Fox Corporation reported third-quarter revenue of $4.37 billion, up 27 percent year-over-year, driven by a 65 percent surge in advertising tied to Super Bowl LIX. Ad sales reached $2 billion, while affiliate fees, Tubi streaming and sports sublicensing added to the gains.
Advertising income in the broadcasting division climbed by $725 million—a 77 percent increase—reflecting both the marquee Super Bowl telecast and rising digital ad demand on Tubi. Affiliate fee revenue in that segment rose 4 percent amid higher retransmission rates. Revenues from sports sublicensing jumped 20 percent.
The cable network programming unit posted an 11 percent revenue lift to $1.64 billion. Affiliate fees edged up 3 percent to $31 million, offsetting subscriber declines with contractual rate adjustments. Cable advertising grew 26 percent to $76 million, supported by stronger news ratings and expanded digital offerings.
Net income was $354 million, down 50 percent from $704 million a year earlier, as higher programming-rights amortization and production costs related to the Super Bowl weighed on profitability. Adjusted earnings per share were $1.10, exceeding the $0.93 analysts’ forecast.
Chairman and CEO Lachlan Murdoch said the company’s “ratings and engagement remain strong,” with national ad pricing outpacing last year’s rates and Tubi showing continued momentum. He noted that Fox News attracted over 200 new advertisers since the 2024 election, reflecting sustained interest beyond the campaign season.
Fox plans to launch its direct-to-consumer service, Fox One, before the 2025 NFL season. The company will discuss full-year guidance and streaming progress during its upcoming earnings call.
