Fox reported a blowout earnings report Tuesday, with the 2024 presidential election and a stacked live sports schedule seeing quarterly revenue rise by 20 percent year over year to $5.1 billion and net income more than doubling to $388 million.
Advertising revenue topped $2.4 billion in the latest quarter, an increase of more than $400 million year over year.
The earnings report comes one quarter after Fox reported a huge fiscal first quarter, thanks in large part to the 2024 election, which drove political advertising. Tubi, Fox’s free streaming service, also saw substantial growth.
The company’s fiscal second quarter also included a positive impact from the election, with a compelling World Series and NFL matchups also cited as growth drivers.
The current quarter will likely be a big one for the company, thanks to Super Bowl LIX, which it will host on Feb. 9. Sources say that Fox has secured more than $8 million for 30-second ads, and had a long waitlist of brands hoping to buy last-minute spots.
And Fox News has dominated the cable news business in ratings ever since President Trump’s election in November.
“A compelling fall sports schedule combined with a record-breaking presidential election news cycle resulted in second-quarter results that reflect the strength and breadth of Fox,” CEO Lachlan Murdoch said in a statement. “Whether measured in terms of engagement, monetization or profitability, our focused strategy of live news and sports programming, coupled with our growing digital initiatives, continues to deliver. We remain committed to sustained long-term value creation for our shareholders through our thoughtful and disciplined strategy for growth.”