Fox Sees Q2 Loss Despite Gains in Advertising Revenue

Fox Corporation posted a loss in its second fiscal quarter despite seeing healthy gains in revenue from advertising and distributors, citing a decline in the value of the gambling group Flutter.

Fox, the owner of the Fox broadcast network and Fox News Channel, said it notched a 9% increase in revenue in the period, collecting $4.44 billion in the period, compared to $4.09 billion a year earlier. But the company reported a net loss of $85 million, or 15 cents per share, compared with profit of $224 million, or 37 cents a share a year earlier.  Fox said the loss was primarily due to “the change in fair value of the company’s investments” recognized in Flutter Entertainment, in which Fox has a significant stake. Flutter is the parent of gambling sites like FanDuel.

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