Fox Corp (NASDAQ:FOXA) (NASDAQ:FOX) reported third-quarter 2024 revenues of $3.45 billion, down from $4.08 billion a year ago, beating the analyst consensus estimate of $3.44 billion.

Adjusted net income was $520 million ($1.09 per share), beating the analyst consensus estimate of $1.00. It was up from $494 million ($0.94 per share) a year ago.

Affiliate fee revenues increased by 4%, driven by 9% growth in the Television segment.

Advertising revenues decreased by 34%, primarily due to the absence of the prior year's broadcast of Super Bowl LVII and fewer NFL games at FOX Sports.

Expenses decreased in the quarter due to lower sports programming rights amortization and production costs.

The company reported quarterly net income of $704 million as compared to a net loss of $(50) million Y/Y, reflecting the absence of charges associated with legal settlement costs at FOX News Media and a gain on USFL assets contributing to the United Football League joint venture.

During a call with investors, CEO Lachlan Murdoch indicated their new focus on Tubi, its free streaming-video hub and a new streaming sports joint venture with Warner Bros. Discovery Inc (NASDAQ:WBD) and Walt Disney Co (NYSE:DIS) that will likely launch in the fall, aimed at consumers who are not subscribing to cable or satellite services, the Variety reports.

Price Action: FOXA shares are up 2.1% at $33.00 on the last check Wednesday.

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