Feb 4 (Reuters) - Fox Corp topped Wall Street estimates for quarterly revenue on Wednesday, buoyed by strong advertising demand at its news and sports networks and growth at its ad-supported streaming service Tubi.
Demand for Fox's news and sports programming has remained resilient, helped by strong audience engagement for live events such as National Football League games and solid viewership at Fox News, which has continued to command premium advertising rates.
The NFL is the most popular professional
league in the U.S., with games regularly drawing tens of millions of viewers.
The company's networks are considered must-have content and included in all major pay-TV and virtual bundles, giving the company leverage in distributor negotiations, analysts say.
Fox's cable network programming segment, which houses Fox News and cable sports networks, reported revenue growth of 5% to $2.28 billion in the last three months of the year. The segment reported 7% growth in advertising revenue.
Guggenheim Securities said Fox News added more than 200 new brand advertisers after the election cycle, with those advertisers continuing to spend beyond one-off news events.
Tubi has broadened Fox's reach in the ad-supported streaming market, helping attract younger cord-cutting viewers that traditional television increasingly struggles to reach.
Total revenue for the second quarter came in at $5.18 billion, compared with estimates of $5.06 billion, according to data compiled by LSEG.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Tasim Zahid)
