Fox saw its stock jump by 5 per cent as it beat estimates for sales, driven by continued digital growth at free streaming service Tubi and stronger performance for its NFL broadcasts.

The company also announced plans for a $1.5 billion (€1.3bn) accelerated share repurchase adding to the $6.85 billion already repurchased under its existing authorisation.

Fox’s recently launched subscription service, Fox One, is gaining traction through strategic bundle partnerships with ESPN and Verizon, as it builds on momentum from its collaboration with Amazon Prime Channels, the company said.

Advertising revenue rose 6 per cent in the first quarter, bolstered by the aforementioned Tubi, which posted 27 per cent revenue growth with an 18 per cent increase in total viewing time. The platform also turned profitable during the quarter, cementing its status as the leading AVoD service in the US and attracting younger, cord-cutting audiences.

Cable network programming revenue rose 4 per cent to $1.66 billion, with advertising up 7 per cent and distribution up 3 per cent, supported by higher affiliate fees at both its cable network and television divisions.

The company’s first-quarter revenue rose 5 per cent to $3.74 billion, compared with the estimates of $3.57 billion.

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Tags: Fox, fox one, NFL, Tubi