Key Takeaways
- Lachlan Murdoch has solidified his control over Fox Corp (FOXA) and News Corp through a $3.3 billion family trust settlement, ensuring strategic continuity for the media empire until at least 2050.
- Brookfield Asset Management (BAM) is targeting an ambitious growth trajectory, aiming to double its capital base to $2 trillion by 2029 from its current $1 trillion AUM.
- Rolls-Royce (RYCEY) has signed critical skills and technology agreements with Western and South Australian Governments to bolster the AUKUS submarine program, supported by significant Australian investment to expand production capacity.
- Verizon Communications (VZ) is launching the new iPhone 17 models on its 5G network, with pre-orders beginning September 12.
- Fox Corp CEO Lachlan Murdoch reported "very strong" advertising demand across the company's sports and news segments, highlighting robust market conditions for its core businesses.
Corporate Governance and Media Strategy
Fox Corp (FOXA) is set for a period of strategic stability following the resolution of the Murdoch Family Trust dispute. CEO Lachlan Murdoch has gained undisputed control of the media conglomerate, with the settlement ensuring his sole voting control of approximately 36.2% of Fox's Class B common stock through 2050. The agreement involved three of Rupert Murdoch's children ceding their stakes for $1.1 billion each, a move Lachlan Murdoch described as "great news for investors" due to the clarity and continuity it provides for the company's strategy. Murdoch also pledged continued investment in "our great journalism," underscoring a commitment to the company's core content offerings.
In a separate but related development, Lachlan Murdoch indicated that advertising demand remains "very strong" across Fox Corp's (FOXA) diverse portfolio, particularly in live news and sports, as well as for its streaming platform, Tubi. This positive outlook suggests robust market conditions for the media giant.
Asset Management Targets Significant Growth
Brookfield Asset Management (BAM) President Connor Teskey announced an ambitious goal to double the firm's capital base to $2 trillion by 2029. This target follows Brookfield reaching a historic $1 trillion in assets under management (AUM) this year. The growth is expected to be fueled by enhancing fundraising channels, scaling product offerings, and strategically building and acquiring new businesses.
Telecommunications and Consumer Technology
Verizon Communications (VZ) is set to introduce Apple's (AAPL) latest smartphone offerings, the iPhone 17 models, on its 5G network. Pre-orders for the new devices, including the iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and the new iPhone 17 Air, are scheduled to begin on September 12, with general availability starting September 19. Verizon is offering significant incentives, including trade-in offers of up to $1,100 off a new iPhone 17.
Global Defense and Workforce Development
Rolls-Royce (RYCEY) has deepened its commitment to the AUKUS submarine program by signing Memorandums of Understanding (MOUs) with the Western and South Australian Governments. These agreements are designed to foster workforce development, skills training, and critical technology capabilities essential for supporting Australia's defense sector. The initiatives will focus on building a highly-skilled workforce, strengthening STEM pipelines, and addressing critical skills gaps for current and future defense projects. Rolls-Royce (RYCEY) is slated to provide the nuclear reactor plants for Australia's new nuclear-powered submarines. Australia is also contributing A$4.6 billion (£2.4 billion) to the UK to expand Rolls-Royce's nuclear reactor production capacity, aiming to alleviate bottlenecks and support the timely delivery of reactors.
Geopolitical Developments
In a separate international development, Yemen’s Houthi Health Ministry reported that 35 people were killed and 131 wounded in an Israeli attack on Yemen. The strikes targeted military camps, the Houthi military "propaganda" department, and a fuel storage site in Sanaa and al-Jawf. This incident follows earlier strikes that reportedly killed the Houthi prime minister and is part of ongoing exchanges between Israel and Houthi militants, who have been targeting vessels in the Red Sea in solidarity with Palestinians.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.