Fox has released its earnings for the 2019 year on Wednesday, and according to a report from Variety, despite the company having much higher sports rights fees thanks to the cost of launching Friday Night SmackDown, the company still saw a rise in revenue.
According to the company, Fox Corp. saw a 5% rise in revenue, with $3.78 billion coming in for the quarter that ended on December 31. Net income for Fox Corp. improved to $314 million, compared to just $24 million in the same quarter a year ago. However, higher costs for Fox Sports’ NFL rights, combined with the SmackDown launch and the absence of UFC fights did hit Fox.
“Our results reaffirm that Fox Corporation is delivering on the operational and financial objectives that we established less than twelve months ago,” Fox Corp. CEO Lachlan Murdoch said. “Our brands are exhibiting strength in a competitive marketplace and delivering healthy top-line growth as we continue to invest strategically to expand the reach of our portfolio and further diversify our revenue streams. Meanwhile, we are taking a balanced approach to capital allocation, including the return of $500 million to shareholders in the form of share repurchases since our last earnings release. Coming off an incredibly successful Super Bowl LIV and with the buildup to the November Presidential Election ahead of us, we look forward to continuing our momentum through calendar 2020.”
