Fox Q3 Revenue Falls to $3.99 Billion as Missing Super Bowl Cuts Ad Sales

13 articles · Updated · The Wall Street Journal · May 11

$3.99 billion in fiscal third-quarter revenue and $175 million in net income marked a sharp year-over-year drop for Fox, with earnings falling to 38 cents a share from 75 cents.
$1.56 billion in advertising revenue, down from $2.04 billion, was hit largely by Fox not carrying this year's Super Bowl after broadcasting it in the prior-year quarter.
$1.32 a share in adjusted earnings still beat FactSet expectations of $1, while revenue also topped Wall Street forecasts of $3.78 billion.
3% growth in distribution revenue to $2.11 billion and lower sports-rights amortization and production costs partly cushioned the quarter, showing how heavily marquee sports rights can swing results.

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