Fox News operates as a wholly owned subsidiary of Fox Corporation, a publicly traded American media company. While ordinary investors can buy stock on the open market, real control stays with the Murdoch family through a specialized dual-class share system. This arrangement gives a small group of family members effective authority over the network's leadership, strategic direction, and broadcast choices.
Understanding who owns Fox News requires looking past public stock tickers. The network doesn't trade on its own. Instead, it functions as the most lucrative division inside a larger corporate parent, anchored by generational family influence, major institutional shareholders, and a specific governance history.
The Corporate Parent: Fox Corporation
Fox News is managed under the umbrella of Fox Corporation, which trades on the Nasdaq under the ticker symbols FOXA (Class A shares) and FOX (Class B shares). Fox Corporation formed in March 2019 following a massive corporate restructuring. The Walt Disney Company purchased most of the entertainment assets belonging to 21st Century Fox—including movie studios and cable networks like FX—for $71.3 billion.
The assets left out of that Disney sale became the foundation of today's Fox Corporation. Alongside Fox News, the parent company operates several major divisions:
- Fox News Media: Includes Fox News Channel, Fox Business, Fox News Radio, and digital platforms.
- Fox Broadcasting Company: The traditional broadcast television network.
- Fox Television Stations: Owned-and-operated local broadcast stations across major U.S. markets.
- Fox Sports: Broadcast and cable operations covering major sporting events.
- Tubi Media Group: The free ad-supported streaming television platform.
Fox Corporation is headquartered in New York City and functions as a standalone business entity separate from News Corp, the corporate home of publications like The Wall Street Journal and The New York Post. Though separate on paper, both corporate giants remain tied to the same family ownership.
The Murdoch Family Trust and Voting Control
Publicly traded companies usually follow a one-share, one-vote rule. Fox Corporation uses a dual-class structure that deviates from this norm to protect insider control.
Class A shares carry limited voting rights, while Class B shares carry full voting power. The Murdoch Family Trust holds the vast majority of these high-voting Class B shares. Through this trust, the family retains roughly 39% of the total voting power in Fox Corporation, even though their overall equity stake represents a much smaller fraction of the total economic value.
This voting bloc means outside shareholders cannot override family decisions on board appointments or major corporate policies. Founder Rupert Murdoch built this empire over decades. Though he stepped down from his role as chairman in late 2023 and took on the title of chairman emeritus, the family trust preserves structural continuity. His son, Lachlan Murdoch, serves as the executive chair and CEO of Fox Corporation, consolidating leadership of the media properties.
Institutional Investors and Public Shareholders
While the Murdoch family holds the voting keys, institutional investment firms own the majority of the public equity. Over 54% of Fox Corporation shares belong to large financial institutions, mutual funds, and asset management firms.
Major institutional stakeholders include financial giants such as The Vanguard Group, BlackRock, and State Street Corporation. These firms hold shares primarily on behalf of millions of everyday investors through index funds, pension plans, and mutual funds.
However, because these institutional holdings consist mostly of non-voting Class A shares, these entities act as financial stakeholders rather than operational controllers. They share in the financial performance and dividends of Fox Corporation, but they do not dictate the editorial stance or day-to-day management of Fox News.
Financial Weight Within the Empire
Fox News serves as the financial engine for the entire parent corporation. Media analysts estimate that the cable network generates a substantial majority—roughly 70%—of Fox Corporation's pre-tax profits.
Subscription fees collected from cable and satellite providers, combined with high-value advertising revenue during primetime programming, provide steady cash flow. This profitability allows Fox Corporation to fund its sports broadcasting rights, invest in its digital streaming platform Tubi, and sustain corporate operations across its broadcast footprint.
Frequently Asked Questions
Can anyone buy shares of Fox News directly?
No. Fox News operates as a private subsidiary within Fox Corporation. Investors cannot purchase stock in Fox News by itself. Buying shares of FOXA or FOX on the Nasdaq provides a financial stake in the parent corporation, which includes the news network alongside sports and broadcasting assets.
Does Rupert Murdoch still run Fox News?
Rupert Murdoch stepped down from his formal executive chairmanship in September 2023 and holds the title of chairman emeritus. His son Lachlan Murdoch leads the company as executive chairman and CEO, maintaining family oversight through the Murdoch Family Trust.
What is the difference between Fox Corporation and News Corp?
They are two distinct publicly traded companies. Fox Corporation houses television broadcasting, sports, and Fox News. News Corp manages print journalism and book publishing assets, including The Wall Street Journal, The Times, and HarperCollins. Both companies trace their roots to the original media empire and share overlapping family trust oversight.
How much voting power does the Murdoch family actually have?
The Murdoch Family Trust controls approximately 39% of the voting shares in Fox Corporation through Class B stock. Because public shares are widely distributed among institutional investors and retail traders, this voting bloc is large enough to ensure effective control over corporate governance.
