Fox Corp. said record amount of political advertising contributed to strong sales growth and earnings in the company’s fiscal first quarter.
Sales of $3.56 billion beat analysts’ forecasts of $3.37 billion for the period ending Sept. 30. Earnings of $1.45 per share after adjustments exceeded the consensus estimate of $1.15.
The company, founded by Rupert Murdoch, owns the Fox News cable channel, local television stations and the Tubi streaming service.which is financed by advertising. Fox did not provide specific figures on political spending.
“Fiscal 2025 is off to a strong start across our portfolio with strong audience growth in FOXNewsrecord political advertising across the company, accelerated revenue growth at Tubi and a compelling start to our fall sports calendar,” CEO Lachlan Murdoch said in a statement Monday.
The 2023-2024 election cycle is projected to be the most expensive ever, with around US$10.2 billion spent on political advertising in various mediaaccording to data analytics firm AdImpact.
Fox aired the World Series in October, results that will not be reflected in the just-reported quarterly period. The matchup between the Los Angeles Dodgers and the New York Yankees drew an average of 15.8 million viewers per game, the highest ratings of the championship since 2017.
