NFL Renewal Worries Spur BofA Double Downgrade of Fox Stock (1)

The National Football League’s grip on US audiences keeps growing and that could spell trouble for Fox Corp. when it comes back to the negotiating table, according to the stock’s lone bear.

Bank of America Corp. double downgraded the Lachlan Murdoch-run Fox to underperform from buy on Wednesday and assigned it a $45 price target, the lowest on Wall Street. The worry is that the traditional media company is too heavily reliant on the NFL and negotiations could slash earnings by roughly 20%.

“The NFL is by far the most valuable programming that exists today,” analysts led by Jessica ...