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Despite Slumping Ad Sales, FOX Corp. Sees Income Soar During Latest Quarter

Advertising slumped to $1.24 billion during the quarter compared to $1.88 billion in the prior year.

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A picture of the FOX logo outside the company's headquarters.
(Photo: SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES)

While FOX Corp. saw a decline in advertising revenue during its third fiscal quarter, profits were way up compared to the same timeframe in 2023.

Advertising slumped to $1.24 billion during the quarter compared to $1.88 billion in the prior year. However, most of that can be attributed to the network company being the home of the Super Bowl in 2023, as well as slightly fewer NFL broadcasts during last season.

Despite the advertising drop, the company saw a net income of $704 million during the quarter, compared to a $50 million loss it saw last year. In April 2023, Fox News settled a defamation lawsuit brought by Dominion Voting Systems for $787.5 million, leading to the loss in income.

“FOX’s fiscal third-quarter results once again demonstrate how our unique strategy continues to distinguish FOX from our peers,” said CEO Lachlan Murdoch.

“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.”

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Media Business

Podcast Radio Expands to Alpha Media in Missouri

“While we are launching on one station in two Missouri markets, our goal is to expand the format to our other two Missouri markets.”

Barrett News Media

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A photo of the Podcast Radio logo

The Podcast Radio brand is expanding to a pair of Alpha Media stations in Missouri.

On Monday, May 27th, KREI-AM in Farmington will debut the format. KWIX AM/FM in Moberly will launch the format on June 17th.

The format uses podcast clips and interviews with podcasters from across the globe with localized imaging and branding to create a unique format.

“We are thrilled to be partnering with Alpha,” said Podcast Radio CEO Gerry Edwards. “The team has been great to work with in the build-up to launch. We cannot wait to hear more Missouri-based podcasters on these stations.”

“We are excited to expand Podcast Radio’s presence into Missouri with Alpha Media,” added Gary Krantz, CEO of Krantz Media Group — who oversees the syndication of the brand. “Together, we’re creating a new gateway for listeners to discover and enjoy the best in podcast content through the familiar and trusted medium of radio.”

The Podcast Radio format will be featured across dayparts on the two stations. It will primarily be the morning shows in both markets.

“We’re excited to partner with Podcast Radio to bring this innovative format to our listeners in Missouri. This partnership underscores our commitment to delivering fresh, engaging content that resonates with our communities,” said Alpha Media Executive Vice President of Content Phil Becker. “While we are launching on one station in two Missouri markets, our goal is to expand the format to our other two Missouri markets.”

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Media Business

SPECai Welcomes Adams Radio Group and Southern Stoen Communications as New Customers

The two radio companies join other broadcasters like Connoisseur Media, Summit Media, and Magnum Communications at adopting the product.

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A photo of the SpecAI logo

SPECai, the artificial intelligence product created in conjunction with ENCO Systems, Benztown, and Compass Media Networks, has inked a deal with Adams Radio Group and Southern Stone Communications to use the technology.

Southern Stone Communications will utilize the product in Jackson, TN; Valdosta, GA; Daytona Beach, FL; and Huntsville, AL. Meanwhile, Adams Radio Group will utilize it at stations in Tallahassee, FL; Las Cruces, NM; Valparaiso, IN; and Ft. Wayne, IN.

“SPECai is absolutely transformative. I was amazed by the blend of technology and creativity. Within minutes, our sellers are able to create top-notch spec spots,” said Adams Radio Group Northern Indiana Vice President and Market Manager Jennifer Figg. “The interface is easy and intuitive, saving us time and making the production process more efficient. Each spot is crafted with a professional touch. We only just started and have already closed new business.”

“I was pleasantly surprised at how quickly our sellers could create a great sounding commercial, with no help from production, and use it to help close new business,” added Southern Stone Communications Vice President of Sales and General Manager Chip Thomas. “I would highly recommend this product for any sales team looking for creative ways to close more business.”

The two radio companies join other broadcasters like Connoisseur Media, Summit Media, and Magnum Communications in adopting the product.

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Media Business

Women Prefer AM/FM Radio to Everything But Their Phone, New Study Shows

Traditional radio eclipsed Amazon (43%), Netflix (40%), Apple (26%), Spotify (26%) and TikTok (24%) among other strong digital audio and video brands.

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A photo of an on-air light

As more and more listeners spend time with digital audio, the role of AM/FM Radio is questioned. However, according to a new study, the medium is still a strong one, especially with women.

New metrics released by Westwood One’s Audio Active Group shows that a study of 1001 women between 15-64 shows that 46% said they “love” their favorite AM/FM Radio station. While 51% said they “love” their mobile phone as the top vote-getter, terrestrial radio came in second.

Traditional radio eclipsed Amazon (43%), Netflix (40%), Apple (26%), Spotify (26%) and TikTok (24%) among other strong digital audio and video brands. Radio, however, dropped to 22% when respondents were asked about their love of the medium in general and not their favorite specific stations.

While the study shows women “love” radio, they admitted in their responses that the medium doesn’t often mesh with the busy lifestyle they currently live between family, relationships, and living a healthy lifestyle.

Also, nearly 60% of women agreed that “Today’s music is not as good as it was years ago.” Another factor of decreased listening is that women find the number of commercials unbearable and believe many ads are “annoying.”

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