FOX ad revenue rises 47% on the World Cup, midterms and Tubi.
Fox Corporation's advertising revenue rose 47% to $2.08bn in the quarter to 30 September, driven by the FIFA Men's World Cup, US midterm election spending and growth at its free streaming service Tubi. Total revenue rose 22% to $4.57bn.
FOX reported the results on 2 November for the first quarter of its 2027 financial year. Its earnings release attributes the advertising rise mainly to the World Cup broadcast, higher political advertising and continued digital growth led by Tubi. Distribution revenue, the fees pay-TV operators pay to carry FOX channels, rose 9%. Revenue and adjusted EBITDA ($1.64bn) were first-quarter records, chief executive Lachlan Murdoch said; net income was $957m.
According to PPC Land's reading of the quarterly filing, television advertising rose 60% (a call transcript shows 16%, so the sources differ) to $1.71bn, with the filing also noting "lower ratings" as a partial offset, a phrase that does not appear in the release. On the earnings call Murdoch put political revenue across the midterm cycle at more than $350m, a record for a midterm, and said political buying can push other advertisers out of local station inventory.
Much of this will not repeat. The World Cup was hosted in North America, and political money stops after the 3 November vote. FOX does not break out how much the tournament earned it, or Tubi's revenue on its own.
For marketers in Saudi Arabia and the Gulf, the more lasting signal is Tubi. Free, ad-supported streaming is growing fast enough to move a broadcaster's numbers, which may strengthen the case for free ad-funded services in the region as audiences spread across more apps. Big tournaments still lift ad sales sharply, a pattern Gulf broadcasters will recognise as the region hosts more major sporting events.
Why it matters
At FOX, sport, political spending and Tubi carried ad growth. Event spikes fade, but Tubi's growth shows where audiences and budgets are moving.
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