Fox

Management prioritizes reinvestment in rights and digital, then buybacks and a modest dividend. In August 2025 the board lifted repurchase authorization to $12B; Fox repurchased about $1.8B of stock in H1 FY26 including an ASR and has retired roughly 35% of shares since 2019. The semiannual dividend was raised to $0.28 per share.

M&A has been disciplined after earlier experiments in betting; Fox still holds a stake in Flutter and a call option to buy 18.6% of FanDuel by 2030 with a 5% escalator, preserving optionality. Stock‑based compensation is reasonable, and share count is trending down.

Overall, capital allocation has been shareholder‑friendly while funding core rights and growth at Tubi and FOX One.