Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have read the books, watched the business, and put ourselves in the seat of an owner who plans to hold this thing for the rest of our lives. Our conclusion is unambiguous: FOX is a middling business strapped to a structurally declining distribution rail, with one genuinely valuable franchise (FOX News), one bottomless content cost commitment (sports rights), a family-controlled voting structure that subordinates public stockholders, and an open-ended defamation lawsuit that could cost real money. Management has been disciplined about returning cash, and we will give them credit for that. But the operating business itself is not the kind of compounding machine we want to own. Two stars. We would not initiate a position at any price we have seen recently, and we would be a seller if we owned it.
Recent filings analysed: 8-K (2026-06-15), 8-K (2026-06-15), 8-K (2026-06-11), 10-Q (2026-05-11).
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