Analyst Note| Neil Macker, CFA |
Fox posted strong fiscal 2021 third-quarter results as revenue and EBITDA both beat FactSet consensus. Both segments generated solid results despite strong comps from the same quarter last year that included the Super Bowl and much higher political spending. With less focus on politics by many Americans in general, Fox News has regained its position as the top cable news channel, as it has held onto its audience despite challenges from newer right-wing outlets like Newsmax and OAN. We expect that Fox News will maintain its lead in a less charged environment moving forward. We are maintaining our narrow moat and $37 fair value estimate.