Analyst Note| Neil Macker, CFA |
Fox posted a mixed fiscal third quarter. Both the cable and broadcast divisions reported relatively impressive advertising growth, benefiting from the ongoing adoption of streaming services and the continued dominance of Fox News. While profitability was pressured due in part to continued digital investment, the recent growth at both Tubi and Fox Nation makes the investment appear reasonable. Tubi had 18 of its top 20 total viewing time days in the last quarter, a strong result. We keep our fair value estimate of $43.