Fox Corporation said fourth-quarter net income slipped due to a change in value of its investment in the online-gambling company Flutter as the company grappled with challenges in capturing advertising and saw a boost in revenue flow from distribution. Sports proved to be a key driver of results in the period, particularly Fox’s broadcasts of the UEFA European Championship and CONMEBOL Copa América. Earnings came to $319 million, or 68 cents per share, compared with $375 million, or 74 cents per share, in the year-earlier period.
Revenue in the period rose 2%, or $60 million, to $3.09 billion. Fox said the increase was largely driven by a 5% increase in affiliate fees, but noted that ad revenue in the period was basically flat with year-earlier results.
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