Fox (FOXA, Financial)’s shares underperformed during the quarter as the company continued to face several challenges, including currency headwinds, underperformance in its movie business, general concerns over changes in the media industry and weakness in its stockholding in SKY, Plc after the Brexit vote. We think Fox’s shares are significantly undervalued at current prices.
From Yacktman Focused Fund (Trades, Portfolio) second quarter 2016 commentary.
