Fox Corporation reported total revenue of $5.18 billion for the second quarter, marking a 2% increase from the prior year period. Companywide advertising revenue climbed 1%, driven by a 7% surge in cable advertising pricing across news and sports networks. Distribution revenues rose 4%, propelled by a 5% increase in cable network programming fees. Despite a modest pullback in political ad spending, higher pricing for sports and news inventory and additional MLB postseason games underpinned the overall top-line growth.

Tubi, Fox’s ad-supported streaming platform, delivered its highest quarterly revenue growth to date, rising 19% year-over-year. The service achieved positive EBITDA for the second consecutive quarter, while total viewer time on the platform expanded by 27%. Tubi’s content slate was broadened with a Thanksgiving NFL game simulcast, reinforcing its appeal to both sports and general entertainment audiences.

As part of its ongoing capital return strategy, Fox repurchased $1.8 billion of its own shares in the fiscal year to date, including $1.5 billion through an accelerated share repurchase. Since the program’s inception in 2019, the company has bought back $8.4 billion of stock, representing roughly 35% of shares outstanding. The board also declared a quarterly dividend of $0.28 per Class A and Class B share.

Fox News finished the quarter as the most-watched cable network in total day, producing the top 11 cable news programs and outpacing competitors in key Nielsen markets. Live sports events further bolstered the network’s performance, with World Series Game 7 drawing over 27 million viewers and the NFC Championship game attracting 46 million. Net income declined to $229 million from $373 million a year earlier, and adjusted EBITDA fell to $692 million from $781 million, as higher sports rights amortization, production and digital marketing costs weighed on margins.