Fox Corp. saw revenue increases — despite sinking ratings — due to higher ad prices on its sports and news networks.
The broadcaster brought in $3.19 billion in the fiscal quarter ending Sept. 30, a 5% uptick from the same period last year.
- Advertising revenue grew 8% to $1.22 billion due to political ads leading up to the midterm election, growth at Fox’s ad-supported streaming network Tubi, and “continued strength in pricing across the company’s news and sports brands,” Fox wrote.
- Revenue from Fox’s television segment grew 8.4% year-over-year to $1.71 billion, with an assist from additional MLB broadcasts.
Executives declined to comment during the earnings presentation on a potential merger between Fox Corp. and News Corp., which owns The Wall Street Journal, Dow Jones, The New York Post, and Australia’s Foxtel.
Fox Corp. beat revenue expectations, and its stock was up over 5% on Tuesday.
Pricey Rights
Fox has been strengthening its sports rights portfolio as it looks to sports to hang onto a declining cable TV audience.
The Big 12 is finalizing a deal with Fox and ESPN on a 6-year, $2.28 billion rights package beginning in 2025, sources confirmed to Front Office Sports.
The company will also get a lift from this month’s World Cup, to which it holds the rights through 2026.
Fox Sports executive producer David Neal said that its coverage will avoid the many controversies surrounding the tournament unless they impact the on-field play.
