David Bank, an analyst with RBC Capital Markets, said that National Geographic provided Fox with the rights to an unusual collection of material that travels around the world and across digital platforms. He said the National Geographic channels could not only be bundled with Fox’s broader portfolio of sports, news, comedy, drama and other channels, to increase its leverage with TV distributors, but could also be part of a direct-to-consumer streaming offering in the long term.

Still not feeling great about Fox taking majority here.