Fox Corporation FOXA reported its financial results for the third fiscal quarter, with revenue declining to $3.22 billion, down from $3.44 billion in the prior year quarter, a decline the company said was largely attributable to the prior year featuring Fox’s broadcast of the Super Bowl.

"The company continues to deliver operationally and financially with our year-to-date Revenues and EBITDA pacing well ahead of last year, despite the impact of Covid and the comparison against a Super Bowl year,” said Fox Corporation Executive Chairman and Chief Executive Officer Lachlan Murdoch, who said revenue rose at the company’s cable operations. “Consistent with our expectations, Fox News reclaimed its leadership position as America's number one cable news network and the most watched cable network in primetime.”

The company’s cable network segment reported revenues of $1.47 billion, with advertising revenue of $283 million. That figure was down from the previous year ($304 million), with the company attributing the decline to “a slower news cycle” in 2021, compared to 2020, which featured a presidential election and the beginning of the coronavirus pandemic.

On a call with reporters to talk about the 3Q results, Murdoch said Fox News’ return to the top of the cable news ratings after an unusually competitive period following the 2020 election, which saw CNN and MSNBC post record gains, Fox News was again a powerful engine for the company, with “double-digit pricing gains at Fox News” and the continued expansion of the Fox News brand beyond cable television. Murdoch said Fox News was no longer merely a channel, but also represented “its powerful website, its podcasting, (the) Fox Nation (streaming service), (and) new channels like Fox Weather.” He added that “we’re seeing tremendous opportunities to expand its reach.”