Fox Pulls In $600M In Super Bowl LIV Revenue After Strong Q2
Fox Exec Chair & CEO Lachlan Murdoch said that the company brought in $600M in "gross revenue" on Super Bowl Sunday, according to Vlessing & Szalai of the HOLLYWOOD REPORTER. Fox yesterday reported "sharply higher" Q2 earnings on "valuation changes and higher advertising revenue." The net "blew past a Wall Street forecast for a per-share loss of 4 cents for the latest period." Fox said that its quarterly income was "boosted by changes in fair values of its investments in Roku" -- in which Fox holds a 5% stake -- and The Stars Group, which were "offset by higher operating costs and expenses after the Disney sale." MoffettNathanson Senior Research Analyst Michael Nathanson in his earnings preview "noted positive momentum" at Fox. Nathanson wrote that among broadcast nets, Fox was the "lone bright spot" with 6% growth in the quarter (HOLLYWOODREPORTER.com, 2/5). Murdoch said that the $600M figure represents "advertising revenue for its coverage of Super Bowl LIV," including pre- and postgame. He added that conversations about renewing the net's NFL rights "have begun." Murdoch said the company is in a "good place to work" with the league on a new deal (WALL STREET JOURNAL, 2/6).