Group 1: Company Developments - Fox Nation has expanded its distribution to EchoStar's DISH Network and SLING TV, allowing customers to subscribe for $5.99 per month starting in mid-March [1] - DISH Network customers can access FOX Nation through the MyDISH app, online, or by phone, and can watch on channel 296 or via the DISH Anywhere app [1] - SLING TV users, including both regular and Sling Freestream users, will also have access to FOX Nation for the same subscription price [1] Group 2: Content Offering - FOX Nation offers over 10,000 hours of content, including exclusive series like "Yellowstone: One-Fifty," "The History of the World in Six Glasses," and "Liberty or Death: The Boston Tea Party" [2] - Popular shows such as "COPS" and "Crime Cam 24/7" will be available, along with documentaries like "The Fall of the House of Murdaugh" and "Jussie Smollett: Anatomy of a Hoax" [2] Group 3: Financial Outlook - The Zacks Consensus Estimate for FOXA's fiscal 2024 revenues is $14.04 billion, reflecting a year-over-year decline of 5.85% [2] - The earnings estimate is pegged at $3.23 per share, indicating a year-over-year decline of 7.98% [2] Group 4: Industry Trends - An Ernst & Young report highlights consumer dissatisfaction with paying for unwanted TV channels, leading to a rise in streaming service popularity [3] - Media companies are balancing traditional TV and streaming platforms to monetize subscriptions and ads effectively [3] - The demand for streaming content is increasing, resulting in more cable subscription cancellations [3] Group 5: Competitive Landscape - Companies like Paramount Global and Comcast are performing well due to the growing viewership of digital content [3] - Comcast's Peacock offers a variety of NBC shows, movies, and original programs, while Paramount's Pluto TV features live channels and on-demand content [4] - FOXA has renewed its partnership with Sinclair Broadcast Group, covering all Fox-affiliated channels in 41 markets, reaching approximately 19 million households [4]

Group 1 - Fox Corporation's COO John Nallen will participate in Deutsche Bank's 32nd Annual Media, Internet & Telecom Conference on March 11, 2024, at 9:40am Eastern / 6:40am Pacific [1] - A live and archived webcast of the presentation will be available on Fox Corporation's investor website [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group [2] - The company's brands hold cultural significance and commercial importance, allowing for engaging content delivery and deeper consumer relationships [2] - Fox Corporation has a strong track record in the news, sports, and entertainment industry, shaping its strategy to leverage existing strengths and invest in new initiatives [2]

The Zacks Broadcast Radio and Television industry has been suffering from increased cord-cutting despite a spurt in demand for streaming content. However, industry participants like Netflix (NFLX) , Warner Bros. Discovery (WBD) , Fox (FOXA) and Roku (ROKU) are benefiting from a massive spike in digital content consumption. Diversified content offerings, which are original, regional, short and suitable for small screens (smartphones and tablets); improved Internet speed and penetration and technological adva ...

NEW YORK and LOS ANGELES, Feb. 28, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) today announced that Executive Chair and Chief Executive Officer Lachlan Murdoch will participate in the Morgan Stanley Technology, Media & Telecom Conference on Monday, March 4, at approximately 9:30am (Pacific), 12:30pm (Eastern). A live and archived webcast of the presentation will be available at investor.foxcorporation.com. About Fox CorporationFox Corporation produces and distributes compelling news, sports, an ...

NEW YORK, Feb. 14, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) ("FOX" or the "Company") announced today its live, in-person 2024 Upfront event on Monday, May 13, in a return to The Hammerstein Ballroom at The Manhattan Center. Hosted by FOX's President of Advertising Sales, Marketing and Brand Partnerships, Jeff Collins, the event will highlight how the company's leadership position in Sports, Entertainment, News and Streaming delivers real, measurable results for its valued partners. FOX is pr ...

Core Insights - Fox Corporation reported second-quarter fiscal 2024 adjusted earnings per share (EPS) of 34 cents, exceeding the Zacks Consensus Estimate by 240%, but down 29.2% year over year [1] - Revenues decreased 8.1% year over year to $4.23 billion, slightly surpassing the consensus mark by 1.28% [1] Revenue Breakdown - Affiliate fees, accounting for 42.2% of revenues, increased by 4.4% to $1.78 billion, driven by a 10% growth in the Television segment [1] - Advertising revenues, making up 47.3% of revenues, fell 20% year over year to $2 billion, primarily due to the absence of the FIFA Men's World Cup and lower political advertising revenues [1] - Other revenues, which represent 10.5% of total revenues, surged 14.1% year over year to $445 million [2] Segment Performance - Cable Network Programming revenues, comprising 39.2% of total revenues, rose 1.6% year over year to $1.65 billion, despite a 22.8% drop in advertising revenues [2] - Television revenues, which account for 60% of total revenues, declined 13.4% year over year to $2.54 billion, with advertising revenues down 19.4% [2] Operating Expenses and EBITDA - Operating expenses decreased 3.8% year over year to $3.39 billion, but as a percentage of revenues, they increased by 350 basis points to 80.1% [3] - Total adjusted EBITDA fell 34.1% year over year to $350 million, with the adjusted EBITDA margin contracting 330 basis points to 8.3% [3] - Cable Network Programming EBITDA increased 59.8% year over year to $564 million, while Television reported a negative adjusted EBITDA of $138 million [3] Balance Sheet - As of December 31, 2023, Fox had $4.12 billion in cash and cash equivalents, down from $4.82 billion as of September 30, 2023 [4] - Long-term debt decreased to $7.19 billion as of December 31, 2023, from $7.44 billion as of September 30, 2023 [4]

Fox Corporation (NASDAQ:FOX) Q2 2024 Earnings Conference Call February 7, 2024 8:30 AM ET Company Participants Gabrielle Brown - Chief IRO Lachlan Murdoch - Executive Chair & CEO Steve Tomsic - CFO John Nallen - COO Conference Call Participants Ben Swinburne - Morgan Stanley Robert Fishman - MoffettNathanson John Hodulik - UBS Jessica Reif Ehrlich - Bank of America Securities Michael Morris - Guggenheim Operator Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation's Second Quarter ...

Fox (FOXA) reported $4.23 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 8.1%. EPS of $0.34 for the same period compares to $0.48 a year ago.The reported revenue represents a surprise of +1.28% over the Zacks Consensus Estimate of $4.18 billion. With the consensus EPS estimate being $0.10, the EPS surprise was +240.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated statements of operations, comprehensive income, balance sheets, cash flows, and equity for the three and six months ended December 31, 2023. It also includes detailed notes to the financial statements, which provide further context on accounting policies, segment performance, legal contingencies, and other key financial matters Consolidated Statements of Operations Highlights (in millions, except per share data) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $4,234 | $4,605 | $7,441 | $7,797 | | **Net income** | $115 | $321 | $530 | $934 | | **Net income attributable to Fox Corporation stockholders** | $109 | $313 | $516 | $918 | | **Diluted EPS** | $0.23 | $0.58 | $1.06 | $1.68 | Consolidated Balance Sheets Highlights (in millions) | Metric | As of Dec 31, 2023 | As of June 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $4,122 | $4,272 | | **Total current assets** | $8,501 | $7,257 | | **Total assets** | $22,846 | $21,866 | | **Total current liabilities** | $3,707 | $3,763 | | **Total liabilities** | $12,521 | $11,421 | | **Total Fox Corporation stockholders' equity** | $10,252 | $10,378 | Consolidated Statements of Cash Flows Highlights (in millions) | Metric | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($535) | ($261) | | **Net cash used in investing activities** | ($143) | ($221) | | **Net cash provided by (used in) financing activities** | $528 | ($660) | | **Net decrease in cash and cash equivalents** | ($150) | ($1,142) | [Notes to the Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed disclosures on accounting policies, business segments (Cable Network Programming, Television, Other), fair value measurements, borrowings, equity transactions, legal contingencies, and segment performance. Key events include the formation of the **UFL** joint venture, issuance of new debt, significant stock repurchases, and developments in major legal cases - In January 2024, the Company launched the **United Football League (UFL)** as a joint venture with XFL, contributing its USFL assets into the new entity[31](index=31&type=chunk) - In October 2023, the Company issued **$1.25 billion** of **6.500%** **senior notes** due 2033. As of December 31, 2023, there were no borrowings outstanding under its **$1.0 billion** **revolving credit facility**[44](index=44&type=chunk) - The Company has a **$7 billion** stock repurchase program with approximately **$1.9 billion** remaining authorized as of December 31, 2023. During the six months ended December 31, 2023, the Company repurchased approximately **$500 million** of its **Class A Common Stock**[45](index=45&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The Company paid approximately **$800 million** in April 2023 to settle the **Dominion defamation lawsuit**. A lawsuit by **Smartmatic** seeking **$2.7 billion** in damages is ongoing, with a trial not expected to commence until 2025[65](index=65&type=chunk)[66](index=66&type=chunk) - Subsequent to the quarter's end, the Company declared a semi-annual dividend of **$0.26 per share**, payable on March 26, 2024[51](index=51&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis indicates a decline in **revenues** and **net income** for the second quarter and first half of fiscal 2024 compared to the prior year. The decrease was primarily driven by lower advertising revenues, attributed to the absence of the **FIFA Men's World Cup** and the 2022 U.S. midterm elections, which were present in the prior-year periods. This was partially mitigated by growth in **affiliate fees**. The discussion details performance by segment and outlines the company's liquidity and capital allocation strategies [Results of Operations](index=21&type=section&id=Results%20of%20Operations) For the second quarter of fiscal 2024, **total revenues** decreased **8%** to **$4.23 billion**, while **net income** fell **64%** to **$115 million**. The revenue decline was driven by a **20%** drop in **advertising** revenue, partially offset by a **4%** increase in **affiliate fees**. The absence of the prior year's **FIFA Men's World Cup** and U.S. midterm elections were the primary factors for the advertising shortfall. Operating expenses decreased **4%**, mainly due to lower programming costs related to the absence of the **World Cup** and the impact of industry guild labor disputes Consolidated Results Summary (in millions) | Metric | Q2 FY2024 | Q2 FY2023 | % Change | H1 FY2024 | H1 FY2023 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $4,234 | $4,605 | (8)% | $7,441 | $7,797 | (5)% | | **Affiliate fee** | $1,787 | $1,712 | 4% | $3,527 | $3,423 | 3% | | **Advertising** | $2,002 | $2,503 | (20)% | $3,202 | $3,723 | (14)% | | **Net income** | $115 | $321 | (64)% | $530 | $934 | (43)% | - The decrease in **advertising** revenue was primarily due to the absence of the **FIFA Men's World Cup** and lower political advertising revenue at the **FOX Television Stations** following the November 2022 U.S. midterm elections[93](index=93&type=chunk) - Operating expenses decreased **4%** in Q2, mainly from lower entertainment and sports programming costs due to fewer original scripted programs (from industry guild strikes) and the absence of the **FIFA Men's World Cup**[95](index=95&type=chunk) [Segment Analysis](index=23&type=section&id=Segment%20Analysis) This section details the performance of the company's three operating segments. **Cable Network Programming** delivered strong **Segment EBITDA** growth of **60%** in Q2, driven by lower expenses. In contrast, the **Television** segment's **Segment EBITDA** swung to a loss, heavily impacted by lower advertising revenues and higher **NFL** costs. The **Other, Corporate and Eliminations** segment reported a slightly narrowed **Segment EBITDA** loss for the quarter Segment EBITDA (in millions) | Segment | Q2 FY2024 | Q2 FY2023 | % Change | H1 FY2024 | H1 FY2023 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Cable Network Programming** | $564 | $353 | 60% | $1,171 | $1,095 | 7% | | **Television** | ($138) | $256 | ** | $213 | $665 | (68)% | | **Other, Corporate and Eliminations** | ($76) | ($78) | 3% | ($165) | ($137) | (20)% | | **Adjusted EBITDA** | $350 | $531 | (34)% | $1,219 | $1,623 | (25)% | [Cable Network Programming](index=24&type=section&id=Cable%20Network%20Programming) In Q2, **revenues** rose **2%** to **$1.66 billion**, as higher sports sublicensing and **affiliate fees** offset a **23%** drop in **advertising**. **Advertising** revenue was impacted by lower ratings and pricing at **FOX News Media** and the absence of the **FIFA Men's World Cup**. **Segment EBITDA** surged **60%** to **$564 million**, benefiting from significantly lower operating expenses, primarily due to the absence of **World Cup** costs and reduced programming expenses at **FOX News Media** Cable Network Programming Results (in millions) | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | **Total revenues** | $1,658 | $1,632 | 2% | | **Affiliate fee** | $1,031 | $1,026 | —% | | **Advertising** | $348 | $451 | (23)% | | **Other** | $279 | $155 | 80% | | **Segment EBITDA** | $564 | $353 | 60% | [Television](index=25&type=section&id=Television) Q2 **revenues** fell **13%** to **$2.54 billion**, primarily due to a **19%** decline in **advertising** revenue from the absence of the **World Cup** and midterm election political ads. This was partly offset by continued growth at **Tubi** and a **10%** rise in **affiliate fees**. **Segment EBITDA** swung to a loss of **$138 million** from a **$256 million** profit in the prior year, reflecting the revenue drop and higher sports rights costs for the renewed **NFL** contract Television Segment Results (in millions) | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | **Total revenues** | $2,542 | $2,934 | (13)% | | **Advertising** | $1,654 | $2,052 | (19)% | | **Affiliate fee** | $756 | $686 | 10% | | **Segment EBITDA** | ($138) | $256 | ** | [Other, Corporate and Eliminations](index=26&type=section&id=Other%2C%20Corporate%20and%20Eliminations) This segment, which includes the FOX Studio Lot and Credible, reported a **Segment EBITDA** loss of **$76 million** in Q2 FY2024, a slight improvement from a **$78 million** loss in the prior-year quarter. For the six-month period, the **EBITDA** loss widened to **$165 million** from **$137 million**, primarily due to higher employee-related costs associated with the transition and separation of a named executive officer - For the six months ended Dec 31, 2023, selling, general and administrative expenses increased primarily due to higher employee related costs as a result of the transition and separation of a named executive officer of the Company[119](index=119&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with **$4.1 billion** in cash and an undrawn **$1.0 billion** credit facility. **Net cash used in operating activities** for the first six months increased to **$535 million**, mainly due to lower **EBITDA** and higher sports rights payments. Key financing activities included issuing **$1.25 billion** in **senior notes**, repurchasing **$500 million** of stock, and repaying **$1.25 billion** of maturing notes subsequent to the quarter's end - As of December 31, 2023, the Company had approximately **$4.1 billion** of **cash and cash equivalents** and an unused **$1.0 billion** unsecured **revolving credit facility**[125](index=125&type=chunk) - **Net cash used in operating activities** increased to **$535 million** for the six months ended Dec 31, 2023, from **$261 million** in the prior year, primarily due to lower **Segment EBITDA** and higher sports rights payments for the **NFL**[128](index=128&type=chunk) - Financing activities were a net source of cash of **$528 million**, primarily due to the October 2023 issuance of **$1.25 billion** of **senior notes**[130](index=130&type=chunk) - Subsequent to December 31, 2023, **$1.25 billion** of **4.030%** **senior notes** due in January 2024 matured and were repaid in full[132](index=132&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports that there have been no material changes in the market risks from those disclosed in its Annual Report on Form 10-K for the fiscal year ended June 30, 2023 - There have been no material changes in the market risks reported in the 2023 Form 10-K[140](index=140&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the company's disclosure controls and procedures were effective. Additionally, no changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - The Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures were effective[141](index=141&type=chunk) - There were no changes in the Company's internal control over financial reporting during the Company's second quarter of fiscal 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[142](index=142&type=chunk) Part II. Other Information [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the financial statements for a detailed discussion of the company's legal proceedings, which includes information on contingencies related to defamation claims and other matters - See Note 8—Commitments and Contingencies to the accompanying Unaudited Consolidated Financial Statements of FOX under the heading "Contingencies" for a discussion of the Company's legal proceedings[145](index=145&type=chunk) [Risk Factors](index=32&type=page&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to its risk factors from previous filings, with the exception of a newly disclosed risk. This new risk factor pertains to the potential for the company to suffer losses due to asset impairment charges for goodwill, intangible assets, programming, and other assets and investments - A new risk factor was added regarding potential losses from asset impairment charges for goodwill, intangible assets, programming, other assets, and investments, which could result in a material non-cash charge to net earnings[147](index=147&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's stock repurchase activity. During the three months ended December 31, 2023, the company repurchased approximately **8.3 million shares** of its **Class A Common Stock** for a total of approximately **$250 million**. As of the quarter's end, **$1.9 billion** remained available for future repurchases under the authorized program Share Repurchases (Q2 FY2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2023 | 1,626,722 | $30.74 | | Nov 2023 | 3,791,483 | $30.37 | | Dec 2023 | 2,857,424 | $29.70 | | **Total** | **8,275,629** | **$30.21** | - As of December 31, 2023, the approximate dollar value of shares that may yet be purchased under the program is **$1.9 billion**[148](index=148&type=chunk) [Other Items (Items 3, 4, 5, 6)](index=33&type=section&id=Other%20Items%20%28Items%203%2C%204%2C%205%2C%206%29) Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information) are noted as not applicable. Item 6 lists the exhibits filed with the Form 10-Q, including certifications and XBRL data - Items 3, 4, and 5 are not applicable[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) - Item 6 lists the exhibits filed with the report, including management certifications and financial data in Inline XBRL format[153](index=153&type=chunk)[154](index=154&type=chunk)

Fox (FOXA) is set to report second-quarter fiscal 2024 results on Feb 7.For the quarter, the Zacks Consensus Estimate for earnings is pegged at 9 cents per share, up 80% in the past 30 days. The figure indicates an 81.25% decline from the year-ago reported figure.The consensus mark for revenues is pegged at $4.18 billion, implying a 9.29% decline from the year-ago quarter’s reported figure.The company’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise be ...