Fox News is owned by Fox Corporation, a publicly traded mass media company that operates under the tight governance of the Murdoch family. While ordinary investors can purchase shares on the open market, ultimate control remains concentrated within a family-managed trust that holds roughly 39% of the company's voting shares. This dual-class share architecture allows the Murdochs to direct corporate strategy and editorial oversight without owning a majority of the total economic equity.
Understanding who owns Fox News requires looking past standard Wall Street tickers. The network functions as the crown jewel of a multi-billion dollar media ecosystem shaped by decades of family acquisitions, corporate restructuring, and precise generational succession planning.
The Corporate Parent: Fox Corporation
Fox News does not trade as a separate standalone entity on stock exchanges. Instead, it operates as a wholly owned subsidiary of Fox Corporation, which trades on the NASDAQ under the ticker symbols FOXA (Class A voting-restricted shares) and FOX (Class B voting shares).
Fox Corporation was established in March 2019 following a historic $71 billion asset sale. Walt Disney Company acquired 21st Century Fox's entertainment production studios and cable networks. However, Rupert Murdoch and his leadership team deliberately carved out the news and sports divisions, keeping them separate to form the modern Fox Corporation.
Today, Fox Corporation's asset portfolio extends well beyond the cable news network. Its major operating divisions include:
- Fox News Media: Encompassing the Fox News Channel, Fox Business Network, Fox Nation, and FOX Weather.
- Fox Sports: Managing national broadcast rights for major athletic properties, including NFL, MLB, and collegiate conferences.
- Fox Entertainment: Overseeing broadcast television programming and studio development.
- Tubi Media Group: Operating the free ad-supported streaming television service Tubi.
The Murdoch Family Trust and Voting Power
The core mechanism of ownership rests within the Murdoch Family Trust. This legal instrument holds the bulk of the family's Class B voting shares, granting them roughly 39% of the total voting power in Fox Corporation.
In corporate governance, holding nearly 40% of voting rights in a publicly traded firm with fragmented institutional ownership is typically enough to secure absolute operating control. Major institutional investment firms—such as The Vanguard Group, BlackRock, and State Street Corporation—own significant percentages of Class A non-voting or limited-voting equity through index funds and mutual funds. Yet, these financial giants hold economic stakes rather than direct operational influence over newsroom policies.
The trust structure was designed by Rupert Murdoch to prevent the media empire from splintering among heirs. For decades, the governance of the trust involved a fierce internal dynamic among his children, leading to high-stakes legal and boardroom battles over the future ideological and business direction of the media properties.
Leadership and Generational Succession
Rupert Murdoch founded Fox News in 1996, serving as the dominant patriarchal figure of global conservative media for half a century. In September 2023, Rupert stepped down from his formal executive roles, transitioning to chairman emeritus of Fox Corporation and News Corp.
His eldest son, Lachlan Murdoch, stepped into the role of Executive Chair and CEO of Fox Corporation, cementing his status as the designated successor. Legal and family arrangements finalized in subsequent years secured Lachlan's control over the corporate voting trust, mapping out the governance structure well into the future. Other siblings—including James and Elisabeth—pursued separate investment paths outside the daily operations of the core news network.
Under Lachlan's leadership, the executive team works alongside network-level executives like Suzanne Scott, CEO of Fox News Media, to manage daily programming, talent retention, and digital monetization strategies across linear cable and streaming formats.
Frequently Asked Questions
Is Fox News publicly traded?
Fox News itself is a private subsidiary and cannot be bought or sold individually on the stock market. Investors can buy shares of its parent company, Fox Corporation, which trades publicly on the NASDAQ under tickers FOXA and FOX.
How much of Fox News does Rupert Murdoch own?
Rupert Murdoch does not own Fox News in his personal name. Instead, control is vested in the Murdoch Family Trust, which commands roughly 39% of the voting shares in Fox Corporation.
What is the relationship between Fox News and News Corp?
They are separate publicly traded corporations. Fox News resides within Fox Corporation (focusing on broadcast, sports, and domestic news), whereas News Corp houses print publishing assets such as The Wall Street Journal, the New York Post, and international newspapers. Both companies, however, share common roots and remain under the influence of the Murdoch family trust.
Do institutional investors control Fox Corporation?
Institutional asset managers like Vanguard and BlackRock hold sizeable equity stakes in Fox Corporation, primarily through passive index funds. However, because those shares carry limited or zero voting rights compared to the Murdoch Family Trust's holdings, the family retains operational control.
