Fox Beats Estimates With $2.89B Quarter

Fox generated $2.89 billion in revenue in fiscal Q4 2021 — a 20% increase compared to the same period a year ago.

The quarter was driven by revenue growth across all categories, but the company’s television business led the pack with a 51% increase year-over-year. 

Fox continues to diversify its live sports offerings. 

• It inked an 11-year media rights deal with the NFL that’s worth about $2 billion per year. 
• Outside of its traditional outlets, the deal will also bring NFL games to Fox’s free streaming service, Tubi. 
• The USFL announced plans to return to the gridiron in the spring of 2022 with Fox as a broadcast partner.

Fox’s advertising revenue increased by 38% in Q4 to hit $982 million, up from $712 million during the company’s fiscal Q4 last year. Fox credited the spike to the return of live sports that were postponed last year.

Despite the financial success, Fox has also faced some challenges.

“Fox Bet Live,” an afternoon show on Fox Sports’s FS1 cable network, is in danger of being canceled, sources told Front Office Sports in June. The company also lost Hall of Fame tight end Tony Gonzalez as a studio analyst last month due to his desire to pursue other TV and film projects.

Fox’s full-year revenue reached $12.91 billion, a 5% increase compared to the previous year.