Fox News operates as a wholly owned subsidiary of Fox Corporation, rather than as an independent publicly traded entity. While everyday investors can buy shares of the parent company on the NASDAQ exchange, absolute operational control rests firmly in the hands of the Murdoch family through a specialized dual-class share structure.
Understanding who controls Fox News requires looking past standard Wall Street metrics. Although institutional giants like Vanguard and BlackRock hold substantial equity, a family trust concentrates voting power at the top. This structural design ensures that the network's editorial direction remains insulated from ordinary shareholder pressures.
The Parent Company: Fox Corporation
Fox Corporation emerged in March 2019 following the historic $71 billion asset sale between 21st Century Fox and The Walt Disney Company. Disney absorbed major Hollywood entities like 20th Century Fox film studios, while the remaining broadcast, news, and sports assets formed the standalone entity known informally as "New Fox".
Fox Corporation houses several major media assets alongside its flagship news network:
- Fox Broadcasting Company: The television network producing entertainment and primetime programming.
- Fox Television Stations: Ownership group managing local broadcast stations across major American media markets.
- Fox Sports Media Group: Cable and broadcast entities including FS1, FS2, and regional coverage.
- Tubi Media Group: The ad-supported streaming platform acquired to capture digital-first audiences.
Fox News serves as the financial powerhouse within this corporate umbrella. Financial disclosures consistently show that the news division generates a vast majority of the parent corporation's pre-tax profits, subsidizing other broadcast ventures.
The Murdoch Family Trust and Voting Control
The core mechanism of control over Fox News is the Murdoch Family Trust. This irrevocable family trust holds approximately 39% of the voting shares in Fox Corporation.
Public corporations typically operate on a one-share, one-vote principle. Fox Corporation uses a dual-class structure that separates stock into Class A (voting rights restricted or non-existent depending on issuance) and Class B (full voting stock). By retaining the lion's share of Class B voting stock within the trust, the family maintains a permanent veto over board appointments, strategic mergers, and major corporate policies.
Following Rupert Murdoch's transition to chairman emeritus, his eldest son, Lachlan Murdoch, took the helm as Executive Chairman and CEO of Fox Corporation. Control of the trust and corporate leadership solidified under Lachlan after internal family dynamics shifted, leaving him as the primary custodian of the media empire's conservative political and editorial alignment.
Major Institutional Shareholders
While the Murdoch family holds voting supremacy, public institutional investors own the vast majority of the economic stake in Fox Corporation. Passive index funds and active asset managers hold shares on behalf of millions of individual retirement accounts and mutual fund portfolios.
Key institutional stakeholders include:
- The Vanguard Group: Holds roughly 10% of outstanding shares, primarily via broad-market index funds.
- Dodge & Cox: An active investment management firm holding close to 9% of the company.
- BlackRock: Controls nearly 7% of shares across its suite of passive and active investment products.
- State Street Corporation: Manages a smaller institutional block tied to index tracking funds.
These institutional investors possess significant economic ownership, but the dual-class share setup strips them of structural voting leverage. They can influence environmental, social, or governance dialogues, but they cannot force changes in executive leadership against the wishes of the Murdoch trust.
Corporate Governance and Board Oversight
Fox Corporation's board of directors manages overall corporate governance, risk assessment, and fiduciary duties. The board includes media executives, financial experts, and prominent public figures.
Notable board members include:
- Lachlan Murdoch: Executive Chairman and CEO.
- Chase Carey: Lead Independent Director and former executive across News Corp and Formula 1.
- Paul Ryan: Former Speaker of the U.S. House of Representatives, serving on key governance committees.
- Roland A. Hernandez: Audit Committee Chair and former CEO of Telemundo.
While the board provides institutional checks and balances required for any NASDAQ-listed enterprise, the structural makeup ensures alignment with the founding family's long-term vision.
Frequently Asked Questions
Can everyday investors buy shares of Fox News directly?
No. Fox News is a private subsidiary and does not trade independently on any stock exchange. Investors who want financial exposure to the network must purchase shares of the parent company, Fox Corporation, which trades on the NASDAQ under tickers FOXA and FOX.
How does the dual-class share structure work?
Fox Corporation issues two main classes of stock. Class A shares are held heavily by public investors and index funds, while Class B shares carry standard voting privileges. Because the Murdoch Family Trust owns nearly 39% of the voting stock, outside shareholders cannot outvote them on corporate resolutions.
What is the relationship between Fox News and News Corp?
Fox News and Fox Corporation are separate from News Corp. News Corp holds print publishing assets like The Wall Street Journal, the New York Post, and major Australian newspapers. Both media empires operate under separate corporate entities, though both maintain close ties to the Murdoch family trust.
Who makes daily editorial decisions at Fox News?
While Lachlan Murdoch sets broad strategic and corporate policy as CEO of Fox Corporation, daily newsroom operations, show programming, and editorial scheduling are managed by network executives and senior producers who report up through the Fox News Media division.
