FOX REPORTS THIRD QUARTER FISCAL 2023 REVENUES OF $4.08 BILLION.

NEW YORK: Fox Corporation (Nasdaq: FOXA, FOX) ("FOX" or the "Company") today reported financial results for the three months ended March 31, 2023.

The Company reported total quarterly revenues of $4.08 billion, an 18% increase from the $3.46 billion reported in the prior year quarter. Advertising revenues increased 43%, primarily reflecting the impact of Super Bowl LVII, a higher volume of NFL games and continued growth at Tubi. Affiliate fee revenues increased 3% with 9% growth at the Television segment. Other revenues were essentially unchanged from the prior year quarter.

The Company reported a quarterly net loss of $50 million as compared to net income of $290 million reported in the prior year quarter. The variance was primarily due to charges associated with legal settlement costs at FOX News Media, partially offset by the higher fair value of the Company's investments recognized as a gain in Other, net. Net loss attributable to Fox Corporation stockholders was $54 million ($(0.10) per share) as compared to net income of $283 million ($0.50 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $494 million ($0.94 per share), an increase of $35 million ($0.13 per share) from the $459 million ($0.81 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $833 million, an increase of $22 million from the prior year quarter, as the revenue increases noted above were partially offset by higher expenses. The increase in expenses was primarily due to higher programming rights amortization and production costs at FOX Sports driven by the broadcast of Super Bowl LVII and a higher volume of NFL games in the current year quarter, as well as increased digital investment at Tubi.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

Our fiscal third quarter once again demonstrated the effectiveness of FOX's strategy to leverage the power of compelling live events to deliver for our viewers, advertisers, and distributors at scale. During the quarter, the largest audience in U.S. television history gathered to watch FOX Sports' broadcast of Super Bowl LVII, underpinning our delivery of double-digit revenue growth, and providing a promotional gateway to FOX's entertainment and news brands. Additionally, the momentum at Tubi continued in the quarter where its stellar growth has led to its emergence as the most watched...