Fox Corporation

Fox Corporation is an American news, sports, and entertainment media company that produces and distributes content through the FOX broadcast network, cable networks led by FOX News and 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. The company was spun off from 21st Century Fox in March 2019 after Disney acquired the bulk of 21CF's entertainment assets, leaving Fox Corp. as a focused live-news and live-sports vehicle under the continuing leadership of the Murdoch family.

This is a story about a legacy media business that is not behaving like one. While the industry narrative revolves around cord-cutting, secular decline, and streaming losses, Fox Corp. has grown revenue at roughly 6% compounded since its spin-off, expanded EBITDA margins, and retired over a third of its shares — all while launching a direct-to-consumer streaming service that the company says is profitable from the start. The file turns on a single question: whether Fox's concentration in appointment-viewing content — live news and live sports — is an enduring moat that the market undervalues, or a temporarily resilient island in a receding sea.