Fox beats quarterly revenue estimates as Tubi drives ad sales

(Reuters) -Fox Corp beat estimates for quarterly revenue on Thursday, driven by continued digital growth at free streaming service Tubi and stronger ratings and ad pricing across its news and NFL broadcasts. The results highlight the company's reliance on digital growth and live programming to offset pressure from a soft cable TV market and rising content costs. Advertising revenue rose 6% in the first quarter, partly riding on the strength in Tubi's streaming platform. Tubi continued to be a bright spot for Fox, widening the company's footprint in the fast-growing ad-supported streaming market and pulling in younger, cord-cutting viewers who are turning away from traditional television. The company also announced plans for a $1.5 billion accelerated share buyback. Segment-wise, cable network programming revenue rose 4% to $1.66 billion, with advertising up 7% and distribution up 3%, supported by higher affiliate fees at both its cable network and television divisions. The company's first-quarter revenue rose 5% to $3.74 billion, compared with the estimates of $3.57 billion, according to data compiled by LSEG. Adjusted profit attributable to Fox's stockholders was $1.51 per share, compared with the estimates of 1.08 per share. (Reporting by Kritika Lamba in Bengaluru; Editing by Anil D'Silva)

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