Key Points – FOX beat expectations in fiscal Q3 with revenue of $4 billion and adjusted EBITDA up 11% to $954 million.
Adjusted EPS rose 20% to $1.32, even as reported advertising revenue was weighed down by the comparison to last year’s Super Bowl broadcast. – Distribution and direct-to-consumer growth remained strong, with distribution revenue up 3% and cable distribution revenue up 5% on pricing gains
Fox One also exceeded expectations for subscriber additions and retention, contributing to healthier revenue trends. – Fox News and Tubi were major growth drivers, as Fox News posted its best third-quarter advertising revenue ever and Tubi revenue climbed 23% with nearly 100 million monthly active users. The company also highlighted strong sports audience gains and said upcoming NFL additions and the FIFA Men’s World Cup should support results ahead. – Your Thanksgiving Playbook: 3 Stocks Set to Benefit From Football Fever FOX (NASDAQ:FOX) reported fiscal third-quarter revenue of $4 billion and adjusted EBITDA of $954 million, up 11% from a year earlier, as executives said distribution revenue growth, Fox News advertising strength and digital momentum helped offset the absence of last year’s Super Bowl broadcast. Executive Chair and Chief Executive Officer Lachlan Murdoch said the quarter reflected “unabated momentum across the business,” citing growth in distribution revenue and underlying advertising trends.
Advertising revenue declined on a reported basis because the company was comparing against the prior-year quarter, when it aired Super Bowl LIX. Excluding the Super Bowl and other NFL postseason schedule changes, Murdoch said companywide advertising revenue would have grown at a double-digit rate. – NFL and WWE Land on ESPN—The Impact on Disney and TKO Stocks Chief Financial Officer Steve Tomsic said net income attributable to Fox stockholders was $166 million, or $0.38 per share, compared with $346 million, or $0.75 per share, in the prior-year period….