Politics appears to be fueling corporate engines at Fox Corporation.
The owner of Fox News and Fox Broadcasting said revenue in the fiscal first quarter was boosted by political ads on its local stations and subscription revenue to the Fox Nation streaming service that includes content dedicated to Fox News fans. However, earnings declined in the quarter due to the lack of gains in the same period last year.
Total revenue rose to $3.19 billion in the first quarter, up 5% from $3.05 billion a year earlier. Net income for the first quarter was $605 million, compared to $701 million in the same period last year.
The results represent “a solid start to what promises to be a notable financial year of notable scheduled events across the company, underscoring the importance of our live programming and events to viewers,” CEO Lachlan Murdoch said in a prepared statement. “As we consider the current macroeconomic conditions, the robustness of our brands and Fox’s ability to reach audiences at scale position us well to navigate this uncertainty while continuing to create value for our shareholders.”
More is coming…