UPDATED with Lachlan Murdoch comments: Fox Corp. CEO Lachlan Murdoch said his father, Rupert, “is very much involved and will be for years to come” despite stepping down from his chairman role in September.
“I would like to congratulate my father on his 70-year career at News Corp. and Fox,” Murdoch said during a call with Wall Street analysts to discuss fiscal first-quarter results. “His enduring legacy can be felt in both of these companies. And I can assure you that he is still very much involved and will continue to be for years to come.”
While Fox edged Wall Street analysts’ estimates but profits dipped due to a comparative lack of political advertising.
While in some respects it has been business as usual for Rupert Murdoch’s media empire, it has undeniably entered a new phase since the 92-year-old mogul stepped down in September as chairman of Fox and News Corp. The complicated lines of succession have created a cloud of uncertainty over the decades-old media business mainstay. Some reports have indicated Murdoch has been in deteriorating health, but everyone in his camp has pushed back aggressively on that front, taking a line similar to what Lachlan Murdoch articulated on the call.
PREVIOUSLY: Fox Corp. nipped Wall Street estimates for its fiscal first quarter, but earnings fell from a year ago partly due to a comparative lack of political ad spending.
Revenue came in at $3.21 billion, up a smidgen from $3.19 billion in the prior-year quarter. Adjusted earnings per share were $1.09, down from $1.21 a year ago. Both the top and bottom line slightly exceeded Wall Street analysts’ consensus forecasts, but Fox shares slipped 2% in pre-market trading due to some less-than-upbeat aspects of the quarterly report.
Affiliate fee revenues increased 2%, driven by 8% growth at the Television segment. Advertising revenues decreased 2%. The broadcast of the Women’s World Cup and continued growth at Tubi were more than offset by comparably lower political advertising revenues at the company’s local station division and the impact of elevated supply in the direct response marketplace at Fox News Media.
Although 2023 is an odd-year lull, industry analysts and top ad sellers are expecting a record haul for political ad spending in 2024 due to the presidential race.
The Cable Network Programming unit reported quarterly revenues of $1.39 billion as compared to the $1.43 billion reported in the prior year quarter. Segment EBITDA fell to $607 million from $742 million in the prior-year quarter. The company blamed higher expenses, primarily due to higher sports programming rights amortization and production costs driven by the broadcast of the Women’s World Cup.
Ted Johnson contributed to this report.
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November 02, 2023 at 07:40PM
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Rupert Murdoch “Is Very Much Involved And Will Be For Years To Come,” Fox Corp. CEO Lachlan Murdoch Tells Wall Street Analysts On Quarterly Earnings Call – Update - Deadline
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