In what would be a relatively rare event, Sunday’s Academy Awards ceremony could give a boost to the stock price of a major media firm. Reuters reports that 21st Century Fox is poised for an Oscar rally if the media conglomerate has a good night.
“The Oscars, which draw some of the biggest audiences of any single annual television event, typically have little effect on share prices of big publicly traded companies with movies in the running, analysts said,” the report notes, adding that it could be different this time when it comes to Fox. That’s because Fox has some box office hits among the Oscar favorites.
“Fox led studios this year with a total of 26 Oscar nods, including 12 for best picture-nominated revenge drama ‘The Revenant.’ Other Fox films with nominations in top categories include ‘Brooklyn’ and ‘The Martian,'” the story reports.
The Leonardo DiCaprio vehicle “The Revenant,” which had a $135 million budget, has grossed $383.6 million worldwide since its December opening and is still in theaters, which BofA Merrill Lynch analyst Jessica Reif Cohen says is a big factor in whether the company might see an Oscar bump. Said Cohen: “If DiCaprio wins … it could be a significant boost.”