Core Insights - Fox Corp. exceeded revenue expectations for the October-to-December quarter, reporting total revenue of $5.18 billion, a 2% increase from the previous year [1] - Earnings per share were reported at 52 cents, matching Wall Street expectations, with an adjusted figure of 81 cents [1] Revenue Breakdown - Advertising revenue increased by 1%, supported by higher pricing in sports and news, despite challenges from the upcoming presidential cycle [2] - Distribution revenue rose by 4%, primarily due to a 5% growth in the Cable Network Programming unit [2] - Television division revenue slightly decreased to $2.937 billion, a notable decline given the typical strength of the fall quarter [3] Expense and Profitability Analysis - EBITDA in the Television division fell to $143 million from $205 million in the prior year, attributed to higher expenses related to sports programming rights and production costs [5] - Distribution revenues saw a modest increase of 1%, driven by higher average rates at owned television stations and increased fees from third-party affiliates [4] Management Commentary - CEO Lachlan Murdoch emphasized that the results reflect a differentiated strategy and high-quality execution, showcasing the strength of the company's leadership brands across various sectors [6]

Core Viewpoint - Newsmax's valuation is significantly skewed, making it a poor investment choice despite its initial popularity as a meme stock [1][2]. Company Overview - Newsmax went public on March 31, 2025, through a Regulation A+ IPO, allowing both accredited and non-accredited investors to participate [4]. - The stock initially surged over eightfold on its first trading day, closing at $83.51, and reached a peak of $265 before plummeting to around $9 per share [5]. Valuation Concerns - The company currently has a market capitalization of $1.18 billion and an enterprise value of approximately $1.05 billion [7]. - Projected revenue for the next year is $206 million, leading to a forward EV/sales ratio of about 5.1, which is significantly higher than competitors like Fox Corp. (2) and Sinclair (1.45) [7]. Growth and Profitability Outlook - Newsmax is expected to grow moderately at 13.8% next year, with forecasts indicating near-breakeven profitability by 2027 and an EPS of $0.12 in 2028 [8]. - The potential for further multiple compression exists if profitability is not achieved quickly [8]. Strategic Considerations - There is speculation that Newsmax could leverage its high stock price for stock-based acquisitions of smaller, profitable competitors, but this remains uncertain [9].

A Fox Corp. investment in TikTok would give the Murdoch media empire a platform to promote a broad range of TV programming and a chance to redeem the family’s catastrophic purchase of MySpace 20 years ago https://t.co/3MGpPZGofM ...

Core Insights - Lachlan Murdoch's recent financial maneuvers indicate a significant consolidation of power within Fox Corp. and News Corp., controlling approximately one-third of the voting shares in both companies [1][2] - The establishment of a new holding company, LGC HoldCo, involved a $1 billion loan from JPMorgan Chase to facilitate the buyout of his siblings' stakes, with a total transaction value of $3.3 billion [2][3] - The resolution of the family trust dispute allows Lachlan to solidify his leadership role, following a court ruling that favored his siblings in a challenge against their father's attempts to concentrate power [4][5] Company Performance - Fox Corp. reported a 7% increase in advertising revenue to $1.1 billion in the latest quarter, contributing to an overall revenue of $3.3 billion and a net income of $720 million, which doubled year-over-year [15] - The growth in Fox's revenue is attributed to its streaming service Tubi and Fox News, with projections indicating significant future revenue from non-cable TV sources [16] - News Corp. exceeded analyst expectations with $2.1 billion in revenue, driven by a 6.7% increase in quarterly revenue at Dow Jones and a 9% rise in digital-only subscriptions [18] Strategic Moves - Lachlan's leadership has seen successful acquisitions, such as the majority stake in fintech Credible and the ad-supported streaming service Tubi, which has grown to over 100 million monthly users [12][13] - The digital real estate unit, including REA Group, reported a 4% year-over-year revenue increase, indicating a stable performance in a mature media environment [19] - Discussions around a potential merger between News Corp. and Fox Corp. were deemed "not optimal" for shareholders, reflecting ongoing concerns about asset valuation and market performance [20][21]

Fox Corp. CEO Lachlan Murdoch, who emerged as victor in a battle over his family’s trust, said settlement of the dispute is “great news for investors” https://t.co/p0RrAAhCIW ...

Core Viewpoint - Newsmax has filed an antitrust lawsuit against Fox Corp., alleging that it holds an illegal monopoly in the right-leaning pay TV news market, engaging in exclusionary practices to maintain its dominance [1][9]. Group 1: Allegations Against Fox Corp. - Newsmax claims that Fox's anticompetitive behavior has hindered its growth and distribution potential, asserting that it could have become a more valuable media company without such interference [2]. - The lawsuit alleges that Fox pressures distributors into unfair agreements that prevent them from carrying competitors like Newsmax, imposing financial penalties for doing so [3][10]. - Newsmax cites internal communications from Fox leaders, revealed during a separate defamation lawsuit, indicating that Fox views Newsmax as a significant competitive threat [4][5]. Group 2: Impact on Competition - The lawsuit argues that Fox's actions have harmed competition, restricted consumer choice, and led to higher prices for consumers in the right-leaning news market [9]. - Newsmax contends that most distributors comply with Fox's restrictions due to a lack of alternatives, effectively coercing them into excluding Newsmax from their offerings [10]. - The complaint states that Fox sometimes refuses to license its popular channels unless distributors agree to disadvantage rival networks like Newsmax [11]. Group 3: Legal Proceedings - Newsmax is seeking a jury trial and unspecified monetary damages, aiming for a court declaration that Fox has violated federal and state antitrust laws [11].

Core Insights - Disney is launching a new ESPN flagship streaming app to provide customers with access to the full ESPN suite, coinciding with the football season [1][2] - The app aims to expand access for existing cable subscribers and sports fans outside traditional pay TV bundles, marking the first time all linear TV content is available via streaming [2] Subscription Plans - Current cable subscribers can access the ESPN streaming app, while new users can choose from various subscription options [4] - The unlimited plan costs $29.99 per month or $299.99 annually, covering over 47,000 live events annually [4] - A promotional bundle with Disney+ and Hulu is available for $29.99 per month for the first year, with options for ad-supported and ad-free plans [5] Additional Bundles and Offerings - A new bundle with Fox Corp's streaming service, Fox One, will be available starting October 2 for $39.99 per month [6] - ESPN is also introducing an ESPN select tier, which costs $11.99 per month or $119.99 annually, covering over 32,000 live events [7][8] - Existing ESPN+ customers will automatically transition to the ESPN select plan [9] Content Expansion - The ESPN streaming service will include live games, programming from ESPN2, SEC Network, and ESPN on ABC, along with fantasy products and documentaries [10] - ESPN has secured partnerships with WWE and the NFL to enhance its sports offerings, with the WWE deal costing an average of $325 million per year for five years [11][12]

Core Viewpoint - Tegna's shares increased nearly 30% following news of Nexstar's advanced talks to acquire the company, indicating strong market interest in the potential merger [1]. Company Summary - Nexstar is in advanced discussions to acquire Tegna, with the valuation expected to be well into the billions, following a previous $8.6 billion offer from Standard General that was blocked by the FCC [2]. - Tegna's CEO expressed optimism about deregulation, suggesting it would create significant opportunities for the company, and indicated a willingness to consider both buying and selling depending on market conditions [7]. - Tegna has received interest from other parties after the collapse of the Standard General deal, highlighting its attractiveness in the current market [7]. Industry Summary - The FCC is currently reviewing the ownership cap that restricts station owners from controlling more than 39% of U.S. stations, with indications that this cap may be lifted or eliminated under the current administration [3][5]. - The potential Nexstar-Tegna merger could lead to further consolidation in the local TV sector, contrasting with the more cautious approach seen in the broader media and tech sectors due to recent regulatory challenges [4]. - Smaller station groups and public interest advocates have raised concerns about the potential for monopolistic behavior if regulations are loosened, emphasizing the ongoing debate around media ownership and competition [5][6].

Core Insights - Disney's ESPN and Fox Corp. are collaborating to offer a bundled direct-to-consumer streaming service, aiming to attract more consumers with a focus on sports [1][2] - The bundled streaming service will launch on October 2, priced at $39.99 per month, while individual services will cost $29.99 for ESPN and $19.99 for Fox One [2] Group 1: Streaming Service Details - ESPN's streaming service will be an all-in-one app featuring live sports, programming from ESPN networks, fantasy products, betting tie-ins, and documentaries [3] - Fox One will provide content from its broadcast and pay TV networks but will not include exclusive or original content [5] - ESPN will also offer a bundle with Disney+ and Hulu for $35.99 per month, enhancing its content with a deal for WWE's major live events starting in 2026 [4] Group 2: Strategic Moves - Fox's entry into direct-to-consumer streaming follows the abandonment of its Venu joint venture with Disney and Warner Bros. Discovery [6] - Both CEOs of Fox and Disney have indicated interest in exploring further bundling options with other services [7] - The partnership with ESPN is seen as a strategic move to enhance value and viewing experience for customers [8]

Streaming Service Launch - Fox Corp 将于 8 月 21 日在美国推出新的流媒体服务 [1] - 该时间点旨在抓住 NFL 和大学橄榄球赛季的观众 [1]