Fox Corporation reported a revenue increase of 2% to $3.09 billion for the fourth quarter of fiscal 2024, compared to the same period last year. However, the net income for the quarter decreased to $320 million from $369 million in Q4 2023. Adjusted EBITDA for Q4 showed a positive trend, rising by 5% to $773 million. For the entire fiscal year 2024, the company achieved revenues of $13.98 billion, down from $14.91 billion in the prior year. Despite this decrease in revenue, the net income improved to $1.55 billion from $1.25 billion in fiscal 2023, and adjusted EBITDA for the year was $2.88 billion, compared to $3.19 billion the previous year.
The Cable Network Programming segment saw a 2% increase in Q4 revenues to $1.44 billion, driven by a 2% rise in affiliate fee revenues and a 3% growth in advertising revenues. This segment also experienced a significant 20% increase in quarterly segment EBITDA, reaching $703 million due to revenue growth and reduced expenses. For the full year, the segment's revenues slightly decreased to $5.96 billion, while the segment EBITDA rose by 9% to $2.69 billion.
In the Television segment, Q4 revenues also increased by 2% to $1.62 billion, with a 9% increase in affiliate fee revenues offsetting a slight decline in advertising revenues. However, the quarterly segment EBITDA decreased to $148 million from $227 million in the prior year quarter due to higher expenses. For the full year, the Television segment reported revenues of $7.88 billion, down from $8.71 billion, and the segment EBITDA dropped to $506 million from $1.01 billion.
Several key drivers and challenges influenced these results. Affiliate fee revenues saw growth in both the Cable Network Programming and Television segments due to contractual price increases and higher rates from third-party affiliates. Advertising revenues remained consistent in Q4 2024, supported by major sports events like the UEFA European Championship and CONMEBOL Copa América. However, the full year saw a decline in advertising revenues due to the absence of significant events like the Super Bowl and the FIFA Men's World Cup, along with lower political advertising revenues. Increased expenses in Q4 were attributed to sports event broadcasts and digital investments at Tubi, while the full year saw reduced expenses due to the absence of high-cost events and lower entertainment programming costs.
Tubi continued its growth, solidifying its position as the most-watched free TV and movie streaming service in the U.S. Additionally, FOX News experienced revitalized ratings and share growth. The company is well-positioned for further success in fiscal 2025 with the upcoming Presidential Election and the Super Bowl, which are expected to drive significant revenue and viewership.
In terms of shareholder returns, the Board of Directors authorized an increase in the semi-annual dividend to $0.27 per Class A and Class B share. The company has repurchased approximately $4.6 billion of its Class A common stock and $1 billion of its Class B common stock, with $1.4 billion remaining authorized for repurchase.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: “Fiscal 2024 was another successful year for FOX with very clear achievements across our portfolio, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi’s position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated ratings and share growth at FOX News. We now carry this momentum into another major event cycle with fiscal 2025 featuring the Presidential Election and Super Bowl. The soundness of our strategy, the consistency of our delivery and the strength of our financial position have never distinguished us more and underpin our confidence in the future at FOX and in delivering shareholder value."
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