U.S. Political Adspend Powers FOX Gains

Revenues at FOX Corporation rose by 5 percent in its fiscal Q1 to $3.19 billion, led by advertising revenue gains.

Advertising revenues were up 8 percent to $1.2 billion, primarily due to higher political advertising revenues at the FOX Television Stations, as well as “strength in pricing” across its news and sports assets and further growth at the AVOD platform Tubi. Other revenues were up 5 percent, primarily due to higher FOX Nation subscription revenues and the impact of the consolidation of entertainment production companies in the television segment. Affiliate revenues rose 3 percent to $1.7 billion. The company reported quarterly net income of $613 million.

By segment, the cable networks delivered revenues of $1.4 billion, flat on the year-ago period. Television revenues were up 8 percent to $1.7 billion.

“Once again, FOX delivered solid operational and financial results in our fiscal first quarter,” said Lachlan Murdoch, executive chair and CEO. “These results demonstrate the continued strength of our established businesses along with the momentum across our digital portfolio. It is a strong start to what promises to be a notable fiscal year of prominent scheduled events across the company underscoring the importance of our live and event programming to viewers. While we are mindful of current macroeconomic conditions, the durability of our brands and FOX’s ability to deliver audiences at scale position us well to navigate this uncertainty while continuing to create value for our shareholders.”