Fox Corp. on Wednesday reported a fall in quarterly earnings and overall revenues, as the owner of Fox News Channel and Fox Entertainment recorded lower advertising revenue amid the coronavirus pandemic.
Fox — which, after Rupert Murdoch sold most of 21st Century Fox to Walt Disney for $71 billion last year, became a stand-alone company mostly focused on news and sports — reported net income of $145 million for the latest quarter, compared with $465 million in the year-ago period.
The company posted $442 million in one-time impairment and restructuring charges, in part to exit a rights deal with the U.S.