Fox Sees Big Super Bowl Bump Last Quarter With 65% Boost in Ad Revenue

Fox Corporation saw a major boost from the Super Bowl during its third quarter of 2025. The major sporting event led to a 65% boost in advertising revenue, which topped out at $2 billion. The company also saw increases when it came to  affiliate fees, Tubi and sports sublicensing revenues.

Specifically, affiliate fee revenues increased 3% during the quarter, a bump that was driven by 4% growth in the television segment as well as 3% growth cable network programming. Specifically in the Television segment, which measures Fox’s broadcasting offerings versus its cable output, advertising revenues increased $725 million, marking a 77% increase. This was largely due to the impact of Super Bowl LIX as well as continued digital growth from Tubi. Other revenues also increased 20% due to higher sports sublicensing revenues.

As for Fox’s cable division, that segment’s revenue saw a 11% lift, coming in at $1.64 billion. Affiliate fee revenues increased by 3% to hit $31 million for the quarter. This boost was due to contractual price increases, which offset overall subscriber declines. Advertising revenue for cable increased 26% to hit $76 million, owing to higher news ratings, pricing and digital advertising revenues.

Here are the key results:

Net Income: $354 million, a 50% decline compared to the third quarter of 2024. Net income attributable to Fox shareholders was $346 million, a 48% year-over-year decline.

Earnings Per Share: $1.10 adjusted, a roughly 1% year-over-year increase. It’s also an increase compared to the 93 cents per share expected by analysts surveyed by Zacks Investment Research.

Revenue: $4.37 billion, up 27% year-over-year.

Adjusted EBITDA: $856 million, a 4% year-over-year decrease.

Though he didn’t directly address the Trump administration’s tariffs, chairman of News Corp as well as executive chairman and CEO of Fox Corporation Lachlan Murdoch did allude to the “macro environment.”

“While we recognize the commentary around the macro environment, we have seen no impact to our business. Our ratings and engagement are strong. National advertising and scatter pricing is outpacing last year’s upfront rates with solid demand, and Tubi continues its top-line momentum. We remain confident that our best-in-class assets, disciplined approach and fortress like balance sheet will continue to set us apart,” Murdoch said during the company’s third quarter earnings call.

Speaking of politics, Fox News specifically has seen over 200 new advertisers since the 2024 election. This is notable as news organizations typically see a boost during election years that disappears after the election has happened. “I think the really positive and important data point to know here is that they are continuing to advertise. So this is not a knee jerk or one-off reaction to the election, but these advertisers have found our audience,” Murdoch said.

During the call, the company also revealed some updates about its direct-to-consumer streaming offering. The streamer is named Fox One, and Fox Corporation plans to launch it before the 2025 football season begins.

More to come …

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