Rupert Murdoch has cancelled plans to consider merging the Fox Corporation, parent of Fox News, with News Corp, which owns The Wall Street Journal. Murdoch, who is chairman of Fox and executive chairman of News Corp, said in a statement that he and son Lachlan Murdoch, co-chairman of News Corp and chairman and CEO of Fox, have “determined that a combination is not optimal” for shareholders at this time. The move comes as News Corp is embroiled in negotiations to sell Realtor.com owner Move Inc. to commercial realty firm CoStar Group in a deal valued at around $3 billion. Continue reading Murdochs Call Off the Proposal to Merge Fox and News Corp

For fiscal Q4, Fox Corporation — parent of FOX News Channel, the FOX broadcast network and FOX Sports — reported net income of $253 million, or 43 cents per share, versus $122 million, or 20 cents per share year-over-year. Company chief executive Lachlan Murdoch stated that the company looks forward to “the return of normalized sports and entertainment calendars and the start of the midterm election cycle.” Fox became a standalone, publicly-traded company on Mar 21, 2019, after the Disney and Twenty-First Century Fox merger. Continue reading Fox Enjoys Robust Q4 Based on Cable, TV Advertising Sales

In the quarter ending March 31, Fox Corporation saw its year-over-year profit increase sevenfold to $567 million, with a 6.5 percent drop in revenue to $3.2 billion. The numbers exceeded Wall Street estimates. Earnings per share were 88 cents, ahead of analyst expectations of 58 cents. Fox chief executive Lachlan Murdoch reported that exiting “Thursday Night Football” a year early would lift earnings from $350 million to $400 million, which would help finance the 13-year deal that the company struck to continue broadcasting Sunday NFL games. Continue reading Fox Corp Quarterly Figures Exceed Wall Street Expectations

Fox Corporation is purchasing San Francisco-based, ad-supported streaming platform Tubi for $440 million in cash and the potential of $50 million in future deferred consideration and unvested options. Tubi, which currently has 25 million users in North America and Australia, streams thousands of movies and TV shows from more than 250 content partners including Lionsgate, Paramount Pictures and Warner Bros. Tubi is accessible via numerous streaming devices, including the Amazon Fire TV Stick, Apple TV, Roku, and smart TVs from brands such as Samsung and Sony. Continue reading Fox Corporation Acquires Streaming Platform Tubi for $440M