TV, cable weigh in for steady FOX fourth quarter | Major Businesses | Business
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Ending its first year as standalone company outside of 21st Century Fox, FOX ended its fiscal 2019 on a high note with TV and cable contributing to revenue increases.

FOx logo Aug2019For the fourth quarter ended 30 June 2019, FOX reported total revenues of $2.513 billion, up 5% annually. The increase in revenues was primarily attributable to affiliate revenue growth of 7%, driven by an 18% increase at the TV segment and a 78% increase in other revenues, primarily due to higher digital content licensing revenues at TV. This revenue growth was partially offset by a 6% decline in advertising revenues as there were fewer FIFA World Cup matches and lower cyclical political revenues at the TV segment in the current quarter as compared with the prior year quarter.

For the full year, the company reported total full year revenues of $11.39 billion, a 12% increase from the $10.15 billion of revenues in the prior year. The increase in revenues was attributable to double-digit gains in all key revenue categories with growth principally driven by the TV segment.

Television reported full year segment revenues of $5.98 billion, an increase of $873 million or 17% from the amount in the prior year. Advertising revenues increased $394 million or 11%, primarily due to the addition of Thursday Night Football and the broadcast of one additional NFL Divisional Playoff game, record cyclical political advertising revenues at the FOX Television Stations and additional FIFA World Cup matches in the current year. Other revenues increased $153 million or 62%, primarily due to higher digital content licensing revenues. The segment reported full year EBITDA of $470 million, an increase of $91 million or 24% from the amount in the prior year.

FOX’s cable network business reported Q4 revenues of $1.30 billion, inching up 2% annually driven primarily by a $27 million (3%) increase in affiliate revenues led by contractual price increases across all networks, partially offset by net subscriber declines. However, segment advertising revenues decreased $4 million or 1%, primarily reflecting lower contributions from FIFA Women's World Cup programming in the current quarter compared with the contributions from the FIFA Men's World Cup in the prior year quarter, also partially offset by higher digital advertising sales at FOX News. Quarterly EBITDA was $602 million, up 4% compared with the end of Q4 2018.

For the full fiscal year, cable network programming reported full year segment revenues of $5.38 billion, up 7% annually, primarily due to increases in affiliate and advertising revenues. Affiliate revenues increased $263 million or 7% led by contractual price increases across all networks, partially offset by net subscriber declines.

12-month cable advertising revenues increased 6%, primarily reflecting higher digital advertising sales at FOX News and stronger daily studio programming ratings at FS1, partially offset by the broadcast of two fewer MLB League Divisional Series playoff games in the current year. Cable Network Programming reported full year segment EBITDA of $2.50 billion, a year-on-year rise of 8%.