Co-movers

daily closes · 500dMethod

Moved together

FOXwithNWSA

×0.40co-movement · NWSA on FOX · 500d

r 0.51scale to r 0.75

Shared co-movers1with FOXwith NWSA

NWSNews Corpr 0.52r 0.95

FOX, solidNWSA, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

FOXFox Corp

56.22−1.80%· post 56.22

Mkt cap$26.5BRevenue$4.2BQ4 FY26Revenue$17.1BFY26

NWSANews Corp

29.13−1.08%· post 29.08

ClosedOct 30 '26

Mkt cap$15.8BRevenue$2.3BQ4 FY26Revenue$9.0BFY26

vs

Compare

ClosedOct 30 '26

FOXFox Corp

vs

NWSANews Corp

56.22−1.80%post 56.22

Price

29.13−1.08%post 29.08

$26.5B

Mkt cap

$15.8B

Q4 FY26$4.2B

Revenue

$2.3BQ4 FY26

FY26$17.1B

Revenue

$9.0BFY26

FOX compared with NWSA: revenue, margins and what each company keeps, and the suppliers and customers both name