A surge in advertising revenue tied to the upcoming 2024 presidential election and a busy summer of soccer coverage boosted Fox’s first-quarter results.
The owner of Fox Broadcast Networks, Fox Sports and Fox News Media reported net income attributable to Fox Corporation shareholders of $407 million, or 82 cents per share, in the same period last year, compared with $407 million, or 82 cents per share, in the year-ago period. It was announced that the company’s sales amounted to $27 million ($1.78 per share). quarter. Revenues increased 11%, or $357 million, to $3.56 billion, compared to approximately $3.21 billion in the prior-year period.
Fox CEO Lachlan Murdoch said in a statement: “Fox News’ strong viewership growth, record growth in political advertising across the company, accelerating Tubi revenue and the fall sports calendar. He cited factors such as “an attractive start.”
More to come…
