Fox reported higher fourth-quarter net income, as advertising revenue fell while affiliate revenue increased.
Net income was $375 million, or 74 cents a share, compared to $306 million, or 55 cents a share, a year ago.
Revenues were flat at $3.03 billion.
Affiliate revenues were up 3%.
Advertising revenues were down 4%. The company said 47% revenue growth at its Tubi streaming operation was more than offset by the lower political advertising at the Fox Television Stations in a nonelection year.
“Fiscal 2023 showcased the very best of Fox’s portfolio while achieving record annual revenue and EBITDA,” said CEO Lachlan Murdoch.
“From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men’s World Cup, to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the Fox platform was on full display,” Murdoch said. “We enter fiscal 2024 with a focused strategy and best-in-class balance sheet as we continue to drive shareholder value.”
