Fox Corp. Says Virus Crisis Impact Could Be 'Material,' Eyes Credit Pact Amendment

"While the company’s national news ratings remain strong, sports events for which the company has broadcast rights have been canceled or postponed."

Fox Corp. on Tuesday became the latest media company to say that the financial fallout from the coronavirus pandemic could be "material" and said it is looking to amend a credit agreement. But the owner of Fox News also highlighted "strong" news ratings. "The impact of coronavirus disease 2019 and measures to prevent its spread are affecting the macroeconomic environment, as well as the business of Fox Corporation, in a number of ways," it said. "For example, while the company’s national news ratings remain strong, sports events for which the company has broadcast rights have been canceled or postponed and the production of certain entertainment content the company acquires has been suspended.

It joined other media giants in highlighting that the specific financial implications are unclear for now. "The magnitude of the impacts will depend on the duration and extent of COVID-19 and the effect of governmental actions and consumer behavior in response to the pandemic and such governmental actions," Fox said.

Fox, led by executive chairman and CEO Lachlan Murdoch, on Tuesday also said it "intends to enter into an amendment" with respect to a credit agreement. "The purpose of the amendment will be to deduct a certain amount of cash from indebtedness for purposes of calculating the operating income leverage ratio and provide for changes related to the adoption of the new lease accounting principles," it said.

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