Fox Posts a Strong Initial Quarter in Its New Form; Investor Day Focused on Unique Position in Media
Fox Corp held its first investor day as a newly reconstituted firm on May 9 in conjunction with its first earnings release. While the fiscal third-quarter results beat top- and bottom-line consensus expectations, the focus of the investor day was on the unique position that Fox holds in the media in the eyes of management. We agree the firm has one of the simplest models among the major media firm in the U.S. but believe that management may be slightly over exaggerating the specialness of Fox’s ...Fox is a news, sports and entertainment company. The company has three segments: Cable Network Programming, which consists of the production and licensing of news and sports content distributed primarily through cable television systems, direct broadcast satellite operators and telecommunication companies and online multi-channel video programming distributors; Television, which consists of the acquisition, marketing and distribution of broadcast network programming nationally under the FOX brand and the operation of several broadcast television stations; and Other, Corporate and Eliminations, which consists of corporate overhead costs, intracompany eliminations and the FOX Studios lot.
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