Fox News Network is a wholly owned subsidiary of Fox Corporation, a publicly traded mass media company. While shares of the parent company trade on the NASDAQ under the tickers FOXA and FOX, the network itself isn't an independent publicly traded stock. Effective control of the entire enterprise rests with the Murdoch family through a specialized corporate governance setup.
Understanding who runs the network requires looking past public shareholders like large institutional investment firms. The real power relies on a dual-class stock system and a family trust that locks in voting control, shielding executive decisions from outside public pressures.
The Parent Company: Fox Corporation
Fox News operates under the umbrella of Fox Corporation, which came into existence following a massive corporate restructuring in 2019. Prior to that year, the network belonged to 21st Century Fox. When The Walt Disney Company acquired the bulk of 21st Century Fox's entertainment assets, the remaining broadcast and news properties—including Fox News, Fox Business, Fox Sports, and the Fox broadcasting network—were spun off into the newly minted Fox Corporation.
Fox Corporation functions as a standalone public entity, but it doesn't scatter its voting power evenly among all investors. The corporation separates its equity into two distinct tiers: Class A and Class B stock.
Dual-Class Shares and Voting Power
The core of the ownership structure lies in how votes are allocated.
- Class A shares carry economic stake and offer one vote per share, typically held by public investors and institutional funds.
- Class B shares carry super-voting rights, granting ten votes per share.
The overwhelming majority of these high-vote Class B shares belong to the Murdoch Family Trust. Because of this setup, the trust commands roughly 39% of the total voting power in Fox Corporation, even though they own a much smaller percentage of the total economic equity. This mechanism ensures that family leadership retains absolute veto and directional power over company policies, executive hiring, and editorial alignment.
Key Leadership and the Murdoch Succession
Founder Rupert Murdoch steered the media empire for decades after launching the network alongside Roger Ailes in October 1996. In September 2023, Rupert Murdoch stepped down from his active executive roles, transitioning to chairman emeritus.
His oldest son, Lachlan Murdoch, stepped into the role of sole Chairman and CEO of Fox Corporation. This transition solidified the family's generational control over Fox News Media. Strategy, corporate oversight, and major operational pivots run directly through Lachlan and the board of directors, keeping the outlet closely aligned with its founding vision.
Major Institutional Shareholders
While the Murdoch family holds the voting control, the day-to-day financial ownership of Fox Corporation is heavily distributed among major institutional asset management firms. Public shareholders own more than 54% of the overall stock.
The largest institutional holders typically include:
- The Vanguard Group, holding a substantial percentage of Class A shares primarily through index funds.
- BlackRock, managing broad positions on behalf of individual retirement accounts and institutional portfolios.
- State Street Corporation, holding core positions via major exchange-traded funds.
Despite owning major financial chunks of the company, these institutional giants function as passive investors. They lack the voting weight required to override the Murdoch Family Trust on major corporate governance votes.
Common Misconceptions About Fox News Ownership
A few persistent myths surround the corporate layout of the network. Clarifying these points prevents confusion with other media brands:
- Separation from News Corp: Many people confuse Fox Corporation with News Corp, the publisher behind outlets like The Wall Street Journal and the New York Post. Though both companies were controlled by the Murdochs and originated from the same pre-2013 corporate parent, they operate as completely separate publicly traded entities.
- Direct Stock Purchases: You can't buy shares specifically in "Fox News". Investors buy shares in Fox Corporation (NASDAQ: FOXA), which bundles the news channel alongside sports and broadcast television assets. Fox News itself generates a dominant share of the parent company's overall profits, but its financial metrics are rolled directly into corporate earnings reports.
Frequently Asked Questions
Can individual investors buy shares of Fox News?
You can't purchase stock in Fox News as a standalone entity. You can buy shares of its parent organization, Fox Corporation, which trades on the NASDAQ stock exchange under tickers FOXA and FOX.
Does Disney own any part of Fox News?
No. When The Walt Disney Company purchased 21st Century Fox in 2019, Fox News was intentionally carved out of the deal. It remained with the newly formed Fox Corporation and has no corporate connection to Disney.
How much of Fox Corporation does the Murdoch family own?
The Murdoch Family Trust controls approximately 39% of the total voting shares through a dual-class share structure. This guarantees structural control over corporate governance and network direction.
Who founded Fox News?
Rupert Murdoch founded the network, bringing on media consultant Roger Ailes to serve as its founding CEO ahead of its October 1996 launch.
