Many media companies have expressed concern about whether Madison Avenue will continue to keep spending as the nation worries about a possible recession. At Fox Corp., for now at least, advertisers have continued to loosen their purse strings.

Fox Corp. said profit in its fiscal fourth quarter rose, owing in part to political advertising in the run-up to the 2022 midterm elections at its local stations and higher pricing and ratings at its Fox News Media portfolio. Affiliate fees also increased at both cable and broadcast. Fox Corp. said revenue during the period rose 5% to $3.03 billion. compared with $2.89 billion in the year-earlier period.

“These results validate the strategy we embarked on three years ago — to focus on live news and sports while investing in high growth digital initiatives to create a platform for ongoing growth,:” said Lachlan Murdoch. the company’s chairman and CEO, in a prepared statement.

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