Fox

Fox exhibits moderate pricing power. Distribution (affiliate) fees have continued to grow as renewals re‑price upward, with Q2 FY26 commentary noting distribution revenue up mid‑single digits even as subscriber declines decelerate.

Advertising pricing in news and sports also remains firm due to must‑watch live events and the reach of FOX News, and Tubi’s rapid audience growth is improving its ad yield. Offsetting factors include the cyclical ad market, loss of some entertainment rights, and the structural decline of traditional pay‑TV subs.

Rights cost escalation caps net pricing power over the full P&L. Overall we view Fox’s pricing power as durable but constrained by industry dynamics rather than competitive weakness.