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Fox Corporation (FOXA) shares soared to a 52-week high, reaching a price level of $39.82, as the media giant continues to capitalize on robust performance across its network segments. This milestone reflects a significant uptrend in the company's stock value, with an impressive 1-year change of 20.36%. Investors have shown increased confidence in Fox's strategic direction and its ability to navigate the dynamic media landscape, which is evident in the stock's strong gains over the past year. The climb to a 52-week high underscores the market's positive reception to Fox's operational achievements and its potential for sustained growth in the competitive entertainment industry.
In other recent news, FOX Corp has been the focus of several noteworthy developments. The company's robust fourth-quarter performance led to an increase in its price target by Evercore ISI and CFRA, both firms maintaining their respective ratings. FOX's fiscal year 2024 concluded with margins outperforming forecasts, largely due to better ratings at Fox News, a favorable advertising environment, and growth acceleration for its streaming service Tubi.
Looking ahead to fiscal year 2025, FOX is expected to benefit from increased political advertising revenue, financial gains from broadcasting the Super Bowl, reduced digital losses, and the launch of the Venu Sports joint venture. The company's management has also indicated a growing interest in mergers and acquisitions. Despite these positive developments, the immediate net cash impact remains uncertain.
In terms of financial performance, FOX Corp reported a Q4 EPS of $0.68, falling short of the consensus estimate. The company also reported a 5% increase in affiliate fees and a 2% increase in revenue for its cable-network programming division. The company's free advertising-supported streaming platform, Tubi, continues to grow, now boasting 81 million monthly viewers. Lastly, a legal dispute is ongoing between media mogul Rupert Murdoch and three of his children over the future leadership of his media empire, which includes FOX Corp.
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