Fox sees fourth-quarter profit fall despite revenue growth

Fox Corporation said fourth-quarter net income fell due to a change in the value of an investment as the company grappled with advertising acquisition challenges and posted an increase in distribution revenue.

Sport proved to be a key factor influencing results during this period, particularly the UEFA European Championship and CONMEBOL’s Copa América broadcasts on Fox.

Profit was $319 million, or 68 cents per share, compared with $375 million, or 74 cents per share, in the year-earlier period.

More to come…