NEW YORK, May 8, 2024 /PRNewswire/ -- Fox Corporation (NASDAQ:FOXA, FOX, ", FOX", or the ", Company", )) today reported financial results for the three months ended March 31, 2024. The Company reported total quarterly revenues of $3.45 billion as compared to the $4.08 billion reported in the prior year quarter. Affiliate fee revenues increased 4%, driven by 9% growth at the Television segment and 1% growth at the Cable Network Programming segment. Advertising revenues were $1.24 billion as compared to the $1.88 billion reported in the prior year quarter, primarily due to the absence of the prior year broadcast of Super Bowl LVII and fewer NFL games at FOX Sports. Other revenues were $274 million as compared to the $352 million reported in the prior year quarter, primarily due to the timing of sports sublicensing revenues at the national sports networks. The Company reported quarterly net income of $704 million as compared to a net loss of $50 million reported in the prior year quarter. The increase primarily reflects the absence of charges associated with legal settlement costs at FOX News Media recognized in Restructuring, impairment and other corporate matters, as well as a gain on USFL assets contributed to the United Football League joint venture recognized in Non-operating other, net in the current year quarter. Net income attributable to Fox Corporation stockholders was $666 million ($1.40 per share) as compared to a net loss of $54 million ($(0.10) per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $520 million ($1.09 per share) as compared to the $494 million ($0.94 per share) reported in the prior year quarter. Quarterly Adjusted EBITDA2 was $891 million, an increase of $58 million or 7% from the amount reported in the prior year quarter. Expenses decreased in the quarter, primarily due to lower sports programming rights amortization and production costs, led by the absence of the prior year broadcast of Super Bowl LVII and fewer NFL games. Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: "FOX's fiscal third quarter results once again demonstrate how our unique strategy continues to distinguish FOX from our peers. The strength and leadership of our core brands, coupled with our focus on live content and must-have event programming, is clearly valued by our audiences, advertisers and distribution partners. The consistent financial delivery from this strategy supports our investments in innovation which are driving momentum in our digital portfolio, led by Tubi. Our balanced capital allocation approach, fortified by our strong balance sheet, underpins our ability to drive long-term value creation for our shareholders." REVIEW OF OPERATING RESULTS  Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 $ Millions Revenues by Component: Affiliate fee $     1,938 $     1,857 $     5,465 $     5,280 Advertising 1,235 1,875 4,437 5,598 Other 274 352 986 1,003 Total revenues $     3,447 $     4,084 $   10,888 $   11,881 Segment Revenues: Cable Network Programming $     1,472 $     1,570 $     4,517 $     4,633 Television 1,938 2,475 6,260 7,123 Other, Corporate and Eliminations 37 39 111 125 Total revenues $     3,447 $     4,084 $   10,888 $   11,881 Adjusted EBITDA: Cable Network Programming $        819 $        792 $     1,990 $     1,887 Television 145 117 358 782 Other, Corporate and Eliminations (73) (76) (238) (213) Adjusted EBITDA3 $        891 $        833 $     2,110 $     2,456 Depreciation and amortization: Cable Network Programming $          20 $          18 $          57 $          52 Television 29 38 86 97 Other, Corporate and Eliminations 49 50 148 159 Total depreciation and amortization $          98 $        106 $        291 $        308   CABLE NETWORK PROGRAMMING Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 $ Millions Revenues Affiliate fee $     1,104 $     1,093 $     3,140 $     3,148 Advertising 296 316 934 1,083 Other 72 161 443 402 Total revenues 1,472 1,570 4,517 4,633 Operating expenses (499) (610) (2,090) (2,271) Selling, general and administrative (158) (172) (449) (487) Amortization of cable distribution investments 4 4 12 12 Segment EBITDA $        819 $        792 $     1,990 $     1,887 Cable Network Programming reported quarterly segment revenues of $1.47 billion as compared to the $1.57 billion reported in the prior year quarter. Affiliate fee revenues increased $11 million or 1% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues were $296 million as compared to the $316 million reported in the prior year quarter. This is primarily due to lower digital advertising revenues and moderating direct response pricing declines at FOX News Media, as well as the absence of the prior year broadcast of the World Baseball Classic at the national sports networks. Other revenues were $72 million as compared to the $161 million reported in the prior year quarter, primarily due to the timing of sports sublicensing revenues at the national sports networks. Cable Network Programming reported quarterly segment EBITDA of $819 million, an increase of $27 million or 3% from the amount reported in the prior year quarter. Expenses decreased in the quarter, primarily due to the timing of sports programming rights amortization at the national sports networks, lower costs at FOX News Media led by lower legal costs and the deconsolidation of the USFL. TELEVISION Three Months Ended March 31, Nine Months Ended March 31, 2024