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Fox rises after Q1 results beat on advertising strength

By Reuters News

** Shares of media major Fox Corp FOXA.O rise 4% to $65.8 premarket

** FOXA posts Q1 adj. EPS of $2.54 and Q1 revenue of $4.57 bln, both beating analysts' estimates of $2.09 and $4.31 bln respectively, according to data compiled by LSEG

** Posts Q1 advertising revenue of $2.08 bln, growing 47% yr/yr, beating estimates of $1.82 bln

** Ad revenue driven by broadcast of FIFA Men's World Cup, higher political advertising revenue and digital growth led by the Tubi streaming service

** 13 of 22 brokerages rate the stock "buy" or higher and nine "hold"; median PT is $76 - LSEG data

** As of last close, stock down 13.5% YTD

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