Fox Corporation said net income in its fiscal fourth quarter tumbled despite only a slight decline in revenue after the company exited a multi-year rights agreement with the U.S Golf Association and grappled with conditions set by the coronavirus pandemic.
The owner of Fox News Channel, Fox Broadcasting and Fox Sports, said net income during the period came to $122 million, or 20 cents per share, compared with $454 million, or 73 cents per share in the year-earlier period. Excluding one-time items, Fox said earnings would have come to $375 million or 62 cents per share for the period.
Revenue in the period was off 4% to $2.42 billion, compared with $2.51 billion a year earlier. The company cited an 8% increase in fees from cable and satellite distributors that was offset by a 22% decrease in advertising revenue due to lower activity and its local TV stations, fewer live sports broadcasts and fewer hours of scripted programming to show on Fox Broadcasting.
The owner of Fox News Channel, Fox Broadcasting and Fox Sports, said net income during the period came to $122 million, or 20 cents per share, compared with $454 million, or 73 cents per share in the year-earlier period. Excluding one-time items, Fox said earnings would have come to $375 million or 62 cents per share for the period.
Revenue in the period was off 4% to $2.42 billion, compared with $2.51 billion a year earlier. The company cited an 8% increase in fees from cable and satellite distributors that was offset by a 22% decrease in advertising revenue due to lower activity and its local TV stations, fewer live sports broadcasts and fewer hours of scripted programming to show on Fox Broadcasting.
- 8/4/2020
- by Brian Steinberg
- Variety Film + TV
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