Q4 2024 Fox Corp Earnings Call Transcript
Key Points
- Fox Corp (FOX) delivered nearly $14 billion in revenue and $2.8 billion in EBITDA for fiscal 2024.
- Tubi cemented its position as the most-watched free TV and movie streaming service in the US, with viewing time growing 57% year-over-year.
- Fox News was the most-watched network in cable news for fiscal 2024, with a 52% higher viewing time than its closest competitor.
- Fox Sports achieved high viewership for events like the UEFA European Championship and Copa America, with significant growth over previous years.
- The company saw strong upfront commitments, with year-over-year growth in both linear and digital advertising commitments.
- Total company advertising revenues declined by 18% year-over-year, impacted by the absence of marquee events like the Super Bowl and FIFA Men's World Cup.
- Total company other revenues were down 4% year-over-year, affected by lower content revenues due to the SAG and WGA labor disputes.
- Television advertising revenues fell by 1% in the fourth quarter, with lower ratings and pricing at the Fox Network.
- Expenses at the television segment grew by 8% year-over-year, driven by costs associated with UEFA Euros and Copa America and digital investments in Tubi.
- Net income attributable to stockholders decreased to $319 million in the fourth quarter, down from $375 million in the prior year quarter.
Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation fourth quarter fiscal year 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. Brown.
Thank you, operator. Good morning, and welcome to our fiscal 2024 fourth quarter earnings call.
Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer.
First, Lachlan and Steve will give some prepared remarks on the most recent quarter and then we will take questions from the investment community.
Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current
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