The News Corporation headquarters, which is also home to Fox News, stands in Manhattan on April 18, 2023 in New York City.
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Fox Corp. reported a quarterly net loss on Tuesday due to the costs related to its settlement with Dominion Voting Systems, despite revenue that was lifted by the Super Bowl and its fast ad-supported streaming service Tubi.
Fox notched $4.08 billion in quarterly revenue, up 18% from the same period last year. Its advertising revenue soared on the back of the Super Bowl — the most watched program in U.S. TV history with 115 million viewers, which brought in approximately $650 million in gross ad revenue. The company also saw a boost after airing more NFL games during the season and from increased viewership for Tubi.
The company said Tuesday it swung to a $54 million net loss, or 10 cents per share, in its fiscal third quarter ended on March 31, from a profit of $283 million, or 50 cents per share, in the year-earlier period on charges associated with settlement costs.
Last month, Fox agreed to pay $787.5 million to Dominion to settle a defamation lawsuit over false claims the company’s voting machines swayed the outcome of the 2020 presidential election.
While the company is unlikely to see a big dent in its bottom line from the Dominion case, it did face elevated legal costs in recent quarters related to the lawsuit due to depositions and pretrial preparation, finance chief Steve Tomsic said Tuesday.
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