Fox posted first-quarter record revenue as World Cup and political ads fueled a 22% jump

Fox Corporation reported a significant 22% year-over-year increase in revenue for its first quarter earnings in fiscal year 2027, reaching $4.57 billion. This surpasses the estimated $4.29 billion by analysts. The boost in revenue came from multiple sources, including the FIFA World Cup, political advertisements during a midterm election year, and the performance of Fox's streaming service, Tubi.

CEO Lachlan Murdoch expressed confidence in delivering value for shareholders, citing robust growth in both advertising and distribution revenue. Advertising revenue increased by 47%, primarily driven by the World Cup, midterms political ads, and Tubi's performance. Cable Network Programming revenue rose 8%, while Distribution revenue grew by 10% due to contractural price increases and an increase in the average number of subscribers.

Despite a decline in digital news advertising revenue, Fox's Television segment saw a 32% year-over-year increase, with advertising revenue up by 60% due to the aforementioned factors. Fox One, the company's streaming offering, experienced a 20% increase in subscribers compared to the start of last year, with engagement balanced between news and sports content.

Fox's proposed $22 billion acquisition of Roku, aimed at combining Fox's live sports and news content with Roku's streaming distribution and technology platform, received shareholder approval and is close to becoming a reality.