A rise in political advertising at its Fox News Media and its TV stations boosted Fox Corp. advertising by 7% to $1.06 billion in its latest quarterly reporting period.
Fox Corp. says Tubi also continues to see strong advertising growth. The company's television business -- which includes the Fox TV Network, TV stations and Tubi -- grew 4% in ad revenues to $698 million. Cable networks -- which include Fox Television Channel -- were up 14% to $358 million.
A recent projection from AdImpact now says overall political advertising will rise to $9.7 billion this year, which would set a new record for midterm elections.
Although many other TV-based network media companies have voiced concerns about a softening ad market -- due to a possible recessionary economy -- Fox Corp. sees a different outlook.
"Let me be clear -- we are currently not seeing any adverse advertising impact on our business,” said Lachlan Murdoch, chief executive officer of Fox, speaking to analysts on Wednesday.
Murdoch also noted that Fox is hitting another record for pricing for next year's Super Bowl, when it will air the big NFL event. Earlier this year on NBC, the Super Bowl took in some high pricing at $6.5 million for a 30-second commercial.
For Fox's latest quarter, affiliate fee revenues grew 4% overall to $1.7 billion -- 7% higher at the Television unit and 2% more at its Cable Network business.
For the most recent quarter -- its fiscal fourth quarter -- Fox Corp. revenues were up 5% to $3.03 billion.
Advertising revenue for the full-year/12-month period was up 9% due to higher pricing at Fox Sports and Fox News Media.
Fox also said Tubi continues to see strong advertising growth, with overall revenue increasing 8% to $13.97 billion.
Mid-Wednesday, Fox Corp.'s stock price was up 4.3% to $32.71.