Media company Fox Corp (FOXA) has acquired Caliente TV, which is a sports streaming platform and TV channel, in order to strengthen its sports broadcasting footprint in Mexico. This acquisition gives Fox access to valuable broadcasting rights for major competitions like the UEFA Champions League, France’s Ligue 1, and select Liga MX matches, which will allow it to meet the rising demand for premium sports content in the region.
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Following the acquisition, Fox plans to expand its offerings through a multi-platform strategy that includes launching a new pay TV channel and a subscription-based video-on-demand service. These services will complement Tubi, which is Fox’s existing free and ad-supported streaming platform. Interestingly, Carlos Martinez, Fox’s executive vice president and managing director for Latin America, will lead the rollout of these new plans in Mexico and Central America.
It is worth noting that Martinez brings more than 30 years of experience in the Latin American broadcasting industry. While Fox did not disclose the financial details of the Caliente TV deal, the move is in line with its overall streaming strategy. Indeed, just last month, the company announced that Fox One, its new subscription streaming service, would debut before the start of the fall football season. The shift comes as Fox sees growing advertiser interest across its platforms—including Fox News, Fox Sports, and Tubi—which helped it surpass revenue expectations in its latest quarterly earnings.
Is FOXA Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on FOXA stock based on seven Buys, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average FOXA price target of $57.43 per share implies 5% upside potential.
