Exploring Fox Corporation (FOX) Investor Profile: Who’s Buying and Why?

You're looking at Fox Corporation (FOX) and asking the right question: with the stock up over 34% since late 2024, who is actually buying, and what do they see that you might be missing? It's a complex media landscape, but the institutional money is defintely leaning in, with institutional investors and hedge funds collectively holding over 54.91% of the stock. We saw major players like BlackRock, Inc. and Vanguard Group Inc. maintain their top-tier positions, but the real story is the aggressive near-term conviction from others: Marshall Wace LLP, for example, increased its position by a staggering 792% to over 3.18 million shares in the third quarter of 2025. Why the rush? Well, the company's full fiscal year 2025 performance, reporting total revenues of $16.30 billion and a net income of $2.29 billion, provides a clear financial anchor, plus the digital growth from their Tubi AVOD service is proving to be a serious catalyst. Are these funds betting on the core news and sports assets, or is the digital pivot the true long-term value driver?

Who Invests in Fox Corporation (FOX) and Why?

You want to know who is betting on Fox Corporation (FOX) and what their endgame is. The quick answer is that the company's ownership is a tight mix: a controlling family interest, massive passive institutional money, and a smaller slice for active managers and retail. This structure is defintely a key driver of the investment thesis.

The core of the investment is a bet on the enduring value of live content-news and sports-plus a significant capital return program. Fox Corporation reported full year fiscal 2025 total revenues of $16.30 billion, with net income hitting $2.29 billion, showing their strategy is working. That kind of performance attracts specific types of money.

The Three Pillars of Fox Corporation (FOX) Ownership

The investor base for Fox Corporation breaks down into three main groups, and understanding their motivations is crucial. Unlike most public companies, a single family maintains control, which frames the entire investment landscape.

• Insider/Controlling Interest: The Murdoch family trust and corporate insiders hold approximately 40% of the total shares. This gives the family effective control over strategic decisions, which means any investment thesis must align with their long-term vision.
• Institutional Investors: This group, which includes mutual funds, pension funds, and major asset managers, holds a significant portion. There are over 1,032 institutional owners holding a total of over 164.6 million shares. These are primarily passive index funds and large, traditional asset managers.
• Retail Investors: The remaining float is held by individual investors. Their motivations are often a mix of brand loyalty, a belief in the political/cultural influence of the company's properties, and a search for value in a stable media name.

What Drives Institutional Money: Passive Giants and Value Hunters

When you look at the largest shareholders, you see the passive giants of the investment world. Firms like Vanguard Group, BlackRock, and State Street are consistently at the top. They are not making an active, high-conviction bet on Fox Corporation; they are simply buying the entire market, which includes Fox Corporation, for their index funds.

Here's the quick math: Vanguard and BlackRock alone hold millions of shares because Fox Corporation is a component of major indices like the S&P 500. Then you have active managers like Dodge & Cox, whose presence suggests a deep-value or contrarian investment strategy. They see the company's assets, particularly its dominant position in news and sports, as undervalued by the market.

The top institutional holders as of late 2025 include:

Investment Motivations: Growth, Capital Return, and Market Dominance

Investors are attracted to Fox Corporation for three clear reasons, all grounded in the fiscal 2025 performance.

• Advertising and Event-Driven Growth: Advertising revenues surged by a massive 26% in FY2025, primarily due to the broadcast of Super Bowl LIX and higher political advertising revenue. This makes the stock a cyclical play on major U.S. election cycles and premium sports rights.
• Digital and Future Growth: The Tubi streaming service is a key growth engine, now boasting over 100 million monthly active users and delivering over $1.1 billion in revenue for the fiscal year. That kind of digital traction is critical in a shifting media landscape.
• Shareholder-Focused Capital Return: Management is focused on returning capital, which is a big draw for value investors. The company announced a $5 billion increase to its share repurchase authorization in August 2025, bringing the total authorization to $12 billion. Plus, the semi-annual dividend was increased to $0.28 per share, translating to an annual dividend of $0.56 per share and a yield near 0.9%.

The company's strong balance sheet, with net leverage around 1x, provides the optionality to execute these buybacks and pursue other growth opportunities, such as its stake in FanDuel. This focus on capital discipline is a clear signal to the market that management is serious about boosting Earnings Per Share (EPS) and total shareholder return.

Investment Strategies: Long-Term Value and Cyclical Plays

The strategies used by investors here are straightforward. You see two dominant approaches.

• Value and Long-Term Holding: This is the strategy of the large index funds and traditional value shops. They are buying the company for its durable, high-margin assets-FOX News Media and FOX Sports-which generate significant free cash flow ($2.99 billion in FY2025). They are patient, looking past short-term content costs and focusing on the long-term cash generation and the value of the company's market position.
• Cyclical and Event-Driven Trading: Active traders often use Fox Corporation as a proxy for the U.S. political advertising cycle. They buy in anticipation of major election years, knowing the boost in advertising revenue can significantly impact quarterly earnings. The Super Bowl LIX broadcast, which generated over $800 million in gross advertising revenue, is another example of a predictable, high-impact event that drives this strategy.

If you're looking for a deeper dive into the company's strategic framework, you should review Mission Statement, Vision, & Core Values of Fox Corporation (FOX).

Institutional Ownership and Major Shareholders of Fox Corporation (FOX)

You're looking at Fox Corporation (FOX) and trying to figure out who's really calling the shots and why the stock moves. The short answer is that while institutional investors own a significant chunk of the company, the Murdoch family's dual-class share structure means their influence is financial, not strategic. That's a crucial distinction for any investor.

As of the end of the third quarter of 2025, institutional investors collectively held over 164.6 million total shares in Fox Corporation. This represents a substantial portion of the company, with institutional ownership ranging between 52.52% and 62.44% of the stock. This high level of institutional holding typically suggests stability, but the concentration of voting power changes the game.

Top Institutional Investors and Their Stakes

The largest institutional investors in Fox Corporation are exactly who you'd expect: the passive investment giants. These are the funds that track major indices, so they buy and hold simply because Fox is a component of the SéP 500 or other benchmarks. They are defintely a source of liquidity and stability.

Here's a quick look at the top three institutional holders as of September 30, 2025, based on their 13F filings with the Securities and Exchange Commission (SEC):

Here's the quick math: Vanguard, State Street, and BlackRock alone hold over $2.5 billion in Fox Corporation shares. These three are the bedrock of the institutional investor base.

Recent Shifts in Institutional Ownership

Looking at the 2025 fiscal year data, institutional sentiment has been overwhelmingly positive, showing a clear accumulation trend. Over the last 12 months, total institutional inflows were approximately $1.09 billion, significantly outpacing the $616.39 million in outflows. In a recent quarter, 298 institutions increased their positions, adding 28,567,918 shares, compared to 187 institutions that decreased their stakes by 8,633,254 shares.

• Buying activity: Marshall Wace, Llp showed a massive increase of 792.372% in their position during Q3 2025.
• Selling activity: Dodge & Cox and Yacktman Asset Management Lp saw minor reductions, but the overall trend is net buying.
• Insider activity: Interestingly, company insiders, including Chairman Emeritus Keith Rupert Murdoch, have been net sellers in the last six months, with five sales and zero purchases.

The net institutional buying suggests confidence in the company's financial strength and strategic direction, which includes a focus on live and event-driven programming. You can read more about the company's long-term focus here: Mission Statement, Vision, & Core Values of Fox Corporation (FOX).

Impact of Institutional Investors on Stock Price and Strategy

The role of these large investors in Fox Corporation (FOX) is complex because of the dual-class share structure. Fox has two classes of common stock: Class A (FOXA) and Class B (FOX). Class A shares, which make up the majority of institutional holdings, generally have no voting rights on matters like director elections. Class B shares, however, carry one vote per share.

What this estimate hides is the power dynamic. The Murdoch family, through LGC Holdco, controls approximately 36.2% of the Class B voting stock. This concentration of voting power means that even the largest institutional holders like Vanguard and BlackRock are essentially passive investors when it comes to corporate governance and strategy. They can influence the stock price through buying and selling volume, but they cannot force a major strategic change or acquisition.

The recent resolution of the Murdoch Family Trust matter in September 2025 solidified Lachlan Murdoch's sole voting control over this block of shares until 2050. This stability is a double-edged sword: it allows management to pursue long-term initiatives without short-term shareholder pressure, but it also insulates the board from activist shareholders (investors who try to force changes). This concentrated control is why takeover proposals are rare. Your action item here is to recognize that your investment in FOX is a bet on the long-term vision of Lachlan Murdoch, not a bet on institutional activism.

Key Investors and Their Impact on Fox Corporation (FOX)

You're looking at Fox Corporation (FOX) and trying to figure out who's really calling the shots and why the stock moved so much this year. The answer is simple and complex: it's the Murdoch family's control, buttressed by the conviction of passive institutional giants who like the company's digital pivot. You defintely need to understand the dual-class share structure here, because it's the single biggest factor in corporate governance.

The Murdoch Family Trust, controlled by Lachlan Murdoch, holds the ultimate power, commanding approximately 36% of the voting shares. This super-voting power means that while major passive funds hold the largest economic stakes, the family dictates the strategic direction, from the launch of new services like FOX One to major acquisitions. This structure is why corporate strategy moves forward with such conviction.

The Institutional Heavyweights: Who Owns the Float?

The vast majority of the publicly traded stock (the float) is held by massive index and mutual funds. As of the third quarter of 2025 (9/30/2025), institutional investors and hedge funds own over 52% of the stock. These aren't activist investors; they are primarily passive funds that buy and hold for the long term, betting on the overall market and Fox Corporation's (FOX) inclusion in major indices like the S&P 500.

Here's the quick math on the top holders as of Q3 2025, showing their massive scale:

The fact that State Street Corp. increased its position by nearly 30% in Q3 2025 is a strong signal. It suggests these giants are confident in the company's new digital strategy, which includes the successful scaling of the ad-supported streaming platform, Tubi, and the launch of the direct-to-consumer bundle, FOX One.

Recent Investor Moves: Sales and Strategic Buys

The most significant insider move in the 2025 fiscal year was a massive sale from the family trusts. On September 10, 2025, three trusts established for Prudence MacLeod, Elisabeth Murdoch, and James Murdoch sold shares totaling $2.06 billion. This event, which included the disposal of over 51 million Class B common shares, was a key step in resolving legal proceedings and restructuring the family's interests, effectively consolidating control among the remaining beneficiaries, like Lachlan Murdoch. This sale was a governance-driven event, not a lack of faith in the business.

On the institutional side, the buying and selling has been dynamic. While passive funds like Vanguard and State Street were accumulating shares, some active managers were taking profits or shifting allocations:

• Marshall Wace LLP, a hedge fund, dramatically increased its stake by over 792% in Q3 2025, acquiring 3,184,642 shares. That's a huge vote of confidence in the near-term outlook.
• Conversely, active managers like Dodge & Cox reduced their position by 5,619,195 shares (a -28.6% reduction) in Q2 2025, a block valued at an estimated $314.9 million.

This push-and-pull shows a clear divergence: passive investors are accumulating, while some active value funds are trimming their positions after the stock's impressive 34.8% surge over the past 52 weeks. This is a classic sign of a stock moving from a deep-value play to a growth-and-momentum story, driven by strong earnings like the Q1 Fiscal Year 2026 adjusted EPS of $1.51.

The Influence of Governance and Strategy

The primary influence of investors outside the Murdoch family is through the stock price itself, which has rallied as the market responds to the company's clear strategy. Fox Corporation (FOX) has been aggressively expanding its digital footprint and sports rights, a strategy that aligns with its Mission Statement, Vision, & Core Values of Fox Corporation (FOX). The fact that the company reported Q2 2025 revenue of $5.08 billion, up 20% year-over-year, shows that the strategy is working.

The institutional accumulation suggests they are buying into the company's ability to monetize its core assets-news and sports-across new platforms, even with the dual-class structure limiting their direct governance influence. The risk for shareholders remains the concentration of voting power, but the opportunity is the strong execution on the digital front, which has driven the stock's outperformance against the broader Consumer Discretionary sector this year.

Market Impact and Investor Sentiment

You're looking at Fox Corporation (FOX) and trying to reconcile strong financial performance with mixed signals from the major shareholders and the market. The direct takeaway is this: institutional sentiment is broadly positive-a 'Moderate Buy'-but the market is still processing the implications of a major insider divestiture against a backdrop of record $16.30 billion in fiscal year (FY) 2025 revenue.

The institutional investor base, which holds a significant percentage of the stock, remains the bedrock. Over 1,000 institutional owners hold approximately 164.6 million shares, with giants like Vanguard Group Inc., BlackRock, Inc., and State Street Corp being among the largest passive holders. Their presence signals a long-term, structural belief in the company's core assets, especially its defensible position in live news and sports.

Here's the quick math on the 2025 strength: Adjusted EBITDA jumped 26% year-over-year to $3.6 billion, and adjusted earnings per share (EPS) grew 39% to $4.78 per share. That's defintely a record-breaking year.

The Insider Selling Signal and Market Response

The recent market reactions have been a study in contrasts, especially when insider moves hit the tape. In November 2025, Chairman Rupert Murdoch sold 168,756 shares for over $11.1 million, and CFO Steven Tomsic also sold a large block. In the last 90 days, insiders have collectively sold 324,920 shares valued at roughly $21.5 million.

This insider selling is a friction point, often signaling a belief that the stock price is fully valued or that personal diversification is needed, even though insiders still own around 19.7% of the stock. Still, the market's response to the company's operational wins has been more immediate and positive lately. When Fox Corporation reported its Q1 2026 results (fiscal year is offset), beating expectations with an adjusted EPS of $1.51, the stock climbed 7.7%. That's a clear vote of confidence in the underlying business momentum.

• Q4 2025 Earnings Beat: Stock fell 3.16% post-announcement.
• Q1 2026 Earnings Beat: Stock climbed 7.7% post-announcement.
• Stock Price High: Reached a new 52-week high of $60.54 in November 2025.

Analyst Consensus and Key Investment Drivers

Wall Street analysts are generally bullish, assigning Fox Corporation a consensus rating of 'Moderate Buy' with an average target price around $70.50. What this estimate hides is the wide range of views; some analysts have a Street-high price target of $97.00, while the most pessimistic is at $55.00. That spread tells you there's still debate about the long-term value of the traditional media assets versus the growth potential of the digital transition.

The core of the bullish thesis rests on two clear actions the company has taken: a commitment to capital return and a successful digital pivot. The board's $5 billion increase in its share repurchase authorization is a massive signal of financial health and management confidence. Plus, the growth of the free, ad-supported streaming television (FAST) platform, Tubi, and the launch of the direct-to-consumer service, FOX One, are seen as crucial for monetizing 'cord-cutters' and 'cord-nevers.' For more on how the company is structured, you can look at Fox Corporation (FOX): History, Ownership, Mission, How It Works & Makes Money.

The key for you as an investor is to focus on whether the digital growth-Tubi's profitability and FOX One's adoption-can outpace the secular decline in traditional cable. The stock's performance in 2025, which saw it surge 34.8% over the 52 weeks leading up to November, suggests the market is starting to believe in that pivot. Your next step is to track the Q2 2026 political advertising revenue, as the company generated well over $400 million in political ads in FY 2025, and this will be a key variable in the near term.