Fox is firing on all cylinders following the $71 billion sale of its entertainment assets to Disney.
The company saw its total revenues rise last quarter to $2.67 billion from $2.54 billion surpassing expectations on Wall Street. The media company also announced a $2 billion stock buyback and an agreement that puts ownership limits on the Murdoch Family Trust.
Lachlan K. Murdoch, Executive Chairman and Chief Executive Officer, said:
"We are committed to deploying capital to maximize long-term stockholder value through a balanced approach of appropriate organic investment, accretive M&A, and returns of capital to our stockholders. This stock buyback program reflects the confidence we have in the long-term investment case for the Company, which is underpinned by the strength of our core brands and the sustainability of our business, and which we believe is well-positioned to continue to generate healthy free cash flow."
Murdoch also highlighted the progress the media company is making with its core brands.
"As just one example, we've seen our programming investments in the FOX Network deliver ratings growth, including The Masked Singer, WWE Friday Night Smackdown, Thursday Night Football and the NFL on FOX. At the same time, we have successfully renewed distribution agreements with many of our largest partners that reflect the strength of our brands" he said.
Following the Disney deal announcement in 2017, Rupert Murdoch told FOX Business the new Fox Corporation would capitalize on a streamlined media portfolio focused on television and news assets.
Fox Corp. is the parent company of FOX Business and Fox News.