In Q2 of their financial year, Fox Corporation experienced a significant increase in profits, primarily driven by their focus on news and sports broadcasting. The approaching 2024 presidential election ads and high-viewership MLB and NFL broadcasts significantly improved the performance of their business operations.
The individual responsible for Fox News Channel and Fox broadcast network reported a net profit of $373 million, which equates to approximately 81 cents per share, contrasting with $109 million, or 23 cents per share, in the same period last year. Moreover, revenue surged to $5.08 billion, representing a 20% increase from $4.23 billion in the previous year.
Lachlan Murdoch, CEO of Fox Corp., credited the strong performance to an exciting fall sports lineup coupled with a groundbreaking presidential election news coverage period. He also mentioned that the company would persist in prioritizing a strategy centered around live news and sports broadcasting, as well as digital initiatives like the free, ad-supported Tubi streaming platform.
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2025-02-04 16:16