Why Are Fox Shares Trading Higher Today?

Fox Corp FOX reported second-quarter FY22 revenue growth of 9% year-on-year to $4.44 billion, beating the consensus of $4.26 billion.
Affiliate revenues increased 11% Y/Y to $1.69 billion with 12% growth at the Cable Network Programming segment and 10% growth at the Television segment.
Advertising revenues increased 6% Y/Y to $2.41 billion, primarily due to continued pricing strength at the FOX Network, underpinned by the strength of the Company's sports portfolio, and continued growth at Tubi.
Other revenues increased 20% to $345 million, led by higher sports sublicensing revenues at the Cable Network Programming segment.
Adjusted EPS of $0.13 beat the consensus of $0.03. Fox held $4.3 billion in cash and equivalents.
Dividend: Fox declared a dividend of $0.24 per share.
Share Buyback: Fox authorized a $4 billion stock repurchase program.
"These strong results and broad-based operating momentum are underpinned by the most valuable news franchise in the country, the leading live sports franchise, our top broadcast network reinforced by a strategic stations portfolio, as well as the emerging leader in AVOD," Chair and Chief Executive Officer Lachlan Murdoch said.
Price Action: FOX shares traded higher by 6.86% at $39.90 on the last check Wednesday.

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