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

You are looking at Fox Corporation (FOXA) and asking the right questions: who is actually buying this stock, and what is their conviction given the media landscape? The answer is a sophisticated mix of institutional heavyweights and strategic insiders, all reacting to a record-breaking fiscal year 2025 where the company delivered $16.30 billion in total revenue and $2.29 billion in net income. We've seen institutional ownership-firms like BlackRock, Inc. and Vanguard Group Inc-holding over 54.91% of the stock, but the story is complex, with 388 institutions adding shares in Q2 2025 while 291 decreased their positions, suggesting a real debate on valuation. This is not a passive trade; it's a calculated bet on the company's aggressive capital return strategy-note the $5 billion increase to the share repurchase authorization, bringing the total to $12 billion-and the stock's impressive 42.76% climb to $66.71 per share over the last year. Are the buyers chasing momentum, or are they seeing sustainable value in the digital growth of Tubi and the launch of FOX One? Let's break down the movements to see if their conviction aligns with your investment thesis.

Who Invests in Fox Corporation (FOXA) and Why?

You're looking for a clear picture of who owns Fox Corporation (FOXA) and what their thesis is, especially with the company's pivot toward digital and a major election cycle wrapping up. The quick takeaway is that institutional money, while significant, is constrained by the company's dual-class structure, leaving a large portion of the stock in the hands of insiders and long-term passive funds. This dynamic attracts investors motivated by stable cash flow and strategic digital growth.

Key Investor Types and Ownership Breakdown

The investor base for Fox Corporation (FOXA) is a mix, but it is heavily influenced by the two classes of stock: Class A (FOXA) with no voting rights, and Class B (FOX) with voting rights, which is largely controlled by the Murdoch family. This structure means the public float-the shares available for trading-is smaller than a typical company of this size, which can affect trading liquidity and price volatility. As of late fiscal year 2025, institutional investors hold about 16.19% of the Class A shares (FOXA).

The bulk of the institutional ownership comes from passive index funds and large asset managers. These are not typically looking for activist changes but rather tracking the stock's inclusion in major indexes. Honestly, the sheer size of these firms makes them unavoidable top holders. The top institutional holders include Vanguard Group Inc, BlackRock, Inc., and State Street Corp, all managing massive index and mutual funds. The remaining ownership, over 83%, is categorized as 'Other,' which includes the controlling family interests and the retail investor base.

Investment Motivations: Stability and Digital Upside

Investors are drawn to Fox Corporation for three core reasons: its dominant market position in key verticals, its commitment to capital return, and the clear growth trajectory of its digital assets. The company delivered record financial results in fiscal year 2025, which gives investors confidence in its foundational business.

• Growth Prospects: The digital momentum is defintely a key attraction. The Tubi AVOD (Advertising-Supported Video On Demand) service is a major driver, surpassing 100 million monthly active users and contributing to a 26% increase in total advertising revenues in FY2025. This digital growth, plus the launch of the FOX One direct-to-consumer (DTC) service, signals a clear path beyond traditional cable.
• Market Position: The company holds a leadership position in high-value content, specifically news and sports. Fox News Media continues to capture significant cable news audience share, and marquee events like Super Bowl LIX generated over $800 million in gross ad revenue in FY2025. The political advertising cycle also delivered record revenue of well over $400 million.
• Capital Return: A commitment to shareholders is evident in the buyback program and dividend. The company increased its semi-annual dividend to $0.28 per share in August 2025, which translates to an annual dividend of $0.56 per share, and it boosted its share repurchase authorization by $5 billion, bringing the total to $12 billion.

Investment Strategies in Play

The nature of Fox Corporation's business and its stock structure dictates a few common investor strategies. The dual-class shares mean that passive shareholders in FOXA are essentially buying an economic interest without a proportional say in corporate governance, which is a trade-off many institutional investors accept for the stability of the underlying assets.

Value investors are attracted to the stock because its core assets-the broadcast network, cable news, and sports rights-generate substantial and predictable free cash flow, which was a record $3.0 billion in fiscal year 2025. They see the stock as undervalued relative to this cash flow stream. Long-term holding is the default strategy for the large index funds, but it's also a strategy for investors who believe the company's strong balance sheet and cash flow will allow it to navigate the media industry's transition. Here's the quick math: the company's dividend yield of approximately 0.86% is modest but sustainable, with a low payout ratio of 11.36%, underscoring the focus on buybacks as the primary capital return mechanism.

Growth investors, on the other hand, focus on the digital transformation story, particularly the monetization of Tubi and the potential of the FOX One DTC platform. They are betting that the growth in digital revenue will eventually re-rate the stock's valuation multiple closer to pure-play digital media companies. If you want to dig deeper into the company's long-term vision, check out Mission Statement, Vision, & Core Values of Fox Corporation (FOXA).

Institutional Ownership and Major Shareholders of Fox Corporation (FOXA)

If you're looking at Fox Corporation (FOXA), the first thing you need to grasp is that institutional money drives the stock, but the dual-class share structure means the Murdoch family still holds the reins on strategy. About 60% of the company is held by institutional investors-massive players like Vanguard and BlackRock-but their Class A shares (FOXA) carry limited voting power, which is a critical distinction for governance.

This means your investment decision is less about a potential shareholder revolt and more about whether you trust the current management's long-term plan for their core brands like FOX News Media and FOX Sports. It's a classic case of ownership versus control. For a deeper dive into the company's structure, check out Fox Corporation (FOXA): History, Ownership, Mission, How It Works & Makes Money.

The Top Institutional Investors and Their Stakes

As of the most recent filings in the 2025 fiscal year, the list of top institutional holders in Fox Corporation (FOXA) is dominated by the usual passive asset management giants. These firms hold staggering amounts of capital, reflecting their mandates to track major indices, so their presence is a function of the stock's inclusion in those benchmarks, not necessarily a vote of confidence in the management's unique strategy. Still, their sheer size matters for liquidity and stability.

Here's a quick look at the top institutional holders as of the end of Q3 2025, which gives you a clear picture of who holds the largest slices of the public float:

• Vanguard Group Inc. holds 42,230,060 shares, valued at approximately $2,735,663 thousand.
• BlackRock, Inc. holds 32,898,925 shares, valued at approximately $2,131,192 thousand.
• State Street Global Advisors, Inc. holds 32,757,828 shares, valued at approximately $2,122,052 thousand.

To be fair, the single largest shareholder is the Mft Sh Family Trust, which holds 51,113,417 shares, giving it a significant stake that is separate from the traditional institutional money. This is the real anchor in the ownership structure.

Recent Shifts: Institutional Buying and Selling

The institutional activity in the first half of the 2025 fiscal year shows a mixed, but telling, picture. In the most recent quarter (Q2 2025), 388 institutional investors added shares to their portfolios, but 291 decreased their positions. That's a lot of churn, but the net effect tells you where the smart money is moving.

We saw some significant defensive moves from active managers. For instance, Dodge & Cox, a top holder, removed a substantial 5,619,195 shares from its portfolio in Q2 2025, representing a -28.6% reduction in their stake, valued at over $314 million. State Street Corp also scaled back, removing 2,599,741 shares, a -13.6% change.

But it wasn't all selling. On the buying side, QUBE RESEARCH & TECHNOLOGIES LTD made an aggressive move, adding 2,375,027 shares, a massive +945.8% increase in their holding, valued at over $133 million. This kind of massive increase suggests a high-conviction bet on a near-term catalyst or a deep value play. Here's the quick math on the major Q2 2025 changes:

The Role of Institutional Investors in Stock and Strategy

The total institutional value of long positions in FOXA is substantial, sitting at approximately $15.27 billion as of the most recent quarterly filings. This collective investment base plays a vital role in two ways: stock price stability and capital deployment.

First, their sheer volume of shares helps stabilize the stock price. When BlackRock or Vanguard buys or sells, it sends a clear signal, but their passive nature often acts as a floor, reducing volatility. Second, while they hold a lot of shares, their direct influence on corporate strategy is muted due to the dual-class structure. The Murdoch family's Class B shares give them the voting power to elect the board and approve major strategic decisions, effectively insulating management from most activist pressure.

For example, at the Annual Meeting of Stockholders in November 2025, a proposal to implement a simple majority vote requirement-a common institutional investor push for better corporate governance-did not pass. This shows you the limits of institutional power here. They can influence the stock price through buying and selling, but they defintely can't force a strategic pivot or a governance overhaul. Your action here is simple: assess the management team's vision, because their control is secure.

Key Investors and Their Impact on Fox Corporation (FOXA)

You need to know who truly calls the shots at Fox Corporation (FOXA) because the ownership structure here isn't typical. The short answer is that while institutional investors hold a significant portion of the publicly traded shares, the Murdoch family maintains iron-clad voting control, making their strategic vision the most important factor for any investor.

This dual-class share structure means that the family's interests-which are often ideological as much as financial-trump the typical shareholder majority. Honestly, that single fact changes the risk-reward calculation for everyone else. For a comprehensive overview of their long-term goals, you should read the Mission Statement, Vision, & Core Values of Fox Corporation (FOXA).

The Controlling Interest: The Murdoch Family Trust

The biggest investor influence isn't a BlackRock or a Vanguard, but the family trust that holds the majority of the Class B voting stock. In a major move in September 2025, the long-running succession drama ended with a settlement that gave Lachlan Murdoch sole voting control of the trust's stake in Fox Corporation (FOXA) until 2050. This solidifies his position as Executive Chair and CEO and ensures the company's conservative-leaning editorial direction remains intact.

Here's the quick math on recent insider activity: Insiders, including Rupert Murdoch, have been net sellers, offloading 324,920 shares with a value of approximately $21,485,254 in the 90 days leading up to mid-November 2025. Specifically, Rupert Murdoch sold 168,756 shares for $11,132,833.32 on November 7, 2025. This is a normal, albeit large, move for a controlling shareholder, but it's defintely worth noting.

Institutional Investors: The Public Stake

Institutional investors and hedge funds own a substantial portion of the non-voting Class A shares, accounting for about 52.52% of the stock. These funds are buying for financial performance, which has been strong. The company closed its fiscal year 2025 (FY2025) with total revenue of $16.30 billion, marking a 16.60% increase year-over-year. Net income was $2.26 billion, a jump of over 50%.

Still, their influence is primarily through proxy votes on non-governance issues and stock price movement, not strategic control. The push for corporate governance changes, like a stockholder proposal for a simple majority vote requirement, failed at the November 14, 2025, Annual Meeting.

Recent institutional moves show mixed sentiment, but the overall conviction remains moderate to strong, reflected in the average analyst price target of $70.50.

• Mount Lucas Management LP cut its Q2 2025 stake by 16.7%.
• SG Americas Securities LLC made a large cut, reducing its Q2 2025 position by 62.0%.
• Envestnet Asset Management Inc. increased its Q1 2025 holdings by 5.9%.

The Company's Own Investment: Buybacks

What this estimate hides is the company's own aggressive investment in its stock. Management is using its strong cash flow to return capital to you, the shareholder. As of March 31, 2025, Fox Corporation (FOXA) had repurchased approximately $5.35 billion of its Class A common stock and $1 billion of its Class B common stock. This is a huge vote of confidence from the board and a direct way to boost earnings per share (EPS).

The company's free cash flow (FCF) for FY2025 was robust at $2.99 billion, nearly double the prior year. This FCF generation is what funds the buyback program, which still has a remaining authorization of $650 million. This capital return strategy is a core reason why many institutional investors are buying in, despite the limited voting power.

Finance: Track the next 13F filings to see if the recent insider selling is offset by new institutional buying, giving us a clearer picture of market sentiment post-succession.

Market Impact and Investor Sentiment

You're looking at Fox Corporation (FOXA) and seeing a stock that has outperformed the broader market, which tells you the institutional money is defintely leaning positive right now. The consensus among the 21 Wall Street analysts covering the stock is a Moderate Buy, a rating that has actually become more bullish over the last three months. This isn't a speculative frenzy; it's a measured confidence built on recent execution, especially in digital and live content.

The market's immediate reaction to the company's Q1 2026 earnings, reported in late October 2025, was a clear signal. The stock climbed 7.7% on the news because the company delivered adjusted earnings per share (EPS) of $1.51 on revenue of $3.74 billion, topping consensus estimates. That's a powerful beat, and it shows investors are rewarding the shift toward high-growth areas. Plus, management signaled strong confidence with a new $1.5 billion share buyback announcement, which always boosts the mood.

• Reward execution: Stock jumped 7.7% on Q1 2026 results.
• Digital milestone: Tubi hit its first profitable quarter.
• Capital signal: Announced $1.5 billion share repurchase.

The Institutional Backbone: Who Holds the Keys?

When you peel back the ownership layers, you see a dual-class structure that matters: the Murdoch family controls the voting power, but the majority of the economic interest is held by major institutions. The largest institutional holders-the 'set it and forget it' crowd-are firms like Vanguard Group Inc, BlackRock, Inc., and State Street Corp. These are passive index and large-scale asset managers, meaning their position is largely a function of FOXA's inclusion in major indices like the S&P 500, not a conviction trade.

However, the significant presence of active managers, such as Dodge & Cox and Independent Franchise Partners LLP, shows there's a substantial portion of the float where investment is based on fundamental conviction. This is important because it means a sizable group of sophisticated investors is willing to hold the stock despite the secular headwinds facing traditional media. The total institutional ownership is high, at over 81%, with the Murdoch family holding a controlling stake of around 43.52% through various entities.

Here's the quick math on the major institutional holders as of late Q3 2025 filings:

What this ownership structure hides is the insider selling. Over the last 90 days leading up to November 2025, insiders have sold approximately 324,920 shares valued at about $21.5 million. This includes significant sales from Chairman Keith Rupert Murdoch, who sold 168,756 shares for over $11.1 million in early November. Insider selling isn't always a red flag, but when it's that concentrated, you defintely need to ask why the people who know the company best are taking money off the table, even as the stock performs well.

Analyst Perspectives and Future Opportunities

The Street's bullishness is grounded in the company's ability to monetize its premium live content-think NFL, news, and the upcoming 2025 Super Bowl broadcast-while simultaneously scaling its digital assets. The average 12-month price target is approximately $70.50, suggesting a potential upside of around 8.23% from the current trading price. The range is wide, from a low of $55.00 to a Street-high of $97.00, reflecting the uncertainty around the media industry's transition.

For the full fiscal year 2025, analysts are anticipating EPS of around $4.08, which would be a healthy 19% increase over the prior fiscal year. The growth engine is shifting. The streaming platform Tubi generated over $1.1 billion in revenue for the full fiscal year ending June 2025 and is now profitable, a major milestone that de-risks the digital strategy. Also, the launch of the new direct-to-consumer platform, FOX One, is expected to capture cord-cutters and cord-nevers, further solidifying the company's position. You can read more about the long-term strategic vision here: Mission Statement, Vision, & Core Values of Fox Corporation (FOXA).

The key takeaway is that the market is valuing the stability of the core business-live news and sports-and the clear path to profitability in the digital segment. The near-term opportunity is tied to the strength of political advertising in the current cycle and the continued momentum in NFL ratings, which were up 12% year-over-year in a recent period. The risk, as always, is the long-term decline in cable subscriptions, but the Tubi and FOX One strategy is the company's clear countermeasure.

Next step for you: Review the analyst reports from Wells Fargo and Citigroup, who recently raised their price targets to $80 and $77, respectively, to understand their specific models for Tubi's valuation.