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The political advertising impact stands out in Fox Corporation‘s impressive quarterly results. The company experienced a surge in ad revenue, more than doubling its profits from a year ago.
Reaching a total revenue of $3.56 billion, an 11% increase from last year, Fox reported advertising revenues of over $1.3 billion, also up by 11%. Net income saw a significant jump as well. Profits rose to $832 million from $415 million in 2023. However, the gains were influenced by the value of Fox’s option in sports betting platform FanDuel.
The broadcast segment of the company, which encompasses both the Fox broadcast network and local TV stations, typically experiences the largest increase in political advertising during election cycles. Lachlan Murdoch, CEO of FOX said the company set a new record for political ad revenue in the quarter.
For television, which includes the Fox broadcast network and streaming service Tubi, revenues totaled $1.95 billion. The surge in political advertising and coverage of the NFL and soccer events at Fox Sports boosted the company’s performance.
“Our local stations are the true heroes when it comes to election-related revenue, but it’s not just them benefitting from strong political spend,” said Murdoch. “This cycle, we have seen Tubi become a significant recipient of political advertising due to its ability to reach large and elusive audiences, combined with advanced targeting and geotargeting capabilities.”
Fox News drove the growth in the cable segment. The network delivered $1.6 billion in revenue thanks to rate increases and increased viewership.
“Fiscal 2025 is off to a strong start for our entire portfolio, with remarkable audience growth at Fox News, record-breaking political advertising across all sectors, accelerating revenue growth at Tubi, and an exciting lineup of fall sports events,” stated CEO Lachlan Murdoch. “Together, these achievements have resulted in exceptional financial performance in the first quarter of our fiscal year. Our strategic focus is evident in the success we are seeing with our audiences, advertising and distribution partners, and most importantly, our shareholders.”
