Gain on value of USFL assets helps Fox’s profits in Q3

Fox “beat Wall Street estimates with its fiscal Q3 earnings report” Wednesday, as profits were helped by a “gain on the value of its USFL assets,” which it merged with the XFL to create the UFL, according to Alex Weprin of the HOLLYWOOD REPORTER. Ad revenue was “down sharply” for Q3 to $1.2B from $1.9B a year ago, “but that was because last year’s quarter included the Super Bowl.” Affiliate fee revenue rose slightly to $1.9B. Fox’s cable division, which includes FS1, posted revenue of $1.5B, down “slightly” from last year, while its TV division, led by the Fox broadcast network, had revenue of $1.9B, down “more sharply from last year due to the Super Bowl comparison” (HOLLYWOOD REPORTER, 5/8).