In a recent transaction, Keith Rupert Murdoch, serving as Chairman Emeritus of Fox Corp (NASDAQ:FOXA) (NASDAQ:FOX), sold 100,000 shares of the company's Class B Common Stock. The shares were sold at a weighted average price of $42.05, with the total transaction amounting to approximately $4.2 million.
The sale was conducted through the K. Rupert Murdoch 2004 Revocable Trust, and the shares were sold in multiple open market transactions, with prices ranging from $42.00 to $42.15 per share. Following this transaction, the trust holds 1,258,862 shares of Fox Corp.
In other recent news, Fox Corporation kicked off fiscal 2025 with impressive financial results, reporting an 11% increase in revenue to $3.56 billion and a 21% rise in EBITDA, exceeding the $1 billion mark. This performance was attributed to high audience engagement, especially with FOX News, and significant growth in political advertising. The sports segment also saw notable growth, with increased viewership of MLB postseason and NFL broadcasts among younger demographics. Despite increased expenses, particularly for programming rights for FOX Sports and costs at Tubi, the company maintains a positive outlook for the fiscal year. Analyst Michael Ng expressed concerns over digital losses, to which CFO Steve Tomsic responded that the TV segment's growth is expected to offset these challenges. These are recent developments and provide an insight into the company's performance and strategies.
InvestingPro Insights
As Keith Rupert Murdoch reduces his stake in Fox Corp (NASDAQ:FOX), investors might be curious about the company's current financial standing and market position. According to InvestingPro data, Fox Corp boasts a market capitalization of $19.34 billion, reflecting its significant presence in the media industry.
The company's P/E ratio stands at 11.09, suggesting that Fox Corp's stock may be undervalued compared to its earnings. This is further supported by an InvestingPro Tip indicating that the stock has seen a large price uptick over the last six months, with a impressive 36.41% total return in that period.
Another noteworthy InvestingPro Tip reveals that management has been aggressively buying back shares. This strategy often signals confidence in the company's future prospects and can potentially increase shareholder value. Additionally, Fox Corp has raised its dividend for 4 consecutive years, demonstrating a commitment to returning value to shareholders.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips that could provide deeper insights into Fox Corp's financial health and market position. These tips, along with real-time metrics, can be invaluable for making informed investment decisions in the dynamic media sector.
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