Fox Corporation reported significant financial growth in its latest 10-Q filing for the quarter ending December 31, 2024. The company achieved revenues of $5.08 billion, a 20% increase from $4.23 billion in the same quarter of the previous year. For the six-month period, revenues rose to $8.64 billion, up 16% from $7.44 billion. Net income attributable to Fox Corporation stockholders also saw a substantial increase, reaching $373 million for the quarter, compared to $109 million a year earlier, and $1.20 billion for the six months, up from $516 million.
The increase in revenue was driven by higher affiliate fees, advertising, and other revenues. Affiliate fee revenue grew by 6% to $1.90 billion, primarily due to higher average rates per subscriber, despite a decrease in the average number of subscribers. Advertising revenue surged by 21% to $2.42 billion, largely attributed to political advertising related to the 2024 elections and increased digital growth from the Tubi AVOD service. Other revenues rose significantly by 70% to $756 million, mainly due to higher sports sublicensing revenue.
Operating expenses also increased, rising 11% to $3.78 billion for the quarter, primarily due to higher sports programming rights amortization and production costs. The company reported restructuring and impairment costs of $170 million, a notable increase from $18 million in the prior year, largely related to the discontinuation of the Venu Sports joint venture. This joint venture, formed with ESPN and Warner Bros. Discovery, was announced in February 2024 but was ultimately discontinued in January 2025, leading to the expensing of previously capitalized costs.
In terms of operational metrics, Fox Corporation maintained a strong cash position with $3.32 billion in cash and cash equivalents as of December 31, 2024. The company also reported a total of 217.8 million shares of Class A Common Stock and 235.6 million shares of Class B Common Stock outstanding. The company’s stock repurchase program remains active, with approximately $900 million remaining under the authorization to repurchase up to $7 billion in stock.
Looking ahead, Fox Corporation anticipates continued growth driven by its strategic focus on enhancing its digital platforms and content offerings. The company expects to benefit from ongoing political advertising and the performance of its sports programming, although it remains cautious about potential market fluctuations and competition in the media landscape.
About Fox Corp
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