Fox Corporation (FOXA): A Bull Case Theory 

We came across a bullish thesis on Fox Corporation on Accrued Interest’s Substack by Simeon McMillan. In this article, we will summarize the bulls’ thesis on FOXA. Fox Corporation’s share was trading at $65.50 as of November 28th. FOXA’s trailing and forward P/E were 14.72 and 14.79  respectively according to Yahoo Finance.

Fox Corporation operates as a news, sports, and entertainment company in the United States. Tubi continues to stand out as one of the most underestimated platforms in the streaming landscape, even as competition intensifies across legacy and digital players. Despite being a free ad-supported service in a market long dominated by subscription platforms, Tubi has steadily expanded its footprint, reaching a 2.2% share of total TV viewing in October, which positions it as the sixth-largest streaming service in the U.S. This puts Tubi ahead of more established media brands such as NBC’s Peacock, which holds a 1.6% share, and Warner Bros.

Discovery’s offerings at 1.3%. Notably, Tubi is essentially neck-and-neck with Paramount Global’s combined Paramount+ and Pluto TV footprint, which together represent 2.1% share, yet Tubi achieves comparable scale on the strength of a single platform rather than a bundled ecosystem. This growing viewership underscores its effectiveness in capturing cord-cutters, value-conscious audiences, and younger demographics gravitating toward free, on-demand content. Investor confidence has followed, particularly as Fox Corporation’s stock now trades at new all-time highs, reflecting optimism that Tubi will transition from a high-growth asset to a meaningful contributor to profitability.

With expectations building that Tubi can begin adding incremental profits in 2026 and 2027, its trajectory has become central to the broader Fox narrative. The platform’s ability to compound engagement, expand advertising inventory, and leverage Fox’s content pipeline gives it a path to scale faster than traditional competitors. As market share gains translate into monetization tailwinds, Tubi is increasingly viewed as a strategic growth engine capable of reshaping Fox’s long-term valuation profile.

Previously we covered a bullish thesis on Nexstar Media Group, Inc. by Value Don’t Lie in April 2025, which highlighted its strong FCF generation, disciplined capital allocation, and potential regulatory upside. The company’s stock price has appreciated approximately by 7.48% since our coverage. This is because the thesis largely played out amid stable cash flows. The thesis still stands as Nexstar remains well-positioned. Simeon McMillan shares a similar view but emphasizes Fox’s Tubi-driven streaming momentum.

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Disclosure: None.