Fox Corp. beats its quarterly revenue estimate for record spending on political ads

Fox Corp. Recorded better-than-expected quarterly revenue on Tuesday, the CEO announced Fox NewsSusan Scott will extend her tenure at the company.

Fox They benefited from increased ad spending during the US presidential election and strong digital growth from Fox News. Its revenue has also been boosted by increasing affiliate fees and the influx of advertisers to the Tubi live streaming service.

Fox News The main driver of the company’s performance – November was the best-rated month in its history, attracting 3.9 million “peak times” viewers, and on top of that is networks – not just cables – according to data from Nielsen.

January ended 19 straight years as America’s leading cable news network, but lost out to CNN – whose AT&T-, which recorded a record audience as the best cable news network that month, according to Nielsen.

“We think we are in the center on the right, and this is exactly where we should be,” said CEO of Lachlan Murdoch at the conference. “We do not believe the United States is on the list on the right and it is clear that we will not swing to the left.”

Fox’s focus on live news and sports sets it apart from other outlets that require significant content to feed streaming services. His sporting rights include Major League Soccer NFL (Sunday and Thursday), baseball MLB And college football. rights NFL It will expire after the 2022 season.

Total revenue was $ 4.09 billion in the second quarter ended December 31, down from $ 3.78 billion previously, higher than Wall Street’s estimate of $ 3.99 billion, according to IBES data from Refinitiv.

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Excluding items, the company gained 16 cents a share, while analysts expected a loss of 3 cents per share. In the second fiscal quarter, revenue from subsidiaries grew 5.7% to $ 1.52 billion. Shares are down 0.6% in early trading Tuesday.

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