Ad revenues down 6%

Fox reported lower earnings in its fiscal fourth quarter as ad revenues declined and corporate expenses were greater as a new, standalone company.

Net income dropped to $454 million, or 73 cents per share, from $471 million, or 76 cents a share.

The company said costs were higher as a standalone company and that it had higher income tax and interest expenses.

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Revenue was up 5% to $2.51 billion. Affiliate revenue was up 7% to $1.410 billion.

Advertising revenue was down 6% to $918 million.

The company’s cable networks had EBITDA of $602 million, up 4% from $578 million a year ago. Revenues were up 2% to $1.3 billion. Affiliate revenues were up 3% and advertising was down 1% because of fewer World Cup games.

Fox’s television segment had EBITDA of $214 million, up 93% from $111 million a year ago. Revenues were up 5% to $1.18 billion. Affiliate revenue was up 18% because of higher reverse comp payments from affiliates. Ad revenue was down 8%

“The strategic rationale for the formation of Fox Corporation, with our unique set of assets, is underscored by our strong Fiscal 2019 operational and financial results that include top line growth across our operating segments and key revenue categories,” said CEO Lachlan Murdoch. "We are strongly positioned as we enter our first full fiscal year, during which we will broadcast Super Bowl LIV, become the home of WWE’s Smackdown Live, and further our digital growth, all while continuing to deliver the compelling news, sports and entertainment content that our audiences have come to expect from Fox.”