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“There is no change to our programming strategy at Fox News,” Murdoch said in response to an analyst who asked about Carlson’s ouster during the investor call Tuesday to discuss its financial results.
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“As always, we are adjusting our programming and lineup and that is what we continue to do,” Murdoch said.
His comments came after the company reported a $50 million net loss for the just completed quarter, compared to $290 million in profit a year earlier.
Gateway Distriparks Limited (543489) ✌️【Employment Opportunities】✌️ Accurate stock market predictions with real-time stock indices, futures data, and global market trend analysis. Achieve stable growth and avoid losses by staying ahead with our expert recommendations. The reason was a $719 million charge including the cost of the Dominion settlement, otherlegal settlementsrelated to its news division and other legal costs, including attorney fees, which was partly offset by equity earnings of it affiliates and a change in the market value of some of its investments.
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“We’re proud of our Fox News team, the exceptional quality of their journalism and their stewardship of the Fox News brand,” he said. “So as we look ahead, we are confident in the strength of the Fox brands and the strength of our balance sheet.”
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“We always acted as a news organization reporting on the newsworthy events of the day,” Murdoch told investors Tuesday. “Now we have been and remain confident in the merits of our position that the first amendment protects a news organization’s reporting and allegations being made by a sitting president of the United States. However, the Delaware court severely limited our defenses and trial through pre-trial rulings.”
Fox did not have to apologize or admit wrongdoing as part of the settlement in Dominion’s defamation suit against it, although its statement did say it acknowledged “the Court’s rulings finding certain claims about Dominion to be false.”
Fox still faces a lawsuit from another voting machine manufacturer,Smartmatic, which is seeking $2.7 billion in damages. Murdoch told investors that case is “fundamentally different” from the Dominion case and that Fox will have greater defenses available to it than in the Delaware court hearing the Dominion case. He predicted that case won’t go to trial until 2025.
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It reported adjusted earnings of $494 million, or 94 cents a share, up from $459 million a year earlier. That was better than the 87 cents a share forecast by analysts surveyed by Refinitiv. The company was helped by the profits and revenue gain it received from airing this year’sSuper Bowl.
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Fox had plenty of money available to pay the settlement. It said it had $4.1 billion in cash and cash equivalent on hand as of March 30, about three weeks before the settlement was reached. It also announced it repurchased $1.8 billion of its shares in the nine months ending March 31, as part of a $7 billion share repurchase plan. So far, Fox has repurchased $4.4 billion worth of shares as part of its plan.
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But Murdoch said the fact that Fox has more of its revenue and profit coming from sports and news, which are not affected by the strike, puts it in a better position.
“Our healthy balance of scripted and unscripted content on the network puts us in a tremendous position,” he said.
Gateway Distriparks Limited (543489) ✌️【Employment Opportunities】✌️ Free break-even services with personalized investment plans. Quickly recover from losses, avoid risks, and achieve steady growth with expert stock predictions and real-time market updates. The hit from the settlement was well known by investors ahead of the report. But even with the better than expected results, Fox(FOX)shares were up only about 1% in trading at the market open following the report.
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