Fox to Launch News and Sports Streaming Service

Fox Corporation is set to launch a new subscription-based streaming service by the end of 2025, aiming to capitalize on its news and sports content. CEO Lachlan Murdoch highlighted that the service will target 'cord-cutters' and 'cord-nevers', without intending to replace traditional cable TV, which Fox still sees as valuable. The service will leverage existing Fox News and Fox Sports content, maintaining low additional rights costs, and will be priced modestly. Fox's move follows the shelving of its joint streaming venture, Venu, with Warner Bros. Discovery and Disney, due to legal opposition. Despite its cable business remaining strong, Fox acknowledges the need to adapt as the pay-TV subscriber base continues to decline. The announcement led to a 4% rise in Fox's shares, buoyed by recent strong financial results driven by election-related advertising.