Fox Corporation reported a rise in profit for its fiscal first quarter, supported by advertising from its FIFA World Cup broadcasts, increased political spending and growth in subscribers to its television networks. The results reflected gains across both the company’s cable networks and its traditional television operations.
The company, whose businesses include Fox News Channel, the Fox broadcast network and streaming service Tubi, posted revenue of $4.57 billion. That was an increase of $833 million, or 22%, from the same period a year earlier. Advertising and fees paid by carriers for Fox programming both contributed to the growth.
Net income attributable to Fox shareholders reached $943 million, equivalent to $2.20 a share. In the corresponding quarter a year earlier, the company had reported net income of $599 million, or $1.32 a share. The higher earnings accompanied revenue gains driven in large part by the company’s coverage of the World Cup over several weeks.
Companywide advertising revenue increased 47%, with the World Cup telecasts accounting for much of that rise. Fees from carriers distributing Fox programming grew 9%. Political advertising and the increase in television network subscribers were also among the factors Fox identified as supporting its quarterly performance.
Chief Executive Lachlan Murdoch pointed to a combination of sports programming and election activity in describing the start of the fiscal year. Alongside the FIFA Men’s World Cup, he cited the beginning of the college football and NFL seasons, as well as an active election cycle at both national and local levels.
In a statement, Murdoch said those events helped businesses across Fox contribute to the results. He linked the performance to the company’s strategy, content and brands, describing the figures as record results. He also said continued momentum across the business gave Fox confidence in its ability to deliver value for shareholders.
Revenue from Fox’s cable networks increased to $1.8 billion, up $141 million, or 8%, from a year earlier. Within that business, the company reported a 10% rise in distribution fees and an 8% increase in advertising revenue.
The traditional television business recorded revenue of $2.71 billion, a gain of $663 million, or 32%. Advertising revenue in those operations climbed 60%, while distribution fees increased 4%, giving that business a larger percentage increase in total revenue than the cable networks.
