Fox Corporation (FOX): A Bull Case Theory

Core Thesis - Fox Corporation is experiencing a bullish outlook primarily driven by the growth of its ad-supported streaming service, Tubi, which is gaining traction in the FAST market [1][5]. Tubi's Performance - Tubi's viewership share reached 2.2% in September 2025, marking a 22% increase from 1.8% in August 2024, indicating a new upward trend in viewership [2]. - The service has shown consistent engagement and market-leading performance, positioning Fox favorably against competitors like HBO Max, Paramount+, and Peacock [3][4]. Strategic Importance - Tubi's growth highlights Fox's effective ad-supported streaming strategy, capturing a significant audience segment in a competitive landscape [3]. - The combination of rising viewership and advertising revenue potential underscores Tubi's strategic importance to Fox, suggesting continued incremental value as the FAST sector expands [4]. Competitive Differentiation - Tubi represents a key competitive differentiator for Fox Corporation, showcasing underrecognized success within the broader streaming ecosystem [4].