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Fox Corp Class A FOXA

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Morningstar’s Analysis

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Political Tailwinds Boost Fox’s Second-Quarter Results; Fox News to Remain 'Center Right'

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Fox posted another strong quarter, as second-quarter 2021 revenue and EBITDA beat FactSet consensus. The cable division continues to drive the bottom line, as the broadcast segment swung back to an EBITDA loss in the quarter versus the first quarter. Fox News benefited from political spending and interest around the false claims of election fraud. CEO Lachlan Murdoch doubled down on Fox News' “center-right” approach despite the emergence of challengers further to the right like One America News Network and Newsmax. While these networks may take some audience, we believe many advertisers will avoid very divisive platforms, lowering the potential financial loss to Fox News. We are maintaining our narrow moat rating and $37 fair value estimate.

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Company Profile

Business Description

Fox represents the assets not sold to Disney by the predecessor firm, Twenty First Century Fox. The remaining assets include Fox News, the FOX broadcast network, FS1 and FS2, Fox Business, Big Ten Network, 28 owned and operated local television stations of which 17 are affiliated with the Fox Network, and the Fox Studios lot. The Murdoch family continues to control the successor firm, which represents a large-scale bet on the value of live sports and news in the U.S. market.

1211 Avenue of the Americas
New York, NY, 10036
T +1 212 852-7000
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Dec 31, 2020
Fiscal Year End Jun 30, 2021
Stock Type Slow Growth
Employees 9,000