Q3 2024 Fox Corp Earnings Call Transcript
Key Points
- Fox Corp reported a 7% growth in EBITDA, highlighting the strength of its brands and strategic advantages.
- Total affiliate revenue fees grew by 4%, driven by pricing benefits from recent renewals.
- Tubi, Fox Corp's streaming service, saw a 22% revenue growth and a 36% increase in Total View Time, solidifying its position in the streaming market.
- FOX Sports delivered strong performance with significant viewership numbers, particularly in NFL and college sports.
- Fox Corp maintains a robust balance sheet with $3.8 billion in cash and a low leverage, positioning it well for future investments and shareholder returns.
- Headline advertising revenues were down due to the absence of the Super Bowl and fewer NFL broadcasts compared to the previous year.
- Total company other revenues decreased by 22%, primarily due to the timing of sports licensing revenues.
- Cable segment revenues were down by 6% from the previous year, although EBITDA grew slightly by 3%.
- TV advertising revenues significantly dropped by 40% due to the absence of the Super Bowl and fewer NFL playoff games.
- Concerns from existing distribution partners about the fairness of the new sports-only JV, which could potentially impact relationships and negotiations.
Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Third 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 third 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'll 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 expectations, and actual results
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