Fox Corp. said its profit and revenue rose for the latest quarter, booking gains in cable network programming and political advertising ahead of the U.S. presidential election, reports The Wall Street Journal.
Cable network programming revenue rose 3.1% to $1.33 billion, the company said Tuesday. Among those driving the quarterly growth was the company’s Fox News Channel, Executive Chairman and Chief Executive Lachlan Murdoch said.
“Political advertising will have achieved a record for any election” at the company’s local television stations, Mr. Murdoch said.
Revenue from affiliate fees rose 10% to $1.53 billion. But advertising revenue declined 6.9% due to a pandemic-related pullback in live sporting events and as advertisers reduced their spending. Sports sublicensing revenue at the cable network programming segment also fell due to Covid-19.
Overall revenue for the fiscal first quarter ended Sept. 30 rose 1.9% to $2.72 billion. Analysts polled by FactSet were targeting $2.58 billion. Operating expenses fell to $1.17 billion from $1.47 billion.
The company posted a profit of $1.1 billion, or $1.83 a share, compared with $499 million, or 80 cents a share, in the comparable period last year. Excluding special items, earnings were $1.18 a share, ahead of the 76 cents a share analysts had expected.
Fox said it recognized gains related to cash payment received from Walt Disney Co. for the reimbursement of Fox’s prepayment of tax liabilities from Disney’s divestiture of certain assets.
The company, whose businesses include Fox News, the Fox Broadcast Network, Fox Sports and local television stations, was spun off from 21st Century Fox and began trading as a separate public company in March 2019.
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