Fox Corporation reported $4.57 billion in revenue for its fiscal first quarter, up 22%, or $833 million, from the year-earlier period. The company attributed the increase in part to advertising tied to its multi-week FIFA World Cup telecast, higher political advertising and increased fees from distributors carrying its programming.
Net income attributable to Fox shareholders rose to $943 million, or $2.20 per share, compared with $599 million, or $1.32 per share, in the same quarter a year earlier.
Advertising revenue increased 47%, driven largely by the World Cup broadcasts. Fees from distributors rose 9%, while the company also cited an increase in subscribers to its television networks.
Revenue from Fox’s cable networks reached $1.8 billion, an 8% increase, or $141 million. The division reported a 10% rise in distribution fees and an 8% increase in advertising.
The company’s traditional television operations generated $2.71 billion in revenue, up 32%, or $663 million. Fox said advertising in the segment climbed 60%, while distribution fees increased 4%.
Fox CEO Lachlan Murdoch said the quarter benefited from the FIFA Men’s World Cup, the start of the college football and NFL seasons, and an active national and local election cycle. He said the events supported contributions across the company and reflected the strength of its content and brands.
Sources: Variety.