|Bid||0.00 x 1300|
|Ask||0.00 x 1000|
|Day's range||25.73 - 26.30|
|52-week range||19.13 - 38.84|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||11.99|
|Forward dividend & yield||0.46 (1.79%)|
|Ex-dividend date||03 Mar 2020|
|1y target est||51.50|
The cable news network owned by Rupert Murdoch's Fox Corp said on Wednesday it had dismissed the co-presenter of weekday news program "America's Newsroom" after receiving a complaint on June 25 from the lawyer of a former employee which prompted the network to retain an outside law firm to investigate. Henry was suspended on the day of the complaint and was fired based on "investigative findings," according to an internal memo that Fox News provided Reuters.
(Bloomberg) -- Long before an uproar over online hate speech prompted hundreds of marketers to cut summer social media budgets, 2020 was turning out to be a dismal year for the global advertising industry.Total ad spending will fall 12% this year, compared with a 6.2% gain in 2019, according to GroupM, a division of advertising giant WPP Plc. That’s the biggest contraction in at least a decade. As the global pandemic spread around the world and consumer spending slowed to a trickle, many corporations targeted marketing as a fast, early way to cut costs.One ad agency executive said third-quarter buying would be down 20% to 30%. New deals were being struck with “force majeure” clauses that would allow advertisers to pull out if a second wave of the virus caused new shutdowns, said the executive, who requested anonymity discussing internal financial figures. In the U.S., hopes that the virus would slow by summer are fading as states that had begun opening up move to shut down again because of a jump in cases.Against this backdrop, advertisers are making another shift. Big companies around the world have said they’ll pause spending on social media, several of them singling out Facebook Inc., because they don’t want marketing messages appearing alongside the vitriol and disinformation. Many are heeding the call from a consortium of civil rights and other advocacy groups, including Color of Change and the Anti-Defamation League, to stop spending on Facebook for July to protest the company’s failure to police harmful content.The pause creates a way for many companies to take a public stance against hate while at the same time providing a concrete reason to trim marketing budgets or, in some cases, experiment with alternatives to traditional social media, such as Amazon.com Inc. or ByteDance’s TikTok. “While many brands were planning on pulling back ad spend anyways, a portion of Facebook-allocated dollars may end up on Snapchat, Pinterest, Amazon, Walmart, etc.,” Mark Shmulik, an analyst at Sanford C. Bernstein, wrote in a recent research note.Ad budgets are an indicator of corporate sentiment toward the world economy. Confidence and growth leads to bigger budgets and higher ad prices. Ad spending cratered in March and April as businesses shut and people stayed home to comply with lockdown orders.In interviews earlier in the year, ad execs were mostly hopeful that the pain would end once quarantines lifted and the economy rebounded. But behind the scenes, the picture was more bleak. Ad agencies, which choose how and when to spend the money companies entrust to them, have cut thousands of jobs. Ad executives who had spent money on spots meant to run during now-canceled sports events tried to recoup the money and find new outlets for it, according to people interviewed by Bloomberg who asked not to be identified discussing private negotiations.Despite the larger advertising pullback, a pause for social media platforms like Facebook, Twitter Inc. and YouTube creates an opening for ad upstarts on the digital side. Packaged foods company Conagra Brands Inc. pulled Facebook advertisements, redirecting the money to search and e-commerce ads, a category most likely to benefit online rivals Google and Amazon.Ben & Jerry’s, a division of Unilever, was one of the early brands to join the StopHateForProfit campaign. “The marketing dollars that would have been spent on Facebook will be spent on other channels, including possibly some Black-owned media outlets,” said Chris Miller, the activism manager at Ben & Jerry’s.Even if the boycotts gain momentum and persist for more than a month, Google and Facebook are still likely to benefit in the long-term from the disruption wrought by the pandemic. That’s because these companies offer advertisers the most flexible and direct way to reach consumers; spending can be paused or ramped up on a moment’s notice. The tech giants also benefit from the millions of small businesses that rely heavily on them for day-to-day business and don’t necessarily need to take a public stand on moral issues. “They may grab an even greater market share post COVID-19 than the strong gains we are currently projecting,” Michael Nathanson, an analyst at MoffettNathanson LLC, said of Facebook and Google.The more traditional parts of the ad ecosystem, which still account for around half of advertising spending, are in a riskier position.For the TV industry, the advertising outlook for the rest of 2020 will depend on two still-unanswered questions. One is how much the pandemic-driven recession will accelerate cable-TV cord-cutting. With unemployment high, more people are expected to cancel their TV subscriptions as they tighten their household budgets. That would hurt viewership and the advertising dollars that go with it. The bigger audiences as a result of people being confined to their homes has already started to fall for just about all programming except news as more people venture outdoors again.The other big question is the return of sports. As long as professional and college football starts up again this fall, media companies like Fox Corp., Comcast Corp., Walt Disney Co. and ViacomCBS will likely see a rebound in advertising revenue, analysts say. Brands spent over $4 billion on TV commercials during NFL games last year.Still, some big TV advertisers could be less willing to jump back this year at all. Carmakers like General Motors and Ford, for instance, have been among the top buyers of TV commercials. The global pandemic has disrupted their supply chains and raised doubts about consumers making big purchases like cars.Media companies and TV networks are now under pressure to make their contracts more flexible. TV networks typically prevent advertisers from pulling all of their money out on short notice. That frustrated many advertisers this spring when the pandemic first kicked off the recession. Now, advertisers are pushing for the right to pull more of their money out of a TV network with fewer days notice in case the coronavirus worsens the economic picture. They will, however, likely pay a higher price for that flexibility, according to one TV executive.That could send them back to the digital platforms, regardless of all the commitments to boycott Facebook.“Brands can stop TV ads but they can’t stop things being on social,” said Arron Shepherd, co-founder of global social media and influencer marketing agency Goat.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Older Americans rely more heavily on news and current events to make financial decisions than the younger generation, according to a new Yahoo Finance-Harris poll.
FOX News Channel (FNC) has named former ESPN radio host and commentator Will Cain as co-host of FOX & Friends Weekend (Saturdays & Sundays 6-10AM/ET). Cain will make his official debut on Saturday, August 15th alongside co-hosts Jedediah Bila and Pete Hegseth.
(Bloomberg Opinion) -- Makan Delrahim is one of President Donald Trump’s many appointees whose reputation will end up in tatters. If there were any doubt about that, it was erased on Wednesday afternoon when one of his career staff members, John W. Elias, testified before the House Judiciary Committee.Delrahim, as you may recall, is the assistant attorney general in charge of the Justice Department’s antitrust division. Before taking that post, he worked for a big Los Angeles law firm — his antitrust clients included Google and Apple — and as an adjunct professor at the Caruso School of Law at Pepperdine University. He wasn’t one of the big names in antitrust, but he was respected.Yet almost from the moment Delrahim took over antitrust enforcement in 2017, the division took one step after another that seemed to have more to do with catering to Trump’s whims than with following antitrust law. Delrahim decided to go to court to block the AT&T-Time Warner merger — even though the department had been on the verge of approving it before he arrived. (Trump views CNN, which was owned by Time Warner, as his enemy.)He waved through the merger of the Walt Disney Co. and 21st Century Fox Inc., which was run by Trump ally Rupert Murdoch, even though it posed a number of significant antitrust issues. He spent several years contending that the big tech companies like Facebook and Google did not raise antitrust problems — until it became clear that Trump wanted to find a way to put the hammer to them. At which point, he changed his stance and said they were a problem after all.With each new ruling, I wrote columns making the circumstantial case that Delrahim was doing the president’s bidding instead of upholding the law — and in doing so, he was damaging the rule of law. I was hardly alone. In May 2019, Representative David Cicilline of Rhode Island, the Democrat who is chairman of the House antitrust subcommittee, accused the division of undermining enforcement and using it as a weapon.Delrahim, of course, strongly denied doing anything of the sort. In response to a question about one politically charged case, he said, “I wasn’t told by the White House” what to do. “I wasn’t asked or directed or even communicated with the White House.”If those denials seemed unconvincing before Wednesday’s Judiciary Committee meeting, they were in absolute shreds by the time Elias finished testifying. Elias told the committee that the antitrust division had spent an inordinate amount of time doing deep investigations into mergers of cannabis companies — which were far too small to pose antitrust issues — because Attorney General William Barr didn’t like the industry.And he said that 24 hours after an angry Trump tweet, the antitrust division launched an investigation into the four automobile companies that had sided with California on emissions standards that Trump wanted to lower.The evidence from Elias, who had reported his concerns to the Justice Department’s inspector general, was compelling. In March 2019, he said, after one of the early marijuana mergers was proposed, Barr held a meeting with the antitrust division’s top lawyers. In preparing for the meeting, the staff prepared a memo emphasizing that “the transaction was unlikely to raise any significant competitive concerns that would justify issuance of second requests.” (Second requests refer to the division’s phrase for a significant investigation into a deal.)Barr rejected the memo and insisted that the division go forward with the second requests. Why? “Because he didn’t like the underlying business,” Elias said. He added that nearly a third of the division’s second requests — which require companies to generate sometimes more than 1 million pages of documents — were spent on cannabis mergers. In one case, he said, the combined companies would have held 0.35% of the market share. It still had to undergo a second request.The California auto investigation was equally bogus — indeed, it lacked an antitrust hook altogether. When the staff “expressed concerns about the legal and factual basis for the investigation,” Delrahim simply wrote the letter to the auto companies himself, telling them they were being investigated. The division first issued subpoenas to each company, and after hitting a brick wall, it tried to make hay by looking into California’s decision to buy government cars only from those automakers. It finally gave up in February.It takes courage for a career official — someone still on the job — to stand up against political appointees who are perverting the law. Elias — as well as the other career Justice Department officials who testified on Wednesday — got roughed up a bit by the Republicans. There could be career consequences down the line. But anyone who watched the hearing knew that the badgering they got from the Republican committee members was just part of the circus. They had to know that by the time they walked out of the hearing room their names would be added to the handful of others, like Fiona Hill and Marie Yovanovitch, who would forever be known for having done the right thing.One hopes that Delrahim is enjoying his time running a vital federal department. Because he, too, will someday be known for something. He will join the ranks of all those who helped a venal president chip away at the rule of law and damage our democracy.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
FOX News Digital finished the month with its strongest performance of any May on record, experiencing double-digit increases versus the prior year across several key performance indicators, including multiplatform views (a 17 percent increase from May 2019) and multiplatform unique visitors (a 12 percent increase from May 2019), according to Comscore.
When Comcast's (NASDAQ: CMCSA) Fandango acquired Walmart's Vudu, it reinforced its presence in the digital media purchase and rental space. In this aspect of the Fandango deal, we can see the pressure exerted by another deal: Fox Corporation's (NASDAQ: FOX) acquisition of Tubi. Fox's deal to land Tubi wasn't officially closed until May, but it was announced in March and has helped set the tone for what has been a big year for AVOD services.
Fox Corporation (FOXA) expands broadcast partnership with Sirius XM through availing Fox News original programming podcasts for Pandora.
FOX News Media and SiriusXM have expanded their existing broadcast partnership, announced John Sylvester, Vice President of FOX News Audio. As a part of the new agreement, all of FOX News Podcasts’ original programming is now available to Pandora’s more than 60 million monthly users across all tiers of the service. Additionally, the platform’s daily news digest, The FOX News Rundown, now airs weekday mornings on SiriusXM’s Patriot Channel 125.
What happened Fox (NASDAQ: FOX) (NASDAQ: FOXA) outperformed a surging stock market last month. Shares rose 13% in May compared with a 4.5% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.
Paddy Power, Betfair and Poker Stars owner Flutter Entertainment <FLTRF.I> has raised 812 million pounds via a share placement that will see U.S. media group Fox Corp <FOXA.O> increase its investment in the world's largest online betting group. Flutter said on Thursday that the 8 million new shares would be placed with institutional investors via an accelerated book build to speed up growth in the fast growing U.S. market and finance cost savings arising out of the coronavirus crisis. The placement came three weeks after Flutter completed its $6 billion merger with Stars Group Inc (TSG) <TSGI.TO> that also added the Sky Bet brand to the group.
FOX Nation, the on demand subscription-based streaming service, will roll out a new slate of adventure programming for the month of June, including an acquisition of the hit series Duck Dynasty, a new series hosted by FOX News Channel (FNC) contributor Johnny Joey Jones and the season premiere of Brian Kilmeade’s popular historical series What Made America Great.
FOX News Digital finished the month of April with double digit increases versus the prior year across all key performance indicators, including multiplatform views (a 26 percent increase from April 2019), multiplatform minutes (a 19 percent increase from April 2019) and multiplatform unique visitors (a 20 percent increase from April 2019), according to Comscore. The network also yielded highs in multiplatform unique visitors (121.5 million), total multiplatform views (1.9 billion) and total multiplatform minutes (4.5 billion minutes), while its comprehensive coverage of the pandemic continued to drive traffic and engagement. This April marked the second highest month of multiplatform unique visitors, coming only behind March 2020, as well as notched the network’s fifth consecutive month with over 100 million multiplatform unique visitors. The strong performance also helped propel the FOX News Mobile App ahead of the CNN Mobile App for the 17th month in a row in unique visitors (8.7 million versus CNN’s 7.3 million).*
If the economic slowdown continues, ViacomCBS, Fox, and Eros International could see revenue fall from reduced ad spending and lower subscriber growth.
FOX Nation, the on demand, subscription streaming service designed to complement the FOX News Channel experience, is now available to Cox Contour TV customers and to Internet-only customers with the Contour Stream Player, announced John Finley, Executive Vice President of Development for FOX Nation.
The company's chief executive officer, Robert Thomson, who is giving up three-quarters of his annual cash bonus, said on Thursday News Corp would cut costs in all its units as it tries to limit the hit of the pandemic on its business. "The collective cuts in bonuses and other cost initiatives will have a positive impact on profitability and our cash position," Thomson said in a statement.
Shares of Fox Corporation (NASDAQ: FOX)(NASDAQ: FOXA) headed higher on Thursday after the company showed its business is holding up well during the COVID-19 pandemic. Both its Class A shares and Class B shares were 9% higher during early trading, before fading later in the session. What might be most surprising for investors is Fox's ad revenue, which in the third quarter of fiscal 2020 grew a whopping 44% year over year.
Fox (FOXA) delivered earnings and revenue surprises of 29.17% and 2.51%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
FOX News Media has partnered with Spotify, the world’s leading audio subscription streaming platform, in a new deal that will distribute FOX News Podcasts on the global audio streaming platform, announced John Sylvester, vice president of FOX News Radio (FNR). Beginning today, FNR’s catalogue featuring more than 20 original series, including three new programs slated to debut in May — The Trey Gowdy Podcast, The Proud American Podcast Series and FOX Top 5 — will be made available globally on Spotify, reaching over 286 million monthly users.
Shares of media giant Fox Corporation (NASDAQ: FOX) (NASDAQ: FOXA) were falling today as investors processed more bad news stemming from the coronavirus pandemic. The broader stock market was reeling from the latest unemployment figures released today, and Fox's stock took a hit along with it. Fox Corporation's stock was down 8% as of 11:41 a.m. EDT.