Fox Corporation (FOXA) shares jumped more than 5% in early trading Tuesday after the media company posted a better-than-expected profit on higher affiliate fees and continued growth of its Tubi free TV and movie streaming service.
The owner of the Fox News and FS1 sports networks reported adjusted earnings per share of 90 cents for the fiscal fourth quarter of 2024, up from 88 cents a year ago and above estimates compiled by Visible Alpha. Revenue rose 2% from a year earlier to $3.09 billion, just short of forecasts.
Affiliate fees increased 5% to $1.90 billion, driven by a 9% jump in the Television segment and 2% gain in the Cable Network Programming unit. Advertising revenue fell less than 1% to $1.01 billion.
CEO Lachlan Murdoch called 2024 “another successful year for Fox,” and said Fox’s momentum will carry over into “another major event cycle with fiscal 2025 featuring the Presidential Election …