Jason Subotky presented his in-depth investment thesis on Twenty-First Century Fox (NASDAQ: FOX) at Wide-Moat Investing Summit 2014.
Twenty-First Century Fox – Class B: Strongest growth prospects of any traditional major media/entertainment company. Valuation is attractive given the business quality (businesses have strong consistency and predictability due to income tied more to fees than advertising) and strong potential for earnings growth in 2015-2016. Huge long-term opportunity in international markets. Potential to receive better value for satellite units. Separation from News Corp in 2013 and significant investments in FY 2014 have caused both classes of shares to lag. As the Class B voting shares, which have significant liquidity, trade at a discount to the Class A shares due to the Australian de-listing, the Class B shares offer an even more compelling risk-reward trade-off.
About the instructor:
Jason Subotky is Senior Vice President and Portfolio Manager of Yacktman Asset Management. He joined the firm in August, 2001, having previously worked as a General Partner at Peterschmidt Ventures and as a Vice President at Goldman Sachs. Mr. Subotky received a BMusic from the University of Southern California and an MBA from Brigham Young University.
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