FOX REPORTS THIRD QUARTER FISCAL 2025 REVENUES OF $4.37 BILLION, NET INCOME OF $354 MILLION, AND ADJUSTED EBITDA OF $856 MILLION

NEW YORK, May 12, 2025 /PRNewswire/ — Fox Corporation (NASDAQ:FOXA, FOX, “, FOX”, or the “, Company”, )) today reported financial results for the three months ended March 31, 2025.

The Company reported total quarterly revenues of $4.37 billion, an increase of $924 million or 27% from the amount reported in the prior year quarter. Affiliate fee revenues increased 3%, driven by 4% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 65%, primarily due to the impact of Super Bowl LIX, continued digital growth led by the Tubi AVOD service, and stronger news ratings and pricing. Other revenues increased 20%, primarily due to higher sports sublicensing revenues.

The Company reported quarterly net income of $354 million as compared to the $704 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $346 million ($0.75 per share) as compared to the $666 million ($1.40 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $507 million ($1.10 per share) as compared to the $520 million ($1.09 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $856 million as compared to the $891 million reported in the prior year quarter, as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX and higher digital content and marketing costs.

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

“Our strong fiscal third quarter underscored the central role FOX plays in informing and entertaining America, and our financial performance, highlighted by record free cash flow, once again illustrates the strength of the FOX platform. Whether it is our market leading coverage of a sustained, active news cycle or our broadcast of a record-breaking Super Bowl, we deliver for our audiences, advertisers and distribution partners. We are confident that our best-in-class assets, deliberate strategy and robust balance sheet position us strongly to drive long-term value for our shareholders.”

Cable Network Programming reported quarterly segment revenues of $1.64 billion, an increase of $164 million or 11% from the amount reported in the prior year quarter. Affiliate fee revenues increased $31 million or 3% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $76 million or 26%, primarily due to higher news ratings, pricing and digital advertising revenues. Other revenues increased $57 million or 79%, primarily due to higher sports sublicensing revenues.

Cable Network Programming reported quarterly segment EBITDA of $878 million, an increase of $59 million or 7% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization and production costs.

Full story available on Benzinga.com