Fox Corp. on Monday reported a 27% year-over-year revenue increase to $4.37 billion in its fiscal year 2025 third quarter, driven by record Super Bowl, Tubi and Fox News performances.
Solidly beating forecasts, the media company also disclosed key details about its upcoming subscription streaming service: It will be called “Fox One”; it will launch ahead of the NFL season in September; and former Apple executive Pete Distad, who briefly led the scuttled Venu Sports joint venture, will serve as CEO.
Fox CEO Lachlan Murdoch said Fox One is targeted squarely at the “cordless community,” adding that “it will be a failure of us if we attract connected subscribers. We do not want to lose a traditional cable subscriber with Fox One.”
All subscribers to “Fox services” — i.e. pay TV subscribers — will have access to the new service, he said.
Murdoch didn’t get into specifics on pricing, only saying it will be “in line with wholesale” levels. He did indicate that Fox is already in talks with third parties about bundling partnerships for its new streaming service.
As for earnings, the media company rode the record Super Bowl LIX audience of 128 million viewers to drive a 65% YoY spike in total quarterly company advertising revenue to over $800 million.
Beyond February’s big football game, serving right-wing-focused cable news to viewers 25-54 is a bigger business for Fox than ever. At a time when rival conglomerates are spinning off their cable networks, the cable sector grew 11% for Fox in fiscal Q3, with Fox News experiencing a 48% increase YoY in total day viewership.
Meanwhile, free ad-supported streaming service Tubi once again had a major role in the Fox earnings narrative, generating 35% YoY revenue growth. Notably, that beat the 31% growth Tubi drove in the previous quarter, which was augmented by a record political advertising spend for Fox.
Murdoch said that Tubi added 24 million unique viewers to Fox Super Bowl viewership, with 8 million viewers registering for the AVOD service on the day of the big game. Forty percent of viewers were in the 18-34 demo, he added, with half of the audience being female. Total viewing time for Tubi in fiscal Q3 was up 24% YoY.
“Tubi is really becoming a mainstream service across America,” Murdoch said. “Sixty-five percent of its audience is the hard-to-reach cord-left audience.”