Fox Corp reported a better-than-expected quarterly revenue on Tuesday, as the media company benefited from an uptick in advertising spending during the U.S. presidential election and on the return of live sports to television.
Fox’s revenue was buoyed by higher affiliate fees, which refer to the fees collected from cable, satellite and online distributors, as well as increased viewership across its platforms amid the U.S. presidential election.
The network had its highest-rated November in history, drawing 3.9 million primetime viewers, beating all cable networks, not just cable news, according to Nielsen data.
Total revenue rose to $4.09 billion in the second quarter that ended on Dec. 31 from $3.78 billion, above Wall Street estimates of $3.99 billion, according to IBES data from Refinitiv.
Net income attributable to shareholders fell to $224 million, or 37 cents per share, from $300 million, or 48 cents per share, a year earlier.
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