Fox Corporation - Ordinary Shares - Class B

Strong EBITDA Growth: FOX Corporation reported a 7% growth in adjusted EBITDA for Q3 FY2024, reaching $891 million, despite tough year-over-year comparisons due to the absence of Super Bowl 57. This reflects the solid performance of its brands and operational efficiency.

Diverse Revenue Contributors: Total revenues were $3.45 billion, with affiliate revenue fees increasing by 4%, driven by recent renewals in both Television and Cable segments. However, headline advertising revenues declined by 34% primarily due to the lack of Super Bowl and fewer NFL broadcasts, highlighting some volatility in their advertising business.

Tubi's Momentum: Tubi achieved impressive revenue growth of 22% with a 36% increase in total view time and 20% growth in monthly active users (MAUs) to nearly 80 million. The platform's focus on on-demand viewing is seen as valuable to advertisers, potentially maintaining stable CPMs despite broader market challenges.