Core Insights - Legacy media and entertainment companies have experienced a significant increase in their "Growth" scores, indicating a potential sector turnaround [1][3]. Group 1: Company Performance - News Corp. saw its growth score rise by 71.07 points, from 27.15 to 98.22, driven by its Dow Jones subsidiary and a shift away from low-growth assets [4]. - Fox Corp. experienced a 61.12 point increase in its Edge score, reaching 94.61, attributed to strong fourth quarter performance and a 17% year-over-year revenue growth [6]. - Formula One Group's Growth score surged by 47.71 points to 99.49, primarily due to a 41% year-over-year revenue increase and a 126% rise in earnings [8]. Group 2: Strategic Developments - News Corp. refocused on core assets, enhancing its growth potential [4]. - Fox Corp. is launching a new direct-to-consumer service, Fox One, which is expected to drive recurring revenue [7]. - Formula One Group expanded its portfolio by acquiring MotoGP, adding a significant franchise to its operations [9].

Core Insights - The article highlights the significant wealth accumulation of new immigrants in the United States, with the top ten billionaires born overseas amassing a total wealth of approximately $867 billion, comparable to Switzerland's GDP [1][2]. Group 1: Individual Billionaires - Elon Musk has a net worth of $393.1 billion and is the founder of Tesla and SpaceX, originally from South Africa [3][6]. - Sergey Brin, co-founder of Google, has a net worth of $139.7 billion and was born in Russia [9][11]. - Jensen Huang, co-founder of Nvidia, has a net worth of $137.9 billion and hails from Taiwan [12][16]. - Thomas Peterffy, founder of Interactive Brokers, has a net worth of $67.9 billion and was born in Hungary [13][15]. - Miriam Adelson and family, owners of the Las Vegas Sands casino empire, have a net worth of $33.4 billion and were born in Israel [16][19]. - Rupert Murdoch and family, owners of a global media empire, have a net worth of $24 billion and were born in Australia [20][22]. - Peter Thiel, co-founder of PayPal, has a net worth of $21.8 billion and was born in Germany [23][25]. - Jay Chaudhry, founder of cloud security company Zscaler, has a net worth of $17.9 billion and was born in India [27][29]. - Jan Koum, co-founder of WhatsApp, has a net worth of $16.9 billion and was born in Ukraine [30][32]. - Kingston Technology co-founder Dov Ziv has a net worth of $14.1 billion and was born in China [33][35].

Core Viewpoint - Disney's ESPN and Fox are launching a bundled streaming service priced at $40 per month, combining their respective offerings to attract new customers in the shifting landscape from cable to streaming [1]. Group 1: Service Details - The ESPN streaming service will include all network channels, fantasy sports, and highlights, priced at $30 per month individually [1]. - Fox One will integrate Fox's sports, news, and entertainment content, available for $20 per month separately [1]. - The new bundled service will be available starting October 2, with the individual services launching on August 21 [1]. Group 2: Market Context - The collaboration reflects both companies' commitment to providing quality services across platforms to meet consumer demands [1]. - As viewers increasingly shift from cable to streaming, the cost of obtaining all necessary services for sports viewing can reach at least $84 per month if purchased separately [2]. Group 3: Previous Collaborations - Disney and Fox previously partnered with Warner Bros. to create a sports streaming joint venture named "Venu," which was ultimately canceled due to competitive concerns raised by FuboTV [5]. - Following the cancellation, Disney announced plans to acquire a majority stake in Fubo by merging it with its Hulu+Live TV service [5].

Core Viewpoint - ESPN and Fox are launching a joint streaming service bundle for $39.99 per month, starting October 2, which combines their direct-to-consumer offerings to provide a wide range of sports, news, and entertainment content [1][3][20] Group 1: Streaming Service Details - The bundle will include access to ESPN's upcoming subscription platform and Fox's new streaming service, FOX One, both available individually from August 21 [3][20] - Subscribers will have access to a comprehensive portfolio of content, including major sports leagues such as NFL, NBA, MLB, NHL, and college sports, as well as events like the FIFA World Cup [6][10] - ESPN's platform will feature approximately 47,000 live events annually, along with replays and original programming [8][9] Group 2: Strategic Collaboration - The collaboration aims to enhance the availability of ESPN's sports programming and provide a seamless viewing experience for fans [4][21] - The partnership is seen as a response to the previous failed venture, Venu Sports, which was intended to offer a single sports-focused streaming subscription but faced regulatory challenges [15][20] - The new bundle is positioned as a more flexible option for viewers who have cut the cord or never subscribed to traditional cable [13][21]

Core Insights - Disney's ESPN and Fox Corp. are collaborating to offer a bundled direct-to-consumer streaming service, aiming to attract more consumers with a focus on sports [1][2] - The bundled streaming service will launch on October 2, priced at $39.99 per month, while individual services will cost $29.99 for ESPN and $19.99 for Fox One [2] Group 1: Streaming Service Details - ESPN's streaming service will be an all-in-one app featuring live sports, programming from ESPN networks, fantasy products, betting tie-ins, and documentaries [3] - Fox One will provide content from its broadcast and pay TV networks but will not include exclusive or original content [5] - ESPN will also offer a bundle with Disney+ and Hulu for $35.99 per month, enhancing its content with a deal for WWE's major live events starting in 2026 [4] Group 2: Strategic Moves - Fox's entry into direct-to-consumer streaming follows the abandonment of its Venu joint venture with Disney and Warner Bros. Discovery [6] - Both CEOs of Fox and Disney have indicated interest in exploring further bundling options with other services [7] - The partnership with ESPN is seen as a strategic move to enhance value and viewing experience for customers [8]

Core Points - ESPN and FOX One have announced a bundled streaming service for $39.99 per month starting October 2, 2025 [1][4] - The collaboration aims to enhance consumer access to premium sports content, including major leagues and events [2][3] - The ESPN DTC offering will provide access to all ESPN networks and 47,000 live events annually, along with on-demand content [2][5] ESPN DTC Offering - ESPN's direct-to-consumer service will launch on August 21, 2025, offering a full suite of networks and services [4][5] - The service includes an enhanced ESPN App with features like game stats, betting information, and personalized content [5] FOX One Service - FOX One will aggregate all FOX's news, sports, and entertainment content into a single streaming platform [3][6] - The service targets cord-cutters and will provide live and on-demand access to various FOX brands [6][8] Consumer Experience - The bundle aims to streamline the user experience for sports fans, providing access to a wide range of sports content [2][3] - FOX One will utilize technology from Tubi Media Group to enhance personalization and user engagement [6]

PART I [ITEM 1. BUSINESS](index=3&type=section&id=Item%201.%20Business) FOX Corporation is a news, sports, and entertainment company operating primarily in the U.S. through its Cable Network Programming and Television segments. The company focuses on live and 'appointment-based' content, leveraging strong brands like FOX News Media, FOX Sports, and Tubi. Key strategies include maintaining leadership in core areas, increasing revenue through premium content, and expanding digital distribution offerings. The company also owns the FOX Studio Lot, has an equity stake in Flutter Entertainment plc (including an option for FanDuel), and a stake in the United Football League [Background](index=3&type=section&id=Background) Details the company's formation as a standalone entity and its fiscal year structure - FOX Corporation became a standalone publicly traded company on **March 19, 2019**, after Twenty-First Century Fox, Inc. spun off the Company to its stockholders[13](index=13&type=chunk) - The Company's **fiscal year** ends on **June 30**, and it was incorporated in **2018** under Delaware law[14](index=14&type=chunk) [Business Overview](index=4&type=section&id=Business%20Overview) Outlines FOX's core content production and delivery through its key media brands - FOX produces and delivers news, sports, and entertainment content through brands like FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment, and FOX Television Stations[18](index=18&type=chunk) [Our Competitive Strengths](index=4&type=section&id=Our%20Competitive%20Strengths) Highlights FOX's market leadership in news, digital growth, and strong financial position - FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing for **over 20 consecutive years**[21](index=21&type=chunk) - Tubi, the AVOD service, experienced **13% growth in total view time in fiscal 2025** compared to the prior fiscal year, achieving **approximately 2.2% share of all television viewing**[22](index=22&type=chunk) - FOX Television Stations cover **18 Nielsen-designated market areas (DMAs)**, including **14 of the 15 largest**, and are often the 1 or 2 rated news provider in early morning hours[22](index=22&type=chunk) - The company ended **fiscal 2025** with **approximately $5.4 billion of cash and cash equivalents**, returned **$1.25 billion to stockholders** through repurchases and dividends, and retired **$600 million of debt**[25](index=25&type=chunk) [Goals and Strategies](index=5&type=section&id=Goals%20and%20Strategies) Focuses on expanding digital content, local news, and launching a new direct-to-consumer streaming service - Tubi expanded its content library in **fiscal 2025** with **over 70 new original titles** and launched **40 new sports, entertainment, and local news channels**, totaling **over 320 channels**[27](index=27&type=chunk) - FOX Television Stations' local news content on connected TVs and FAST services saw **over 150% growth in total view time** compared to the prior fiscal year[27](index=27&type=chunk) - FOX One, a wholly-owned direct-to-consumer subscription streaming service, is expected to launch by **Fall 2025**, offering live and on-demand access to the full portfolio of FOX brands[29](index=29&type=chunk) [Reportable Segments](index=6&type=section&id=Reportable%20Segments) Describes the company's primary operating segments: Cable Network Programming and Television [Cable Network Programming](index=6&type=section&id=Cable%20Network%20Programming) The Cable Network Programming segment produces and licenses news and sports content for distribution across traditional and virtual MVPDs and other digital platforms, primarily in the U.S. It includes FOX News Media (FOX News, FOX Business) and cable sports networks (FS1, FS2, Big Ten Network, FOX Deportes) - FOX News Media includes FOX News and FOX Business networks. FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing for **over 20 consecutive years**[31](index=31&type=chunk) Cable Network Subscribers (in millions) as of June 30 | Network | 2025 | 2024 | | :---------------------- | :--- | :--- | | FOX News | **61** | **67** | | FOX Business | **60** | **65** | | FS1 | **61** | **67** | | FS2 | **44** | **48** | | The Big Ten Network | **42** | **45** | | FOX Deportes | **10** | **12** | - The segment's digital distribution includes FOX-branded websites, apps, podcasts, and direct-to-consumer services like FOX Nation (SVOD) and FOX Weather (FAST)[38](index=38&type=chunk) [Television](index=9&type=section&id=Television) The Television segment produces, acquires, markets, and distributes programming through the FOX broadcast network, the Tubi AVOD service, 29 broadcast television stations, and other digital platforms in the U.S. It also includes various production companies - The FOX Network delivers **15 hours of weekly primetime programming** to **209 local market affiliates**, including **18 owned and operated stations**, covering virtually every U.S. market[44](index=44&type=chunk) - Tubi, a leading AVOD service, offers a content library of **nearly 300,000 movies and TV episodes** and streamed **approximately 11 billion hours of content in fiscal 2025**[48](index=48&type=chunk) - FOX Television Stations own and operate **29 full-power broadcast television stations** in **18 local markets**, including **14 of the top 15 largest DMAs**, producing **over 1,350 hours of local news weekly**[49](index=49&type=chunk) [Other](index=13&type=section&id=Other) Covers the FOX Studio Lot, Credible equity stake, FOX One streaming service, and other investments [FOX Studio Lot](index=13&type=section&id=FOX%20Studio%20Lot) The FOX Studio Lot in Los Angeles, California, spans over 50 acres with 1.85 million square feet for administration and production services, including 15 sound stages. It generates revenue from leasing office space and operating studio facilities, predominantly for Disney productions until March 2026 - The FOX Studio Lot provides two primary revenue streams: leasing office space to Disney and other third parties, and operating studio facilities for third-party productions[63](index=63&type=chunk) [Credible](index=13&type=section&id=Credible) FOX Corporation holds a 66% equity stake in Credible Labs Inc., a U.S. consumer finance and insurance marketplace. The put right held by the minority interest shareholder was exercised in December 2024, with the transaction expected to complete in the first half of fiscal 2026 - The put right held by Credible's minority interest shareholder was exercised in **December 2024**, with completion expected in the first half of **fiscal 2026**[64](index=64&type=chunk) [FOX One](index=13&type=section&id=FOX%20One) FOX One, a wholly-owned direct-to-consumer streaming service, was announced in February 2025 and is expected to launch by Fall 2025. It will offer subscribers live and on-demand access to the full portfolio of FOX brands - FOX One, a new direct-to-consumer streaming service, is expected to launch by **Fall 2025**, offering live and on-demand access to all FOX brands[65](index=65&type=chunk) [Investments](index=13&type=section&id=Investments) FOX Corporation holds an equity interest in Flutter Entertainment plc, an online sports betting and gaming company, and a 42% ownership interest in the United Football League (UFL) - FOX owns **approximately 2.4%** of Flutter Entertainment plc and holds a **10-year call option, expiring December 2030, to acquire an 18.6% equity interest in FanDuel Group for approximately $4.5 billion as of June 30, 2025**[66](index=66&type=chunk)[67](index=67&type=chunk) - The Company owns **approximately 42% of the United Football League (UFL)**, a professional spring football league launched in **January 2024**[68](index=68&type=chunk) [Government Regulation](index=14&type=section&id=Government%20Regulation) Addresses the regulatory landscape impacting FOX's broadcast, privacy, and consumer finance operations [The Communications Act and FCC Regulation](index=14&type=section&id=The%20Communications%20Act%20and%20FCC%20Regulation) The U.S. television broadcast industry is highly regulated by the FCC under the Communications Act. This includes broadcast licenses, ownership rules (e.g., 39% national audience reach cap, dual network rules, foreign ownership limits), must-carry/retransmission consent elections, children's programming requirements, and content/advertising regulations - The FCC regulates television broadcast stations, requiring licenses for operation, which are granted for a **maximum term of eight years**[70](index=70&type=chunk) - The FCC's national television ownership rule limits one party to owning stations with a collective national audience reach of **not more than 39% of all U.S. television households**, subject to a UHF discount[71](index=71&type=chunk) - FCC regulations require television broadcasters to elect either 'must-carry' or 'retransmission consent' **every three years**; FOX Television Stations have historically chosen retransmission consent[74](index=74&type=chunk) [Privacy and Information Regulation](index=16&type=section&id=Privacy%20and%20Information%20Regulation) The Company is subject to complex and evolving federal, state, and international laws governing consumer information, privacy, and data security, including COPPA, VPPA, TCPA, GLBA, CCPA/CPRA, and GDPR. Non-compliance could lead to significant fines, litigation, and reputational damage - The Company's digital businesses are subject to federal and state laws like COPPA, VPPA, TCPA, GLBA, and CCPA/CPRA, which regulate the collection, use, retention, and transfer of consumer information[81](index=81&type=chunk) - International laws, such as the EU General Data Protection Regulation (GDPR), also apply to certain Company operations, restricting trans-border data flow[83](index=83&type=chunk) [Consumer Finance Laws and Regulations](index=17&type=section&id=Consumer%20Finance%20Laws%20and%20Regulations) Credible, as a consumer finance and insurance marketplace, operates in heavily regulated industries and is subject to federal and state laws such as the Truth-in-Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, RESPA, UDAAP laws, Dodd-Frank Act, and state licensing laws - Credible is subject to various federal and state consumer finance laws, including those governing loan marketing and origination, fees, mortgage disclosures, and licensing requirements[89](index=89&type=chunk) [Intellectual Property](index=17&type=section&id=Intellectual%20Property) Discusses the company's intellectual property assets and the challenges posed by piracy and new technologies - The Company's intellectual property includes copyrights, trademarks, patents, and trade secrets, from which it derives value through content production, distribution, licensing, and product sales[85](index=85&type=chunk) - Piracy, especially in the digital environment and with new technologies like AI, poses a threat to revenues and the ability to protect intellectual property rights[86](index=86&type=chunk)[87](index=87&type=chunk) [Human Capital Resources](index=17&type=section&id=Human%20Capital%20Resources) Details FOX's employee base and key initiatives in compensation, wellness, and development - As of **June 30, 2025**, FOX had **approximately 10,400 full-time employees**, primarily based in the United States, with a portion being unionized[89](index=89&type=chunk) - Key human capital initiatives include competitive compensation and benefits, employee wellness and workplace flexibility (e.g., parental leave, subsidized childcare), learning and development programs, and fostering workplace civility and inclusion[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [ITEM 1A. RISK FACTORS](index=20&type=section&id=Item%201A.%20Risk%20Factors) FOX Corporation faces various risks, including those related to evolving consumer behavior and technology, declines in advertising revenue, dependence on a limited number of distributors, weak economic conditions, intense industry competition, and the unpredictable nature of content acceptance. Additionally, the company is exposed to cybersecurity threats, content piracy, complex privacy regulations, legal and regulatory changes, and potential conflicts of interest due to its ownership structure - Changes in consumer behavior towards direct-to-consumer offerings and advertising-skipping technologies, along with the rise of generative AI, challenge existing business models and may adversely affect revenues[97](index=97&type=chunk) - Declines in MVPD subscribers negatively impact affiliate fee and advertising revenues, and the inability to renew affiliation and carriage agreements on favorable terms poses a significant risk[106](index=106&type=chunk)[110](index=110&type=chunk) - The company operates in a highly competitive industry, facing new entrants, increased costs for programming rights (especially sports), and the challenge of predicting public acceptance of content[114](index=114&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk) - Cybersecurity threats, content piracy, and evolving privacy regulations (e.g., CCPA, GDPR) pose risks of service disruption, data breaches, intellectual property infringement, and increased compliance costs[129](index=129&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk) - The concentration of voting power by the Murdoch Family Trust and certain anti-takeover provisions in the Company's charter documents may discourage takeovers and affect stockholder approval outcomes[149](index=149&type=chunk)[152](index=152&type=chunk) [Risks Related to Macroeconomic Conditions, Our Business and Our Industry](index=20&type=section&id=Risks%20Related%20to%20Macroeconomic%20Conditions%2C%20Our%20Business%20and%20Our%20Industry) Examines risks from economic downturns, changing consumer habits, and intense industry competition [Risks Relating to Cybersecurity, Piracy, Privacy and Data Protection](index=26&type=section&id=Risks%20Relating%20to%20Cybersecurity%2C%20Piracy%2C%20Privacy%20and%20Data%20Protection) Highlights threats from cyberattacks, content piracy, and complex data privacy regulations [Risks Relating to Legal and Regulatory Matters](index=28&type=section&id=Risks%20Relating%20to%20Legal%20and%20Regulatory%20Matters) Covers potential impacts from legal proceedings, government investigations, and evolving regulations [Risks Relating to Our Ownership Structure](index=30&type=section&id=Risks%20Relating%20to%20Our%20Ownership%20Structure) Addresses risks associated with concentrated voting power and anti-takeover provisions [Risks Related to the Company's Separation from 21CF](index=31&type=section&id=Risks%20Related%20to%20the%20Company%27s%20Separation%20from%2021CF) Discusses ongoing risks and liabilities stemming from the company's spin-off from 21st Century Fox [ITEM 1B. UNRESOLVED STAFF COMMENTS](index=32&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments from the SEC [ITEM 1C. CYBERSECURITY](index=32&type=section&id=Item%201C.%20Cybersecurity) FOX Corporation maintains a cybersecurity program aligned with the NIST Framework, led by its CISO, to identify, detect, assess, and manage cybersecurity risks. The Audit Committee of the Board actively oversees this program, receiving regular updates and conducting in-depth discussions on cybersecurity matters - The Company's cybersecurity program aligns with the National Institute of Standards and Technology Cybersecurity Framework (NIST Framework) and includes regular internal/external penetration testing, third-party security assessments, vulnerability management, mandatory employee training, and an incident response plan[158](index=158&type=chunk)[159](index=159&type=chunk) - The Chief Information Security Officer (CISO) leads the dedicated information security department and provides frequent updates to senior management. The Audit Committee of the Board oversees the cybersecurity program and receives quarterly reports from the CISO[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) [ITEM 2. PROPERTIES](index=33&type=section&id=Item%202.%20Properties) FOX Corporation owns the FOX Studio Lot in Los Angeles, California, a 50-acre facility with over 1.85 million square feet for administration and production services, including 15 sound stages. The company also owns and leases various other real properties, primarily in the U.S., which are considered in good condition and adequate for their purposes - The FOX Studio Lot in Los Angeles, California, spans **over 50 acres** and includes **15 sound stages**, generating revenue from production services and office space leases[165](index=165&type=chunk) - FOX owns and leases various other real properties, primarily in the U.S., which are maintained and improved as appropriate to meet operational needs[166](index=166&type=chunk)[167](index=167&type=chunk) [ITEM 3. LEGAL PROCEEDINGS](index=34&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding the Company's legal proceedings is detailed in Note 14—Commitments and Contingencies to the Consolidated Financial Statements - Legal proceedings are discussed in Note 14—Commitments and Contingencies of the Consolidated Financial Statements[168](index=168&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to FOX Corporation PART II [ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](index=35&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) FOX Corporation's Class A and Class B Common Stock are traded on The Nasdaq Global Select Market. The company repurchased approximately 21 million shares for $1 billion in fiscal 2025 and expects to continue semi-annual dividends. The Board authorized an additional $5 billion in stock repurchases, bringing the total authorization to $12 billion - FOX Corporation's Class A and Class B Common Stock are listed and traded on The Nasdaq Global Select Market under symbols 'FOXA' and 'FOX', respectively[171](index=171&type=chunk) - The Company repurchased **approximately 21 million shares of Class A Common Stock for approximately $1 billion during fiscal 2025**[173](index=173&type=chunk) - Subsequent to **June 30, 2025**, the Board authorized an **additional $5 billion in stock repurchases**, increasing the **total authorization to $12 billion**[173](index=173&type=chunk) Stock Repurchases of Class A Common Stock (Fiscal 2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :----------------------- | :----------------------------- | :--------------------------- | | First quarter **fiscal 2025** | **6,376,797** | **$39.22** | | Second quarter **fiscal 2025** | **5,480,348** | **$45.62** | | Third quarter **fiscal 2025** | **4,682,037** | **$53.38** | | **April 1, 2025** - **April 30, 2025** | **997,155** | **$50.14** | | **May 1, 2025** - **May 31, 2025** | **2,351,080** | **$55.29** | | **June 1, 2025** - **June 30, 2025** | **1,281,951** | **$54.60** | | **Total fiscal 2025** | **21,169,368** | **$47.24** | [ITEM 6. [RESERVED]](index=35&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=36&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides an analysis of FOX Corporation's financial condition and results of operations for fiscal 2025 compared to fiscal 2024. It covers an overview of the business, detailed results of operations by segment, liquidity and capital resources, critical accounting policies, and a caution regarding forward-looking statements. The company saw significant revenue and net income growth in fiscal 2025, driven by higher advertising and affiliate fees, particularly from sports programming and political advertising - The Company's revenues increased by **$2.3 billion (17%) to $16.3 billion in fiscal 2025**, driven by higher affiliate fee, advertising, and other revenues[183](index=183&type=chunk)[182](index=182&type=chunk) - Net income attributable to Fox Corporation stockholders increased by **$762 million (51%) to $2.263 billion in fiscal 2025**, primarily due to higher Segment EBITDA and a change in fair value of investments[188](index=188&type=chunk)[182](index=182&type=chunk) - Operating expenses increased by **$1.4 billion (16%) in fiscal 2025**, mainly due to higher sports programming rights amortization and production costs, including Super Bowl LIX and college football[184](index=184&type=chunk) [INTRODUCTION](index=36&type=section&id=Introduction) Provides an introductory context for the management's discussion and analysis of financial results [OVERVIEW OF THE COMPANY'S BUSINESS](index=36&type=section&id=Overview%20of%20the%20Company%27s%20Business) Summarizes FOX Corporation's revenue streams and operational segments for the fiscal year - For **fiscal 2025**, the Company generated **$16 billion in revenues**, with **approximately 47% from affiliate fees**, **42% from advertising**, and **11% from other operating activities**[179](index=179&type=chunk) [RESULTS OF OPERATIONS](index=38&type=section&id=Results%20of%20Operations) Analyzes the company's consolidated and segment-specific financial performance for recent fiscal years [Results of Operations—Fiscal 2025 versus Fiscal 2024](index=38&type=section&id=Results%20of%20Operations%E2%80%94Fiscal%202025%20versus%20Fiscal%202024) In fiscal 2025, FOX Corporation experienced a 17% increase in total revenues to $16.3 billion, driven by a 5% rise in affiliate fees and a 26% surge in advertising revenue, largely due to Super Bowl LIX and political advertising. Net income attributable to stockholders grew by 51% to $2.263 billion. Operating expenses increased by 16%, primarily due to higher sports programming costs Consolidated Operating Results (Fiscal 2025 vs. 2024) | Metric (in millions) | 2025 | 2024 | $ Change | % Change | | :----------------------------------- | :----- | :----- | :------- | :------- | | Revenues | | | | | | Affiliate fee | **$7,656** | **$7,324** | **$332** | **5%** | | Advertising | **$6,865** | **$5,444** | **$1,421** | **26%** | | Other | **$1,779** | **$1,212** | **$567** | **47%** | | **Total revenues** | **$16,300** | **$13,980** | **$2,320** | **17%** | | Operating expenses | **$(10,518)** | **$(9,089)** | **$(1,429)** | **(16)%** | | Selling, general and administrative | **$(2,168)** | **$(2,024)** | **$(144)** | **(7)%** | | Income before income tax expense | **$3,061** | **$2,104** | **$957** | **45%** | | Net income attributable to Fox Corporation stockholders | **$2,263** | **$1,501** | **$762** | **51%** | - The **$1.4 billion increase in advertising revenue** was primarily due to **$870 million from sports programming** (Super Bowl LIX, higher NFL pricing) and **$550 million from political advertising, digital growth (Tubi), and higher news pricing/audiences**[183](index=183&type=chunk) - Operating expenses increased by **$1 billion** due to higher sports programming rights amortization and production costs (NFL, college football), partially offset by the absence of WWE[184](index=184&type=chunk) [Segment Analysis](index=39&type=section&id=Segment%20Analysis) Segment EBITDA increased by 26% to $3.624 billion in fiscal 2025. Cable Network Programming Segment EBITDA rose 13% to $3.030 billion, driven by higher affiliate fees and sports sublicensing revenue. Television Segment EBITDA surged 87% to $945 million, primarily due to increased advertising from sports (Super Bowl LIX) and political elections, and digital growth at Tubi Segment Revenues and Segment EBITDA (Fiscal 2025 vs. 2024) | Segment (in millions) | 2025 Revenues | 2024 Revenues | % Change (Rev) | 2025 Segment EBITDA | 2024 Segment EBITDA | % Change (EBITDA) | | :---------------------- | :------------ | :------------ | :------------- | :------------------ | :------------------ | :------------------ | | Cable Network Programming | **$6,930** | **$5,955** | **16%** | **$3,030** | **$2,693** | **13%** | | Television | **$9,325** | **$7,875** | **18%** | **$945** | **$506** | **87%** | | Corporate and Other | **$244** | **$209** | **17%** | **$(351)** | **$(316)** | **(11)%** | | **Total** | **$16,300** | **$13,980** | **17%** | **$3,624 (Adjusted)** | **$2,883 (Adjusted)** | **26%** | - Cable Network Programming revenue increased **16%** due to higher affiliate fees (**3% increase from higher rates**, offset by lower subscribers), **21% advertising revenue growth** (news pricing, audiences, digital), and higher sports sublicensing revenue[192](index=192&type=chunk)[193](index=193&type=chunk) - Television segment revenue increased **18%**, with advertising up **28%** (Super Bowl LIX, higher NFL pricing, political advertising, Tubi growth) and affiliate fees up **7%** (higher rates, offset by lower subscribers)[196](index=196&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA is a non-GAAP financial measure used by management to evaluate operating performance, excluding items like amortization of cable distribution investments, depreciation, restructuring, equity losses, interest, non-operating other, and income tax expense. It provides insight into operations separate from non-operational factors - Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses, excluding various non-operational items[199](index=199&type=chunk) - Management uses Adjusted EBITDA to monitor financial results, forecast future periods, and perform competitive analyses, believing it assists users in evaluating operating performance[200](index=200&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) FOX Corporation ended fiscal 2025 with $5.4 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility, providing strong financial flexibility. Net cash provided by operating activities increased significantly to $3.324 billion, primarily due to higher Segment EBITDA. The company used cash for acquisitions, debt repayments, stock repurchases, and dividends, while maintaining a stable credit rating - The Company had **approximately $5.4 billion of cash and cash equivalents** and an **unused $1.0 billion unsecured revolving credit facility** as of **June 30, 2025**[204](index=204&type=chunk) - Net cash provided by operating activities increased to **$3.324 billion in fiscal 2025** from **$1.840 billion in fiscal 2024**, primarily due to higher Segment EBITDA from political advertising and Super Bowl LIX receipts[207](index=207&type=chunk) Cash Flow Summary (in millions) | Activity | Fiscal 2025 | Fiscal 2024 | | :-------------------------------- | :---------- | :---------- | | Net cash provided by operating activities | **$3,324** | **$1,840** | | Net cash used in investing activities | **$(537)** | **$(452)** | | Net cash used in financing activities | **$(1,755)** | **$(1,341)** | - The Company repaid **$600 million of senior notes in April 2025** and **$1.25 billion in January 2024**, while issuing **$1.25 billion of senior notes in October 2023**[209](index=209&type=chunk)[212](index=212&type=chunk) Credit Ratings as of June 30, 2025 | Rating Agency | Senior Debt | Outlook | | :-------------- | :---------- | :------ | | Moody's | Baa2 | Stable | | Standard & Poor's | BBB | Stable | [CRITICAL ACCOUNTING POLICIES AND ESTIMATES](index=46&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section outlines FOX Corporation's critical accounting policies and estimates, which require significant management judgment. These include revenue recognition (advertising, affiliate fees), inventory valuation (licensed and owned programming), goodwill and other intangible assets impairment testing (FCC licenses), income taxes, employee costs (pension and postretirement benefits), and legal matters. Changes in assumptions or market conditions could materially impact financial results - Revenue recognition involves significant judgments in identifying performance obligations and allocating consideration for advertising and affiliate fee contracts[219](index=219&type=chunk) - Licensed and owned programming inventories are amortized based on estimated future revenues, with recoverability evaluated periodically for impairment[223](index=223&type=chunk)[225](index=225&type=chunk) - Goodwill and indefinite-lived intangible assets (like FCC licenses) are tested annually for impairment using discounted cash flow and market-based valuation approaches, requiring significant judgment on discount rates, growth rates, and market data[228](index=228&type=chunk)[229](index=229&type=chunk) - In **fiscal 2025**, the Company recorded a **$70 million non-cash impairment charge for intangible assets**, primarily FCC licenses, due to updated market data and lower expected future advertising revenue[230](index=230&type=chunk) - Employee costs for pension and postretirement benefit plans rely on significant actuarial assumptions, including discount rates and expected return on plan assets, which are subject to market volatility[235](index=235&type=chunk)[236](index=236&type=chunk) [CAUTION CONCERNING FORWARD-LOOKING STATEMENTS](index=50&type=section&id=Caution%20Concerning%20Forward-Looking%20Statements) Warns readers about the inherent uncertainties and risks associated with forward-looking statements [ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=51&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) FOX Corporation is exposed to market risks primarily from changes in interest rates and stock prices. The company holds $6.7 billion in fixed-rate debt, making it sensitive to fair value changes from interest rate fluctuations. Its common stock investments in publicly traded companies are subject to market price volatility - The Company's market risk exposure primarily stems from changes in interest rates and stock prices[247](index=247&type=chunk) Interest Rate Risk Exposure (in millions) | Metric | As of June 30, 2025 | As of June 30, 2024 | | :---------------------------------------------------------------- | :------------------ | :------------------ | | Fair Value of Borrowings: liability | **$6,625** | **$7,017** | | Potential change in fair values from a 10% adverse change in rates | **$258** | **$297** | Stock Price Risk Exposure (in millions) | Metric | As of June 30, 2025 | As of June 30, 2024 | | :---------------------------------------------------------------- | :------------------ | :------------------ | | Total fair value of common stock investments | **$1,249** | **$797** | | Potential change in fair values from a 10% adverse change in prices | **$(125)** | **$(80)** | [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](index=53&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section includes FOX Corporation's audited consolidated financial statements for the fiscal years ended June 30, 2025, 2024, and 2023, along with the reports from management and independent registered public accounting firm. It provides detailed financial information, including statements of operations, comprehensive income, balance sheets, cash flows, equity, and extensive notes to the financial statements - Management's Report on Internal Control Over Financial Reporting confirms effective internal control as of **June 30, 2025**[257](index=257&type=chunk) - Ernst & Young LLP issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of **June 30, 2025**[261](index=261&type=chunk)[262](index=262&type=chunk) - Critical audit matters included program rights amortization for national sports programming and defamation/disparagement claims, both involving subjective estimation and complex auditor judgment[275](index=275&type=chunk)[277](index=277&type=chunk)[280](index=280&type=chunk)[282](index=282&type=chunk) [Management's Report on Internal Control Over Financial Reporting](index=54&type=section&id=Management%27s%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) Confirms the effectiveness of the company's internal control over financial reporting [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](index=55&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Presents the independent auditor's opinion on the financial statements and internal controls [CONSOLIDATED STATEMENTS OF OPERATIONS](index=59&type=section&id=Consolidated%20Statements%20of%20Operations) Provides a summary of the company's revenues, expenses, and net income over a period [CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=60&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Details changes in equity from non-owner sources, including net income and other comprehensive income [CONSOLIDATED BALANCE SHEETS](index=61&type=section&id=Consolidated%20Balance%20Sheets) Presents a snapshot of the company's assets, liabilities, and equity at specific points in time [CONSOLIDATED STATEMENTS OF CASH FLOWS](index=62&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Reports the cash generated and used by operating, investing, and financing activities [CONSOLIDATED STATEMENTS OF EQUITY](index=63&type=section&id=Consolidated%20Statements%20of%20Equity) Shows changes in the company's equity accounts over a period, including stock transactions and net income [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](index=64&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Provides detailed explanations and supplementary information for the financial statements [ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](index=105&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There have been no changes in or disagreements with accountants on accounting and financial disclosure [ITEM 9A. CONTROLS AND PROCEDURES](index=105&type=section&id=Item%209A.%20Controls%20and%20Procedures) FOX Corporation's management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025. There were no material changes in internal control over financial reporting during the fourth quarter of fiscal 2025 - The Company's CEO and CFO concluded that disclosure controls and procedures were effective as of **June 30, 2025**[517](index=517&type=chunk) - Management's report on internal control over financial reporting and the independent auditor's report are incorporated by reference[518](index=518&type=chunk) - No material changes in internal control over financial reporting occurred during the **fourth quarter of fiscal 2025**[519](index=519&type=chunk) [ITEM 9B. OTHER INFORMATION](index=105&type=section&id=Item%209B.%20Other%20Information) This item contains no other information [ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](index=105&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to FOX Corporation PART III [ITEMS 10, 11, 12, 13 AND 14. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE; EXECUTIVE COMPENSATION; SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS; CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE; PRINCIPAL ACCOUNTANT FEES AND SERVICES](index=106&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%20and%2014.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance%3B%20Executive%20Compensation%3B%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters%3B%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence%3B%20Principal%20Accountant%20Fees%20and%20Services) Information for these items is incorporated by reference from FOX Corporation's definitive Proxy Statement for its 2025 Annual Meeting of Stockholders, which will be filed with the SEC pursuant to Regulation 14A - Information for these items is incorporated by reference from the Company's definitive Proxy Statement for its **2025 Annual Meeting** of Stockholders[524](index=524&type=chunk) PART IV [ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](index=107&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Annual Report, including the Company's Consolidated Financial Statements, reports of independent registered public accounting firms, and an exhibit index detailing various agreements, policies, and certifications - The Company's Consolidated Financial Statements and Reports of Independent Registered Public Accounting Firm are included in Part II, Item 8[529](index=529&type=chunk) - The exhibit index includes key documents such as the Separation Agreement, Tax Matters Agreement, Amended and Restated Certificate of Incorporation and By-laws, Shareholder Alignment Plan, and Credit Agreement[529](index=529&type=chunk)[530](index=530&type=chunk) [ITEM 16. FORM 10-K SUMMARY](index=109&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to FOX Corporation SIGNATURES Contains the official signatures of the company's executive officers and directors - The report is signed by Steven Tomsic, Chief Financial Officer, and Lachlan K. Murdoch, Executive Chair and Chief Executive Officer, along with other directors, on **August 6, 2025**[536](index=536&type=chunk)[537](index=537&type=chunk)

Fox (FOXA) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to earnings of $0.9 per share a year ago. These figures are adjusted for non- recurring items. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have change ...

Core Viewpoint - Fox Corp. is set to launch its direct-to-consumer streaming service, Fox One, on August 21, priced at $19.99 per month, with free access for pay TV subscribers [1][2]. Group 1: Streaming Service Details - Fox One will feature the entire Fox TV portfolio, including live sports like NFL and MLB, as well as news programming from Fox News and Fox Business [2]. - The service will not provide exclusive or original content, with most costs attributed to overhead, marketing, and technology [3]. - The company aims for modest subscriber expectations for Fox One [3]. Group 2: Market Position and Strategy - Fox has been slower than competitors in entering the streaming market, having previously launched Fox Nation and Tubi but lacking a full direct-to-consumer offering [4]. - The company intends to bundle Fox One with other streaming services while being cautious not to disrupt the pay TV ecosystem further [5][6]. - Fox's content portfolio primarily consists of sports and news, which has helped mitigate the impact of cord-cutting trends affecting other media companies [5]. Group 3: Financial Performance - Fox reported total revenue of $3.29 billion for the most recent quarter, reflecting a 6% increase year-over-year [8]. - Despite a weak advertising market for non-live sports content, Fox's advertising revenue rose by 7%, driven by growth from Tubi and stronger news ratings [9][10].

Financial Data and Key Metrics Changes - Fox Corporation reported a revenue growth of 17% to $16 billion, with adjusted EBITDA growth of 26% to $3.6 billion and adjusted EPS growth of 39% to $4.78 per share, all records for the company [7][16][17] - Free cash flow increased by 100% to $3 billion, marking another record for Fox [7][16] - Net income attributable to stockholders was $2.3 billion or $4.91 per share, up from $1.5 billion or $3.13 per share in the previous fiscal year [17] Business Line Data and Key Metrics Changes - Total advertising revenue increased by 26% to $7 billion, driven by strong performance in both television and cable network programming segments [16][18] - Cable Network programming segment saw a revenue growth of 7% and EBITDA growth of 6%, with cable advertising revenues up 15% [19][20] - Television segment delivered 6% revenue growth, with advertising revenues growing 3% [20][21] Market Data and Key Metrics Changes - Fox News maintained over 60% share of the cable news audience, with total day audience up 25% and demo audience up 31% [9][43] - Tubi achieved 17% growth in total view time and 32% revenue growth in the fourth quarter, reaching over 100 million monthly active users [12][13][55] - The overall advertising market for Fox remains healthy, with record-setting double-digit volume growth and strong pricing growth across the portfolio [8][74] Company Strategy and Development Direction - Fox One, a direct-to-consumer streaming platform, is set to launch at $19.99 per month, targeting both cordless consumers and current pay TV subscribers [11][12] - The company aims to engage viewers across various platforms, including traditional cable and digital offerings like Tubi and Fox One [14] - Fox is focused on organic growth while exploring opportunities for potential M&A, maintaining a high internal benchmark for capital use [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong operational and financial momentum entering fiscal 2026 [15] - The advertising environment is expected to remain robust, with significant demand for live sports and news programming [74] - Management acknowledged potential headwinds from political advertising and the Super Bowl in fiscal 2026 but remains optimistic about the FIFA Men's World Cup [36][75] Other Important Information - The company announced a $5 billion increase to its share repurchase authorization, reflecting confidence in its balance sheet [15][25] - Tubi's growth is seen as a key driver for future profitability, with expectations for substantial improvement in fiscal 2026 [23][65] Q&A Session Summary Question: Insights on fiscal 2026 expectations and EBITDA trends - Management highlighted strong underlying momentum in audience and advertising demand, with political headwinds expected to impact results [33][34] Question: Update on cable advertising trends and LatAm strategy - Cable advertising remains strong, particularly at Fox News, with a focus on expanding in Latin America through strategic acquisitions [40][42] Question: Performance of Tubi and potential impact of ESPN and NFL relationship - Tubi is outperforming the broader CTV market, with a strong library and engagement metrics, while the relationship with the NFL remains positive [50][57] Question: Investment levels for fiscal 2026 and expected returns - Management indicated a collective investment portfolio moving back towards $350 million, with expectations for similar return profiles as seen with Tubi [60][66] Question: M&A participation and advertising market outlook - Fox is actively looking at opportunities but has not found any that meet its high internal benchmarks; the advertising market remains robust across various segments [71][74] Question: Bundling strategies and FCC impact on affiliate relationships - Fox One will be bundled with other services, focusing on convenience for consumers while maintaining a targeted approach; FCC changes are not expected to negatively impact affiliate relationships [82][85]