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Afternoon Edition

February 4, 2025

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Fox’s revenue jumped 20% to $5.1 billion last quarter—and sports were the big winner—helped by the Yankees-Dodgers World Series, pricey NFL ads, and more college football coverage. Political ads had an impact, but sports were the real star.

— Eric Fisher [[link removed]], David Rumsey [[link removed]], and Colin Salao [[link removed]]

Fox Reports Big Sports Profits, Eyes New Streaming Service [[link removed]]

Kirby Lee-Imagn Images

Even in the midst of a high-profile presidential election last fall, sports stood out as a primary revenue and profit driver for Fox, and they will continue to do so in 2025.

The company reported Tuesday a 20% boost in revenue to $5.1 billion for its fiscal second quarter that ran from October to December 2024, while net income more than doubled to $388 million. It was the second straight robust period for Fox following a strong first quarter [[link removed]], and while political advertising surrounding the election was critical, sports remains a core underpinning for the entire company.

Among the highlights for Fox during the quarter:

Improved MLB postseason viewership, peaking with the Yankees-Dodgers World Series that produced the largest audience for that event since 2017 [[link removed]] Heightened pricing for ads during NFL games, even amid a decline in regular-season viewership [[link removed]] Both viewership and advertising gains from an expanded college football slate included a new focus on Friday nights [[link removed]]

“We are firing on all cylinders,” said Fox CEO and executive chair Lachlan Murdoch in an earnings call Tuesday with analysts. “Sports remains remarkably robust.”

The One Downside

Murdoch said the lone sports disappointment for Fox during the quarter was the abrupt demise of Venu Sports [[link removed]], the sports-oriented streaming service developed in partnership with ESPN and Warner Bros. Discovery. The shuttering arrived just days after ESPN parent company Disney reached a deal to acquire a majority stake in Fubo [[link removed]], which had legally challenged the formation of Venu Sports.

“While the Venu team had done a tremendous amount of truly genius work preparing the digital platform, in the end, the legal distractions around the business became increasingly difficult to bear,” he said.

Fox will be developing its own direct-to-consumer streaming service, with a public debut targeted for late 2025. The effort, however, will take something of a back seat to the company’s business in linear television.

“We see the traditional cable bundle as still the most value for our consumers, and the most value for our company,” Murdoch said.

There was no mention of the ongoing sexual misconduct allegations [[link removed]] within Fox Sports in the earnings call.

Super Bowl Watch

The current quarter for Fox, of course, will be highlighted by Sunday’s Super Bowl LIX in New Orleans, to be shown by the network. It’s not yet certain whether the game will be able to match last year’s record-setting draw [[link removed]] of 123.4 million for the Super Bowl, but there already have been boosts from expanded measurement methodology from Nielsen [[link removed]], and ad sales that in some instances have reached an unprecedented $8 million per 30-second unit [[link removed]].

The game will also be shown on Fox’s streaming service, Tubi, which typically does not offer the network’s live sports.

“This will broaden the reach of the game and deliver Tubi an opportunity to engage a large cohort of new users,” Murdoch said.

NFL Aims for Eight International Games in 2025 but May Fall Short [[link removed]]

Nathan Ray Seebeck-Imagn Images

The NFL almost always gets what it wants, but the league may not accomplish its stated goal of playing eight international games during the 2025 regular season.

NFL commissioner Roger Goodell gave an update on the upcoming international slate during his annual state of the league press conference Monday. “We’re looking to try to get to eight games this year,” he said. “We may fall short of that, but we think we’ll get close to that. But I see that continuing to progress.”

So far, the NFL has announced three games in London, its debut in Berlin [[link removed]], and its first game in Madrid for the 2025 season. In November, Goodell said the league was “shooting for” eight games [[link removed]] outside the U.S. this fall, including returns to Brazil and Mexico, as well as a debut in Ireland.

For the past three seasons, the NFL has played a record five international games, and team owners have approved playing up to eight in 2025. The ultimate goal remains to play double that outside domestic borders [[link removed]]. “We do think that 16 is something that is realistic,” Goodell said Monday, reiterating his stance on the topic.

There could be news coming as soon as this week. On Wednesday afternoon, the NFL is hosting a press conference in New Orleans to discuss the league’s international expansion and global growth strategy. The NFL could announce more games to be played abroad or even its entire 2025 international slate.

Recent reports have linked the Steelers to playing in Ireland [[link removed]], hinted at a long-term partnership for the NFL in Brazil [[link removed]], and even pointed to the Rams and Eagles playing a regular-season game in Australia [[link removed]] in 2026.

When asked about the Australia report Monday night, Eagles owner Jeffrey Lurie said, “We are a natural team to play there. If there’s an opportunity to be an away team there, we will embrace that.”

Jordan Mailata, the standout Eagles tackle, is an Australian former rugby player. He signed a three-year, $66 million extension last season.

The NFL played five games in Mexico between 2016 and 2022 but has taken a hiatus from the country, while Estadio Azteca has undergone renovations ahead of the 2026 FIFA World Cup in North America.

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NFL Pro Bowl Ratings Drop Again Despite Flag Football Push [[link removed]]

Kirby Lee-Imagn Images

The NFL suffered another TV ratings decline over the weekend, even though it was the bye week for the Chiefs and Eagles preparing to play in Super Bowl LIX.

Viewership for the Pro Bowl Games decreased for the third consecutive year in the rebranded iteration of the league’s all-star contest [[link removed]]. ABC, ESPN, and Disney XD drew 4.7 million viewers for Sunday’s simulcast, according to a source that viewed the Nielsen ratings, which was headlined by a flag football game, along with other competitions like a punting contest and tug-of-war match. The NFC beat the AFC 76–63.

Those ratings are down by more than 1 million viewers—roughly an 18% decrease—from the 5.75 million who tuned in to the Pro Bowl Games flag football finale last year. In 2023, the audience was 6.2 million during the first year using the new format. In 2022, the final year with a tackle football game, the Pro Bowl drew 6.7 million viewers.

On Sunday, there was an announced crowd of 54,313 in Orlando at Camping World Stadium, which has a capacity of more than 60,000. That’s down slightly from 55,709 last year.

On Thursday night, the Pro Bowl Skills Show averaged 1.13 million viewers on ESPN, just down from 1.14 million last year. It was the second-most-watched edition of the skills show since 2018 [[link removed]].

Flag Football’s Rise

The NFL continues to use the Pro Bowl Games to promote flag football ahead of the sport’s Olympic debut at the 2028 Los Angeles Games.

In Orlando, veteran Buccaneers receiver Mike Evans, 31, became the latest player to throw his name in the ring for a spot on Team USA.

“This is good practice for me in the Olympics,” said Evans. “Most likely I’ll be retired by 2028. How many years is that? Three years? I don’t know. But if I am retired, I would definitely like to play in the Olympics.”

Last summer, NFL stars like Dolphins receiver Tyreek Hill and Cowboys defensive end Micah Parsons made their interest in competing in the Olympics known [[link removed]].

EXCLUSIVE

Pac-12 in Talks With ESPN, Fox, CBS for Media-Rights Deal

ESPN, Fox, and CBS are still in the mix for a potential media-rights deal with the newly rebuilt Pac-12, as discussions remain in an exploratory phase. With the conference’s future taking shape, securing a broadcast partner is the next crucial step in its revival.

Read more of this exclusive story on the Pac-12 [[link removed]] from FOS reporter Amanda Christovich.

LOUD AND CLEAR Plenty of Gas in the Tank

Kirby Lee-Imagn Images

“I love doing this.”

—Chiefs tight end Travis Kelce, when asked whether he’s considering retirement. Kelce, 35, has played 11 seasons in the NFL and is the highest-earning tight end in league history with nearly $94 million in his career. Read more about Kelce’s future [[link removed]] on and off the field from FOS newsletter writer David Rumsey.

STATUS REPORT Three Up, One Down

Mark J. Rebilas-Imagn Images

A’ja Wilson ⬆ Nike released photos of the first signature shoe of the three-time WNBA MVP called A’One. The shoe will drop in May, along with her apparel line, and will cost $110 for adults and $90 for kids. Wilson joins Sabrina Ionescu as current Nike women’s basketball athletes with their own shoes. Caitlin Clark, who signed an eight-year, $28 million deal with the Swoosh [[link removed]] last year, is also expected to have a signature shoe.

Las Vegas Grand Prix ⬆ Formula One is moving the start time to 11 p.m. ET (8 p.m. local time), which is two hours earlier than the prior two iterations of the race. The previous late start time gave appropriate broadcast windows to international fans. “[Europe and the Middle East] is our key territory,” F1 chief commercial officer Emily Prazer told Front Office Sports in November [[link removed]]. “So a Sunday morning race in Europe is key for our broadcast figures, and we have to sacrifice something and sadly, the East Coast of America is that.”

Tubi ⬆ Super Bowl LIX will stream for free on the Fox-owned platform, marking the first time the service has aired the NFL’s championship game.

Cooper Kupp ⬇ The Rams receiver announced his team intends to trade him this offseason. “I don’t agree with the decision,” Kupp wrote on social media. He has two years and roughly $40 million left on his contract [[link removed]].

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Conversation Starters Jameis Winston asked Saquon Barkley which team should sign him in free agency during Super Bowl Opening Night on Monday—and the Eagles running back referred to his own former team. Check it out [[link removed]]. Speaking of opening night, take a look [[link removed]] inside Caesars Superdome from the field level where Super Bowl LIX will be played. Multiple NBA teams have adjusted flights on Feb. 6 [[link removed]], the day of the trade deadline, to avoid any potential awkward situations while in the air, according to NBA insider Chris Haynes. Editors’ Picks Fox Sports Suspends Exec Accused of Sexual Misconduct: NYT [[link removed]]by A.J. Perez [[link removed]]Dixon is a defendant in two lawsuits filed by former Fox Sports employees. Charles Barkley Will Deny NBC, Amazon Offers to Stick With TNT [[link removed]]by Alex Schiffer [[link removed]]Barkley has repeatedly flip-flopped in his career plans in recent years. Goodell Defends Tom Brady, Hints at New NFL Rights Deals [[link removed]]by Michael McCarthy [[link removed]]Five media-centric takeaways on Roger Goodell’s comments on Monday. Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Events [[link removed]] Video [[link removed]] Shows [[link removed]] Written by Eric Fisher [[link removed]], David Rumsey [[link removed]], Colin Salao [[link removed]] Edited by Matthew Tabeek [[link removed]], Or Moyal [[link removed]], Catherine Chen [[link removed]]

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