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FOX EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31 , 2021 FOX REPORTS THIRD QUARTER FISCAL 2021 NET INCOME OF $ 582 MILLION , EARNINGS PER SHARE OF $ 0.96 REVENUES OF $ 3.22 BILLION AND ADJUSTED EBITDA OF $ 899 MILLION NEW YORK , NY , May 5 , 2021 - Fox Corporation ( Nasdaq : FOXA , FOX ) ( " FOX " or the " Company " ) today reported financial results for the three months ended March 31 , 2021 . The Company reported quarterly net income of $ 582 million as compared to the $ 90 million reported in the prior year quarter . The increase in net income was primarily due to the change in fair value of the Company's investments recognized in Other , net in the prior year quarter . Net Income attributable to Fox Corporation stockholders was $ 567 million ( $ 0.96 per share ) as compared to the $ 78 million ( $ 0.13 per share ) reported in the prior year quarter . Adjusted net income attributable to Fox Corporation stockholders¹ was $ 523 million ( $ 0.88 per share ) as compared to the $ 568 million ( $ 0.93 per share ) reported in the prior year quarter . Total quarterly revenues were $ 3.22 billion as compared to the $ 3.44 billion reported in the prior year quarter , primarily due to the absence of the prior year broadcast of Super Bowl LIV . Affiliate revenues increased 10 % with 18 % growth at the Television segment and 6 % growth at the Cable Network Programming segment . Advertising revenues were $ 1.20 billion as compared to the $ 1.57 billion reported in the prior year quarter , primarily due to the absence of the prior year broadcast of Super Bowl LIV , partially offset by the consolidation of Tubi , Inc. ( " Tubi " ) and the impact of additional NFL regular season and playoff broadcasts in the current year quarter . Quarterly Adjusted EBITDA² was $ 899 million as compared to the $ 920 million reported in the prior year quarter as 7 % growth at the Cable Network Programming segment was more than offset by the absence of the prior year broadcast of Super Bowl LIV at the Television segment . Commenting on the results , Executive Chairman and Chief Executive Officer Lachlan Murdoch said : " The company continues to deliver operationally and financially with our year - to - date Revenues and EBITDA pacing well ahead of last year , despite the impact of COVID and the comparison against a Super Bowl year . Consistent with our expectations , FOX News reclaimed its leadership position as America's number one cable news network and the most watched cable network in primetime , while FOX Sports reached a landmark agreement with the NFL to extend our Sunday NFC rights package with expanded digital rights . These strategic milestones , coupled with a slate of complementary , high - growth , digital - focused assets , led by continued record growth at Tubi , provide a powerful platform to grow our business for the long - term . " 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