Fox Corp. matched Wall Street expectations for its fiscal second quarter, powered by NFL football in the U.S. and football at the World Cup. The company reported total revenue in the quarter ending…
., abandoned a potential merger. A statement from the Rupert Murdoch-controlled companies said they had concluded that a combination was “not optimal” for shareholders. Minority shareholders had expressed opposition to bringing the companies back together after nearly a decade of separate operations.
The quarterly numbers for Fox are the latest referendum on the state of traditional TV advertising. While it has a fast-growing free streaming service, Tubi, bringing in ad revenue, the majority of Fox’s revenue comes via traditional pay-TV channels as well as its lucrative string of local stations. As the ad market started souring in the second half of 2022, Fox was among the few companies to report encouraging results.
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