Fox Corp. said political advertising on its local television stations reached record levels at the end of last year, fueling revenue growth for the company’s latest quarter.
Fox also said that Suzanne Scott, chief executive of the company’s Fox News Media unit, signed a new, multiyear contract to continue in that position. Ms. Scott became the top leader of the division that includes the Fox News Channel, the Fox Business Network and other assets, in 2018, and has spent 25 years with Fox News, according to the company.
The company behind Fox News, Fox Sports, the Fox broadcast network, local television stations and other media assets Tuesday reported $4.09 billion in revenue for its fiscal second quarter that ended Dec. 31, up 8% compared with the same period a year earlier.
That was stronger than forecasts from analysts, according to FactSet. Profit fell to $224 million, or 37 cents a share, from $300 million, or 48 cents a share, for the year-earlier period.
Advertising revenue was up 14% overall in the quarter, a gain driven in part by demand for political ads on its local stations, Fox said. The company also saw stronger advertising revenue tied to its cable properties, which include Fox News.
