Fox' ad revenue grew 10%, in part because of an extra NFL divisional playoff game this yearGETTY IMAGES
Fox' Q3 earnings showed that the company's "profit rose" since being separated from 21st Century Fox, "driven by stronger performances in its cable networks and broadcast TV segments," according to Patrick Thomas of the WALL STREET JOURNAL. Shares of Fox "rose about 5% in extended trading as the company revealed plans to launch a sports-betting partnership with The Stars Group." Fox said that its Q3 profit was $529M compared to $457M for the comparable quarter in '18. The company's broadcast TV unit "logged a 20% increase in revenue, driven mainly by a jump in carriage fees for its local stations." Fox also said that ad revenue "rose 10% due to the broadcast of one additional NFL divisional playoff game and higher pricing and ratings at Fox Entertainment." Ad revenue from cable-network programming "also increased from a year earlier, resulting from higher digital sales at Fox News and stronger ratings for daily studio programming" at FS1 (WALL STREET JOURNAL, 5/9). Fox News and FS1 were "as expected the biggest earnings drivers," delivering $741M of earnings compared to $99M from the broadcast segment (VARIETY.com, 5/8). At presstime, shares of Fox were trading at $37.97, up 3.12% from the close of business yesterday.
