Fox Corporation

Fox Corporation
Name	Fox Corporation
Type	Public
Traded as	NASDAQ: FOXA, FOX
Founded	2019
Predecessor	21st Century Fox
Headquarters	1211 Avenue of the Americas, New York City
Area served	United States
Key people	Rupert Murdoch (executive chairman), Lachlan Murdoch (chairman, CEO)
Industry	Mass media
Products	Broadcasting, cable television, sports programming, news programming, advertising
Revenue	US$11.1 billion (2023)
Num employees	11,000 (2023)

Fox Corporation is an American Mass media conglomerate formed in 2019 following the acquisition of 21st Century Fox assets by The Walt Disney Company. The company focuses on broadcast television, cable news, and sports rights, operating major brands and local stations across the United States. It is publicly traded on the NASDAQ under the tickers FOXA and FOX and controlled by the Murdoch family through a dual-class share structure.

History

The company emerged after a high-profile bidding and regulatory process involving The Walt Disney Company's acquisition of substantial assets from 21st Century Fox, including 20th Century Studios and FX Networks, while certain assets were retained and reconstituted under the current corporate identity. The restructuring followed years of strategic consolidation in the media industry, paralleling other transactions such as the Comcast–NBCUniversal expansions and the merger activity that reshaped ViacomCBS (now Paramount Global). Founding leadership continuity came from the Murdoch family, which previously steered enterprises including News Corporation and the original 21st Century Fox holdings. Post-spin, the firm pursued acquisitions and carriage deals to strengthen sports rights, local broadcasting, and news distribution across platforms including over-the-air affiliates and streaming partnerships with companies such as Roku and cable operators like Comcast.

Corporate structure and leadership

The dual-class capital structure concentrates voting power with the Murdoch family, mirroring governance models used by other conglomerates such as Meta Platforms and Alphabet Inc. Leadership includes executives with backgrounds at legacy holdings and competitors; Lachlan Murdoch serves as chairman and CEO, while Rupert Murdoch remains executive chairman and influential in strategic decisions. The board has included figures from finance and media, reflecting ties to institutions like Goldman Sachs and law firms involved in major transactions such as Skadden, Arps, Slate, Meagher & Flom. The corporate headquarters in New York City coordinates with regional offices and station groups managing stations in markets including Los Angeles, New York City, Chicago, and Dallas. Regulatory oversight involves liaison with agencies such as the Federal Communications Commission and compliance with securities rules under the Securities and Exchange Commission.

Business units and assets

Primary assets were organized into core divisions covering broadcast, news, and sports. The broadcast arm comprises national networks and a station group owning and operating local affiliates across numerous Designated Market Areas including Philadelphia, Detroit, and Atlanta. The news division operates a flagship cable channel with national reach and streaming extensions competing with networks such as CNN and MSNBC. The sports division holds rights for major leagues, including agreements with the National Football League, Major League Baseball, and National Collegiate Athletic Association events in selected markets, and produces regional sports coverage akin to regional sports networks owned by entities like Bally Sports. The company also maintains advertising sales, digital platforms, and syndication businesses that negotiate carriage with distributors such as Dish Network and Charter Communications.

Programming and content strategy

Programming emphasizes live news, opinion-driven shows, and marquee sporting events to capture real-time audiences, following trends highlighted by competitors like CNN and streaming entrants such as Netflix for original programming strategies. The news schedule features prime-time opinion hosts, daytime factual coverage, and streaming-first content distributed via apps and FAST channels on platforms like Peacock-adjacent services and Roku channels. Sports programming centers on rights acquisition and production values for live broadcasts, leveraging partnerships with leagues including the National Basketball Association for supplementary content and with production suppliers such as NEP Group. Syndicated programming and local station content provide feeder audiences for national slots and advertising inventory sold to major brands including Procter & Gamble and Walmart.

Financial performance

Revenue streams derive from advertising, distribution fees from multichannel video programming distributors, retransmission consent payments, and live event rights monetization. Financial results show volatility tied to advertising cycles, retrans deals with firms like AT&T (formerly DirecTV parent transactions), and sports rights costs; earnings reports filed with the Securities and Exchange Commission detail quarterly and annual performance. The firm has engaged in stock buybacks and dividend policies to return capital to shareholders, while balancing cash outflows for rights fees and potential acquisitions in an environment shaped by industry peers such as Warner Bros. Discovery and Paramount Global.

Controversies and legal issues

The company and its predecessors have been subjects of litigation and regulatory scrutiny related to editorial decisions, employment matters, and rights disputes. High-profile controversies involved coverage and commentary that prompted public debate and advertiser reactions similar to incidents faced by other outlets such as The New York Times op-ed disputes and cable news complaints against MSNBC. Legal challenges have included defamation suits and employment litigations handled in federal and state courts, and negotiations with regulators over media ownership rules administered by the Federal Communications Commission. Additionally, carriage disputes with distributors have led to temporary blackouts in markets, echoing disputes experienced by broadcasters including Gray Television and Sinclair Broadcast Group.

Category:Media companies of the United States Category:Companies listed on the Nasdaq