"Fox's Q2 Earnings: Advertising Revenue Plummets 20% to $2B, Meeting Wall Street Expectations"

Fox's advertising revenue dropped 20% to $2 billion in its fiscal second-quarter earnings report, but the company met Wall Street expectations, with overall revenues at $4.2 billion. The decline in ad revenue was attributed to factors such as the absence of the FIFA World Cup and midterm political ad revenue from the previous year, as well as lower ratings and higher preemptions at Fox News. Despite the challenges, affiliate revenues were up 4%, driven by the Fox broadcast network, and Tubi, Fox's streaming service, showed growth. The company also announced a new sports streaming service in partnership with Disney and Warner Bros. Discovery, targeting the "cord-nevers" market. CEO Lachlan Murdoch expressed confidence in Fox News's position and addressed the mixed performance of the local stations, anticipating a record political cycle in the future.