FOX Corp Revenues Up Despite WWE SmackDown Costs
The company coffers are healthier than ever, partly due to WWE...
FOX released their earnings for 2019 on Wednesday, and some of the numbers bode well for their relationship with WWE.
Variety reports that FOX Corp experienced a 5% rise in revenue for the final quarter of the year. That included turnover of $3.78 billion and a net income of $314 million; to put that into context, FOX posted a $24 million net for the same quarter in 2018.
Fox Corp. CEO Lachlan Murdoch said, "Our results reaffirm that Fox Corporation is delivering on the operational and financial objectives that we established less than twelve months ago. Our brands are exhibiting strength in a competitive marketplace and delivering healthy top-line growth as we continue to invest strategically to expand the reach of our portfolio and further diversify our revenue streams."
Costs associated with bringing WWE's weekly SmackDown show to the network and the loss of major UFC fights did hit the company, but they're still logging a huge rise in net income. The 5% increase in overall revenue is also positive, and it offsets cash spent securing the rights to WWE's Friday night delight.
No doubt WWE themselves will point to this as a sign jumping to FOX was the right move.