Fox News chief executive Lachlan Murdoch expressed disappointment over the lackluster presidential primary season during an earnings call on Wednesday. Despite the low viewership and advertising revenue, Murdoch remains optimistic about the upcoming US election and its potential to boost the media group’s business.
“We obviously were disappointed for multiple reasons that there wasn’t a more competitive primary season,” Murdoch stated. However, he highlighted the significant amount of money being raised for the election, which he believes will ultimately flow to local television stations, including those owned by Fox.
Murdoch pointed to tight US senate races in key states like Michigan, Wisconsin, and Pennsylvania as opportunities for political advertising dollars to benefit Fox’s local stations. Historically, news media groups have seen increased audiences and revenue during election years, with the 2020 and 2016 elections being particularly lucrative due to the “Trump bump.”
Despite the drop in quarterly revenue compared to the previous year, Fox reported a significant increase in net income, attributed in part to a settlement with Dominion Voting Systems over election misinformation. Fox shares saw a 1.9% increase in morning trading following the earnings call.
As the US election season heats up, Murdoch’s confidence in the potential for increased revenue from political advertising underscores the importance of the upcoming election for media companies like Fox News.