Fox Corporation announced financial results for the three months ended September 30, 2021. The company reported total quarterly revenues of US$3.05 billion, a 12% increase from the $2.72 billion of revenues reported in the prior year quarter. Advertising revenues increased 17%, primarily due to continued growth at Tubi and the return of a full schedule of live events at Fox Sports and more scripted programming at Fox Entertainment in the current year quarter, as compared to the postponements and cancellations in the prior year quarter as a result of the pandemic.
Furthermore, affiliate revenues increased 9% with 14% growth at the television segment and 5% growth at the cable network programming segment. Other revenues increased 15%, led by the return of sports sublicensing revenues at the cable network programming segment which were impacted by Covid-19 in the prior year quarter.
"We have made a strong start to the 2022 fiscal year with broad-based operating momentum led by the return of a full slate of live events at Fox Sports, ratings leadership at Fox News and exceptional progress at Tubi. As audiences migrate to live news, sports and streaming, it underscores the strategy and priorities that have defined our short history at Fox. We remain focused on bolstering our core brands and leveraging the unique assets that distinguish us to further propel growth and drive value for our shareholders," commented Lachlan Murdoch, Executive Chairman and Chief Executive Officer at Fox Corporation.
● A NEW SIX-YEAR DEAL WITH UEFA
Almost simultaneously with the presentation of the Q3 results, Fox also announced the acquisition of the next two European Championships in 2024 and 2028 as part of a six-year rights deal with the Union of European Football Associations (UEFA). Along with the highly-prized tournament, Fox also gains rights to the UEFA Nations League and all other UEFA national team competitions including friendlies and World Cup qualifiers.
“We are thrilled to welcome UEFA’s most-coveted events to Fox Sports’ unrivaled soccer portfolio. The Euros fit perfectly into the world’s greatest tournaments – including the FIFA Men’s and Women’s World Cups, CONMEBOL Copa América and Concacaf Gold Cup – solidifying Fox Sports’ summer of soccer through 2028,” said Eric Shanks, CEO and Executive Producer at Fox Sports.
We have made a strong start to the 2022 fiscal year with broad-based operating momentum led by the return of a full slate of live events at Fox Sports, ratings leadership at Fox News and exceptional progress at Tubi” Lachlan Murdoch Executive Chairman and Chief Executive Officer at Fox Corporation