Fox Corp. said profit fell noticeably in its second fiscal quarter due in part to a 20% dip in advertising revenue that reflected the absence of a outsized sporting event like the FIFA Men’s World Cup in the period as well as lower political advertising at its stations and a continued glut of cheaper direct-response advertising that has filled commercial breaks at many cable-news outlets.
The company, which owns Fox News Channel, the Fox broadcast network and Fox Sports, said second-quarter profit came to $109 million. or 23 cents per share, compared to $312 million, or 58 cents per share.
Revenue for the period fell 8.2% to $4.23 billion, compared with $4.61 billion last year.
More to come…
