The bottom line
The media landscape has been extremely unsettled for more than two decades; witness the chaos sparked by mergers and acquisitions such as the AOL-Time Warner merger (2000), News Corp's acquisition of Dow Jones (2007), Comcast's (CMCSA +0.00%) purchase of NBC Universal (2009), Jeff Bezos' purchase of The Washington Post (2013), the CBS Corp.-Viacom merger (2019), or the New Media Investment Group's acquisition of Gannett (NYSE:GCI) (2019).
Unlike many media companies, Fox News' ownership is relatively stable, and the division of media into print properties owned by News Corp and broadcast holdings managed by Fox may insulate investors from downturns in either segment.
The media industry has been changing rapidly, though, and even stable ownership is unlikely to insulate a company from the ups and downs of a changing landscape. Investors would be wise to prepare for continued volatility, even in a family-controlled business like Fox.