Fox Corporation reported a sharp rise in fiscal first-quarter profit, driven by strong advertising sales tied to the FIFA World Cup. The media company on Monday posted a profit of $957 million, or $2.20 a share, compared with $609 million, or $1.32 a share, a year earlier — a 57% increase in net income.
The boost came primarily from the Fox broadcast network, which aired World Cup matches in the quarter. Ad revenue surged as marketers paid premium rates for spots during the tournament, offsetting softer demand in other parts of the business.
Fox's cable networks, including Fox News and FS1, also contributed to the upside, though the company warned that the ad market remains uneven heading into the next quarter. Executives highlighted the strength of live sports as a unique draw for advertisers in a fragmented media landscape.
The results underscore the value of premium sports rights to Fox's earnings power, especially as the company navigates a shifting streaming and linear TV environment.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing