Fox Authorizes Buyback Of Up To $7B; Super Bowl Broadcast Helps Drive Q3 Beat

Fox Corp FOXA reported third-quarter FY23 revenue growth of 18% year-on-year to $4.08 billion, beating the consensus of $4.03 billion.

Affiliate revenues increased 3% Y/Y to $1.86 billion, led by 9% growth in the Television segment.
Advertising revenues increased 43% Y/Y to $1.88 billion, primarily reflecting the impact of Super Bowl LVII, a higher volume of NFL games, and continued growth at Tubi.
Other revenues remained unchanged Y/Y at $352 million.
Adjusted EPS of $0.94 beat the consensus of $0.87.
Adjusted EBITDA increased 2.7% Y/Y to $833 million.
Fox held $4.15 billion in cash and equivalents.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: "During the quarter, the largest audience in U.S. television history gathered to watch FOX Sports' broadcast of Super Bowl LVII, underpinning our delivery of double-digit revenue growth, and providing a promotional gateway to FOX's entertainment and news brands. Additionally, the momentum at Tubi continued in the quarter, where its stellar growth has led to its emergence as the most watched Free-Advertising-Supported-Television service in the United States."
Buyback: The board authorized a buyback of up to $7 billion.

Price Action: FOXA shares traded higher by 0.84% at $32.44 at the last check Tuesday.