Mumbai: Fox reported total full-year revenues of $13.97 billion, an increase of eight per cent from the previous year's $12.91 billion. Affiliate fee revenues increased by seven per cent, with a 10 per cent increase in the television segment and a five per cent increase in the cable network programming segment. Ad revenues increased nine per cent, primarily due to higher pricing at Fox Sports and Fox News Media, continued growth at Tubi and the return of a full schedule of live events at Fox Sports. These ad gains were partially offset by lower political ad revenues. Other revenues increased by 15 per cent, owing primarily to higher sports sub licensing revenues and Fox Nation subscription revenues in the cable network programming segment, as well as the impact of entertainment production company consolidation in the television segment.
The company reported a full-year net income of $1.23 billion as compared to the $2.20 billion reported in the prior year. Full-year adjusted Ebitda was $2.96 billion, down from $3.09 billion the previous year, as revenue increases were offset by higher expenses. The increase in expenses primarily reflects increased digital investment at Tubi and Fox News Media, costs associated with the launch of the USFL, and higher programming rights amortisation associated with normalised sports and entertainment schedules that were impacted by Covid-19 in the prior year.
Fox executive chair and CEO Lachlan Murdoch said, "We completed another successful year at Fox, with fiscal 2022 results demonstrating the strength and durability of our core brands and their ability to deliver consistent audiences across the entirety of Fox. These results validate the strategy we embarked on three years ago – to focus on live news and sports while investing in high-growth digital initiatives to create a platform for ongoing growth. We begin fiscal 2023 with strong momentum, supported by an enviable schedule of live sporting events and the midterm election cycle, and bolstered by a best-in-class balance sheet. These attributes will serve us well in navigating any macroeconomic uncertainty while continuing to create value for our shareholders."
The company reported total quarterly revenues of $3.03 billion, a five per cent increase over the $2.89 billion reported in the prior-year quarter. Affiliate fee revenues increased by four per cent, with seven per cent in the television segment and two per cent growth in the cable network programming segment. Ad revenues increased by seven per cent, primarily due to higher pricing and ratings at Fox News Media, higher political advertising revenues at the Fox Television Stations, and continued growth at Tubi. Other revenues increased by four per cent, primarily due to the impact of the consolidation of entertainment production companies and higher Fox Nation subscription revenues, partially offset by the timing of sports sublicensing revenues.
The company reported a quarterly net income of $308 million as compared to the $272 million reported in the prior year's quarter. Quarterly adjusted Ebitda increased by seven per cent to $770 million from $717 million in the previous fiscal year, owing primarily to increased contributions from the television segment.
