Fox News’ Pre-Election Ad Surge Boosts Parent Company’s Cable Revenues
Cable ad sales at Fox Corp. rose $45 million in the company’s first quarter of fiscal year 2021, as Fox News ratings climbed ahead of the 2020 presidential election, the company revealed Tuesday along with the rest of its Q1 earnings report.
According to Fox, the company’s quarterly income grew by more than $1 billion thanks in large part to Disney selling off former Fox RSNs.
Fox beat Wall Street’s expectations for its first quarter of fiscal year 2021, with analysts forecasting earnings per share (EPS) of 74 cents on $2.57 billion in revenue, according to a consensus compiled by Yahoo Finance. On Tuesday, Fox reported adjusted EPS of $1.18 on $2.72 billion in revenue.
Most media companies were financially rocked in the third quarter of 2020, which is when the greatest impact (thus far, at least) of the coronavirus shutdown was felt.
*Also Read:* 'Filthy Rich,' 'Next' Canceled After 1 Season Each at Fox
“We delivered solid financial and operating results across the Company in the first quarter while we continued to navigate the impacts of the pandemic on our businesses,” CEO Lachlan Murdoch said in a prepared statement accompanying the financials. “Our growth was led by FOX News Media where the FOX News Channel has been the highest rated television network in America for the last four months and has consistently achieved record digital engagement across its platforms. We have successfully adapted to changes in the sports calendar and entertainment production schedules to deliver key programming to audiences and advertisers across FOX, most notably at our local television stations where political advertising will have achieved a record for any election. Our digital-native businesses – Tubi, Credible and FoxBet – are also performing well above expectations as we use the collective power of all the FOX brands to drive consumers to these innovative and strategic growth platforms. Across the Company, we are demonstrating strong momentum underpinned by a healthy financial position.”
Fox stock closed Monday at $27.40 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
Murdoch and other Fox executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.
More to come…
*Related stories from TheWrap:*
Twitter Includes Fox News Among 7 Outlets That Can Call Election Results
How to Stream Fox News' Election Night 2020 Results Coverage Live Online
Fox News President Hedges on Whether Trump Could Call In on Election Night
