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Overview of Fox Corporation
Fox Corporation (Nasdaq: FOXA) is a prominent American media and entertainment company that specializes in producing and distributing news, sports, and entertainment content. The company operates through two primary business segments: Cable Networks and Television. Known for its iconic brands such as Fox News, Fox Sports, and the ad-supported streaming platform Tubi, Fox plays a pivotal role in shaping the media landscape. Its content is distributed across multiple platforms, including traditional pay-TV, digital streaming, and local broadcast stations, enabling it to reach a diverse and expansive audience base.
Business Model and Revenue Streams
Fox Corporation generates revenue through a combination of advertising, affiliate fees, and sublicensing. The Cable Networks segment includes well-known entities like Fox News and Fox Business, as well as several sports-focused pay-TV networks. This segment primarily earns revenue through affiliate fees from cable and satellite providers, advertising sales, and sublicensing agreements. The Television segment encompasses the Fox broadcast network, 29 owned and operated local television stations (18 of which are Fox-affiliated), and Tubi, its ad-supported video-on-demand (AVOD) platform. Advertising is a major revenue driver in this segment, bolstered by live sports broadcasts and high-profile news programming.
Market Position and Differentiation
Fox Corporation operates in a highly competitive media industry, where it distinguishes itself through a strategic focus on live content, such as sports and news, rather than scripted entertainment. This approach allows Fox to maintain a strong presence in the pay-TV bundle, which remains a key distribution channel despite industry-wide subscriber declines. The company’s ad-supported model, particularly through Tubi, positions it to capitalize on the growing demand for free, digital streaming content. By leveraging its established brands and live programming, Fox has cultivated a loyal audience and valuable relationships with advertisers and distributors.
Industry Context and Challenges
Fox faces several challenges in the evolving media landscape, including the decline of traditional pay-TV subscriptions and increased competition from digital-first streaming platforms. However, its focus on live programming provides a competitive edge, as live sports and news remain highly sought-after by both viewers and advertisers. The company’s ad-supported streaming platform, Tubi, further strengthens its position by addressing the shift towards digital consumption while remaining accessible to cost-conscious consumers. Additionally, Fox’s control by the Murdoch family ensures a consistent strategic vision, enabling the company to adapt to changing market dynamics.
Key Competitive Advantages
- Iconic Brands: Fox News and Fox Sports are household names with significant cultural and commercial influence.
- Focus on Live Content: The company’s emphasis on live news and sports differentiates it from competitors that rely heavily on scripted entertainment.
- Ad-Supported Streaming: Tubi’s AVOD model taps into the growing demand for free, digital content, offering a scalable and advertiser-friendly platform.
- Strategic Control: Family ownership provides stability and a long-term focus on core strengths.
Conclusion
Fox Corporation stands out in the media and entertainment industry through its strategic focus on live programming and ad-supported content. By leveraging its iconic brands and adapting to shifting consumer preferences, Fox continues to deliver value to its audiences, advertisers, and distribution partners. Its dual-segment structure and emphasis on digital growth through Tubi underscore its adaptability in an evolving market landscape.
Fox (Nasdaq: FOX) announced the next phase of development for its Verify protocol, an open-source system for content verification and licensing. TIME has joined as the first external publishing partner, using Verify to enhance content authenticity. Originally launched on Polygon's Proof-of-Stake network, Verify will transition to an independent zero-knowledge blockchain built with Polygon's Chain Development Kit (CDK). Over 300,000 pieces of content from FOX have already been signed to the Verify content graph. This protocol aims to bridge media companies and AI platforms, introducing new commercial opportunities. Gelato will assist in implementing the dedicated chain.
FOX News Digital led the news sector in May with 3.2 billion multiplatform minutes and 1.7 billion multiplatform views, showing month-over-month growth according to Comscore. The platform had 100 million unique visitors, and its mobile app reached 5.8 million unique visitors. FOX News also recorded 26.4 million social interactions, maintaining its top position for 117 consecutive months. On YouTube, it garnered 175.3 million video views. FOXBusiness.com saw 177 million multiplatform views, surpassing competitors CNN Business and Bloomberg.com, achieving 9% growth. The business site delivered 255 million multiplatform minutes and 23.3 million unique visitors. On YouTube, FOX Business videos remained the most viewed among business news platforms with 60.6 million views, marking 14% growth.
FOX News Media has promoted Jacqui Heinrich to senior White House correspondent, as announced by President and Executive Editor Jay Wallace. Heinrich, who joined FOX News in 2018, has been covering the White House since 2021 and will continue to cover national and international activities of the President and administration issues. With a track record of significant reporting including the 2023 Iran prisoner swap and the ongoing Israel-Hamas war, Heinrich has traveled with President Biden to 17 countries. She is also a three-time Emmy-award-winning journalist and serves on the White House Correspondents Association’s board. Heinrich will continue co-hosting FOX News Audio’s FOX News Rundown podcast. FOX News Media, owned by Fox , operates multiple channels and services, reaching nearly 200 million people monthly.
FOX News Media has elevated Peter Doocy to the position of Senior White House Correspondent. This promotion by President and Executive Editor Jay Wallace will see Doocy continue his comprehensive coverage of both domestic and international activities involving the U.S. President and key administrative issues. Wallace expressed high regard for Doocy's dedication to delivering hourly news updates directly from the White House since his initial assignment post-2020 campaign trail. Doocy has a rich history with FOX News, reporting on significant events such as the 80th anniversary of D-Day, the Israel-Hamas conflict, and Russia’s invasion of Ukraine. His career includes coverage of major political elections since 2009 and hosting FOX Nation and FNC documentaries. FOX News Media, under Fox , operates multiple media platforms and remains the leading cable network for 22 years.
FOX News Books has delivered its latest number one nonfiction book, 'The War on Warriors,' by Pete Hegseth, to the top of the New York Times bestseller list. This achievement marks Hegseth's fourth New York Times bestseller and his second under the FOX News Books imprint. Since its inception in 2020, the imprint has sold over 2.5 million books across 11 titles. 'The War on Warriors' has sold over 60,000 copies since its release on June 4th and explores the impact of changes in the military on service members and national security. The book has received particular resonance among active troops, veterans, and military families. FOX News Books has partnered with HarperCollins Publishers for this and other successful releases.
Fox (Nasdaq: FOXA) has expanded its partnership with FreeWheel to enhance its dynamic ad insertion capabilities for College Football broadcasts on FOX. This collaboration will see FreeWheel serve as the primary monetization engine for Tubi and the entire One FOX portfolio, integrating with FOX's AdRise to streamline access to premium video ad inventory. This move aims to offer advertisers more targeted, contextually rich ad opportunities in live sports. FreeWheel's technology, including Beeswax, will create a unified pool of premium video ad inventory, making it more accessible to marketers.
FOX News Media has announced the addition of Mary Katharine Ham as a contributor. Ham, a journalist, author, and speaker, will provide analysis across the network’s platforms starting today on America’s Newsroom. She is also a columnist for OutKick and the host of the bi-weekly podcast 'Getting Hammered' alongside Vic Matus. Ham has a notable history, having co-moderated a Republican presidential primary debate for ABC News in 2016 and co-authored a book with Guy Benson. She returns to FOX News after previous stints from 2007-2015 and a period at CNN, where she departed following a suspension in 2022. FOX News Media, a division of Fox , operates several news and business channels, reaching nearly 200 million people monthly. The network has been the top watched television news channel for 22 years.
OutKick, a national multimedia sports platform owned by FOX, reported significant growth in April 2024 with 24 million total multiplatform views and 22 million total multiplatform minutes.
The platform also attracted over 5.3 million unique visitors, according to Comscore data. On social media, OutKick achieved over 930K total social actions and 8.8 million video views across Facebook, X (formerly Twitter), and YouTube.
Additionally, the show 'Tomi Lahren is Fearless' will now air live every weekday at 1 PM/ET on OutKick.com, instead of its previous schedule of three days a week at 7 PM/ET.
FOX News Digital led news brands with multiplatform minutes for 38 consecutive months and reached 3 billion total multiplatform minutes in April, according to Comscore. The platform saw 1.5 billion multiplatform views and 105 million unique visitors. The FOX News Mobile App had 5.6 million unique visitors. FOX News was the most engaged news brand on social media for 116 consecutive months, with 24.8 million interactions, including 8.5 million on Facebook, 14.5 million on Instagram, and 1.8 million on X.
FOXBusiness.com achieved 162 million multiplatform views, surpassing CNN Business for the 25th month and Bloomberg.com for the 36th month, with 11% year-over-year growth. April's comparison showed FOX News Digital with 1.5 billion multiplatform views (down 1%), CNN.com with 1.2 billion views (up 9%), and NYTimes.com with 1.5 billion views (up 28%). FOX News Digital led in multiplatform minutes with 3 billion, despite an 8% decline, while CNN.com and NYTimes.com saw respective declines and growth of 2% and 30%.
FOX Nation is set to premiere 'Vietnam: Footsteps of My Father with Harris Faulkner' on May 16. This series follows Faulkner as she traces her late father Lt. Col. Bobby R. Harris' combat journey during the Vietnam War. The series offers insights into the war through the perspectives of historians, veterans, and family members.
Over three episodes, Faulkner visits significant locations, interviews veterans and historians, and shares personal stories, including her father's experiences. FOX Nation, a subscription service with over 10,000 hours of content, continues to grow rapidly, especially among Gen Z adults.
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