Strong ad performance on Tubi and Fox News Drives to win Fox Corp.  –

Strong ad performance on Tubi and Fox News Drives to win Fox Corp. –

Strong ad offerings restored Fox Corp’s profitability. in the company’s last quarter (its third fiscal quarter) after it recorded a loss in the fiscal quarter.

Fox reported revenue of $3.45 billion, including advertising revenue of $1.3 billion, while net income was $290 million.

The increase was largely driven by advertising, with ad revenue (led by Fox News) growing 20% ​​year-over-year in the cable division. This happened in Fox News’ “Biggest Predictions Related to News Coverage” (the predictions mostly come from coverage of the war in Ukraine).

The TV division (owned by Fox Network, Tubi and local stations) increased its advertising revenue by 6% year-over-year due to Tubi’s growth as well as an additional NFL game. The company also said “other” revenue in the division was up 17% due to all the recent acquisitions of TMZ, Studio Ramsay Global and MarVista Entertainment.

As in the last quarter, the change in the fair value of the company’s investments in sports betting company Flutter caused some changes in net income (the investment was responsible for Fox’s losses in the last quarter).

more.

Source: Hollywood Reporter

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