Fox Corporation
Fox Corporation is an American news, sports, and entertainment media company that operates the FOX broadcast network, FOX News, FOX Sports, the Tubi advertising-supported streaming service, and 29 owned-and-operated local television stations, generating $16.3 billion in revenue in fiscal 2025. Formed in 2019 from the assets 21st Century Fox did not sell to Disney, Fox Corp is the purest expression of a thesis that has gone from contrarian to consensus and back again: that live news and live sports are the last durable franchises in linear television.
This is a story about cash flow, capital allocation, and timing. Fox Corp produces prodigious free cash flow — nearly $3 billion in FY2025 — and has returned over $8.5 billion to shareholders through buybacks since 2019, retiring roughly 36% of shares outstanding. At the same time, the company is investing in a digital future through Tubi and the recently launched Fox One streaming service, betting it can navigate the transition from linear to streaming without destroying the economics that make the legacy business so profitable. The file turns on a simple question: can Fox buy back shares faster than the bundle erodes?
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