Fox News is owned by Fox Corporation, a publicly traded mass media company trading on the NASDAQ under the tickers FOXA and FOX. While the company is open to public shareholders, effective control rests with the Murdoch Family Trust, which holds roughly 39% of the voting shares through a dual-class stock system. This arrangement allows the family to dictate the strategic direction of America's most-watched cable news outlet without owning a majority of the total economic equity.
Understanding who controls Fox News requires looking past basic corporate listings. The network operates as a wholly owned subsidiary of Fox Corp., meaning you can't buy shares of Fox News directly. Instead, investors purchase stock in the parent organization, sharing ownership with massive institutional funds while the Murdoch family retains absolute voting dominance.
The Parent Company: Fox Corporation
Fox Corporation was established in March 2019 following a massive corporate restructuring. Prior to this, Fox News operated under the umbrella of 21st Century Fox. When The Walt Disney Company acquired the majority of 21st Century Fox's entertainment assets for $71 billion, the remaining broadcast, sports, 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 primarily as a domestic television broadcast and news entity. It operates on a significantly smaller scale than its predecessor, but it remains fiercely profitable. Fox News serves as the primary financial engine for the parent company, driving an estimated 70% of Fox Corp.'s pre-tax profits.
Dual-Class Shares and the Murdoch Family Trust
The core of Fox News's ownership structure lies in its dual-class stock system. Fox Corporation issues two distinct types of common stock:
- Class A Common Stock (NASDAQ: FOXA): These shares carry limited or no voting rights. They are held by public investors, mutual funds, and large institutional asset managers.
- Class B Common Stock (NASDAQ: FOX): These shares carry full voting rights. The vast majority of Class B stock is locked inside the Murdoch Family Trust.
This system separates economic ownership from voting control. The Murdoch family owns roughly 14% of the total equity in Fox Corporation, yet their trust commands about 39% of the total voting power. Because many public shareholders don't vote or shares are widely dispersed among passive index funds, this 39% voting block acts as a permanent majority on shareholder resolutions.
The trust itself was originally established by media mogul Rupert Murdoch. Following his retirement as chairman of Fox Corp. in late 2023, his oldest son, Lachlan Murdoch, took the reins as Executive Chairman and CEO. Fox Corp. outlines its governance framework through its official Fox Corporation Investor Relations portal.
Major Institutional Shareholders
While the Murdoch family controls the voting booth, institutional investors hold the bulk of the economic interest in Fox Corporation. More than 54% of Fox shares are owned by large financial institutions, primarily through passive index funds, pension plans, and mutual funds.
The largest institutional stakeholders include:
- The Vanguard Group: Holds roughly 10% of outstanding shares, largely accumulated through broad-market index funds and exchange-traded funds.
- Dodge & Cox: A San Francisco-based active investment management firm holding roughly 9% of shares.
- BlackRock: Controls nearly 7% of shares across various institutional portfolios.
- State Street Corporation: Holds a smaller single-digit percentage, tying its investments to major index tracking requirements.
These institutional investors possess immense economic weight, but the dual-class share structure prevents them from altering the corporate governance or editorial direction set by the Murdoch family.
Separation From News Corp
A common point of confusion is the relationship between Fox News and News Corp. People often assume the television network shares corporate space with print publications like The Wall Street Journal, the New York Post, or British newspapers like The Sun.
In reality, News Corp and Fox Corporation are completely separate publicly traded entities. When the 2019 Disney transaction split the old media empire, print assets and international publishing went to News Corp (NASDAQ: NWSA), while broadcast television and cable news went to Fox Corporation. Both companies, however, share a parallel ownership history, with the Murdoch family holding similar voting control over News Corp through separate trust structures. Details regarding international media regulations and broadcasting licenses are monitored by agencies such as the Federal Communications Commission.
Common Misconceptions About Fox News Control
Because media ownership structures are opaque, several myths persist regarding who actually runs the network.
- Myth: Disney owns Fox News. Disney acquired 21st Century Fox's film studios, entertainment cable channels, and international assets, but Fox News was explicitly excluded from the deal due to regulatory hurdles and family preference.
- Myth: Public shareholders can vote out management. Because of the dual-class structure, retail investors and massive institutional funds cannot outvote the Murdoch Family Trust on board elections or structural proposals.
- Myth: Fox News is a privately held company. Fox Corporation is a publicly traded company listed on the NASDAQ, meaning anyone can buy Class A shares, even though voting power remains private.
Frequently Asked Questions
Can you buy stock directly in Fox News?
No. Fox News is a wholly owned subsidiary of Fox Corporation. To invest in the network, you must buy shares of its parent company, Fox Corp, which trades on the NASDAQ under tickers FOXA and FOX.
Does Rupert Murdoch still control Fox News?
Rupert Murdoch stepped down as chairman of Fox Corporation in September 2023, transitioning to chairman emeritus. However, the Murdoch Family Trust—which he established—maintains its 39% voting stake, and his son Lachlan Murdoch leads the company as CEO.
What percentage of Fox Corporation does the Murdoch family own?
The family owns roughly 14% of the total economic equity, but their concentration of Class B shares gives them approximately 39% of the total voting power.
Why did Fox News separate from 21st Century Fox?
The separation occurred because Disney wanted 21st Century Fox's entertainment production pipelines, while the Murdochs wanted to retain a dedicated, nimble domestic news and sports broadcasting business without regulatory clashes over owning competing networks.
