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Fox Corp Exceeds Expectations in Fiscal Third Quarter

Fox Corp. surpassed Wall Street estimates in its fiscal third-quarter earnings report released on Wednesday. Revenue reached a record high of $3.4 billion, and net income soared to $704 million. The increased profits were attributed to a previous settlement at Fox News and a gain from the merger of its USFL assets with the XFL to form the UFL.

Despite the overall positive performance, advertising revenue saw a significant decline in the quarter, dropping to $1.2 billion from $1.9 billion the previous year. This decrease was mainly due to the absence of the Super Bowl in this year’s quarter.

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During a conference call with analysts, Fox CEO Lachlan Murdoch expressed optimism about the company’s advertising business. He highlighted positive trends in the scatter market and early upfront discussions, emphasizing strong demand for sports and improving performance at Fox News.

Despite a lackluster political ad season, Murdoch expressed confidence in future advertising opportunities, particularly for national and local races. He emphasized Fox’s dedication to providing quality content for viewers and advertisers alike.

Affiliate fee revenue experienced a slight increase to $1.9 billion, showcasing steady growth in this segment of the company’s earnings. Fox’s cable division, including Fox News, maintained solid performance, while the TV division faced challenges due to the Super Bowl comparison.

Tubi, Fox’s ad-supported streaming platform, and the upcoming streaming sports joint venture were key topics of discussion during the call. Murdoch highlighted the innovative nature of the joint venture, designed to cater to a digital-first audience and offer a unique viewing experience.

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