Fox Corp. revenue rises 28% as World Cup lifts ad sales 78%

Fox Corp. said the FIFA Men's World Cup lifted quarterly revenue 28% to $4.21 billion and pushed advertising revenue up 78% to $1.92 billion, helping the media company beat Wall Street expectations for its fiscal fourth quarter. Adjusted net income rose to $765 million, or $1.79 per share, from $581 million, or $1.27 per share, a year earlier, topping analysts' expectations of $1.42 per share. Chief Executive Officer Lachlan Murdoch said the tournament also served as a customer acquisition engine for Fox One, driving incremental subscriber growth and retention that surpassed expectations with minimal cannibalization of the traditional pay-TV business. Fox One recorded 2.8 million sign-ups in June, its strongest month since launch and more than double the sign-ups generated during the NFL playoffs in January. Fox, which held exclusive U.S. English-language broadcast rights to the tournament, also benefited from a record U.S. audience of nearly 63 million viewers for Spain's win over Argentina in the final, while distribution revenue rose 5% to $2.03 billion and content and other revenue slipped 2.6% to $262 million. The company ended the quarter with $4.21 billion in cash and cash equivalents and repurchased about $100 million of Class A and Class B stock during the period. Fox shares were up 5.88% at $55.27 on Thursday.