Political Advertising Powers Fox Corporation Gains

Fox Corporation reported Q1 revenues of $3.56 billion for the three months ended September 30, 2024, an 11 percent gain, with a net income of $832 million.

Affiliate fee revenues in the period rose 6 percent to $1.8 billion, with 10 percent growth in television and 3 percent at the cable networks. Ad revenues, meanwhile, were up 11 percent to $1.3 billion, lifted by spend in the run up to the U.S. presidential election at the FOX Television Stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at FOX News Media, and soccer on FOX Sports. Other revenues increased 47 percent to $392 million, primarily due to higher sports sublicensing revenues at the national sports networks. Q1 profit doubled to $832 million.

“Fiscal 2025 is off to a solid start across our portfolio with strong audience growth at FOX News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar,” said Executive Chairman and CEO Lachlan Murdoch. “Collectively these contributions have combined to deliver particularly strong financial results in our fiscal first quarter led by notable top line revenue and earnings growth. Our strategy and our focus are delivering for our audiences, advertising and distribution partners, and the FOX shareholders.”