The company noted that Fox News seems to be facing a softer ad environment. “Nonetheless, you can expect us to be even more focused on our cost base as we look to reinforce our strategy for future growth.” “While we are not completely immune to the headwinds facing the broader industry, and the general economy, we are well positioned given our areas of differentiation,” Murdoch said. In answer to a follow-up question, Murdoch said the decision to settle with Dominion was due in part to the fact that the court limited Fox’s ability to use the First Amendment in its defense, but that option remains available in the defamation suit filed against Fox by fellow electronic voting machine manufacturer Smartmatic.Īnd Murdoch suggested that the company may follow the other media giants in looking to lower its costs. The settlement in no way alters Fox’s commitment to the highest journalistic standards across our company, or our passion for unabashedly reporting the news of the day.” “Our decision is clearly in the best interest of the company and its shareholders. “We made the business decision to resolve this dispute and avoid the acrimony of a divisive trial and a multiyear appeals process,” Fox CEO Lachlan Murdoch said on the company’s earnings call. Had it not been for the settlement, an increase in both distribution and advertising revenue would have given Fox a healthy profit in the quarter. “During the quarter we booked an $850 million charge in Other, net in relation to the Fox News Media defamation cases, reflecting all incurred and estimable costs at this time,” a Fox spokesperson said.ĭespite the legal issues, Fox’s broadcast of the Super Bowl in the quarter saw the company’s advertising revenue rise by 43 percent to $1.86 billion, with total revenues in the quarter of $4.08 billion. Tucker Carlson Says He Will Bring "New Version" of His Fox News Show to Twitter
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