Fox Swings to Q3 Profit Despite Slump in Ad Revenue

variety.com:

Brian Steinberg Senior TV Editor Fox Corp. said it swung to a profit in its fiscal third quarter despite slumps in advertising revenue, largely due to the absence of charges associated with a massive legal setback tied to Fox News Channel and a boost in affiliate fees.

The owner of Fox News Channel and the Fox broadcasting network said overall revenue fell to about $3.45 billion, compared to approximately $4.08 billion in the year-earlier period.

Fox was crimped by comparisons with the year-earlier quarter, which featured a Super Bowl broadcast, but it was also boosted by the lack of charges associated with a settlement of more than $787 million to the voting technology firm Dominion Voting Systems, which wiped out profit at the company and spurred a loss of more than $50 million in its previous third fiscal quarter despite increases in revenue from advertising and distribution.

Fox swung to a profit of $704 million in the most recent quarter. Adjusted earnings came to$1.09 a share. In a statement, Fox CEO Lachlan Murdoch noted the company’s “focus on live content and must-have event programming, is clearly valued by our audiences, advertisers and distribution partners.” Revenue at the company’s cable operations fell to $1.47 billion, compared with $1.57 billion a year earlier.