Fox (NASDAQ:FOX)’s shares were strong during the quarter as the company moved closer to closing its transaction to sell key assets to Disney. In the fourth quarter, the transaction received key antitrust approval from China, something which had been a concern to some given the current state of trade relations. We think the transaction will close some time during the first quarter, and there remains solid value in the shares at current prices. Fox’s execution continued to be solid, helped by a turnaround in football ratings, benefiting Fox Network, which recently added Thursday night games to its schedule.
From Yacktman Fund (Trades, Portfolio)'s fourth quarter 2018 shareholder letter.
