Fox

Moat components and scores: Intangible assets 70/100 (weight 35%): FOX News and FOX Sports are entrenched U.S. brands with prime rights (NFL, MLB, college football) and leading cable news viewership, supporting pricing and distribution leverage.

Efficient scale 60/100 (weight 25%): National news/sports plus 29 owned and operated stations create local and national scale that is hard to replicate. Switching costs 55/100 (weight 20%): Distributors and advertisers have alternatives, but FOX’s unique live event inventory raises replacement costs around tent‑pole events.

Cost advantage 40/100 (weight 10%): Rights inflation and production costs limit structural cost edges. Network effects 25/100 (weight 10%): Limited direct network effects; Tubi benefits modestly as a marketplace for attention but not at the level of true platforms.

Weighted outcome reflects a durable but not impregnable moat that can erode if cord‑cutting accelerates or rights migrate. Supporting evidence: segment leadership and rights scale are detailed in FY2025 disclosures; FOX News ratings leadership cited by Nielsen; distribution pricing growth offset by sub declines in Q2 FY2026.