Research · Sep 3, 2026
[FOX] Fox Corporation Thesis 2026: Live News and Sports Hold as Tubi Reaches Scale
Fox Corporation demonstrated the durability of live content in FY2025 with revenue of ~$15.4B, adjusted EBITDA ~$3.3B, and EPS ~$4.90, aided by Super Bowl broadcast rights and 2024 presidential election political advertising. Fox News retained its 25-year cable primetime dominance post-Tucker Carlson. Tubi reached 84M MAUs and ~$1.1B in ad revenue as the leading FAST platform. The thesis rests on whether affiliate fee escalators and Tubi growth can offset secular cable subscriber decline through FY2026-FY2028.