Fox Corp. Rides Political Ad Wave, Posts Strong Fiscal Q1 Results
Fox Corp. rode a surge in political ad spending and continued growth in streaming in its fiscal first quarter, posting financial results above Wall Street analysts’ expectations.
Fox credited a surge in political advertising and the continued growth of Tubi, its ad-supported streaming service. Spending on political ads in September set a new company record.While political ads aren’t broken out on the balance sheet, Fox is uniquely positioned to benefit, particularly in mid-term and presidential cycles, given its ownership of Fox News and a cash-generating portfolio of local stations. The top line for all advertising climbed to $1.22 billion in the quarter, up from $1.
In the television division, which includes stations and the flagship broadcast network, ad revenue increased 11%, which the company attributed to political spending at stations, growth in Tubi and “continued strength in pricing” at the network. Offsetting those positives were lower ratings, the company conceded.
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