Media giant Fox posted humble growth this afternoon, with total revenue of $3.46bn (£2.81bn) for the third quarter, up seven per cent from last year’s figures.
Affiliate revenue rose five per cent overall, up eight per cent in its Television division and three per cent in Cable Network Programming.
While shares are down nearly two per cent on the Nasdaq, ” chief executive Lachlan Murdoch said the company’s “focused portfolio and clear strategy” were key to its success.
“The power of our brands and the scaled audiences that they serve continue to provide a uniquely strong platform to strategically manage our businesses for long-term growth in a thoughtful and disciplined manner”, he said.
Whilst Fox had seen “rapid industry change”, advertising revenues continued to increase nine per cent, with the company stating that the figure was as a result of stronger pricing and higher ratings at Fox News Media, as well as the ongoing growth of its streaming service Tubi.
The Murdoch-owned firm took the opportunity to announce that Tampa Bay Buccaneers quarterback Tom Brady would join its sports division as a lead analyst.
The network said he would be joining Fox Sports once the seven-times Super Bowl champion’s National Football League career ended.