Deciphering who owns Fox TV requires looking past a single corporate logo to examine a vast network of parent companies, public shareholders, and local station groups. Unlike traditional local stations that are entirely self-contained, Fox operates through a hybrid model of owned-and-operated stations and independent regional affiliates. Understanding this structure reveals how corporate control flows from top-tier executives down to local television screens.
At the top of the corporate ladder is Fox Corporation, a publicly traded mass media company. While millions of shares are held by institutional investors and the public on the Nasdaq exchange, ultimate voting power rests with the Murdoch family through a dedicated family trust. This setup ensures that major programming, news, and financial strategies remain tightly controlled by corporate leadership rather than day-to-day public market fluctuations.
Fox Corporation and the Modern Broadcast Structure
Fox Corporation was established in March 2019 following a massive corporate restructuring. The Walt Disney Company acquired most of the entertainment assets, film studios, and cable networks belonging to the former 21st Century Fox. What remained behind—assets deemed too immediate or news- and sports-centric for Disney's portfolio—became the foundation of today's Fox Corporation.
This standalone entity houses several core divisions that handle distinct broadcasting functions:
- Fox Broadcasting Company: The national television network that delivers prime-time entertainment and sports programming to local affiliates.
- Fox News Media: Operates the Fox News Channel, Fox Business Network, and streaming platforms like Fox Nation.
- Fox Sports: Manages national sports broadcasts, including NFL, MLB, and college athletics coverage across linear channels and digital apps.
- Fox Television Stations: Owns and operates local broadcast stations in major media markets across the United States.
The Murdoch Family Trust and Voting Control
Publicly traded under the ticker symbols FOXA and FOX, Fox Corporation utilizes a dual-class share structure. Class A shares carry limited voting rights, while Class B shares carry full voting power.
The Murdoch family trust holds roughly 36% to 40% of these voting shares. This concentrated stake gives Lachlan Murdoch, who serves as chairman and CEO, and the family active control over strategic corporate decisions. Rupert Murdoch transitioned to chairman emeritus, leaving day-to-day executive oversight to Lachlan and a team of corporate officers like Chief Operating Officer John P. Nallen.
Institutional investors—such as large asset management firms like Vanguard and BlackRock—own significant economic stakes in the company through non-voting or limited-voting Class A shares. These investors hold a financial interest in Fox's profitability but do not dictate editorial or broadcasting direction.
Local Station Ownership: O&Os Versus Affiliates
A common point of confusion involves the difference between national network ownership and local station ownership. When viewers watch a Fox broadcast, the signal usually comes from one of two sources:
- Owned-and-Operated (O&O) Stations: Fox Television Stations directly owns stations in major media markets like New York (WNYW), Los Angeles (KTTV), and Chicago (WFLD). These stations are direct subsidiaries of Fox Corporation.
- Affiliated Stations: In mid-sized and smaller markets, local stations are owned by independent broadcast groups—such as Nexstar Media Group, Sinclair Broadcast Group, or Gray Television—rather than Fox Corporation itself. These third-party companies sign affiliation agreements to air Fox network programming while retaining local operational control, advertising sales, and local newscast production.
Common Misconceptions in Media Ownership
Many casual viewers conflate different entities that share historical ties. For instance, News Corp—which publishes major newspapers, book publishers, and international outlets—is a separate publicly traded corporation from Fox Corporation. Although both companies trace their lineage back to the original pre-2019 media empire and remain under parallel Murdoch family influence, they operate distinct balance sheets, executive teams, and business models.
Another frequent point of confusion is streaming and digital distribution. Services like Tubi, a free ad-supported streaming television platform, are wholly owned subsidiaries of Fox Corporation, integrated directly into the Tubi Media Group division.
Frequently Asked Questions
Does Disney own Fox TV?
No. The Walt Disney Company acquired 21st Century Fox's film studios, entertainment cable networks, and international properties in 2019. Fox Corporation was formed as a separate entity to retain the broadcast network, Fox News, Fox Sports, and owned-and-operated local stations.
Who is the largest shareholder of Fox Corporation?
While institutional investment funds hold a majority of the economic shares, the Murdoch family trust holds roughly 36% of the voting stock, giving them effective control over company governance.
Are all Fox local stations owned by Fox Corporation?
No. Fox directly owns stations in major cities like New York and Los Angeles, but stations in smaller and mid-sized markets are owned by independent broadcasting companies that license Fox programming through affiliation agreements.
What is the difference between Fox News and Fox Corporation?
Fox News Media is a subsidiary division specializing in cable news and digital commentary. It operates underneath the broader corporate umbrella of Fox Corporation, which also manages sports broadcasting, entertainment, and local television stations.
