Stocks of the biggest U.S. local TV station owners, among them Nexstar, Sinclair, Tegna and Gray, continue to slump badly as investors recoil from their exposure to a worsening ad market. Even so, …
had “fallen through the floor” even as costs of covering the virus continue. The result, he said, is a “crisis” requiring federal intervention.
Fox Corp. shares, meanwhile, have been in the red since they started trading last April after the $71.3 billion acquisition by Disney of 21st Century Fox. After debuting at $38.05 last April, they closed Thursday at $25.54. Even so, as the virus lockdown took hold over the past month, Fox shares have held steady, a notable feat in this volatile environment.
Compared with Disney, Comcast and WarnerMedia, Fox is not spending heavily on its own direct-to-consumer streaming service. Instead, it is sticking with its strategy to emphasize live sports, unscripted and news broadcasts, augmented by digital offerings. Admittedly, that is a tricky strategy without any sports in action, many brand marketers pulling back on TV and elsewhere, and more than 40% of annual revenue coming from advertising.
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