Political Ads, Soccer Drive Q1 Fox Profit

variety.com:

Brian Steinberg Senior TV Editor A surge in ad revenue tied to the coming 2024 presidential election and to a summer filled with soccer broadcasts boosted results in Fox Corp’s first fiscal quarter.

The owner of the Fox broadcast network, Fox Sports and Fox News Media said net income attributable to Fox Corporation stockholders came to $827 million, or $1.78 per share in the period, compared to $407 million, or 82 cents a share in the year-earlier quarter.

Revenue rose 11%, or $357 million, to $3.56 billion, compared with nearly $3.21 billion a year earlier. Lachlan Murdoch, CEO of Fox Corp., in a statement cited factors including “strong audience growth at Fox News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar.” Fox Corp.

appears to be seeing fewer headwinds in its business than larger rivals. The company has re-organized itself following a sales of its entertainment-focused studios and cable networks to Disney, and has focused on sports and its Fox News business, as well as its free-to-view Tubi streaming service.