Fox Corp. shares rose as much as 6.9% to their highest level in almost six years after quarterly sales and earnings beat Wall Street forecasts, in part, on higher political ad spending. The company also revealed plans to launch a new streaming service before the end of the year.

Fox Corp is planning to launch a subscription-based streaming service by the end of 2025, the media company said on Tuesday, entering the Netflix-dominated arena to tap audiences outside its mainstay cable television business.

Fox is planning on launching a new subscription-based streaming service by the end of 2025, company executives revealed on Tuesday