Fox revenue surge led by political ads and streaming

In brief

Fox Corporation announced it increased its ad revenues by 8% in its latest earnings report, led by higher political advertising revenues at its FOX Television Stations and growth at its over-the-top (OTT) platform and ad-supported streaming service, TUBI.

Total quarterly revenues grew 5% year-over-year from $3.05bn to $3.19bn.

Fox’s quarterly adjusted Ebitda, the company’s measure of profit, increased 3% year-over-year to $1.09 bn; the lower profit growth was attributed to higher expenses associated with increased digital investment at FOX News Media and TUBI and higher programming rights amortization at FOX Sports.

The company also authorized a $4bn stock repurchase program.