Fox Revenue Rises 22% on World Cup and Political Ads

Fox Corporation reported fiscal first-quarter revenue of $4.57 billion for the three months ended September 30, a 22% increase from a year earlier, as World Cup coverage and political advertising lifted sales. The company also reported a 47% rise in advertising revenue and a 9% increase in distribution revenue. Fox said the FIFA Men’s World Cup, political campaigns and growth in digital advertising contributed to the increase. The quarter included the World Cup final, the start of the NFL and college football seasons, and the beginning of the MLB postseason. Fox said revenue and adjusted EBITDA each reached record levels for a first quarter; adjusted EBITDA rose 54% to $1.64 billion. Advertising revenue totaled $2.08 billion, while distribution revenue was also $2.08 billion. Content and other revenue declined to $406 million from $411 million in the year-earlier quarter. Fox’s Television segment generated $2.71 billion in revenue, up 32%, with advertising revenue rising 60%. Cable Network Programming revenue increased 8% to $1.80 billion. Net income attributable to Fox shareholders was $943 million, or $2.20 per share, compared with $599 million, or $1.32 per share, a year...