FOX and NWS both use dual‑class share structures, where the economics are equal but liquidity and voting rights differ.

Across both companies, the more expensive shares consistently attract higher short interest, with figures around 7 percent and 3 percent overall.

In NWS as premiums rise, shorting gaps generally widen; in FOX higher premiums narrow the short gap as voting rights sit with the cheaper shares.

FOX and NWS both employ dual‑class share structures: two sets of stock that are economically equal but differ in liquidity and voting rights. It’s a classic setup where the economics match, but the governance and tradability don’t.

Across both media companies, the more expensive share class consistently attracts more short interest.

The numbers are strikingly similar, reflecting investors arbitraging the spread between the classes or simply shorting the richer shares when betting against the company,

We can measure not only the short interest percentage of float for each class but also for the company as a whole.

In both names, the data is nearly identical — about 7 percent and 3 percent and have moved together.

In NWS, the shorting gap widens as premiums rise, while in FOX the opposite occurs because voting rights sit with the cheaper shares.

The reason lies in voting rights. In FOX, the cheaper shares carry the votes. In NWS, it’s the more expensive shares that hold them.

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