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Fox Sees Q4 Owned Station Ad Revenue Down 50%

Fox said it expects advertising revenue at its owned TV stations to be down 50% during the current quarter, which is the company’s fiscal fourth quarter. On the company’s earnings call with analysts Wednesday CEO Lachlan Murdoch said the stations were pacing down about 50% because of the COVID-19 pandemic. Lachlan Murdoch“The local auto, local retail, local travel and local entertainment categories are leading this decline for us and the rest of the local TV market,” Murdoch said. “We will only see the pattern of how these categories will return after states and municipalities open back up for business. ”Fox still expects political advertising revenue, but political ads usually slow down in Fox’s fourth quarter before picking up in the first quarter as election day nears in November. Nine of the local markets where Fox owns stations are in battleground states and in two the governor is up for election.

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https://www.broadcastingcable.com/news/fox-sees-4q-owned-station-ad-revenue-down-50

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