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Fox Corp.
FOXA,
sales rose 5% in the recently ended quarter as the advertising market showed signs of strength despite macroeconomic worries.
The company posted revenue of $3.03 billion for the three months ended June 30, below Wall Street expectations for revenue of $3.05 billion. Fox posted revenue of $2.89 billion a year ago.
The company said advertising revenue rose about 7%, primarily due to stronger pricing and higher ratings at Fox News Media, higher political advertising revenue at the Fox Television Stations and continued growth at its ad-supported streaming service Tubi.
Fox News parent Fox Corp. and Wall Street Journal parent company News Corp.
NWSA,
share common ownership.
In Fox’s cable network programming business, revenue rose 4%, boosted by advertising strength at Fox News Media, which was partially offset by the impact of higher pre-emptions associated with breaking news coverage, due to fewer ads as the network covered the war in Ukraine, for instance. Affiliate revenue rose 2%, mostly due to contractual price increases.
An expanded version of this story appears on WSJ.com.
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