The New Fox Debuts on NASDAQ

The New Fox Debuts on NASDAQ

$FOX, $FOXA, $DIS

Fox Corp. debuted on the NAS Tuesday, marking a new phase for billionaire Rupert Murdoch’s media business after the $71-B sale of Twenty-First Century Fox Inc.’s film and television assets to Walt Disney Co (NYSE:DIS)

The company appointed former U.S. House Speaker Paul Ryan, Chief Executive Officer of F1 Group Chase Carey and 2 others to its board. Mr. Carey was President and COO at Twenty-First Century Fox from 2009 to 2015.

The newly spun-off media company, which will house assets including Fox News Channel and Fox Broadcast Network, is expected to bring in around $10-B in annual revenue.

Brokerage MoffettNathanson had started covering Fox with “buy” rating last week ahead of the debut, saying Fox Broadcasting Network and Fox News are “an unrivaled pair of must-have” content that will drive strong, industry-leading revenue growth for years.

The US Justice Department too has asked Disney, which owns cable sports network ESPN, to divest Fox’s 22 networks that provide sports programming for regional and local markets.

Disney won a bidding war last year against cable company Comcast Corp to acquire Twenty-First Century’s film and TV assets.

Share of the company are trading down 0.9% at 41.29 Tuesday.

Stay tuned…

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