Fox Corporation runs Fox News, Fox broadcast network, and Tubi streaming under one company.
On the record
Checkpoint: Fiscal Q4 2026 earnings release, first full quarter after Q3's net income drop
The call
Fox holds live sports and news rights no AI or streamer can copy, but a net income drop and a pending $22 billion Roku deal show the cord-cutting math is starting to bite.
Fox Corporation is a media company that owns television networks, the Fox News Channel, and streaming services like Tubi. It makes money by selling ads during live events like NFL games and by charging cable companies fees to carry its channels. It is hard to replace because the NFL and FIFA signed contracts only with Fox, the government gave Fox broadcast licenses that competitors cannot get, and millions of viewers specifically choose Fox News for their politics. The company is doing well financially with over 16 billion dollars in revenue and is growing its Tubi streaming service. However, cord-cutting (people canceling cable) and AI tools that summarize news (so people no longer watch live news shows) could slowly shrink Fox's profits over years. What could change everything: if Tubi stops growing, if fewer people switch to Fox's own streaming app, or if the deal to own the Roku streaming platform gets blocked by regulators.
Why
01
AI pressure: AI news aggregators and chatbot summarizers. AI summaries can pull viewers away from routine news watching but cannot replicate live NFL games, FIFA matches, or breaking election coverage. Could AI do the core job? Unlikely.
02
Bigger players: Netflix and Amazon bidding for live sports rights. Netflix and Amazon have deep pockets for sports rights, but no live NFL package has moved away from Fox as of this filing. Could a giant copy it? No, they are blocked.
03
What protects it. FCC broadcast licenses plus locked-in NFL and FIFA rights that only Fox can legally air on its channels.
What would change this call
Whether Netflix or Amazon acquires a major NFL package at the next mid-window renewal. Would show a streamer directly displacing Fox's live sports revenue.
Fox One and Tubi subscriber/user growth trends reported in fiscal Q4 2026 and beyond. Would show whether DTC growth is offsetting cable cord-cutting decline.
Progress and regulatory outcome of the $22B Roku acquisition ahead of its H1 2027 close. Would show whether Fox secures owned distribution scale or faces antitrust blockage.
Fox One and Tubi subscriber/user growth trends reported in fiscal Q4 2026 and beyond. Would show whether DTC growth is offsetting cable cord-cutting decline.
Progress and regulatory outcome of the $22B Roku acquisition ahead of its H1 2027 close. Would show whether Fox secures owned distribution scale or faces antitrust blockage.
Key numbers
- FY2025 revenue $16.3 billion
- Q3 FY2026 net income fell to $175 million from $354 million
- Tubi hit 100 million monthly active users
Named risks
- Smartmatic $2.7 billion defamation suit could produce a large damages award, echoing the $787M Dominion settlement.
- Roku acquisition faces antitrust review through H1 2027 amid a stalled Paramount-WBD deal signaling tougher regulatory climate.
- Fiscal Q3 2026 net income fell to $175 million from $354 million, raising margin compression concerns tied to cord-cutting.
- AI-curated news aggregation could erode appointment-viewing habits underlying Fox News' cable dominance.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Paramount Skydance / Warner Bros. Discovery | contesting | ~$110B merger announced 2026-02-27 halted by TRO after 12 state AGs sued, as of 2026-07-20 |
| Roku (The Roku Channel) | gaining on | Fox agreed to acquire Roku for ~$22B on 2026-06-15, absorbing rather than losing to this streaming rival |
| Amazon / Netflix | contesting | Named as potential bidders for NFL rights; verdict flips if either takes a major NFL package at mid-window renewal |
| Perplexity AI and news aggregators | losing to | CNN sued Perplexity for copyright infringement in 2026, signaling industry-wide AI aggregation friction affecting appointment viewing |
Questions people ask
- Is Fox Corporation profitable in 2026?
- Yes. Fox reported FY2025 net income of $2.29 billion on $16.3 billion revenue (ended June 30, 2025). Fiscal Q3 2026 (ended March 31, 2026) net income was $175 million, down from $354 million a year earlier, though adjusted EBITDA hit $954 million.
- Could AI replace Fox News or Fox Sports?
- Unlikely for live content. Analysts note live sports and news events cannot be AI-generated, protecting Fox's NFL and FIFA World Cup rights. The real AI risk is slow erosion of appointment-viewing habits via AI-curated news aggregation, not outright replacement, as of 2026-01-22 analysis.
- Who owns Fox Corporation?
- The Murdoch family controls Fox via supervoting Class B shares. On 2025-09-08, Lachlan Murdoch secured sole voting control of the family trust (through 2050) after siblings James, Elisabeth, and Prudence each received about $1.1 billion and exited as beneficiaries.
- Is Fox Corporation buying Roku?
- Yes, announced 2026-06-15. Fox agreed to acquire Roku for $160 per share (about $22 billion enterprise value), with Fox shareholders holding roughly 73% of the combined company. The deal needs shareholder and regulatory approval and is expected to close in H1 2027.
- What is Fox Corporation's biggest competitor?
- Fox competes with Paramount Skydance, Comcast/NBCUniversal, Disney, and Warner Bros. Discovery in news and sports broadcasting. The most consequential near-term threat is the pending ~$110 billion Paramount-WBD merger announced 2026-02-27, currently halted by a court TRO as of 2026-07-20.
- Is Fox Corporation facing major lawsuits?
- Yes. Fox faces a $2.7 billion Smartmatic defamation suit, with a 2026-05-07 appellate ruling allowing discovery into a related criminal case. This follows Fox's $787 million Dominion Voting settlement in April 2023, setting a costly precedent.
Timeline
- 2026-06-17Fox Advertising launches agentic advertising platform powered by FOX AdStudio
- 2026-06-15Fox announces $22 billion agreement to acquire Roku, expected to close H1 2027
- 2026-05-11Fox reports fiscal Q3 2026 net income of $175 million, down from $354 million prior year
- 2026-05-07NY appellate court allows Fox to probe criminal case impact in $2.7B Smartmatic suit
- 2026-04-23FOX Advertising launches FOX AdStudio, unified AI-native ad platform
- 2026-04-16Fox names AWS its preferred AI cloud provider
- 2026-02-27Paramount announces ~$110 billion deal to acquire Warner Bros. Discovery
- 2025-09-08Lachlan Murdoch secures sole voting control of Murdoch family trust through 2050
- 2025-08-21Fox One direct-to-consumer streaming service launches
- 2025-07-01Fox reports Tubi hit 100 million monthly active users, 1 billion viewing hours in June 2025
Revision history
20 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Fox Corporation (2026-07-20)
- Fox Corporation (FOXA) Earnings Call Transcripts
- FOX Reports Third Quarter Fiscal 2026 Results (2026-05-11)
- Tubi Achieves Record Audience Scale and Engagement (2025-07-01)
- Fox (FOX) Q3 2026 Earnings Call Transcript (2026-05-11)
- Fox: Tubi Operating 'Break-Even or Better' (2026-05-12)
- Shareholders, Brands & Acquisition History (2026-07-08)
- gurufocus.com (2026-07-20)
- Fox Corporation to Acquire Roku, Inc. (2026-06-15)
- Fox Corporation Names AWS its Preferred AI Cloud Provider (2026-04-16)
- FOX Advertising Launches FOX AdStudio (2026-04-23)
- FOX Advertising To Launch Agentic Advertising Platform (2026-06-17)