3 ETFs to Buy if You Think Fox Will Beat Earnings

21st Century Fox (FOXA) will need to show its investors that its strategies are working as the presidential election nears, but management turmoil may create some near-term overhang.

"Advertising is also doing well at the present time give heightened viewing levels at Fox News, although we are mindful that the network will undoubtedly be going through some form of a transition in years ahead given recent managerial changes," Pivotal Research analyst Brian Wieser wrote in a note to clients. Wieser rates Fox shares buy with a $38 price target.

Despite strong advertising figures because of heightened viewership due to the election, there are concerns about management transition due to Roger Ailes stepping down at Fox News may cause a transition in the coming years. "Other concerns around margin pressures, managerial changes at the film studio and relative weakness at the broadcast network are evident," Wieser added.

The company's film segment will also come under scrutiny when it reports fiscal first-quarter results on November 2, especially in light of the strong performance from Deadpool in the calendar first quarter.

The Ryan Reynolds-led movie generated $782.6 million at the global box office, thanks to strong reviews, but the company's summer-movie slate was unable to live up to those results. Movies like Ice Age: Collision Course and Independence Day: Resurgence (released domestically on June 24) have been seen as both critical and commercial missteps. Both films grossed the least amount of money in their respective franchises and Independence Day: Resurgence will likely have to look to digital, DVD and home media sales to turn a profit, after generating ticket sales of just $386 million on a budget of $165 million.

Investors will also be looking to hear what Fox has to say on the M&A front, in light of the proposed deal from AT&T (T) to buy Time Warner (TWX) for $107.50 a share, or $107 billion, including debt.

Fox took control of the media assets of National Geographic in 2015, including the magazine and map, owning 73% of the company. In 2014, Fox tried to buy Time Warner for $85 a share, but was rebuffed in its efforts and never returned to make another bid.

Analysts surveyed by Yahoo! Finance expect the company to earn 44 cents a share on $6.49 billion in revenues.

These three ETFs may benefit if investors like what the New York-based Fox has to say about the past 90 days and the media environment in general.

PowerShares Dynamic Media Portfolio ETF

Though Fox isn't a top holding of the PowerShares Dynamic Media Portfolio ETF (PBS) , its results are sure to have an impact on the media sector. This ETF has $80.8 million in assets under management and sports a 0.62% expense ratio.

Jefferies analyst led by John Janedis, wrote they expected increased profitability in the Film segment for the fiscal first-quarter, noting that the majority of the expenses occurred in the fiscal fourth-quarter. However, the analysts noted the overall film slate "did not exceed expectations in terms of its total box office performance."

Jefferies has a buy rating and a $32 price target on shares.

Fidelity MSCI Consumer Discretionary Index ETF

Even though Fox isn't a part of the Fidelity MSCI Consumer Discretionary Index ETF (FDIS) , Time Warner is. There are some industry observers that believe Fox may make another run at Time Warner, though chances of a deal are low.

The $238.8 million fund charges investors 0.12% in expenses and Time Warner accounts for 2.12% of the portfolio.

BMO Capital Markets analyst Daniel Salmon, who has a outperform rating and a $31 price target, likes the company's long-term opportunities, citing "retransmission fee growth, a strong sports franchise, stable to growing cable network subscribers." Salmon also noted the company's television slate has a few potentials for breakout new shows this season (including Pitch and Son of Zorn) to add to Empire and Gotham."

PowerShares Dynamic Leisure and Entertainment Portfolio ETF

Despite Fox not being a top holding of the PowerShares Dynamic Leisure and Entertainment Portfolio ETF (PEJ) , Time Warner (TWX) is.

The Jeff Bewkes-led Time Warner is in the process of being acquired by AT&T, but Fox had previously tried to acquire the parent company of HBO. This ETF has $104.3 million in assets under management and has a 0.63% expense ratio.

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