Key Points
- Fox News Media has recorded seven consecutive quarters of advertising revenue growth, continuing to serve as a major profit driver for Fox Corporation.
- Executives say ad rates at Fox News remain about 50 percent lower than broadcast television, leaving room for future pricing increases.
- Political advertising tied to the 2026 midterm elections is expected to further boost revenue, with industry forecasts projecting around $11 billion in total spending.
Fox News Media continues to be a cash generator for Fox Corporation as the multi-platform news division logs its seventh straight quarter of advertising revenue growth, a company executive confirmed this week.
Speaking during an investor discussion hosted by Deutsche Bank on Monday, Fox Corporation President and Chief Operating Officer John Nallen said advertising rates at Fox News Media remain significantly below those of broadcast television, leaving room for future increases.
“Right now, we are underpriced against broadcast about 50 percent,” Nallen said. “So that is the opportunity on pricing for Fox News to continue to move up in pricing, and we have seen that.”
If the trend continues, Fox News Media will see two full straight years of record revenue growth. Advertisers began flocking back to the network shortly after the November 2024 presidential election, when cable news ratings started ticking upward amid higher interest in domestic and international political affairs coverage.
Fox News is the most-watched cable news channel in America, and typically ranks among the most-watched cable networks overall. (In the fall and winter months, Fox News typically places behind ESPN, which offers Monday Night Football.)
Long available exclusively on legacy pay television platforms and satellite radio, Fox News broke from the cable bundle last August when its main channel and sister network Fox Business were incorporated into Fox One, the company’s subscription streaming platform.
Fox One counted north of 2 million subscribers as of last fall, according to data from measurement firm Antenna, putting it ahead of some streaming cable alternatives like Dish Network’s Sling TV and sports-centric Fubo (both of which also offer Fox News in different packages). While Fox One’s value proposition is largely rooted in its premium sports offerings, executives at Fox have said the stickiest subscribers are the ones who also sample across its news programming, which increases the value proposition of Fox News to advertisers.
“We have attracted more and more advertisers to Fox News, not only linear but digital as well,” Nallen said this week.
Advertising demand is strengthening across most major categories. Nine of Fox’s ten largest advertising sectors are currently posting growth, including finance, pharmaceutical and technology brands. Entertainment advertising is the only major category currently experiencing a decline.
Looking ahead, Fox Corporation executives expect political advertising to provide a significant boost later this year as campaigns ramp up ahead of the 2026 United States midterm elections.
Nallen said industry forecasts currently project roughly $11 billion in political advertising during the election cycle, with the largest share expected to flow to local television stations and digital platforms.
“If that number holds, it will be a record breaker,” he said.
