After mostly positive analysis of the Fox company going forward, the new Fox Corp. did not initially impress stock market investors on its first day as a new publicly traded company.
The new Fox stock on Nasdaq was down 4% to $39.27 in early Tuesday trading -- competitors were either flat or moving higher. Walt Disney was flat at $113.07, while Viacom rose 1% to $33.67 and Comcast was up 0.5% to $40.13.
On Tuesday, Fox announced a number of new members to its board, including ex-House of Representatives Speaker Paul Ryan and former senior Fox executive Chase Carey. Carey was vice chairman of Fox from 2015 to 2019. Before that, he was president-CEO and deputy chairman from 2009 to 2015.
Fox is selling about half its TV and film businesses to Walt Disney for $71.3 billion.
Long-term estimates for Fox say it will benefit from revenues and profitability from sports advertising and affiliate fees, according to MoffettNathanson Research.
Company-wide revenue will climb 11% in 2019 (to $5.7 billion) and 10% in 2020 (to $6.2 billion). Profit margins will grow 7% this year and next, steadily rising to 12% in 2023.