Fox Corp. Sees Q3 Profit Rise Despite Revenue Dips After Super Bowl, 2020 News Cycle

Fox Corporation said profit in its third fiscal quarter rose owing to increases in value of some of its outside investments, even as overall revenue fell due to comparisons with 2020, which contained a Super Bowl and a red-hot news cycle focused on the Trump administration and the spread of the coronavirus pandemic.

Revenue fell to $3.22 billion, compared with $3.44 billion in the year-earlier period. Fox cited the absence of ad revenue from the Super Bowl broadcast as well as “a slower news cycle in the current year quarter.” The company said revenue rose slightly at its cable operations, due to increases in distribution fees, but fell noticeably at its traditional broadcast operations due to a shortfall in advertising.

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