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Revenue at American broadcaster Fox jumped 11% to $3.56 billion in the September quarter mainly due to record political advertising during the US elections.
Affiliate fee revenue increased 6%, driven by 10% growth in television and 3% at Cable Network Programming.
Advertising revenues increased 11%, “primarily due to higher political advertising revenues” at the FOX Television Stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at FOX News Media, and the impact of the Summer of Soccer at FOX Sports.
Total advertising spend in the US elections is estimated at more than $US10 billion.
“Fiscal 2025 is off to a solid start across our portfolio with 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,” said CEO Lachlan Murdoch.
“Collectively these contributions have combined to deliver particularly strong financial results in our fiscal first quarter led by notable top line revenue and earnings growth.
“Our strategy and our focus are delivering for our audiences, advertising and distribution partners, and the FOX shareholders."
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