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Wednesday, April 17, 2024
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Fox Sales Rise as Live Sports Return

UEFA/Design: John Regula

Fox Corp. beat Wall Street forecasts in its fiscal first quarter, reporting a 12% year-over-year sales increase to $3.05 billion, compared to an estimated $2.94 billion.

Fox attributed the return of a full schedule for Fox Sports’ live events and growth of its streaming service Tubi.

Despite net income falling from $1.12 billion to $791 million, ad revenue jumped 17%.

On Wednesday, Fox also announced a media rights deal with the Union of European Football Associations to feature more than 1,500 soccer games, beginning in June 2022 with the UEFA Nations League.

Financial terms were not disclosed, but previous reports stated that UEFA was seeking $300 million for Euro 2024 and Euro 2028. ESPN paid $115 million for Euro 2020 alone.

The six-year agreement adds to Fox’s already long list of media rights.

  • In March, the company signed a broadcast rights deal with the NFL for about $2 billion annually.
  • Fox owns U.S. media rights to the 2018 and 2022 World Cups as part of a $425 million deal. That was extended in 2015 to also include the 2026 World Cup and 2023 Women’s World Cup.

Fox has rights to air the Super Bowl in 2023 — and is already selling ad spots.

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