Fox Corporation

The Murdoch family controls Fox Corporation through a dual-class share structure. Class B shares, held largely by the Murdoch Family Trust, carry 10 votes per share versus one vote per share for Class A stock. As of the 2023 proxy statement, the family holds roughly 42% of voting power despite owning a smaller economic stake. Rupert Murdoch is Chairman Emeritus, and his son Lachlan Murdoch serves as Executive Chair and CEO.

Fox Corporation is a publicly traded operating company (NASDAQ: FOXA), not a family office. It does not manage third-party capital or function as an investment vehicle. The Murdoch family's wealth is concentrated in this publicly traded stock, but the broader family office — which holds other assets like real estate, private investments, and philanthropic structures — is separate and operates outside the public company.

Fox Corp. generates revenue primarily from advertising and affiliate fees across its Cable Network Programming segment (Fox News, Fox Sports, Fox Entertainment) and Television segment (Fox Broadcasting, local stations). In fiscal 2024, affiliate fees comprised roughly 40% of revenue, with advertising contributing the rest. Tubi, the free ad-supported streaming service, adds a growing digital ad revenue stream.

No — Fox Corporation is an operating media company, not an asset manager. It does not make fund commitments or co-investments in the family-office sense. The company's capital allocation is focused on content production, sports rights acquisition, and strategic M&A (e.g., the Tubi acquisition in 2020). Any private investment activity by the Murdoch family is conducted through separate vehicles not part of Fox Corp.

Fox Corporation was formed as a spin-off after the Walt Disney Company acquired 21st Century Fox's entertainment assets — including film studios, FX, National Geographic, and Fox's stake in Sky — for $71.3 billion in March 2019. The remaining assets — Fox News, Fox Sports, the Fox broadcast network, and local TV stations — were spun off into a new publicly traded entity, Fox Corporation.

Fox Corporation operates solely in media and entertainment, not across multiple asset classes. Its investment is concentrated in sports and news rights, content production (through Fox Entertainment Studios and MarVista), and digital platforms (Tubi, TMZ). It does not allocate to private equity, venture capital, real estate, or credit as part of its core business.

The Murdoch family's personal wealth — including real estate, art, private equity stakes, and philanthropic assets — is managed through separate structures, such as the Murdoch Family Trust and the Murdoch Foundation. These are not part of Fox Corporation. Lachlan and Rupert Murdoch also hold significant stakes in News Corp (NASDAQ: NWSA), another publicly traded entity.