Strong Financial Performance: Fox Corporation reported a 7% growth in adjusted EBITDA, reaching $891 million for Q3 FY2024, despite tough comparisons to last year's Super Bowl-boosted figures. Total revenues of $3.45 billion reflect solid performance across the company, driven by a 4% increase in affiliate fee revenues, countered by a significant 34% drop in advertising revenues due to the absence of major events like the Super Bowl.
Positive Trends in Political Advertising: The company expects a strong resurgence in political advertising beginning in FY2025, fueled by tight races in key states like Arizona and Michigan, as well as various local ballot issues. This market is poised to benefit Fox's station group significantly, enhancing revenue streams through expected political ad spend.
Tubi's Growth and Strategy: Tubi reported an impressive 22% revenue growth, supported by a 36% increase in total view time and a rise in monthly active users to nearly 80 million. The platform continues to capture market share from competitors, positioning itself as the leading free streaming service in the U.S. However, challenges are expected in Q4 FY2024 due to tough year-over-year comparisons.