Twenty-First_ Century_ Fox_ Inc._ (2.3%)_ (NASDAQ:FOXA)(FOXA_ –_ $28.34,_ FOX_ –_ $27.87_ NASDAQ) is a diversified media company with operations in cable network television, television broadcasting, and filmed entertainment. Cable networks account for 77% of the company’s EBITDA and benefit from contractually recurring affiliate fees and exposure to the fast growing global pay television market. We expect the company to benefit from rising demand for premium content, driven by emerging distribution platforms such as Netflix, and retransmission revenue growth. We believe the acquisition of satellite TV provider Sky plc will be accretive to value.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2017 shareholder letter.
