Cumulus Media (CMLS) in Focus: Stock Moves 6.2% Higher
Zacks · 21h ago
Flutter Buys Larger FanDuel Stake, Takes DraftKings Head On In US
Flutter Entertainment (Pink: PDYPY) is making a big bet on the growth of the U.S. sports betting market.What Happened: On Thursday, Flutter announced it's increasing its ownership in FanDuel from 57.8% to 95%. The purchase by Flutter comes from Fastball Holdings, which will now own 7% of Flutter Entertainment.Flutter is paying $4.2 billion for the stake, with $2.1 billion coming from cash and the rest in the form of newly issued Flutter Entertainment shares.Boyd Gaming (NYSE: BYD) will retain its 5% stake in FanDuel.Fox Corporation (NASDAQ: FOX) is a key to the deal as they will own a stake in Flutter and will help Flutter with funding for the deal. Fox will also have the option to purchase an 18.5% stake in FanDuel at fair market value in July 2021.Why It's Important: The press release from Flutter calls the U.S. sports betting market "the most attractive sector opportunity today."Roundhill Investments CEO and Co-Founder Will Hershey told Benzinga the news itself wasn't a surprise."What is a surprise, and a positive one at that, is the valuation. The implied FanDuel valuation of $11.2 billion is a significant discount to DraftKings," Hershey said.Boyd Gaming, DraftKings Inc (NASDAQ: DKNG) and Flutter Entertainment are all held in the Roundhill Sports Betting & IGaming ETF (NYSE: BETZ).Hershey said Flutter initially invested in FanDuel in 2018 at a valuation of $1 billion."From a strategic perspective, it's now increasingly possible that Flutter may look to spin-off all or part of its stake in FanDuel onto a U.S. exchange, unlocking shareholder value," he said.Hershey said it will be interesting to see if Fox makes the investment next year, as it would surpass the threshold for qualifying as a regulated gaming operator similar to an option Comcast Corporation (NASDAQ: CMCSA) has to acquire a stake in PointsBet."If either of those options are exercised," said Hershey, "the media's commitment to the growth of sports betting will be further validated."Related Link: Sports Betting ETF Co-Founder Talks SPACs, Undervalued Foreign Exchange PlaysDraftKings Competition: Hershey said FanDuel expects 2020 net revenues of around $850 million compared to estimates of $540 to $560 million from DraftKings.Fox Business said FanDuel has 9.5 million customers betting and a 43% market share in legalized sports betting states for the third quarter. FanDuel expects to have online sports betting in 14 states and iGaming in four states by the end of 2021.Benzinga's Take: The valuation used in the deal could put pressure on DraftKings stock as the company has a market cap of over $20 billion.The ownership of FanDuel stakes by Boyd and possibly Fox could be catalysts going forward if Flutter Entertainment decides to list FanDuel as a spin-off company on a major U.S. exchange.Price Action: Shares of Flutter Entertainment closed Thursday's session up 8.56% to $97. The stock is up 50% in 2020.See more from Benzinga * Click here for options trades from Benzinga * Why Barstool, MGM Could Be Big Winners With Michigan Online Sports Betting * 7 Stocks To Watch Ahead Of Michigan Online Sports Betting Legislation(C) 2020 Benzinga does not provide investment advice. All rights reserved.
Benzinga · 1d ago
Why Is Fox (FOXA) Up 19.4% Since Last Earnings Report?
Fox (FOXA) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Zacks · 1d ago
FOX News Channel Delivers Highest-Rated November in Network History in Primetime Across Total Viewers and the Key 25-54 Demographic
Business Wire · 2d ago
Trump Won't Topple Fox News by Supporting Newsmax and OAN Channels
Bloomberg · 2d ago
Fox News Is Holding More Cards Than Trump Realizes
(Bloomberg Opinion) -- President Donald Trump and a pair of fledging conservative news networks seem intent on taking down Rupert Murdoch’s Fox News. Do they have a shot?In the weeks since he lost his re-election bid, Trump has stepped up broadsides against his one-time channel of choice, goading followers to switch from Fox to the more MAGA-friendly alcoves of Newsmax TV and One America News Network. Both have been more willing to hawk the president’s spurious claims of voter fraud, which at Fox are relegated to its nighttime opinion shows — and even there are beginning to fade. For Newsmax and OAN, hitching their wagon to the reality-TV star, even as he’s set to leave the White House, has given them the best chance at pillaging Fox’s ratings and springing from obscurity.Christopher Ruddy, Newsmax’s CEO and majority owner, is clearly enjoying the sudden attention on his business, giving interviews in the last few weeks to CNN, CNBC, the Daily Beast, the New Yorker and Variety and making swipes at Fox along the way. He’s right about one thing: Fox can’t keep up its clashing interests. It can’t be taken seriously as a journalistic operation while at the same time cozying up to the conservative fringes and peddling conspiracy theories. And now places like Newsmax are doing the latter part better. Trump’s loss has effectively put Fox at a crossroads.But whether Newsmax or OAN will seriously dent the No. 1 primetime cable-TV network or remain kooky wannabes depends on several unpredictable factors, including how politically relevant the Trump family is after 2020 and whether it forms its own media brand, further fragmenting that corner of the industry.There’s also one wall Trump helped build that offers Fox immense protection: its profit parapet. Fox Corp., the $18 billion parent company, depends on the Fox News and Business channels for the overwhelming majority of its income. Michael Nathanson, an analyst for MoffettNathanson LLC, pegs it at more than 80%. And most of that comes from affiliate fees, which are the contractually obligated payments cable providers make to be able to offer channels such as Fox on their TV packages. The key word is contract; these agreements last years, often five to seven. In August, Fox said it had renewed 70% of the previous year’s affiliate revenue, and only about 5% is up for renegotiation in each of the next two years. That means Fox has its biggest source of profits locked in for quite a while at favorable rates even as U.S. households continue cutting the cord. So even if a chunk of viewers tune out of Fox, the business may be relatively safe. Meanwhile, OAN isn’t even carried on packages offered by Charter Communications Inc., Comcast Corp. or Dish Network Corp. And AT&T Inc.’s DirecTV, which does carry it, is rapidly losing customers as the company shifts its focus to streaming and 5G. Newsmax — where Sean Spicer and Diamond and Silk have their own shows — is more widely distributed and perhaps more of a threat. Fox News’s primetime viewership dropped 29% in the three weeks after the election, while Newsmax posted an average of 370,000 nightly viewers — a 277% boost, according to Bloomberg Intelligence. CNN and MSNBC had increases as well. And yet, Fox’s audience still dwarfs them all. As long as that’s true, cable packages will need to pay what they must to keep it.Fox will be “the last company standing in linear because of their news and broadcast sports businesses,” Nathanson said in a phone interview. Cable is “going to melt down to a smaller universe where Fox and other news networks get paid more as a percentage of the bundle than they do now.” Even if a network like Newsmax were to steal 20% of Fox’s audience by 2024, Nathanson said that would reduce his Ebitda estimate by only $200 million, which isn’t enough to alter his bullish view on the stock. It’s cheap relative to shares of other media companies:Rather than a traditional cable network, Trump is said to be considering the cheaper route of creating a streaming-video subscription similar to Fox Nation, according to Axios. But there are serious doubts about his ability to run a successful media company. It’s one reason Newsmax may be better off hiring Trump than selling to him. (Ruddy has said Newsmax won’t be rebranded as “Trump TV” but called the idea of a Trump talk show “terrific.”) As for Fox, trying to compete directly with Trump over his own base could prove futile. Washington Post columnist Margaret Sullivan suggests that instead Fox up its journalistic standards as a right-leaning, but reputable, news channel. That could help it draw more moderate young people into its orbit. Then again, that demographic is quickly moving to the streaming world. In fact, Fox needs to do something about the fact that almost 60% of its audience is over the age of 65. Becoming the unofficial Trump network didn’t help it there. Even if it’s set to lose that title, it may be hard to disentangle the brand from the man. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bloomberg · 2d ago
Fox Corporation Chief Financial Officer Steve Tomsic to Participate at Upcoming UBS Global TMT Virtual Conference
PR Newswire · 3d ago
Moving Average Crossover Alert: Fox Corporation (FOXA)
Fox Corporation (FOXA) is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.
Zacks · 11/26 12:22
YouTube suspends One America News for violating COVID-19 policy
YouTube ([[GOOG]], [[GOOGL]]) has been criticized for taking a more hands-off approach to election or coronavirus misinformation than Facebook and Twitter, though the platform just suspended One America News Network
Seekingalpha · 11/25 09:27
How Fox News host Laura Ingraham broke it to viewers that Trump has lost the election
Ingraham told her audience Monday night it needs to accept the fact that 'Biden will be inaugurated on Jan. 20.'
MarketWatch · 11/24 21:51
Fox News host Laura Ingraham tell viewers Trump has lost the election I will not lie to you
Ingraham told her viewers on Monday night they need to accept the fact that "Biden will be inaugurated on January 20th"
MarketWatch · 11/24 19:24
FOX Nation to Present Its First Original Holiday Production Entitled "Christmas in the Rockies"
FOX Nation, FOX News Media’s on demand subscription-based streaming service, will debut its first holiday-themed original scripted production entitled "Christmas in the Rockies." Available on the platform beginning Thursday, November 26th, the film will feature cameos from FOX & Friends’ co-hosts Steve Doocy and Ainsley Earhardt.
Business Wire · 11/23 16:42
FOX Nation to Present Its First Original Holiday Production Entitled "Christmas in the Rockies"
FOX Nation, FOX News Media's on demand subscription-based streaming service, will debut its first holiday-themed original scripted production entitled "Christmas in the Rockies." Available on the platform beginning Thursday, November 26th, the film will feature cameos from FOX & Friends' co-hosts Steve Doocy and Ainsley Earhardt.
BusinessWire · 11/23 13:42
How Fox May Have Over-Radicalized Its Core Audience
Having sold off most of its entertainment assets to Disney (NYSE:DIS), the subsequently christened Fox Corporation (NASDAQ:FOXA) now relies moving forward largely on its non-fictional channels, most notably (and notoriously) Fox News. That was achievable given that management very well could have gotten away with a hands-off approach to FOXA stock in the booming economy. Then, the novel coronavirus rudely stormed into town. Source: Leonard Zhukovsky / Throughout coverage of the crisis, Fox News could have reported with intellectual consistency and integrity. Back in 2014, the conservative news channel routinely criticized then President Barack Obama for not doing more to prevent the spread of Ebola in the U.S. But in the early days of the coronavirus pandemic, Fox News blasted its liberal counterparts for sensationalism. The difference in tone between the two outbreaks couldn’t be starker.InvestorPlace - Stock Market News, Stock Advice & Trading Tips No Challenge Most importantly, Fox News – or more specifically, the editorial content, such as Fox & Friends and what I term Fox After Dark: Tucker Carlson, Laura Ingraham and Sean Hannity – hardly bothered to challenge Trump on his rants about Covid-19. For instance, quoted Trump at a late-February rally in Charleston, South Carolina: The Democrats are politicising the coronavirus. They’re politicising it. One of my people came up to me and said: ‘Mr President, they tried to beat you on Russia, Russia, Russia.’ That did not work out too well. They could not do it. They tried the impeachment hoax. This is their new hoax. To be fair, the president did not directly call the coronavirus a hoax. But there was enough of a “wink, wink” moment, if you will, that supporters were more than willing to believe and spread Covid-19-related conspiracy theories. Further, the bad takes by Fox editorialists, such as suggesting the pandemic was no big deal, added fuel to the fire. 7 Cyclical Stocks Still Hoping for Another Stimulus Round Of course, none of this really hurt FOXA stock (aside from the initial coronavirus-fueled broader market collapse). However, not maintaining some journalistic independence and instead adopting a sycophantic attitude toward Trump may have financial consequences. FOXA Stock Tied to the Boy Who Cried Wolf Currently, the biggest news item in conservative media is ongoing allegations of voter fraud. From dead people voting to machines reallocating Trump votes for Biden, anything and everything was pushed to attempt an ultimate reversal of the election results. Here’s the thing: I agree that election night was weird. When I eventually punched out, I was convinced that Trump was on his way to a second term. But the next few days turned the table remarkably for Democratic challenger Joe Biden. As an American that cares about free and fair elections, my attitude has always been that the truth, no matter how personally painful, should be our guide. Therefore, if the 2020 election was rigged, then the citizenry deserves to know. However, extraordinary claims require extraordinary evidence. A Pattern Emerges Like millions across the nation, I waited for that evidence. Instead, I received nothing but insults and assertions. Later, I realized that these accusations represented a pattern with Trump. Back during the runup to the 2016 election, Republican candidate Trump accused U.S. Sen. Ted Cruz of “cheating to win the Iowa caucuses.” The real estate mogul then called for the results to be invalidated. Then, when Trump was the Republican party’s man, he stated that the election is “absolutely rigged” by the “dishonest media” and “at many polling places,” according to Not only that, after Trump won four years ago, he sent out a bizarre tweet, stating, “In addition to winning the Electoral College in a landslide, I won the popular vote if you deduct the millions of people who voted illegally.” I mean, the language hasn’t changed here! And that’s when I started to comprehensively realize that FOXA stock might have some problems. Playing Russian Roulette with a Madman As you can imagine, I’ve butted heads with my friends and colleagues during this year of pandemics and mass delusions. From coronavirus conspiracies to election fraud allegations, my bottom line response is simple: show me the evidence. Again, I hear a lot of noise but no evidence. Further, with Trump mouthing off at every opportunity, his ardent supporters have forgotten a crucial irony. When everything is a conspiracy, how does an outside observer – such as an undecided voter – determine objectively what is real? I’m still trying to figure that one out myself. However, it wasn’t until the first presidential debate between Trump and Biden that I got the initial faint inkling that FOXA stock was headed toward choppy waters. During a personal discussion, one of my friends lamented that Trump was debating two people: Biden and the moderator. At that point, I had more than my fair share of nonsense. Exasperated, I blurted out that I didn’t know what debate my friend was watching. Chris Wallace is a Fox News employee, for goodness sake! As well, Trump could have prepared for the debate, conducting himself in a savagely cool and collected manner. Instead, he rampaged throughout that night, turning off half of the country. Still, that didn’t stop Trump supporters from blaming and lashing out at Wallace. But the pivotal issue is that when you have undisciplined, unprincipled (and I would add childish) support, that support can turn on you precisely because it is undisciplined and unprincipled. Thus, while FOXA stock once benefited from the love of Trump supporters, it was only in the fire of conflict where their true character was revealed. Today, what is the latest rallying cry of Trump supporters? You guessed it: Fox News sucks! Play with Fire and You Get Burned One particular passage from the Bible – you know, that thing that Republicans supposedly read – is emblematic of this political race: A double-minded man is unstable in all his ways. It may be just coincidence. Still, I find it interesting that FOXA stock is down 25% year-to-date. In comparison, CBS Corporation (NASDAQ:VIAC) is down 22% YTD, while Disney, which owns ABC, is just 3% below parity for the year. The biggest winner of course is the New York Times (NYSE:NYT), which is up more than 22% YTD. Strangely, while these are liberal organizations, Trump supporters might actually respect them more than Fox News right now. Another Bible verse comes to mind: So then, because you are lukewarm, and neither cold nor hot, I will vomit you out of My mouth. Sense of Betrayal Trump supporters understood from day one that CBS and the New York Times are “fake news.” But they felt that Fox News was on their side, in part because of the unchallenged and unmitigated sycophantic behavior during the Trump administration. When some members of Fox grew a conscience (and journalistic integrity), that was it. Trump supporters felt betrayed. To be frank, I can appreciate why. This election was too important for journalistic integrity. If that was an attribute worth seeking, Fox should have pursued it back in 2016. But once you agree to be on the Trump train, you stay in until it stops. And that was the problem. Fox News should never have suggested that the organization will be a subservient mouthpiece for Trump. Now, supporters are running to outlets like One America News Network and Newsmax (which are just like Fox News but with editorial content too extreme for Fox News). Ultimately, that’s not a great path for FOXA stock. On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets The post How Fox May Have Over-Radicalized Its Core Audience appeared first on InvestorPlace.
InvestorPlace · 11/20 18:43
Fox puts off employees' return to office through April
Fox ([[FOX]] -0.3%, [[FOXA]] -0.2%) is delaying any employee return to the office until at least April. A memo sent to staff from CEO Lachlan Murdoch says the company is
Seekingalpha · 11/20 17:44
Sinclair (SBGI) in Focus: Stock Moves 5.9% Higher
Sinclair (SBGI) saw a big move last session, as its shares jumped nearly 6% on the day, amid huge volumes.
Zacks · 11/20 13:54
Sinclair to Rebrand Fox Sports Networks With Bally Name
Bloomberg · 11/19 01:37
Sports betting action in Pennsylvania skyrockets
Pennsylvania recorded its first $500M sports betting month in October as action on football accelerated. The total handle was up 118% Y/Y. "Local interest is a clear factor in the
Seekingalpha · 11/17 17:35
Q3 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios
The latest round of 13F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling.
Benzinga · 11/17 17:00
Newsmax, Parler zero in on Trump support to tackle Fox, Twitter
President Donald Trump leaving the White House may be a boon to companies like Newsmax and Parler that are positioning themselves as a alternative to dominant traditional and social media
Seekingalpha · 11/17 16:32
Webull provides a variety of real-time FOX stock news. You can receive the latest news about Fox Corp through multiple platforms. This information may help you make smarter investment decisions.
About FOX
Fox Corporation is a news, sports and entertainment company. The Company operates through three segments: Cable Network Programming, Television and Other, Corporate and Eliminations. The Cable Network Programming segment consists of the production and licensing of news and sports content distributed primarily through cable television systems, direct broadcast satellite operators, telecommunication companies and online video distributors, primarily in the United States. The Company’s Television segment consists of the acquisition, marketing and distribution of broadcast network programming nationally under the FOX brand. Its Other, Corporate and Eliminations segment includes FOX Studios lot, which provides television and film production services along with office space, studio operation services.