Fox Corporation (FOXA): History, Ownership, Mission, How It Works & Makes Money

When you look at Fox Corporation (FOXA), do you see a traditional media giant or a focused content machine that pulled in $16.30 billion in revenue for fiscal year 2025? Honestly, it's both, and navigating that dual identity is key to understanding its current market capitalization of roughly $27.28 billion as of November 2025. The company's strategy is defintely clear: double down on live news and sports, which drove a strong 16.6% annual revenue growth, while aggressively expanding digital assets like Tubi, so you need to know exactly where the money comes from. We'll break down the Murdoch family's ownership structure, the core mission, and the mechanics behind generating $2.29 billion in net income, giving you the full picture for your investment decisions.

Fox Corporation (FOXA) History

You're looking for the bedrock of Fox Corporation's current valuation, and honestly, you have to start with the biggest corporate divorce in media history. The Fox Corporation (FOXA) you analyze today is a streamlined, focused entity, not the sprawling empire of its predecessor. It's a story of subtraction leading to strategic focus, culminating in a fiscal year 2025 where the company reported total revenues of $16.30 billion and a net income of $2.26 billion. That kind of performance-a 50.67% jump in net income-shows the power of that focus.

Given Company's Founding Timeline

Year established

The modern Fox Corporation was officially established on March 19, 2019, following the historic sale of most of 21st Century Fox to The Walt Disney Company. It's a new company built on legacy assets.

Original location

The company is headquartered in New York, NY, at 1211 Avenue of the Americas, which keeps it right in the heart of the US media and financial world.

Founding team members

The new company was formed under the continued leadership of the Murdoch family. Key figures include Rupert Murdoch, who serves as Chairman Emeritus, and his son, Lachlan Murdoch, who took on the roles of Executive Chair and CEO.

Initial capital/funding

The company's initial capitalization wasn't a traditional venture round; it was a spin-off. Fox Corporation was created to house the assets that Disney did not acquire in the $71.3 billion transaction for 21st Century Fox. This left the new entity with core, cash-generating assets like news, sports, and broadcasting, plus a strong balance sheet for future acquisitions.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The biggest shift for Fox Corporation was defintely the strategic decision to become a leaner, more focused media company. It wasn't about being the biggest; it was about being the most profitable in key verticals. Here's the quick math: in fiscal year 2025, the company generated $2.99 billion in free cash flow, nearly doubling the prior year's figure, which shows the power of this post-split focus.

The transformative moments weren't just the split, but the subsequent, targeted investments:

• The Disney Spin-off: The 2019 transaction, valued at $71.3 billion, created the New Fox, allowing it to concentrate on live news and sports, which are less susceptible to subscription video on-demand (SVOD) disruption.
• The Tubi Acquisition: Spending $440 million on Tubi was a masterstroke. It gave Fox a massive, ad-supported video on-demand (AVOD) platform-a free streaming service-that now reaches over 100 million monthly active users, a huge digital audience for advertisers.
• Abandoning the News Corp Merger: In January 2023, the Murdochs abandoned the proposal to re-merge Fox Corporation and News Corp. This decision signaled a commitment to the current, focused strategy of news, sports, and broadcasting, rather than a return to the diversified print and entertainment model.

This disciplined focus is what you, as an analyst, need to watch. The company's strategy is clear: double down on live content and expand its digital distribution, especially through Tubi and the new FOX One platform. If you want to see the principles driving these decisions, check out the Mission Statement, Vision, & Core Values of Fox Corporation (FOXA).

Finance: Note that the Television segment reported full year segment revenues of $9.33 billion in fiscal year 2025, a jump of 18%, largely driven by the impact of Super Bowl LIX and higher political advertising revenue. That's a clear example of the core strategy paying off.

Fox Corporation (FOXA) Ownership Structure

Fox Corporation's ownership structure is a classic example of dual-class shares, meaning the Murdoch family maintains control over the company's strategic direction despite holding a minority of the total equity. The company is publicly traded on the Nasdaq, but the family's grip on the high-voting Class B stock ensures their long-term dominance in decision-making.

Fox Corporation's Current Status

Fox Corporation (FOXA) is a publicly listed mass media company, trading on the Nasdaq Stock Market under two tickers: FOXA for the non-voting Class A common stock and FOX for the high-voting Class B common stock. This dual-class structure is the core of its governance, designed to concentrate voting power. Rupert Murdoch, who stepped down as Chairman in November 2023, is now Chairman Emeritus, but the family's trust still holds the controlling interest. This structure means that even with institutional investors owning a majority of the outstanding shares, the Murdoch family effectively controls the outcome of all major shareholder votes, including the election of directors. For a deeper dive into the company's financial standing, you should review Breaking Down Fox Corporation (FOXA) Financial Health: Key Insights for Investors.

Fox Corporation's Ownership Breakdown

As of late 2025, the ownership breakdown shows a clear split between the controlling family interest and the large institutional funds. The dual-class shares are what make this breakdown unique; the percentages below reflect total equity, but the voting power is skewed heavily toward the Insider/Controlling Interest.

Here's the quick math: Institutional ownership sits at over half the equity, but the high-voting Class B shares held by the family trust-the 36% voting block-is what defintely matters for corporate governance. That's how a minority equity stake dictates strategy.

Fox Corporation's Leadership

The leadership team, as of November 2025, is a mix of long-time executives and newer appointments, all working under the strategic direction of the Executive Chair and CEO. This team is responsible for managing the company's core assets: Fox News, Fox Sports, and the Tubi streaming service.

• Lachlan K. Murdoch: Executive Chair and Chief Executive Officer (CEO). He holds the top operational and board roles, steering the company's focus on live news and sports.
• Rupert Murdoch: Chairman Emeritus. Though retired from the Chairman role in November 2023, his influence remains significant through the family's controlling trust.
• John P. Nallen: President and Chief Operating Officer (COO). He oversees critical functions like finance, strategy, distribution, and human resources.
• Steven S. Tomsic: Chief Financial Officer (CFO). He manages the company's financial operations and reporting, a key role given the company's recent acquisitions in sports and digital media.
• Adam G. Ciongoli: Chief Legal and Policy Officer. He leads all legal, compliance, and regulatory matters, plus government and public affairs.

This team, elected by stockholders at the November 14, 2025 Annual Meeting, is tasked with navigating the media landscape's shift from traditional pay-TV to digital and streaming platforms. The key action for investors is watching how they allocate capital between new digital platforms like Fox One and their highly profitable, but structurally challenged, cable news and sports networks.

Fox Corporation (FOXA) Mission and Values

Fox Corporation's core purpose extends beyond its impressive $16.3 billion in Fiscal Year 2025 revenue; it centers on upholding fundamental American principles while aggressively leading the shift to digital content delivery. The company's mission and values are the cultural DNA guiding its strategic focus on live news and sports, which is the engine of its growth.

Honestly, you can't understand the stock without understanding what the company stands for.

Given Company's Core Purpose

The company's core purpose is a dual mandate: to deliver compelling, high-quality content that engages a massive audience and to do so while defending the principles of free expression. This commitment to the First Amendment is a significant differentiator in the media landscape, and it underpins their entire business model.

Official Mission Statement

While Fox Corporation does not publish a single, formal mission statement, its actions and public communications consistently point to a clear, inferred purpose. This mission is about content leadership and shareholder value creation, a necessary balance for a publicly traded media giant.

• Deliver compelling news, sports, and entertainment content that resonates with a wide audience.
• Utilize innovation and creativity to maintain a leading position in the dynamic media landscape.
• Create value for shareholders through strategic investments and operational excellence.

The focus on content quality is defintely working; the company reported that its advertising revenue was up 26% in FY2025, driven by strong audience engagement.

Vision Statement

The vision statement maps out the company's long-term aspiration to be a global media powerhouse, particularly through innovation and digital expansion. This is where you see the strategic investment in platforms like Tubi and the launch of new initiatives like FOX One.

• Lead the media industry through innovation and digital transformation.
• Deliver unparalleled news, sports, and entertainment experiences globally.
• Maximize shareholder value by adapting to evolving consumer preferences.

This vision is why Fox Corporation continues to invest heavily in its digital platforms, like Tubi, which is key to reaching the two-thirds of its users who are cordless and outside the traditional cable bundle. If you're looking at the big picture, you should also check out Exploring Fox Corporation (FOXA) Investor Profile: Who's Buying and Why?

Given Company Slogan/Tagline

Fox Corporation does not use a single, widely-promoted corporate slogan, but its 'Guiding Principles' serve as an internal and external declaration of its core identity. These principles are the real-world tagline for investors and the public, emphasizing trust and constitutional freedoms.

• Free Inquiry, Free Speech, and Free Expression: These are the explicitly stated core values that audiences trust.
• Journalistic Independence and Editorial Integrity: A commitment to being neutral arbiters of timely news.

Beyond content, the company's commitment to corporate social responsibility (CSR) is channeled through its 'FOX Forward' program, which focuses on community engagement, specifically serving veteran and active military communities and enhancing educational access for underserved students. Here's the quick math: the company's reputation for upholding these principles directly impacts its ability to maintain its leading audience share, like Fox News's over 70% audience share in cable news during the fiscal year.

Fox Corporation (FOXA) How It Works

Fox Corporation operates as a focused media powerhouse, generating revenue primarily by producing and distributing high-value, live content-specifically news and sports-across its traditional linear networks and rapidly expanding digital platforms. The company makes money through a dual-stream model: affiliate fees paid by cable providers and advertising sales across all its properties, a strategy that delivered a total revenue of $16.30 billion in fiscal year 2025.

Fox Corporation's Product/Service Portfolio

Fox Corporation's Operational Framework

The operational framework at Fox Corporation is built on a clear, post-2019 strategy: focus intensely on live, appointment-based content that retains its value even as the traditional pay-TV bundle declines. This focus provides a defintely strong foundation for its two main revenue pillars.

• Content Acquisition and Production: The company secures long-term, high-profile sports rights, like the NFL, and invests heavily in news production to maintain its leadership position in those two verticals.
• Dual Revenue Monetization: Value is created by leveraging content to secure both affiliate fees (payments from cable/satellite providers for carriage) and advertising revenue. In FY2025, the company saw an overall 17% increase in total revenue to $16.30 billion, driven by a 26% jump in advertising revenue, partly due to the Super Bowl LIX and political advertising.
• Digital Distribution Expansion: The Tubi Media Group acts as the primary digital growth engine, capturing the audience that is moving away from cable. Tubi's ad-supported model successfully monetizes a market segment-cord-cutters-that traditional linear TV struggles to reach.
• Capital Allocation Discipline: The company maintains a strong balance sheet, ending FY2025 with approximately $5.4 billion in cash, which provides the flexibility to pursue strategic acquisitions and return capital to shareholders.

Here's the quick math: strong content drives audience, which allows for higher ad rates and better affiliate fee negotiations. That's the engine.

Fox Corporation's Strategic Advantages

Fox Corporation's market success comes down to its non-replicable content portfolio and its strategic financial positioning. You can't just buy the NFL or build a news brand like Fox News overnight. Breaking Down Fox Corporation (FOXA) Financial Health: Key Insights for Investors

• Live Content Dominance: The company's focus on live news and sports makes its content mostly 'DVR-proof,' which keeps its advertising inventory premium and in high demand, especially for major events.
• Converged Media Platform: The combination of linear networks (Fox News, Fox Sports), the free ad-supported streaming platform Tubi, and the new D2C subscription service FOX One creates a comprehensive distribution ecosystem. This allows the company to reach the largest possible audience, from traditional subscribers to the cordless market.
• Strategic Investment Portfolio: A significant, often-overlooked asset is the company's investment in sports wagering. The option to acquire an 18.6% stake in FanDuel is currently valued at approximately $3.1 billion in the money, providing substantial long-term financial optionality.
• Financial Strength and Returns: A disciplined approach to capital management resulted in a net income attributable to stockholders of $2.263 billion in FY2025, powering a sharp free-cash-flow jump and supporting a $5 billion increase in share repurchase authorization announced in August 2025.

Fox Corporation (FOXA) How It Makes Money

Fox Corporation primarily makes money through a dual revenue stream model: collecting affiliate fees from cable and satellite providers for carrying its channels, and selling advertising spots across its broadcast, cable, and rapidly growing digital platforms like Tubi.

This model is built on owning premium, live content-mostly news and sports-which commands high fees and attracts a large, engaged audience that advertisers want to reach. It's a classic media play, but with a critical, growing digital component.

Fox Corporation's Revenue Breakdown

Looking at the fiscal year 2025 (FY2025) results, which ended June 30, 2025, the revenue split shows a balanced, though slightly affiliate-fee-heavy, reliance on two major streams. Total company revenue for FY2025 hit a record $16.30 billion, marking a 17% increase year-over-year.

Affiliate fees-the subscription money paid by distributors like cable companies-totaled $7.66 billion in FY2025, growing by 5% despite industry-wide subscriber declines.

Advertising revenue was $6.87 billion, surging 26% year-over-year, largely thanks to the impact of major events like Super Bowl LIX and a strong political advertising cycle.

Other revenues, which include content licensing and sports sublicensing, grew a significant 47% to $1.78 billion, showing the value of their owned content library.

Business Economics

The core economic engine of Fox Corporation is its focus on live content, which is insulated from the on-demand cord-cutting trend. Live news and live sports are the last bastions of must-have linear television, and that's where the company concentrates its spending and pricing power.

• Pricing Power in Affiliate Fees: The company consistently pushes for higher contractual rates per subscriber (carriage fees) during renewal negotiations, which is a key reason why affiliate revenue grew 5% in FY2025, even as the number of cable subscribers shrinks. This is defintely a high-margin revenue stream.
• Event-Driven Advertising Spikes: Advertising revenue is inherently cyclical and volatile. FY2025 saw a massive bump from the Super Bowl LIX, which generated over $800 million in gross ad revenue, plus a strong political advertising market. You need to factor in these quadrennial and biennial events when modeling future years.
• Tubi's Digital Arbitrage: The ad-supported video-on-demand (AVOD) platform, Tubi, is a high-growth asset. It generated over $1.1 billion in revenue in FY2025, and its continued digital growth is a major offset to linear TV declines. This is where Fox Corporation is successfully pivoting its ad dollars.

This strategy is all about maximizing value from the traditional pay-TV bundle while aggressively scaling a free, ad-supported streaming alternative. For a deeper dive into who is betting on this strategy, you should read Exploring Fox Corporation (FOXA) Investor Profile: Who's Buying and Why?

Fox Corporation's Financial Performance

The company delivered record financial results in FY2025, demonstrating strong execution against its focused strategy. Here's the quick math on profitability and cash generation:

• Adjusted EBITDA: Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $3.62 billion for FY2025, an impressive 26% increase year-over-year. This metric shows the underlying operational health before accounting for capital structure and non-cash charges.
• Net Income and EPS: Full-year net income was $2.29 billion. Adjusted Earnings Per Share (EPS) was $4.78, up 39% from the prior year, reflecting not just revenue growth but also effective cost management and share repurchases.
• Free Cash Flow (FCF): FCF doubled, reaching $3.0 billion in FY2025. This explosive cash generation is critical, giving the company the financial flexibility to invest in sports rights, fund its new streaming service (FOX One), and return capital to shareholders.
• Capital Returns: Underscoring management's confidence, the company announced a $5 billion increase to its share repurchase authorization and raised its semi-annual dividend to $0.28 per share.

What this estimate hides is the escalating cost of sports programming rights, which will put pressure on margins in future fiscal years, but for FY2025, the strong revenue growth more than compensated.

Fox Corporation (FOXA) Market Position & Future Outlook

Fox Corporation's market position is defined by its strategic focus on premium, live content-news and sports-which insulates it somewhat from the broader decline in linear television. The company is aggressively mapping a path to digital growth through its ad-supported streaming platform, Tubi, and the new subscription service, Fox One, aiming to sustain the strong financial momentum seen in fiscal year 2025.

Honestly, the core strength is that live content is defintely still king for advertisers.

Competitive Landscape

The media landscape is highly fragmented, but Fox Corporation maintains a strong position by dominating key segments. The following table illustrates the relative scale and core competitive advantages against two major diversified media peers, based on a proxy of their combined latest full-year revenues.

Opportunities & Challenges

The company's near-term trajectory hinges on capitalizing on its digital investments while navigating the structural decline of the traditional cable bundle. Here's the quick math: if digital growth outpaces linear decay, the stock performs. If not, you see the expected revenue slowdown.

Industry Position

Fox Corporation's industry standing is uniquely strong in its core segments despite its smaller overall revenue base compared to giants like Warner Bros. Discovery. The company's strategy is not about being the largest, but about owning the most profitable and defensible content niches.

• Dominance in News: Fox News reinforced its position as the clear leader in cable news, with audience shares at times reaching over 70% during the fiscal year.
• Digital Scale: Tubi is a key player in the Free Ad-Supported Streaming Television (FAST) space, capturing a 2.2% share of total U.S. television viewing.
• Financial Strength: The company delivered a record fiscal year 2025, with annual revenue hitting $16.30B, representing a 16.60% growth, and a 26% increase in Adjusted EBITDA.
• Local Market Leadership: Fox Television Stations are recognized as the #1 local news source by Comscore.

You can see how this focus aligns with their broader goals by reviewing their Mission Statement, Vision, & Core Values of Fox Corporation (FOXA).