UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Financial Data and Key Metrics Changes - Fox Corporation reported total revenues of $3.21 billion for Q1 2024, slightly above the prior year quarter, driven by a 2% increase in affiliate fee revenues [15][16] - Adjusted EBITDA for the quarter was $869 million, down from $1.09 billion in the prior year quarter [16] - Net income attributable to stockholders was $407 million, or $0.82 per share, compared to $605 million, or $1.10 per share, in the prior year period [16] Business Line Data and Key Metrics Changes - Television segment revenues increased by 4% year-over-year to $1.78 billion, with an 8% increase in TV affiliate revenues [17] - Cable segment revenues decreased by 3% year-over-year to $1.39 billion, with cable affiliate revenues down 2% due to industry subscriber declines [19][20] - Tubi achieved 30% revenue growth, driven by a 65% increase in total view time, surpassing 70 million monthly active users [9][16] Market Data and Key Metrics Changes - Advertising revenues decreased by around 2%, primarily due to a comparative quarter last year that had higher political ad revenues [7][15] - Fox News maintained its position as the most-watched cable news network, with viewership increasing over 20% from the first quarter [11][12] - The local station group is expected to benefit from increased political spending in the coming quarters [12] Company Strategy and Development Direction - The company is focused on maintaining strong partnerships with distributors and has successfully renewed several distribution contracts, achieving rate increases [46][48] - Fox Corporation aims to leverage its core brands, particularly in sports and news, to drive advertising revenue and viewership [31][36] - Tubi is positioned as a key part of the company's strategy, focusing on organic growth and enhancing user engagement [32][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the mixed advertising market but noted strong demand for sports and news advertising, with pricing above upfront levels [36][52] - The company is optimistic about the future of linear advertising, particularly in sports and news, despite challenges in the direct response advertising market [52] - The upcoming election cycle is expected to provide a boost to local station revenues due to increased political ad spending [12][40] Other Important Information - The company has repurchased $300 million in shares year-to-date, with a total of $4.9 billion repurchased since the buyback program began in 2019 [21][22] - Fox Corporation ended the quarter with approximately $3.8 billion in cash and $7.2 billion in debt [22] Q&A Session Summary Question: Evaluation of WWE renewal and impact on future sports rights negotiations - Management explained that the decision to pass on WWE renewal was based on insufficient advertising and retransmission revenue, indicating a disciplined approach to ROI [24][26] Question: Maximizing returns on college football rights and Tubi's value - Management acknowledged the high demand for college football advertising and emphasized the importance of building value through core brands, while Tubi's growth is seen as a key part of the strategy [29][31] Question: Outlook for political advertising and Tubi's long-term vision - Management provided a mixed outlook for the advertising market but noted strong demand in sports and news, with Tubi positioned for continued growth as a free AVOD service [35][41] Question: Update on affiliate renewal process and implications of Charter Disney renewal - Management reported successful affiliate renewals with rate increases, emphasizing the importance of maintaining premium content within the cable bundle [44][46] Question: Future of linear video advertising and direct response challenges - Management expressed confidence in the future of linear advertising, particularly in sports and news, while expecting improvements in direct response pricing in the coming quarters [52]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Revenue Performance - Total revenues for the three months ended September 30, 2023, were $3,207 million, a slight increase of $15 million or 0% compared to $3,192 million in the same period of 2022[95]. - Affiliate fee revenue increased by $29 million or 2% to $1,740 million, driven by higher fees from FOX Network-affiliated television stations, despite a lower average number of subscribers[95][96]. - Advertising revenue decreased by $20 million or 2% to $1,200 million, primarily due to lower political advertising revenue and decreased ratings at the FOX Network[95][96]. - The Company reported a decrease in revenues from the Cable Network Programming segment by $44 million or 3% to $1,387 million, driven by lower affiliate fee and advertising revenues[106]. - Television segment revenues increased by 4% to $1,780 million for the three months ended September 30, 2023, compared to $1,714 million in the same period of 2022, driven by higher advertising and affiliate fee revenues[108]. - Advertising revenue rose to $910 million, a 1% increase from $905 million, primarily due to the FIFA Women's World Cup broadcast and growth at Tubi[108]. - Affiliate fee revenue increased by 8% to $735 million from $682 million, attributed to higher fees from FOX Network affiliates despite a lower average number of subscribers[108]. Operating Expenses - Operating expenses rose by $206 million or 12% to $1,862 million, mainly due to higher sports programming rights amortization and production costs related to the FIFA Women's World Cup[95][97]. - Selling, general and administrative expenses increased by $32 million or 7% to $480 million, largely due to higher employee-related costs[95][98]. - Total operating expenses increased by 12% to $1,198 million, primarily due to higher sports programming rights amortization and production costs[109]. Profitability - Net income attributable to Fox Corporation stockholders decreased by $198 million or 33% to $407 million, influenced by lower Segment EBITDA and changes in investment fair value[95][101]. - Segment EBITDA for the Cable Network Programming segment decreased by $135 million or 18% to $607 million, attributed to revenue declines and increased expenses[106][107]. - Segment EBITDA for the Television segment decreased by 14% to $351 million from $409 million, as revenue increases were offset by higher expenses[109]. - Adjusted EBITDA for the three months ended September 30, 2023, was $869 million, down from $1,092 million in the same period of 2022[114]. - The company reported a net income of $415 million for the three months ended September 30, 2023, compared to $613 million in the prior year[114]. Cash Flow and Financial Position - The company has approximately $3.8 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility as of September 30, 2023[116]. - Net cash provided by operating activities decreased significantly to $1 million from $270 million, primarily due to higher sports rights payments and lower political advertising receipts[119]. - The company declared a semi-annual dividend of $0.26 per share during the three months ended September 30, 2023[122]. Tax and Market Risks - The effective tax rate for the three months ended September 30, 2023, was 26%, higher than the statutory rate of 21%, primarily due to state taxes[99]. - There have been no material changes in the market risks reported in the 2023 Form 10-K[131].

FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Registrant's telephone number, including ...

Financial Data and Key Metrics Changes - For fiscal 2023, the company reported record annual revenue growth of 7% and EBITDA growth of 8%, reaching $3.19 billion [5][15][17] - Net income attributable to stockholders was $1.24 billion or $2.33 per share, an increase from $1.21 billion or $2.11 per share in fiscal 2022 [17][20] - In Q4 fiscal 2023, total company revenues were $3.03 billion, consistent with Q4 fiscal 2022, while quarterly EBITDA decreased to $735 million from $770 million [15][17] Business Line Data and Key Metrics Changes - Cable networks saw a 3% decrease in revenue year-over-year, with advertising revenues falling 11% due to a softer direct response marketplace [21] - The Television segment reported a 4% growth in quarterly revenues, driven by a 9% increase in affiliate fee revenues, while advertising revenues fell 1% [22] - Tubi experienced significant growth, with revenue up 47% in Q4, driven by a 65% increase in total viewer time [8][19] Market Data and Key Metrics Changes - FOX News maintained its position as the top-rated national cable news channel, with a 35% increase in total viewers since the debut of its new prime time lineup [9][12] - The overall advertising environment showed signs of improvement, with strong demand in categories like automotive and pharmaceuticals, while local pacing remained flat to slightly up [30][32] Company Strategy and Development Direction - The company aims to strengthen Tubi's position in fiscal 2024, focusing on expanding its content library and increasing viewer engagement [8][13] - FOX's strategy emphasizes protecting premium sports content within the pay-TV ecosystem while adapting to changing consumer demands [29][30] - The company plans to continue investing in growth initiatives, particularly in Tubi, while balancing capital returns to shareholders [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet, which supports ongoing capital returns and investment flexibility [13][27] - The company anticipates a strong second half of the calendar year, driven by upcoming sporting events and a favorable advertising environment [12][30] - Management acknowledged macroeconomic uncertainties but remains optimistic about the company's strategic positioning and growth potential [10][11] Other Important Information - The company returned $2 billion of capital through share repurchases and increased its semiannual dividend to $0.26 per share [26][27] - FOX Bet's joint venture was wound down, but the company retains a valuable option in FanDuel and is free to explore partnerships with other betting operators [41][43] Q&A Session Summary Question: Could a sports-centric joint venture make sense for FOX? - Management indicated that their business is similar to ESPN's, focusing on protecting premium sports content within the pay-TV ecosystem while adapting to consumer demands [29][30] Question: Can you provide an update on the overall ad environment? - Management reported strong upfront results with positive trends in national advertising, particularly in automotive and pharmaceuticals, while local pacing remained stable [30][32] Question: What is the company's strategy regarding affiliate fees amidst cord-cutting? - Management expressed confidence in maintaining strong relationships with affiliates and driving industry-leading pricing despite subscriber declines [56]

FOX Corporation (NASDAQ:FOX) Q3 2023 Results Conference Call May 9, 2023 8:30 AM ET Company Participants Gabrielle Brown - Head of IR Lachlan Murdoch - Co-Chairman of the Board Steven Tomsic - CFO Conference Call Participants Robert Fishman - MoffettNathanson Ben Swinburne - Morgan Stanley Phil Cusick - JPMorgan John Hodulik - UBS Jessica Reif Ehrlich - Bank of America Operator Ladies and gentlemen, thank you for standing by. Welcome to the FOX Corporation Third Quarter Fiscal Year 2023 Earnings Conference ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Fox Corporation (NASDAQ:FOX) Q2 2023 Earnings Conference Call February 8, 2023 8:30 AM ET Company Participants Lachlan Murdoch - Executive Chair and CEO John Nallen - COO Steve Tomsic - CFO Gabrielle Brown - Chief IRO Conference Call Participants Robert Fishman - MoffettNathanson Jessica Reif Ehrlich - Bank of America Securities Phil Cusick - JPMorgan Ben Swinburne - Morgan Stanley Doug Mitchelson - Credit Suisse John Hodulik - UBS Operator Ladies and gentlemen, thank you for standing by. Welcome to the Fox ...