Election Ads Send Fox Corp to 52-Week High… But 11/19’s Murdoch Meeting Could Be the Real Show

Fox Corp just pulled off a quarter so good it had Wall Street standing up and clapping like it was the final scene of The Wolf of Wall Street. You know, the part where Leo’s Jordan Belfort is rallying the troops scammers, convincing everyone they’re going to be rich beyond their wildest dreams. Except in this case, Fox didn’t have to shout or wave fists—it let a flood of political ad cash and sports revenue do the talking. 

The media conglomerate hauled in $3.56 billion this quarter, leaving the analyst forecast of $3.37 billion in its rear view mirror and sending shares up over 5%. (Cue the “I’m not f***ing leaving!” moment.)

If there’s one thing that gets Fox’s cash register ringing like it’s Christmas morning, it’s political ads during election season. This quarter, campaigns and political groups practically threw money at Fox News, hoping to reach every viewer looking for election updates (or just someone yelling their opinions). 

CEO Lachlan Murdoch proudly pointed out it was a record quarter for political ad sales. With $1.33 billion in ad revenue, Fox beat the analyst prediction of $1.13 billion by $200 million. And if that wasn’t enough, Fox torched the expected $1.15 earnings per share, posting a smokin hot $1.45. (Pretty sure I heard another MAGA and Kamala ad roll in just while writing this.)

But don’t be naive, Fox is way more than a political ad gravy train. Their sports programming is working overtime, too, pulling in loyal fans and big-spending advertisers. High-stakes tournaments like the UEFA European Championship and the CONMEBOL Copa América kept fans glued to their screens (and advertisers stepping over each other for prime slots). Missing the Women’s World Cup this year? Not even a problem. Those tournaments filled the gap perfectly, helping Fox’s Cable Network Programming collect $1.6 billion in revenue—a 15% jump that proved Fox’s sports lineup is anything but lucky. Turns out, there’s still nothing quite like live sports to keep audiences tuning in and advertisers writing big checks.

All this momentum sent Fox’s stock to a 52-week high of $42.12, an impressive 32.6% rise over the past year. While traditional TV is wrestling with the cord-cutting craze (thanks to the Disney/DirecTV drama), Fox’s unique mix of live news and sports seems to be perfect. It’s no Netflix, but Fox is making the most of a world where people still tune in for live events. And with a P/E ratio of 13.37, investors are eyeing it as a serious value play (meaning, you don’t need to sell your left leg to buy in).

With election day tomorrow, Fox has one last day to cash in on political ads. And even though the World Series has wrapped up prematurely (sorry, Yankee fans). Between college football and the NFL, Fox has plenty of live events left to keep viewers (and advertisers) coming back for more.

And if boardroom intrigue is more your style, mark November 19 on your calendar—the Murdoch family’s shareholder meeting promises all the drama of a real-life Suits. Word has it that Rupert Murdoch, at a spry 93, is maneuvering to ensure son Lachlan’s control over Fox, setting the stage for a family power play that could rival anything as exciting as the Super Bowl.

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Stock.News has positions in Disney and Netflix.