Lachlan Murdoch, Fox Corporation chief, has hailed an “unprecedented wave” of political advertising sweeping America this year that looks on course to outstrip spending before the 2020 elections.
As he unveiled Fox’s annual earnings, Murdoch said the financial muscle being deployed in closely fought Senate, House and gubernatorial races would make the November midterm election cycle potentially the most lucrative in US history.
Murdoch told investors on Wednesday that in the three months to the end of June, political advertising revenues at Fox’s network of 29 local television stations were “roughly three times larger” than the equivalent quarter of the 2020 presidential cycle, which was itself “an all-time record for the company”.
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