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FOURTH QUARTER COMPANY RESULTS
The Company reported total quarterly revenues of $3.03 billion, a 5% increase from the $2.89 billion reported in the prior year quarter. Affiliate fee revenues increased 4% with 7% growth at the Television segment and 2% growth at the Cable Network Programming segment. Advertising revenues increased 7%, primarily due to stronger pricing and higher ratings at FOX News Media, higher political advertising revenues at the FOX Television Stations and continued growth at TUBI. Other revenues increased 4%, primarily due to the impact of the consolidation of entertainment production companies and higher FOX Nation subscription revenues, partially offset by the timing of sports sublicensing revenues.
The Company reported quarterly net income of $308 million as compared to the $272 million reported in the prior year quarter. Net Income attributable to Fox Corporation stockholders was $306 million ($0.55 per share) as compared to the $253 million ($0.43 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $413 million ($0.74 per share) as compared to the $381 million ($0.65 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA2 increased 7% to $770 million from $717 million reported in the prior year quarter, led by higher contributions at the Television segment.
FULL YEAR COMPANY RESULTS
The Company reported total full year revenues of $13.97 billion, an 8% increase from the $12.91 billion reported in the prior year. Affiliate fee revenues increased 7% with 10% growth at the Television segment and 5% growth at the Cable Network Programming segment. Advertising revenues increased 9%, primarily due to higher pricing at FOX Sports and FOX News Media, continued growth at TUBI and the return of a full schedule of live events at FOX Sports. These advertising gains were partially offset by lower political advertising revenues. Other revenues increased 15%, primarily due to higher sports sublicensing revenues and FOX Nation subscription revenues at the Cable Network Programming segment and the impact of the consolidation of entertainment production companies at the Television segment.
The Company reported full year net income of $1.23 billion as compared to the $2.20 billion reported in the prior year. This was primarily due to the change in fair value of the Company's investments recognized in Other, net. Net Income attributable to Fox Corporation stockholders was $1.21 billion ($2.11 per share) as compared to the $2.15 billion ($3.61 per share) reported in the prior year. Adjusted net income attributable to Fox Corporation stockholders was $1.59 billion ($2.79 per share) as compared to the $1.71 billion ($2.88 per share) reported in the prior year. The effective income tax rate was higher for both the quarter and the full year, primarily due to a remeasurement of the Company's net deferred tax assets associated with changes in the mix of its jurisdictional earnings.
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