The company said it saw fiscal fourth-quarter adjusted earnings of 45 cents a share on $6.65 billion in revenue. Wall Street expected Fox to post earnings of 37 cents on revenues of $6.68 billion, according to a Thomson Reuters consensus estimate.
Trader Guy Adami said that he prefers Viacom, which reports earnings Thursday morning.
"On valuation, it still trades at a percentage of the rest of the space. So on valuation alone, I think you get long Viacom," Adami said. He cautioned investors, however, "to see what happens."
"If Viacom doesn't sell off on the back of this Fox [news], maybe it all sort of goes well for the quarter tomorrow morning," he said.
Trader Dan Nathan said he is looking forward to Disney's earnings next week. The stock, which closed at $96.09 on Wednesday, is trading "relatively cheap compared to its history," he said. Shares of Disney hit an all-time intraday high of $122.08 last August.