Fox Corporation delivered $5.18 billion in second-quarter revenue, up 2% year-over-year, driven by a 1% gain in companywide advertising and a 7% jump in cable ad revenue. Distribution revenue rose 4%, led by a 5% lift in cable network programming fees. Sports pricing and additional MLB postseason games underpinned advertising strength, while digital growth at Tubi supplemented top-line gains despite lower political ad spending.

The company repurchased $1.8 billion of common stock in the fiscal year-to-date, contributing to cumulative buybacks of $8.4 billion since 2019, representing roughly 35% of shares outstanding. This includes a $1.5 billion accelerated share repurchase, reflecting management’s commitment to returning capital and supporting shareholder value through disciplined use of free cash flow.

Fox News Channel finished the quarter as the most-watched cable network in total day, producing the top 11 cable news programs according to internal Nielsen data. Scatter ad pricing surged by approximately 47%, reflecting elevated demand for live news programming. The network added nearly 200 new advertisers in the first half of the fiscal year, on top of 350 added the prior year, highlighting sustained marketer interest in Fox News’s audience demographics.

Tubi posted a record quarterly revenue increase of 19%, marking its second consecutive quarter of positive EBITDA. Viewer time grew 27% year-over-year, driven by expanded content offerings including a simulcast NFL game. However, net income declined to $229 million from $373 million a year earlier and adjusted EBITDA fell to $692 million as higher sports rights amortization, production and marketing costs outpaced revenue growth, tightening margins for the quarter.