broadcast Super Bowl LVII in February and the FIFA Men’s World Cup Tournament last November. Revenue associated with broadcast TV clocked in at $1.587 billion, up 4 percent compared to Q4 2022, and $8.71 billion for the year, up 13.3 percent compared to the prior year.
“Fiscal 2023 showcased the very best of FOX’s portfolio while achieving record annual revenue and (earnings before interest, tax, depreciation and amortization, or EBITDA),” Lachlan Murdoch, Fox Corporation’s chairman and CEO, said in a statement. “From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men’s World Cup, to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the Fox platform was on full display.”
Gains across its various businesses helped Fox generate $369 million in net revenue during the quarter, an increase of nearly 20 percent compared to Q4 2022. For the year, Fox saw nearly $1.24 billion in revenue, a year-over increase of nearly 3 percent.