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Fox Corp. Gets Q2 Profit Boost From Political Ads, Sports

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variety.com
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Brian Steinberg Senior TV Editor Fox Corporation saw profit in its fiscal second quarter surge due to its reliance on news and sports programming, with ads tied to the 2024 presidential election and big-audience MLB and NFL telecasts giving a boost to operations at the company.

The owner of Fox News Channel and the Fox broadcast network said net income attributable to the company came to $373 million, or 81 cents per share, compared with $109 million, or 23 cents per share in the year-ago period.

Revenue, meanwhile, rose to $5.08 billion, an increase of $844 million, or 20% from $4.23 billion in the year-earlier period.

Fox Corp. CEO Lachlan Murdoch attributed the performance to “a compelling fall sports schedule combined with a record-breaking presidential election news cycle,” and said the company would continue to focus on a strategy that emphasized “live news and sports programming,” along with digital efforts such as the ad-supported Tubi streaming outlet.

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