Fox News is not the only jewel in the crown: Fox Sports has become the leading purchaser of sports broadcasting rights.
The monetization of this content, which is still in high demand, enables the group which is led by Lachlan Murdoch—Rupert Murdoch's son and designated heir—to offset stagnating advertising revenues.
This pricing power is highlighted by the results of the last decade of activity, as well as those of Q3 2025, which were published a few days ago.
Over the ten-year cycle, Fox has posted revenue growth in nine out of ten years, which some might consider a feat given advertisers' gradual disenchantment with traditional television media.
Regarding the first nine months of 2025, they point to a profit of at least $2bn for the full fiscal year. In this respect, they also belie the expectations of analysts who were betting on erosion rather than growth.
The market was ahead of the analysts—as evidenced by the stock's performance this year—but even after this run, the group's valuation multiple remains right on its historical average of 14x earnings.
Like Electronic Arts, as discussed earlier this week, Fox has focused on a clear and well-defined strategy—sports and capturing a politically right-wing audience—and then set about "cannibalizing" itself through massive share buybacks.
Perfectly rational, this approach is finally paying off after a long period of stockmarket stagnation.
