Fox Corp., the media colossus owned by Rupert Murdoch, saw profits rise sevenfold to $567 million in this year’s first quarter, despite a 6.5-percent drop in revenue to $3.2 billion year on year.
Ad sales across newspapers, television, radio and online platforms plunged 24 percent to $1.2 billion.
Also, fewer viewers tuned in to the company’s cable and broadcast channels.
The rise in profits against falling sales resulted from changes in the way the company values some assets.
The cable division, dominated by Fox News, dropped 7 percent in ad revenue to $283 million. The cable operation delivered $899 in pretax income and 95 percent of the corporation’s pretax profit.
Also, Fox announced it will purchase Outkick Media, a right-leaning digital news and commentary business established by former Fox Sports personality Clay Travis.
Outkick began as an irreverent commentary on sports but has expanded into opining on politics and culture.
Travis still has a daily program on Fox Sports Radio and appears routinely on Fox Sports as a commentator.
The purchase price was not reported.
TRENDPOST: We note this to again illustrate how just a few corporations own most of the media… in the United States and around the world. In the U.S., six corporations control over 90 percent of the media, and that percentage keeps growing.
Thus, the only information the general public who tunes in is getting is the message they are selling… and not the facts, analysis, and trend forecasts they need to help them prepare for the future.
