Co-movers

daily closes · 499dMethod

Moved together

NWSAwithFOX

×0.66co-movement · FOX on NWSA · 499d

r 0.51scale to r 0.75

Shared co-movers1with NWSAwith FOX

NWSNews Corpr 0.95r 0.52

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

NWSANews Corp

29.13−1.08%· post 29.08

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

FOXFox Corp

56.22−1.80%· post 56.22

ClosedOct 30 '26

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

vs

Compare

ClosedOct 30 '26

NWSANews Corp

vs

FOXFox Corp

29.13−1.08%post 29.08

Price

56.22−1.80%post 56.22

$15.8B

Mkt cap

$26.5B

Q4 FY26$2.3B

Revenue

$4.2BQ4 FY26

FY26$9.0B

Revenue

$17.1BFY26

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