Media Performance - FOX News has been the top-rated national cable news channel for over 20 consecutive years, finishing the fiscal year as the 1 cable network in Monday to Friday primetime and total day viewing among total viewers for the eighth consecutive year[18] - Tubi experienced over 40% growth in total view time in fiscal 2024 compared to the prior fiscal year, finishing with approximately 2.0% of all television viewing according to Nielsen's The Gauge[20] - FOX Entertainment featured the season's 1 new entertainment series and had four of the top comedies on television during the 2023-2024 broadcast season[19] - FOX Television Stations was the 1 or 2 rated news provider in the hours of 5 a.m. - 9 a.m. in the majority of its operating markets[20] - The FOX Network ranked 2 in the 18 to 49 and 18 to 34 year old audiences during the 2023-2024 broadcast season, and 1 in the male 18 to 49 and 18 to 34 year old audiences[50] - FOX Entertainment features top-rated programming, including the 1 new entertainment series Krapopolis and the 1 game show The Floor during the 2023-2024 season[52] Financial Performance - FOX's cash and cash equivalents at the end of fiscal 2024 were approximately $4.3 billion, with $1.25 billion returned to stockholders through stock repurchase and cash dividends[22] - FOX maintains a strong balance sheet, allowing for continued investment in growth initiatives and potential acquisitions across media categories[22] - The Company has $7.25 billion of outstanding fixed-rate debt as of June 30, 2024[303] - The fair value of borrowings liability increased from $6.895 billion in 2023 to $7.017 billion in 2024[305] - The total fair value of common stock investments decreased from $884 million in 2023 to $797 million in 2024[306] Content and Distribution - Tubi streamed approximately 9.7 billion hours of content over the fiscal year, marking a record for the platform[26] - The company launched over 140 new original titles and over 60 sports, entertainment, and local news channels on Tubi in fiscal 2024[24] - Tubi's content library expanded to over 260,000 titles, including 140 new original titles in fiscal 2024[54] - FOX News Media networks had a total of 67 million subscribers for FOX News and 65 million for FOX Business as of June 30, 2024[28] - FOX News Media operates direct-to-consumer services such as FOX Nation and FOX Weather, expanding its digital distribution capabilities[35] - FOX Entertainment Global engages in domestic and international sales and licenses of scripted and unscripted series, enhancing its distribution capabilities[55] Sports Broadcasting - FOX Sports has secured significant long-term contracts for marquee live sports broadcasts, including the NFL and FIFA World Cup[18] - FOX Sports has an expanded 11-year media rights agreement with the NFL, enhancing its coverage of NFL games and digital rights[52] - The UFL, launched in January 2024, consists of eight teams and has multi-year distribution agreements with FOX Sports and Disney/ESPN[66] Workforce and Employee Initiatives - As of June 30, 2024, the company had approximately 10,200 full-time employees[93] - The company’s internship program welcomed approximately 600 students in fiscal year 2024 and was recognized as one of the "100 Best Internships" by Vault[95] - The company provides comprehensive benefits, including medical insurance, dental and vision coverage, and a 401(k) Savings Plan with company contributions[98][99] - The company has expanded its partnership with the National Alliance on Mental Illness (NAMI) in 2024 to enhance mental health resources for employees[102] - The company launched the FOX Ad Sales Fast Future Initiative in 2021 to develop future leaders within its Ad Sales team[97] - The company’s diversity initiatives require that minority and female candidates are considered for every Director vacancy[94] - The company offers backup childcare and pet care services, as well as online academic help for employees' children[101] - The company has implemented various early career training initiatives to equip individuals with vital job skills[96] - The company’s workforce includes a significant portion of unionized employees, primarily based in the United States[93] Community Engagement and Philanthropy - The Company contributed over $9.5 million to various communities through philanthropic efforts in fiscal year 2024[111] - The FOX Giving program matched employee contributions to eligible non-profits, exceeding $1.5 million in total contributions during the fiscal year[116] - FOX's commitment to military veterans included a $2 million contribution to the Tunnel to Towers' Homeless Veteran Program[112] Regulatory and Compliance - The Company has filed all license renewal applications for its television stations, with one pending application opposed by a third party[70] - The FCC's national television ownership rule limits collective national audience reach to 39% of U.S. television households, impacting potential acquisitions[71] - The company actively monitors and adapts to evolving privacy and data security laws that impact its digital businesses[85] Environmental and Safety Initiatives - The Company has implemented a proactive Environment, Health and Safety (EHS) Program to manage risks and improve workplace safety[105] Real Estate and Assets - The FOX Studio Lot provides revenue streams from leasing office space and operating studio facilities, primarily for Disney productions until 2026[61] - FOX Television Stations owns and operates 29 full power broadcast television stations, delivering content to 38.4% of U.S. television households[44] - The Company holds a 66% equity stake in Credible Labs Inc., which operates consumer finance and insurance marketplaces in the U.S.[62] - The Company owns approximately 4.3 million ordinary shares of Flutter, representing about 2.4% equity interest as of June 30, 2024[63] Future Initiatives - A joint venture with ESPN and Warner Bros. Discovery for a digital sports distribution platform, Venu Sports, is expected to launch in fall 2024[67]
Fox(FOXA) - 2024 Q4 - Annual Report