Fox Sales Q4 Sales Down Sharply From Previous Quarter On COVID-19 Advertising Impact
, Fox Entertainment and the Fox Television Stations had warned a major squeeze was coming with stations expected to be down 50%.
Net income for Fox’s fourth quarter decreased to $145 million from $165 million in the prior-year quarter due to higher impairment and restructuring charges.Last quarter, the company’s fiscal third, Fox ad revenue jumped 25% to $3.44 billion, beating estimates, as ad revenues swelled 44% onRelated Story
Walt Disney Misses On Revenue As Theme Parks See $3.5 Billion Hit; Profit Beats Street; Media Networks, Studio Mixed “Fox delivered strong results for the fourth quarter and full fiscal year, even in spite of the unprecedented environment in which we all continue to operate, underscoring the strength of our brands and content offering. We continue to expand the way audiences interact and connect with our brands while simultaneously diversifying and enhancing our revenue base.
or 2% from the amount reported in the prior year quarter, as lower advertising and other revenues were partially offset by higher affiliate revenues. Advertising revenues decreased or 8%, primarily due to the postponement of live events at FS1 as a result of COVID-19, partially offset by higher advertising revenues at Fox News Media. Other revenues decreasedor 31%, primarily due to lower revenues at Fox Sports as a result of COVID-19, partially offset by higher revenues at Fox News Media.
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