Fox Corporation announced its financial results for the quarter ending September 30, 2024, showcasing robust growth across various segments. The corporation reported total quarterly revenues of $3.56 billion, marking an 11% increase from the previous year. This growth was primarily driven by a 6% increase in affiliate fee revenues, with notable performances in the Television and Cable Network Programming segments. Advertising revenues rose 11%, fueled by heightened political advertising, a surge in viewership at Tubi, and higher market engagement at FOX News Media. Additionally, the 'Summer of Soccer' at FOX Sports, with broadcasts of UEFA European Championship and Copa América, contributed to these results despite the absence of last year's FIFA Women's World Cup broadcast.
Other revenues saw a significant uptick of 47%, largely due to sports sublicensing gains. The company's net income surged to $832 million, doubling from the previous year, with net income attributable to stockholders reported at $827 million or $1.78 per share. Furthermore, adjusted net income stood at $672 million, reflecting efficiency in cost management and strategic investments. The Adjusted EBITDA recorded was $1.05 billion, a 21% rise, bolstered by increased revenues despite higher operating expenses, particularly in programming rights at FOX Sports and costs associated with Tubi.
Lachlan Murdoch, Executive Chair and CEO, expressed strong optimism about fiscal 2025, highlighting significant audience growth at FOX News, record-setting political advertisements, and a promising sports season kickoff. These factors combined to foster robust top-line revenue and earnings growth, aligning with the company's strategic focus and delivering value to their audiences, partners, and shareholders. The Cable Network Programming segment recorded $1.60 billion in revenues, a 15% increase year-on-year, driven by higher ratings, digital advertising revenues, and significant sports sublicensing revenues.
Despite some preemptions due to breaking news at FOX News Media, the segment's EBITDA rose by 23% to $748 million due to revenue enhancements, counterbalancing increased expenses in programming and newsgathering. Television segment revenues for the quarter reached $1.95 billion, a 10% rise attributed to improved political advertising and sports broadcasting results. The segment saw an 11% boost in advertising revenues, underpinned by additional NFL windows and successful UEFA and Copa América broadcasts. The EBITDA for Television rose 6% to $372 million, notwithstanding increased expenses linked to programming rights.
Fox Corporation also continues its share repurchase initiatives, having repurchased $4.85 billion of Class A common stock and $1 billion of Class B stock, with an authorization for $1.15 billion remaining. Approximately $250 million of Class A stock was repurchased during the quarter. The announcement included a caution regarding forward-looking statements, emphasizing potential variances due to economic, strategic, and regulatory changes. These outcomes are dependent on broader market and operational conditions.
Adjusted metrics like net income and EBITDA were highlighted as valuable for analyzing operational results besides GAAP measures. Such metrics provide stakeholders a comprehensive understanding of the company’s performance trends and valuation outlook.
