Twenty-First Century Fox Inc. (FOXA
) (2.2%) (FOXA - $35.15 - NASDAQ; FOX - $34.23) is a diversified media company, with operations in cable network television, television broadcasting, filmed entertainment, and direct broadcast satellite television. Cable networks account for 66% of the company’s EBITDA and benefit from contractually recurring affiliate fees and exposure to the fast-growing global pay television market. We also expect the company to benefit from rising demand for premium content, driven by emerging distribution platforms such as Netflix, retransmission revenue, and aggressive share repurchases.
From Mario Gabelli
)’s The Gabelli Asset Fund Second Quarter 2014 Shareholder Commentary