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FOX · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Fox Corporation Class B Common Stock (FOX) stock moving?
Fox reported fiscal Q1 2027 results on Nov 2 with revenue of $4.57B (up 22%), net income of $957M versus $609M a year earlier, and Adjusted EBITDA of $1.64B, beating expectations on political and World Cup advertising. The stock rose from a $55.96 close on Nov 2 to $59.63 on Nov 3. The Roku acquisition closed on Nov 6, with management targeting about $400M of run-rate cost synergies within two years and free cash flow per share accretion by the second full year, and the company said it expects to resume share repurchases this quarter. Analysts remained supportive: Deutsche Bank lifted its target to $82 from $80, Bernstein moved to $74 from $73, and Seaport upgraded the stock to Buy with a $76 target on Nov 9. The dividend was raised 3.70% to $0.56 per share on Nov 5. Offsetting this, Fox filed on Nov 10 for a seven-part senior notes offering with size undisclosed, which adds debt and refinancing questions. Price action shows a 55.38 low on Nov 2 and a 62.47 intraday high on Nov 9, but the stock has not closed above the Nov 4 close of 61.62 and closed at 60.25 on Nov 10. Volume on Nov 10 reached 2.00M shares, the highest in the 30-day window and roughly three times the late-October average of about 0.68M, which signals heavy trading around the notes filing with no clear directional close (down 0.4% from 60.51). Overall, the evidence leans positive, but the post-earnings rally has stalled and the debt offering and Roku integration risks keep conviction moderate.
News behind the analysis
- Fox Corporation Files for Seven-Part Senior Notes OfferingFox has filed with the SEC for a seven-part senior notes offering, with the size not yet disclosed.
- Seaport Global Upgrades Fox Corporation to BuySeaport Global raised its rating on Fox from Neutral to Buy with a $76 price target.
- Fox Corporation Completes Acquisition of Roku, Inc.Fox closed its Roku acquisition, targeting about $400M of run-rate cost synergies within two years and free cash flow per share accretion by the second full year.
- Fox Corporation Increases Annual DividendFox raised its annual dividend to $0.56 per share, a 3.70% increase on the prior year.
- Analysts Adjust Price Targets for Fox CorporationAfter fiscal Q1 2027 results, Deutsche Bank lifted its target to $82 from $80 and Bernstein moved its target to $74 from $73, both keeping positive ratings.
- 'Fox-Roku deal poised to clear Justice Department scrutiny under consent decree' - Semafor ExclusiveSemafor reported the Fox-Roku deal is poised to clear Justice Department review under a consent decree.
- Fox's Advertising Revenue Explodes As World Cup and Election Spending Deliver WindfallFox's Q1 revenue rose 22% to $4.57B, beating estimates on political advertising and sports programming.
- Fox Corporation Reports Fiscal 2027 First Quarter Financial ResultsFox reported record revenue and Adjusted EBITDA for fiscal Q1 2027, exceeding analyst expectations, with revenue of $4.57B, net income of $957M and Adjusted EBITDA of $1.64B.
- Fox Corp Says Anticipate Returning To Share Repurchases In Current QuarterFox said it expects to resume share repurchases in the current quarter.
- Fox Corp Says Fox One Will Bundle With Distributors, Platforms And Other Content ProvidersFox said its Fox One streaming service will be bundled with distributors, platforms and other content providers.
About Fox Corporation Class B Common Stock
Fox Corporation is a US media company that owns FOX News, FOX Sports, the FOX broadcast network, FOX TV stations, and the free, ad-supported streaming service Tubi. It is controlled by the Murdoch family and has two share classes: FOX is the voting Class B stock and FOXA is the non-voting Class A. The company has also announced a plan to buy Roku, and it launched its FOX One streaming subscription in 2025.
How it makes money
Fox earns money in three main ways. Advertising, sold across its news, sports, entertainment and Tubi programming, brings in roughly half of revenue. Distribution fees, which cable, satellite and streaming TV providers pay to carry its channels, make up most of the rest. A smaller share comes from content licensing, such as reselling sports rights it holds to other broadcasters. Revenue was about $17.1 billion in the fiscal year ended June 2026. Big sports events like the Super Bowl or the World Cup can push results up sharply in the years Fox airs them.
What usually moves FOX
- TV advertising demand and political ad cycles
- Major sports events and the cost of NFL and other sports rights
- Cord-cutting and fees paid by TV providers to carry its channels
- Growth of Tubi and FOX One streaming
- Progress on the planned Roku acquisition