Broadcaster Fox’s revenue falls 20% on weak political ad spending

Fox Corp reported a 20% fall in advertising revenue on Wednesday hurt by lower political ad spend, while concerns over uncertainty in ad spending and the future of sports programming sent the broadcaster’s shares down around 6%.

The company, which broadcasted the Super Bowl last year, is attempting to capitalize on the move by partnering with Walt Disney’s ESPN and Warner Bros Discovery to launch a sports streaming service later this autumn.

Fox said that the lower political ad spending hit revenues at its TV stations due to the absence of the 2022 midterm elections.