Fox News is one of the most prominent news networks in the United States. Known for its conservative-leaning coverage, it has a massive viewership and significant influence in the media landscape.
But who owns Fox News?
The answer lies with its parent company, Fox Corporation, which is controlled by media mogul Rupert Murdoch and his family. This article explores the history, ownership, and key details of Fox News and its parent organization.
History of Fox News
Fox News was launched in 1996 by Rupert Murdoch and Roger Ailes. It was created to provide a conservative alternative to mainstream news outlets. The network quickly gained traction, becoming a dominant force in cable news.
Over the years, Fox News has faced controversies but has maintained its position as a leading news source for millions of Americans. Its success is largely attributed to its focus on opinion-driven programming and its alignment with conservative values.
Who Owns Fox News?
Fox News is owned by Fox Corporation, a publicly traded company. The largest shareholder of Fox Corporation is the Murdoch family, specifically Rupert Murdoch and his son Lachlan Murdoch.
The family holds a significant portion of the company’s voting shares, giving them substantial control over its operations.
Fox Corporation was formed in 2019 after the sale of 21st Century Fox’s entertainment assets to Disney. This restructuring allowed the Murdochs to retain control of their news and sports properties, including Fox News.
Fox News Shareholders and Investors
The ownership structure of Fox Corporation is diverse, with a mix of individual and institutional shareholders.
The Murdoch family remains the most influential stakeholder, but other significant shareholders also play a role in the company’s financial ecosystem.
Below is a detailed breakdown of the major shareholders and their respective stakes in Fox Corporation:
| Shareholder | Ownership Percentage | Role/Details |
|---|---|---|
| Murdoch Family Trust | 39% | Largest shareholder; controls voting shares. Rupert Murdoch (Chairman Emeritus) and Lachlan Murdoch (CEO) lead the company. |
| Vanguard Group | 15% | Institutional investor; holds shares on behalf of clients. No operational control. |
| BlackRock | 10% | Institutional investor; manages assets for clients. No voting control. |
| T. Rowe Price Associates | 5% | Investment management firm; focuses on long-term financial returns. |
| State Street Corporation | 4% | Financial services firm; manages assets for institutional and individual investors. |
| Other Institutional Investors (e.g., Fidelity, Morgan Stanley, Geode Capital) | 3% (combined) | Hold smaller stakes; focus on financial returns rather than operational influence. |
| Individual and Retail Investors | 24% | Includes employees, executives, and public shareholders. |
The Murdoch Family Trust
The Murdoch family, through their trust, controls approximately 39% of the voting shares in Fox Corporation. This makes them the largest and most powerful shareholders. Rupert Murdoch, the family patriarch, serves as chairman emeritus, while his son Lachlan Murdoch is the CEO. The family’s control ensures they have a decisive say in the company’s strategic and editorial decisions.
Vanguard Group
Vanguard Group is one of the largest institutional shareholders in Fox Corporation, owning about 15% of the shares. As a leading investment management company, Vanguard holds shares on behalf of its clients, including mutual funds and ETFs. While Vanguard has a significant financial stake, it does not exert control over the company’s operations.
BlackRock
BlackRock, another major institutional investor, holds approximately 10% of Fox Corporation’s shares. Like Vanguard, BlackRock manages assets for its clients and does not have voting control. Its investment reflects confidence in Fox Corporation’s financial performance and market position.
T. Rowe Price Associates
T. Rowe Price Associates, a global investment management firm, owns around 5% of Fox Corporation’s shares. The firm is known for its long-term investment strategies and holds stakes in various media and entertainment companies.
State Street Corporation
State Street Corporation, a financial services and bank holding company, holds about 4% of Fox Corporation’s shares. It is one of the oldest financial institutions in the U.S. and manages assets for institutional and individual investors.
Other Institutional Investors
Several other institutional investors collectively own smaller stakes in Fox Corporation. These include Fidelity Investments, Morgan Stanley, and Geode Capital Management, each holding between 1% to 3% of the shares. These investors are primarily focused on the financial returns of their investments rather than influencing the company’s operations.
Individual and Retail Investors
Individual and retail investors own the remaining shares of Fox Corporation, which account for approximately 24% of the total shares. These shareholders include employees, executives, and members of the public who have purchased shares through stock exchanges.
Who Controls and Runs the Fox News?
Fox News is controlled by the Murdoch family, primarily through their significant ownership stake in Fox Corporation. The family’s influence is deeply embedded in the company’s leadership structure, decision-making processes, and editorial direction.
Here’s a detailed look at how control is exercised:
The Murdoch Family’s Voting Power
The Murdoch family controls approximately 39% of the voting shares in Fox Corporation, making them the largest and most influential shareholders. This level of ownership grants them the ability to shape major decisions, including the appointment of executives, strategic initiatives, and editorial policies. The family’s voting power ensures that their vision for the company is implemented effectively.
Leadership Roles
The Murdoch family holds key leadership positions within Fox Corporation, further solidifying their control. Rupert Murdoch, the founder of Fox News, serves as Chairman Emeritus, providing guidance and oversight based on his decades of experience in the media industry. His son, Lachlan Murdoch, is the CEO of Fox Corporation, responsible for the day-to-day operations and long-term strategy of the company. This father-son duo ensures that the family’s interests and values are reflected in the company’s direction.
Editorial Influence
The Murdoch family has a history of influencing the editorial stance of Fox News. While the network maintains a separation between its news reporting and opinion programming, the family’s conservative values are often reflected in the network’s content. This alignment has helped Fox News build a loyal audience but has also drawn criticism for perceived bias. The family’s control over the network’s leadership allows them to shape its messaging and priorities.
Board of Directors
The Murdoch family also exerts control through their presence on the Board of Directors. Key family members and trusted allies hold seats on the board, ensuring that the family’s interests are represented in high-level decisions. The board oversees corporate governance, financial performance, and strategic initiatives, giving the Murdochs a direct role in shaping the company’s future.
Corporate Structure
Fox Corporation’s corporate structure is designed to centralize control within the Murdoch family. The company’s dual-class share structure ensures that the family retains a disproportionate amount of voting power relative to their economic stake. This structure prevents external shareholders from gaining significant influence over the company’s operations.
Strategic Decision-Making
Major decisions, such as acquisitions, partnerships, and expansions, are made with the Murdoch family’s approval. For example, the decision to retain Fox News and other key assets after the sale of 21st Century Fox to Disney in 2019 was driven by the family’s desire to maintain control over their news and sports properties. This strategic focus has allowed Fox Corporation to remain a dominant player in the media industry.
Annual Revenue and Net Worth of Fox News
As of 2024, Fox Corporation is projected to generate approximately $14.5 billion in annual revenue, with Fox News accounting for a substantial portion of this figure.
The network’s revenue streams include advertising, cable affiliate fees, and digital subscriptions. Fox Corporation’s net worth is estimated to be around $22 billion, reflecting the value of its diverse media assets, including Fox News, Fox Sports, and other properties.
Historical Revenue and Net Worth
Fox Corporation’s financial performance has shown steady growth over the years, driven by the success of its flagship news network and other media holdings. Here’s a breakdown of the company’s revenue and net worth over the past decade:
- 2015: Revenue was approximately $8.9 billion, with a net worth of around $12 billion. This period marked the early stages of Fox News’ dominance in cable news.
- 2018: Revenue grew to $10.4 billion, and net worth increased to $15 billion. The network’s prime-time ratings and advertising revenue were key contributors.
- 2019: Following the sale of 21st Century Fox’s entertainment assets to Disney, Fox Corporation’s revenue stood at $11.4 billion, with a net worth of $17 billion. The restructuring allowed the company to focus on its news and sports properties.
- 2021: Revenue reached $12.9 billion, and net worth climbed to $19 billion. The COVID-19 pandemic boosted viewership and advertising revenue for Fox News.
- 2023: Fox Corporation reported $13.9 billion in revenue, with a net worth of 20 billion dollars. The network continued to lead in cable news ratings, outpacing competitors like CNN and MSNBC.
Key Revenue Drivers
Fox News generates revenue through multiple channels:
- Advertising: The network attracts high advertising revenue due to its large and loyal audience. Prime-time shows like Hannity and Tucker Carlson Tonight (prior to 2023) have been particularly lucrative.
- Cable Affiliate Fees: Fox News earns significant income from cable and satellite providers, who pay to carry the network. This revenue stream is stable and less susceptible to market fluctuations.
- Digital Subscriptions: The network’s digital platforms, including Fox Nation, contribute to its revenue growth. Fox Nation, a subscription-based streaming service, has seen increasing adoption in recent years.
Fox News Market Share and Competitors
Fox News dominates the cable news landscape in the United States, consistently outperforming its competitors in viewership ratings and market share. However, it operates in a competitive environment with other major news networks vying for audience attention.
Below is an expanded look at Fox News’ market share and its key competitors, including details about each rival network.
Fox News Market Share
Fox News has maintained its position as the most-watched cable news network for several years.
In 2023, the network held approximately 50% of the total prime-time cable news audience. Its dominance is driven by popular shows, a loyal conservative audience, and strong advertising revenue. Fox News also leads in daytime and total day viewership, making it the undisputed leader in the cable news industry.
Top Competitors of Fox News
CNN
CNN, or Cable News Network, is one of Fox News’ primary competitors. Founded in 1980, CNN is known for its 24-hour news coverage and global reporting. While it once dominated the cable news market, its viewership has declined in recent years. In 2023, CNN held about 20% of the prime-time cable news market share. The network has shifted its focus to digital platforms and international markets to remain competitive. CNN’s centrist approach appeals to a broad audience but has struggled to match Fox News’ ratings.
MSNBC
MSNBC is another major competitor, known for its liberal-leaning programming. Launched in 1996, the network has carved out a niche by catering to progressive viewers. In 2023, MSNBC held approximately 25% of the prime-time cable news market share. Shows like The Rachel Maddow Show and Morning Joe have been instrumental in building its audience. While MSNBC trails Fox News in overall ratings, it remains a strong contender in the cable news space.
Newsmax
Newsmax is a relatively new but growing competitor in the conservative news space. Founded in 1998, the network gained traction during the 2020 U.S. presidential election by appealing to far-right viewers. In 2023, Newsmax held a smaller but notable 5% of the prime-time cable news market share. The network has invested heavily in expanding its reach, including launching a streaming service. While it is not yet a major threat to Fox News, its growth reflects the increasing fragmentation of the conservative media landscape.
CNBC
CNBC, or Consumer News and Business Channel, focuses on business and financial news. While it is not a direct competitor to Fox News in terms of general news coverage, it competes for viewership during market hours. In 2023, CNBC held a niche but dedicated audience, accounting for about 3% of the prime-time cable news market share. Its specialized content appeals to investors and business professionals.
BBC News
BBC News, the British Broadcasting Corporation’s international news service, competes with Fox News in the global news space. While it does not have a significant presence in the U.S. cable market, its digital platforms and international reach make it a notable competitor. BBC News is known for its impartial reporting and global perspective, attracting viewers who seek an alternative to U.S.-centric news coverage.
Conclusion
Fox News is a powerhouse in the media world, owned and controlled by the Murdoch family through Fox Corporation. Its history, market dominance, and alignment with conservative values have made it a key player in the news industry. With significant revenue and a strong portfolio of brands, Fox Corporation continues to shape the media landscape under the leadership of the Murdochs.
FAQs
Who is the founder of Fox News?
Fox News was founded by media mogul Rupert Murdoch and television executive Roger Ailes in 1996. The network was created to provide a conservative alternative to mainstream news outlets.
What is Fox Corporation?
Fox Corporation is the parent company of Fox News. It was formed in 2019 after the sale of 21st Century Fox’s entertainment assets to Disney. The company owns and operates Fox News, Fox Sports, Fox Broadcasting Company, and other media properties.
How much of Fox Corporation does the Murdoch family own?
The Murdoch family owns approximately 39% of the voting shares in Fox Corporation, giving them significant control over the company’s operations and decision-making.
Who is the CEO of Fox News?
Suzanne Scott is the CEO of Fox News. She has been with the network for over two decades and was appointed CEO in 2018.
What is Fox News’ market share?
As of 2023, Fox News holds approximately 50% of the prime-time cable news market share, making it the most-watched cable news network in the United States.
Who are Fox News’ main competitors?
Fox News’ main competitors include CNN, MSNBC, Newsmax, CNBC, and BBC News. Each network caters to different audience segments and political leanings.
How does Fox News generate revenue?
Fox News generates revenue through advertising, cable affiliate fees, and digital subscriptions. Its popular prime-time shows and loyal audience contribute significantly to its financial success.
What is Fox Nation?
Fox Nation is a subscription-based streaming service launched by Fox News in 2018. It offers exclusive content, including documentaries, opinion shows, and live events, catering to the network’s conservative audience.
How has Fox News’ viewership changed over the years?
Fox News has consistently led in cable news ratings for over two decades. Its viewership peaked during major political events, such as elections, and has remained strong due to its focus on opinion-driven programming and conservative values.
What is the net worth of Fox Corporation?
As of 2024, Fox Corporation’s net worth is estimated to be around 22 billion dollars, driven by the success of Fox News, Fox Sports, and other media assets.
Does Fox News have a digital presence?
Yes, Fox News has a strong digital presence through its website, mobile apps, and streaming service, Fox Nation. The network’s digital platforms provide 24/7 news coverage and exclusive content.
How does Fox News compare to CNN and MSNBC?
Fox News dominates in viewership ratings, holding about 50% of the prime-time cable news market share. CNN and MSNBC hold approximately 20% and 25%, respectively. Fox News leans conservative, while CNN is centrist and MSNBC is liberal.
What brands are owned by Fox Corporation?
Fox Corporation owns several major brands, including Fox News, Fox Broadcasting Company, Fox Sports, Tubi, and Fox Television Stations. These brands collectively contribute to the company’s strong media presence.