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FOX EARNINGS RELEASE FOR THE QUARTER ENDED DECEMBER 31 , 2020 FOX REPORTS SECOND QUARTER FISCAL 2021 NET INCOME OF $ 230 MILLION , EARNINGS PER SHARE OF $ 0.37 REVENUES OF $ 4.09 BILLION , AN INCREASE OF 8 % AND ADJUSTED EBITDA OF $ 305 MILLION , AN INCREASE OF 17 % NEW YORK , NY , February 9 , 2021 - Fox Corporation ( Nasdaq : FOXA , FOX ) ( “ FOX " or the " Company " ) today reported financial results for the three months ended December 31 , 2020 . The Company reported quarterly net income of $ 230 million , as compared to the $ 314 million reported in the prior year quarter . The change in net income was primarily due to higher gains recognized in Other , net in the prior year quarter . Net Income attributable to Fox Corporation stockholders was $ 224 million ( $ 0.37 per share ) as compared to $ 300 million ( $ 0.48 per share ) reported in the prior year quarter . Adjusted net income attributable to Fox Corporation stockholders ' increased 45 % to $ 93 million from the $ 64 million reported in the prior year quarter . Adjusted earnings per share increased $ 0.06 to $ 0.16 per share from the $ 0.10 reported in the prior year quarter . Total quarterly revenues increased 8 % to $ 4.09 billion from the $ 3.78 billion of revenues reported in the prior year quarter driven by revenue growth at the Television and Cable Network Programming segments . Advertising revenues increased 14 % , primarily due to record political advertising revenues at the FOX Television Stations , continued linear and digital growth at FOX News Media and the impact of the consolidation of Tubi , Inc. ( " Tubi ” ) . Affiliate revenues increased 6 % led by growth at the Television segment . The Company also reported a 14 % decrease in other revenues , primarily due to lower sports sublicensing revenues at the Cable Network Programming segment as a result of cancelled college football games in the quarter due to Coronavirus Disease 2019 ( " COVID - 19 " ) . These lower sports sublicensing revenues at the Cable Network Programming segment were offset by a corresponding reduction in sports programming rights amortization . Quarterly Adjusted EBITDA² increased 17 % to $ 305 million from the $ 261 million reported in the prior year quarter , led by higher contributions at the Television and Cable Network Programming segments . Commenting on the results , Executive Chairman and Chief Executive Officer Lachlan Murdoch said : " Once again , the Company delivered exceptional operating and financial results . FOX Television Stations , FOX News Media and Tubi all experienced record highs in the December quarter , led by an unprecedented political advertising cycle at our local television stations , strong digital growth at FOX News Media and an influx of new advertisers at Tubi . We are looking forward to a return to normal entertainment and sports production schedules , and we are grateful to our colleagues and business partners who , during the pandemic , have ensured that our viewers are informed and engaged . Through it all , the fundamentals of our business and our strategic focus have never been stronger . " 1 Excludes net income effects of Impairment and restructuring charges , adjustments to Equity ( losses ) earnings of affiliates , Other , net and tax provision adjustments . See Note 1 for a description of adjusted net income and adjusted earnings per share attributable to Fox Corporation stockholders , which are considered non - GAAP financial measures , and a reconciliation of reported net income and earnings per share attributable to Fox Corporation stockholders to adjusted net income and adjusted earnings per share attributable to Fox Corporation stockholders . 2 Adjusted EBITDA is considered a non - GAAP financial measure . See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA . Page 1