Fox Corp. Reports 20% Revenue Increase As Advertising Rebounds From Pandemic Lows:
... [+]Fox Corporation, the parent company of Fox News Channel, the Fox Broadcasting network and Fox Sports, beat Wall Street’s estimates as advertiser spending rebounded after setbacks from the pandemic. Executive Chairman and Chief Executive Officer Lachlan Murdoch said “we finished the fiscal year strong.
Overall, Fox Corp. said revenue grew by 20% to $2.89 billion, up from $2.42 billion the previous year—and ahead of analysts’ estimates of $2.75 billion. “Despite the challenges presented by Covid, our businesses continued to inform and entertain households across the country,” Murdoch said in a statement. “And in the midst of it all, we strengthened our core brands and expanded our digital capabilities, which together provide a robust platform for future growth.
and the Wall Street Journal, on March 20, 2019 in New York City, New York. Disney acquired Fox today in a $71.3 million deal. Fox Corp.’s revenue growth was spread across its divisions, with advertising revenue jumping 51% in the television segment and 17% growth in the cable network segment. “We look forward to the year ahead, anticipating the return of normalized sports and entertainment calendars and the start of the midterm election cycle,” Murdoch said.
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