Fox News and Fox Broadcast Network Report Higher Revenue

From a Wall Street Journal story by Kimberly Chin headlined “Fox’s Revenue Rises as Ad Sales Improve”:

Fox Corp., parent of Fox News and the Fox broadcast network, reported higher revenue in the latest quarter, as more original entertainment programming, live sports and growth at its streaming platforms boosted advertising sales.

Revenue rose 12% to $3.05 billion for the quarter ended Sept. 30….

This is the “healthiest ad market we have seen in some time,” executive chairman and Chief Executive Lachlan Murdoch said.

Fox attracted more advertisers seeking to get in front of viewers for the live fall sports season, as well as its ability to promote ads across its various platforms, Mr. Murdoch said. Fox’s advertising revenues increased 17% over last year.

Fox’s shares, which closed at $41.58 on Wednesday, have gained 43% so far this year.

Fox’s cable programming unit, which includes the Fox Business Network and Fox Sports 1 channel as well as Fox News, pulled in $1.42 billion in revenue, up nearly 7% from last year. The easing of Covid-19 restrictions allowed for more sports. Fox also got a boost from pay-per-view boxing.

On Wednesday, Fox secured a rights deal with the Union of European Football Associations, or UEFA, to bring more than 1,500 soccer matches to Fox Sports….Fox also has the rights to some of the biggest soccer tournaments including the FIFA World Cup, FIFA Women’s World Cup and Copa America.

Fox Nation, the direct-to-consumer streaming platform operated by Fox News, generated higher subscription revenue over last year.  Tubi, Fox’s entertainment streaming platform, also had a strong quarter.

Revenue from Fox’s TV stations was $1.58 billion, up from $1.35 billion a year ago due to growth at Tubi and higher advertising sales as local markets recovered from the pandemic-induced restrictions last year. The company also benefited from a full college football slate, the Major League Baseball All-Star game and more scripted entertainment programming at its Fox Network.

Fox News parent Fox Corp. and Wall Street Journal parent company News Corp share common ownership.

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