"Fox's Q2 Earnings: Advertising Revenue Plunge and Streaming Sports Venture Details Awaited"
Originally Published 1 year ago — by Deadline
Fox's revenue dipped 8% last quarter due to weaker advertising, with ad sales dropping 20% primarily due to the absence of major events and lower political advertising revenues. The company's net income plunged to $115 million from $321 million, with EPS at 23 cents a share vs 58 cents. However, affiliate fee revenues increased 4% and other revenues increased 14%. CEO Lachlan Murdoch is set to provide more details on a new streaming sports joint venture with Disney and Warner Bros. Discovery, which will pool the sports rights of the three media companies.