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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2024
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)
Delaware83-1825597
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
1211 Avenue of the Americas
New York,New York10036
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code (212) 852-7000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange
on which registered
Class A Common Stock, par value $0.01 per shareFOXAThe Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per shareFOXThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of January 31, 2025, 217,846,833 shares of Class A Common Stock, par value $0.01 per share, and 235,581,025 shares of Class B Common Stock, par value $0.01 per share, were outstanding.

FOX CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 Page
 
 
 
 
 
 
 
 
 
 
 
 




FOX CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
Revenues$5,078 $4,234 $8,642 $7,441 
Operating expenses(3,776)(3,393)(5,794)(5,255)
Selling, general and administrative(525)(495)(1,027)(975)
Depreciation and amortization(97)(97)(188)(193)
Restructuring, impairment and other corporate matters(170)(18)(196)(9)
Equity earnings of affiliates4 1 7 2 
Interest expense, net(80)(72)(130)(114)
Non-operating other, net81 (29)314 (205)
Income before income tax expense515 131 1,628 692 
Income tax expense(127)(16)(408)(162)
Net income388 115 1,220 530 
Less: Net income attributable to noncontrolling interests(15)(6)(20)(14)
Net income attributable to Fox Corporation stockholders$373 $109 $1,200 $516 
 
EARNINGS PER SHARE DATA
Weighted average shares:
Basic457 481 459 487 
Diluted462 482 463 488 
 
Net income attributable to Fox Corporation stockholders per share:
Basic$0.82 $0.23 $2.61 $1.06 
Diluted$0.81 $0.23 $2.59 $1.06 
The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.
1

FOX CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(IN MILLIONS)
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
Net income$388 $115 $1,220 $530 
Other comprehensive (loss) income, net of tax:
Benefit plan adjustments and other(5)5 (1)3 
Other comprehensive (loss) income, net of tax(5)5 (1)3 
Comprehensive income383 120 1,219 533 
Less: Net income attributable to noncontrolling interests(a)
(15)(6)(20)(14)
Comprehensive income attributable to Fox Corporation stockholders$368 $114 $1,199 $519 
(a)
Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.
The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.
2

FOX CORPORATION
CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS)
As of
December 31,
2024
As of
June 30,
2024
(unaudited) (audited)
ASSETS
Current assets  
Cash and cash equivalents$3,322 $4,319 
Receivables, net3,492 2,364 
Inventories, net1,171 626 
Other252 192 
Total current assets8,237 7,501 
Non-current assets
Property, plant and equipment, net1,671 1,696 
Intangible assets, net3,020 3,038 
Goodwill3,543 3,544 
Deferred tax assets2,729 2,878 
Other non-current assets3,822 3,315 
Total assets$23,022 $21,972 
LIABILITIES AND EQUITY
Current liabilities
Borrowings$600 $599 
Accounts payable, accrued expenses and other current liabilities2,697 2,353 
Total current liabilities3,297 2,952 
Non-current liabilities
Borrowings6,600 6,598 
Other liabilities1,314 1,366 
Redeemable noncontrolling interests200 242 
Commitments and contingencies
Equity
Class A Common Stock(a)
2 2 
Class B Common Stock(b)
2 2 
Additional paid-in capital7,650 7,678 
Retained earnings3,949 3,139 
Accumulated other comprehensive loss(108)(107)
Total Fox Corporation stockholders’ equity11,495 10,714 
Noncontrolling interests116 100 
Total equity11,611 10,814 
Total liabilities and equity$23,022 $21,972 
(a)
Class A Common Stock, $0.01 par value per share, 2,000,000,000 shares authorized, 218,781,620 shares and 225,727,598 shares issued and outstanding at par as of December 31, 2024 and June 30, 2024, respectively.
(b)
Class B Common Stock, $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares issued and outstanding at par as of December 31, 2024 and June 30, 2024.
The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.
3

FOX CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
For the six months ended December 31,
20242023
OPERATING ACTIVITIES
Net income$1,220 $530 
Adjustments to reconcile net income to cash used in operating activities
Depreciation and amortization188 193 
Amortization of cable distribution investments8 8 
Restructuring, impairment and other corporate matters196 9 
Equity-based compensation68 48 
Equity earnings of affiliates(7)(2)
Cash distributions received from affiliates13 — 
Non-operating other, net(314)205 
Deferred income taxes145 29 
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets(1,198)(853)
Inventories net of programming payable(431)(405)
Accounts payable and accrued expenses(75)(180)
Other changes, net(17)(117)
Net cash used in operating activities(204)(535)
INVESTING ACTIVITIES
Property, plant and equipment(138)(150)
Purchase of investments(79)(6)
Other investing activities, net(23)13 
Net cash used in investing activities(240)(143)
FINANCING ACTIVITIES
Borrowings— 1,232 
Repurchase of shares(500)(500)
Dividends paid and distributions(134)(142)
Other financing activities, net81 (62)
Net cash (used in) provided by financing activities(553)528 
Net decrease in cash and cash equivalents(997)(150)
Cash and cash equivalents, beginning of year4,319 4,272 
Cash and cash equivalents, end of period$3,322 $4,122 
The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.
4

FOX CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
(IN MILLIONS)
 Class A Class BAdditional Paid-in Capital Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total Fox
Corporation
Stockholders’
Equity
Noncontrolling
Interests(a)
Total
Equity
Common Stock Common Stock
Shares Amount Shares Amount
Balance, September 30, 2024222 $2 235 $2 $7,641 $3,734 $(103)$11,276 $100 $11,376 
Net income— — — — — 373 — 373 14 387 
Other comprehensive loss— — — — — — (5)(5)— (5)
Shares repurchased(6)— — — (92)(160)— (252)— (252)
Other3 — — — 101 2 — 103 2 105 
Balance, December 31, 2024219 $2 235 $2 $7,650 $3,949 $(108)$11,495 $116 $11,611 
Balance, September 30, 2023249 $3 235 $2 $7,991 $2,539 $(151)$10,384 $67 $10,451 
Net income— — — — — 109 — 109 10 119 
Other comprehensive income— — — — — — 5 5 — 5 
Shares repurchased(9)— — — (139)(114)— (253)— (253)
Other1 — — — 27 (20)— 7 (4)3 
Balance, December 31, 2023241 $3 235 $2 $7,879 $2,514 $(146)$10,252 $73 $10,325 
Balance, June 30, 2024226 $2 235 $2 $7,678 $3,139 $(107)$10,714 $100 $10,814 
Net income— — — — — 1,200 — 1,200 21 1,221 
Other comprehensive loss— — — — — — (1)(1)— (1)
Dividends— — — — — (124)— (124)— (124)
Shares repurchased(12)— — — (199)(306)— (505)— (505)
Other5 — — — 171 40 — 211 (5)206 
Balance, December 31, 2024219 $2 235 $2 $7,650 $3,949 $(108)$11,495 $116 $11,611 
Balance, June 30, 2023263 $3 235 $2 $8,253 $2,269 $(149)$10,378 $67 $10,445 
Net income— — — — — 516 — 516 18 534 
Other comprehensive income— — — — — — 3 3 — 3 
Dividends— — — — — (127)— (127)— (127)
Shares repurchased(24)— — — (397)(108)— (505)— (505)
Other2 — — — 23 (36)— (13)(12)(25)
Balance, December 31, 2023241 $3 235 $2 $7,879 $2,514 $(146)$10,252 $73 $10,325 
(a)
Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).
The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.
5


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Fox Corporation (“FOX” or the “Company”) is a news, sports and entertainment company, which manages and reports its businesses in the following reportable segments: Cable Network Programming and Television.
The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2025.
The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 as filed with the Securities and Exchange Commission on August 8, 2024 (the “2024 Form 10-K”).
All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2024 amounts have been reclassified to conform to the fiscal 2025 presentation.
The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein.
NOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS
The Company’s acquisitions support the Company’s strategy to strengthen its core brands, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. During the six months ended December 31, 2024 and 2023, the Company made no acquisitions.
In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Warner Bros. Discovery Inc. (“WBD”) to form a digital distribution platform focused on sports called Venu Sports. On January 10, 2025, FOX, Disney and WBD announced the decision to discontinue Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports”). In connection with that decision, FOX expensed the costs that were previously capitalized in anticipation of the launch in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024.
6


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. INVENTORIES, NET
The Company’s inventories were comprised of the following:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Licensed programming, including prepaid sports rights$1,448 $841 
Owned programming617 497 
Total inventories, net2,065 1,338 
Less: current portion of inventories, net(1,171)(626)
Total non-current inventories, net$894 $712 
Owned programming
Released$269 $238 
In-process or other348 259 
Total$617 $497 
The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Total amortization expense$2,758 $2,467 $3,888 $3,462 
NOTE 4. FAIR VALUE
Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).
The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:
Fair value measurements
As of December 31, 2024
Total Level 1Level 2Level 3
(in millions)
Investments in equity securities$1,132 $1,132 
(a)
$— $— 
Redeemable noncontrolling interests(200)— — (200)
(b)
Total$932 $1,132 $— $(200)
7


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Fair value measurements
As of June 30, 2024
Total Level 1 Level 2Level 3
(in millions)
Investments in equity securities$797 $797 
(a)
$— $— 
Redeemable noncontrolling interests(242)— — (242)
(b)
Total$555 $797 $— $(242)
(a)
The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)
The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Redeemable Noncontrolling Interests
The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company.
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Beginning of period$(202)$(228)$(242)$(213)
Net (income) loss(1)4 1 4 
Accretion and redemption value adjustments
3 (19)41 (34)
End of period$(200)$(243)$(200)$(243)
The put right held by the Credible minority interest shareholder was fully exercised in December 2024. The Company and the Credible minority interest shareholder will determine the value of the redeemable noncontrolling interest as part of a predetermined fair market value process.
The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027.
8


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Financial Instruments
The carrying value of the Company’s financial instruments exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments accounted for using the measurement alternative method, approximates fair value.
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Borrowings
Fair value$7,081 $7,017 
Carrying value$7,200 $7,197 
Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement).
Concentrations of Credit Risk
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.
Generally, the Company does not require collateral to secure receivables. As of December 31, 2024 and June 30, 2024, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.
NOTE 5. BORROWINGS
Borrowings include senior notes (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Public Debt – Senior Notes Issued”) of which $600 million of 3.050% senior notes are due in April 2025. In addition, the Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of June 2028 (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Revolving Credit Agreement”). As of December 31, 2024, there were no borrowings outstanding under the revolving credit agreement.
NOTE 6. STOCKHOLDERS’ EQUITY
Stock Repurchase Program
The Company’s Board of Directors has authorized a stock repurchase program under which the Company can repurchase $7 billion of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time.
In total, the Company repurchased approximately 12 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2024.
Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.
As of December 31, 2024, the Company’s remaining stock repurchase authorization was approximately $900 million. Subsequent to December 31, 2024, the Company repurchased approximately 1 million shares of Class A Common Stock for approximately $50 million.
9


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Dividends
The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
Cash dividend per share$— $— $0.27 $0.26 
Subsequent to December 31, 2024 the Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025.
NOTE 7. EQUITY-BASED COMPENSATION
The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2024 Form 10-K).
The following table summarizes the Company’s equity-based compensation:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Equity-based compensation$34 $24 $68 $48 
Intrinsic value of all settled equity-based awards$25 $7 $103 $72 
Tax benefit on settled equity-based awards$2 $1 $17 $11 
The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $165 million and is expected to be recognized over a weighted average period between two and three years.
The computation of diluted earnings per share did not include stock options or performance-based stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented.
Awards Vested, Granted and Exercised
Restricted Stock Units
During the six months ended December 31, 2024 and 2023, approximately 1.5 million and 1.9 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 2.0 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.
Performance-Based Stock Options
During the six months ended December 31, 2024 and 2023, approximately 2.5 million and 0.4 million performance-based stock options were exercised and approximately 3.4 million and 4.0 million were granted, respectively, which will vest in full at the end of a three-year performance period as the market condition has been met and have a term of seven years thereafter.
10


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. COMMITMENTS AND CONTINGENCIES
Commitments
The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of December 31, 2024 and June 30, 2024 were approximately $36 billion and $38 billion, respectively. The decrease from June 30, 2024 was primarily due to sports programming rights payments.
Contingencies
The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed below for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss.
FOX News
The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows.
U.K. Newspaper Matters Indemnity
In connection with the separation of 21CF and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $65 million as of June 30, 2024 and approximately $70 million as of December 31, 2024.
Defamation and Disparagement Claims
From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered
11


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023.
The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. Discovery in the Smartmatic case is ongoing, following a stay by operation of New York law due to the death of Lou Dobbs. At this time, a trial in the Smartmatic lawsuit is not expected to commence until mid-to-late 2025 at the earliest. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits in the Delaware Court of Chancery (the “Chancery Court”) against certain directors of the Company, which the Chancery Court subsequently consolidated into one matter captioned In re Fox Corporation Deriv. Litig., C.A. No. 2023-0418 (Del.Ch.). Two additional derivative lawsuits were subsequently filed by the Company’s stockholders in the Chancery Court on September 12, 2023 against certain directors and officers of the Company and are part of the consolidated lawsuit. Each of the lawsuits names the Company as a nominal defendant. On April 26, 2024, the lead plaintiffs filed an amended complaint that alleges that certain directors and officers, as applicable, breached their fiduciary duties by allowing the Company’s news channel to air allegations regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation litigation. The amended complaint seeks orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. On December 27, 2024, the Chancery Court denied the defendants’ motion to dismiss the amended complaint. The Company intends to continue to vigorously defend against these claims.
Actions and Claims Arising from Alleged Misuse of Personal Information
The Company and its subsidiaries, including Tubi, Inc. (“Tubi”), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information. In June 2023, a putative class action lawsuit titled Campos v. Tubi was filed with the U.S. District Court for the Northern District of Illinois, Eastern Division (the “District Court”), alleging that Tubi shared viewer information with third parties in violation of the privacy protection provisions of the federal Video Privacy Protection Act. After a determination that Campos lacked standing to sue Tubi, plaintiff’s counsel filed a new putative class action titled Gregory v. Tubi with the 17th Judicial Circuit Court in Winnebago County, Illinois (the “Illinois State Court”). On July 26, 2024 the parties entered into a Settlement and Release Agreement to resolve all claims, which includes the dismissal of the Campos lawsuit and settlement of the Gregory lawsuit. On January 24, 2025, the Illinois State Court entered a final order approving the Settlement and Release Agreement. The settlement will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. The Company intends to vigorously defend against any other actions and arbitration claims arising from the alleged misuse of personal information that have not been settled or resolved by the Gregory settlement. The Company is unable to predict the final outcome of these other actions and arbitration claims and has determined that a loss in these matters is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
Venu Sports
In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of Disney, and WBD to form a digital distribution platform focused on sports called Venu Sports. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc (collectively, “Fubo”) filed a lawsuit against Disney, ESPN, Inc., ESPN Enterprises, Inc., HULU, LLC, FOX and WBD in the U.S. District Court for the Southern District of New York (the “NY District Court”) alleging claims under federal and New York antitrust laws. The claims were based on theories that (i) Venu Sports will harm competition in alleged markets for the licensing of networks that offer live sports content and for streaming live pay tv, (ii) certain alleged practices by which FOX and Disney
12


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(including its ESPN affiliates) license their networks to virtual multi-channel video programming distributors (“virtual MVPDs”) as a bundle increase prices and reduce output for services offered by virtual MVPDs, and (iii) certain alleged pricing provisions in the defendants’ carriage agreements with certain virtual MVPDs increase prices for services offered by virtual MVPDs. Fubo subsequently filed an amended complaint that added allegations relating to a purported market for “skinny sports bundles” that Fubo claimed Venu Sports will monopolize. Fubo sought compensatory damages, treble damages and an injunction to prevent the formation of the joint venture.
Following a hearing on Fubo’s motion for a preliminary injunction, the NY District Court preliminarily enjoined the launch of Venu Sports on August 16, 2024. The defendants filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit (the “Appeals Court”) from the preliminary injunction order on August 19, 2024, and the Appeals Court granted defendants’ motion for an expedited appeal on August 27, 2024. On September 26, 2024, the Company filed with the NY District Court a motion to dismiss Fubo’s claims brought under federal and New York antitrust law, unrelated to the joint venture, which the NY District Court denied on December 13, 2024.
On January 6, 2025, Disney and Fubo announced that they have entered into an agreement to combine the Hulu + Live TV business with Fubo, forming a combined virtual MVPD company (the “Disney/Fubo Transaction”). In conjunction with the Disney/Fubo Transaction, Fubo and the defendants settled the Venu Sports lawsuit and the defendants made an aggregate $220 million settlement payment to Fubo, of which approximately $80 million was the Company’s portion, which was recorded in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024. On January 10, 2025, the defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately, and as a result the Company expensed the costs that were previously capitalized in anticipation of the launch. Under certain circumstances, including if the Disney/Fubo Transaction does not close due to the failure to obtain certain regulatory approvals, a termination fee of $130 million will be payable to Fubo. Concurrently with the Disney/Fubo transaction, Disney has committed to provide Fubo a senior unsecured term loan of up to $145 million in January 2026. If any such payment is required for the termination fee or senior unsecured term loan, it will be paid by FOX, Disney and WBD.
Other
The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Transaction (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”) requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the IRS in amounts that the Company cannot quantify.
NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $8 million and $14 million for the three months ended December 31, 2024 and 2023, respectively, and $17 million and $27 million for the six months ended December 31, 2024 and 2023, respectively.
13


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10. SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors and other digital platforms, primarily in the U.S.
•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.
14


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues  
Cable Network Programming$2,165 $1,658 $3,762 $3,045 
Television2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
Segment EBITDA
Cable Network Programming$657 $564 $1,405 $1,171 
Television205 (138)577 213 
Corporate and Other(81)(76)(153)(165)
Amortization of cable distribution investments(4)(4)(8)(8)
Depreciation and amortization(97)(97)(188)(193)
Restructuring, impairment and other corporate matters(170)(18)(196)(9)
Equity earnings of affiliates4 1 7 2 
Interest expense, net(80)(72)(130)(114)
Non-operating other, net81 (29)314 (205)
Income before income tax expense515 131 1,628 692 
Income tax expense(127)(16)(408)(162)
Net income388 115 1,220 530 
Less: Net income attributable to noncontrolling interests(15)(6)(20)(14)
Net income attributable to Fox Corporation stockholders$373 $109 $1,200 $516 
15


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Affiliate fee$1,076 $1,031 $2,113 $2,036 
Advertising460 348 781 638 
Other629 279 868 371 
Total Cable Network Programming revenues2,165 1,658 3,762 3,045 
Television
Advertising1,962 1,654 2,970 2,564 
Affiliate fee824 756 1,630 1,491 
Other175 132 314 267 
Total Television revenues2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Depreciation and amortization
Cable Network Programming$25 $19 $45 $37 
Television30 28 59 57 
Corporate and Other42 50 84 99 
Total depreciation and amortization$97 $97 $188 $193 
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Assets
Cable Network Programming$3,105 $2,792 
Television9,536 7,961 
Corporate and Other8,864 10,090 
Investments1,517 1,129 
Total assets$23,022 $21,972 
16


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 11. ADDITIONAL FINANCIAL INFORMATION
Restructuring, Impairment and Other Corporate Matters
The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Restructuring charges$(3)$— $(11)$— 
Other corporate matters
Legal settlement costs(a)
(90)(4)(97)(4)
U.K. Newspaper Matters Indemnity(b)
(13)(7)(19)(12)
Other(a)
(64)(7)(69)7 
Total restructuring, impairment and other corporate matters$(170)$(18)$(196)$(9)
(a)
Primarily related to Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports").
(b)
See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."
Interest Expense, net
The following table sets forth the components of Interest expense, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Interest expense$(117)$(119)$(219)$(210)
Interest income37 47 89 96 
Total interest expense, net$(80)$(72)$(130)$(114)
17


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Non-Operating Other, net
The following table sets forth the components of Non-operating other, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Net gains (losses) on investments in equity securities(a)
$83 $(22)$319 $(193)
Other(2)(7)(5)(12)
Total non-operating other, net$81 $(29)$314 $(205)
(a)
Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform.
Other Non-Current Assets
The following table sets forth the components of Other non-current assets included in the Balance Sheets:
 
As of
December 31,
2024
As of
June 30,
2024
 (in millions)
Investments(a)
$1,517 $1,129 
Inventories, net894 712 
Operating lease assets872 904 
Grantor Trust233 247 
Other306 323 
Total other non-current assets$3,822 $3,315 
(a)
Includes investments accounted for at fair value on a recurring basis of $1.13 billion and $797 million as of December 31, 2024 and June 30, 2024, respectively (See Note 4—Fair Value).
18


FOX CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Accounts Payable, Accrued Expenses and Other Current Liabilities
The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Programming payable$983 $683 
Accrued expenses974 1,006 
Deferred revenue236 180 
Operating lease liabilities70 76 
Other current liabilities434 408 
Total accounts payable, accrued expenses and other current liabilities$2,697 $2,353 
Other Liabilities
The following table sets forth the components of Other liabilities included in the Balance Sheets:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Non-current operating lease liabilities$852 $879 
Accrued non-current pension/postretirement liabilities259 276 
Other non-current liabilities203 211 
Total other liabilities$1,314 $1,366 
Future Performance Obligations
As of December 31, 2024, approximately $5 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, content licensing contracts with fixed fees and sports advertising contracts. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.
Supplemental Information
For the six months ended December 31,
 20242023
 (in millions)
Supplemental cash flows information
Cash paid for interest$(217)$(187)
Cash paid for income taxes$(222)$(91)

19

ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Readers should carefully review this document and the other documents filed by Fox Corporation (“FOX” or the “Company”) with the Securities and Exchange Commission (the “SEC”). This section should be read together with the unaudited interim consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended June 30, (“fiscal”) 2024 as filed with the SEC on August 8, 2024 (the “2024 Form 10-K”). The unaudited consolidated financial statements are referred to as the “Financial Statements” herein.
INTRODUCTION
Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:
•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and six months ended December 31, 2024 and 2023 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and six months ended December 31, 2024 and 2023. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the six months ended December 31, 2024 and 2023, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of December 31, 2024. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.
•Caution Concerning Forward-Looking Statements—This section provides a description of the use of forward-looking information appearing in this Quarterly Report on Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations. Such information is based on management’s current expectations about future events which are subject to change and to inherent risks and uncertainties. Refer to Part I., Item 1A. “Risk Factors” in the 2024 Form 10-K for a discussion of the risk factors applicable to the Company.
OVERVIEW OF THE COMPANY’S BUSINESS
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.
•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising-supported video-on-demand (“AVOD”) service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance
20

marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.
RESULTS OF OPERATIONS
Results of Operations—For the three and six months ended December 31, 2024 versus the three and six months ended December 31, 2023.
The following table sets forth the Company’s operating results for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:
 
For the three months ended December 31,
For the six months ended December 31,
 20242023Change% Change20242023Change% Change
(in millions, except %)Better/(Worse)Better/(Worse)
Revenues
Affiliate fee$1,900 $1,787 $113 6 %$3,743 $3,527 $216 6 %
Advertising2,422 2,002 420 21 %3,751 3,202 549 17 %
Other756 445 311 70 %1,148 712 436 61 %
Total revenues5,078 4,234 844 20 %8,642 7,441 1,201 16 %
Operating expenses(3,776)(3,393)(383)(11)%(5,794)(5,255)(539)(10)%
Selling, general and administrative(525)(495)(30)(6)%(1,027)(975)(52)(5)%
Depreciation and amortization(97)(97)— — %(188)(193)5 3 %
Restructuring, impairment and other corporate matters(170)(18)(152)**(196)(9)(187)**
Equity earnings of affiliates4 1 3 **7 2 5 **
Interest expense, net(80)(72)(8)(11)%(130)(114)(16)(14)%
Non-operating other, net81 (29)110 **314 (205)519 **
Income before income tax expense515 131 384 **1,628 692 936 **
Income tax expense(127)(16)(111)**(408)(162)(246)**
Net income388 115 273 **1,220 530 690 **
Less: Net income attributable to noncontrolling interests(15)(6)(9)**(20)(14)(6)(43)%
Net income attributable to Fox Corporation stockholders$373 $109 $264 **$1,200 $516 $684 **
**not meaningful
Overview
For the three months ended December 31, 2024 and 2023
The Company’s revenues increased $844 million or 20% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $113 million or 6% in affiliate fee revenue was primarily due to the impact of higher
21

average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $225 million, partially offset by the approximately $110 million impact of a lower average number of subscribers across all networks. The increase of $420 million or 21% in advertising revenue was primarily due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. Also contributing to this increase was the approximately $120 million impact of sports programming led by higher Major League Baseball (“MLB”) postseason ratings and National Football League (“NFL”) pricing. The increase of $311 million or 70% in other revenues was primarily due to higher sports sublicensing revenue.
Operating expenses increased $383 million or 11% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $330 million impact of higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed, and MLB postseason costs, partially offset by the absence of WWE. The remaining increase of $53 million was principally due to higher digital and entertainment production costs.
Selling, general and administrative expenses increased $30 million or 6% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to higher employee and marketing costs.
For the six months ended December 31, 2024 and 2023
The Company’s revenues increased $1.2 billion or 16% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $216 million or 6% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $435 million, partially offset by the approximately $220 million impact of a lower average number of subscribers across all networks. Advertising revenue, which includes approximately $400 million of political advertising revenue recognized during the six months ended December 31, 2024 due to the 2024 presidential and congressional elections, increased $549 million or 17% primarily due to the impact of political advertising revenue predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. Also contributing to this increase was the approximately $100 million impact primarily due to sports programming led by higher MLB postseason ratings, higher NFL pricing and the mix of fiscal 2024 and 2025 broadcasts of soccer tournaments. The increase of $436 million or 61% in other revenues was primarily due to higher sports sublicensing revenue.
Operating expenses increased $539 million or 10% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $430 million impact of higher sports programming rights amortization driven by higher college football costs, including licensing costs for rights that are sublicensed, and NFL and MLB postseason costs, partially offset by the absence of WWE. The remaining increase of $109 million was primarily due to higher digital content costs and higher newsgathering costs principally due to the 2024 presidential election.
Selling, general and administrative expenses increased $52 million or 5% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to higher employee and marketing costs.
Restructuring, impairment and other corporate matters—See Note 11—Additional Financial Information to the accompanying Financial Statements under the heading “Restructuring, Impairment and Other Corporate Matters.”
Interest expense, net— Interest expense, net increased $8 million and $16 million or 11% and 14% for the three and six months ended December 31, 2024, respectively, as compared to the corresponding period of fiscal 2024, primarily due to lower interest income as a result of lower average cash and cash equivalent balances, partially offset by a lower average amount of debt outstanding.
Non-operating other, net—See Note 11—Additional Financial Information to the accompanying Financial Statements under the heading “Non-Operating Other, net.”
22

Income tax expense—The Company’s tax provision and related effective tax rate for the three and six months ended December 31, 2024 of 25% was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.
The Company's tax provision and related effective tax rate for the three and six months ended December 31, 2023 of 12% and 23% respectively, was different than the statutory rate of 21% primarily due to state tax law changes.
Net income—Net income increased $273 million and $690 million for the three and six months ended December 31, 2024, respectively, as compared to the corresponding periods of fiscal 2024, primarily due to higher Segment EBITDA (as defined below) and a change in fair value of the Company’s investments in equity securities, partially offset by the legal settlement and other costs associated with the discontinuation of Venu Sports (See Note 8—Commitments and Contingencies to the accompanying Financial Statements under the heading “Venu Sports”) and higher provision for income tax.
Segment Analysis
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.
The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:
 
For the three months ended December 31,
For the six months ended December 31,
 20242023Change% Change20242023Change% Change
(in millions, except %)Better/(Worse)Better/(Worse)
Revenues
Cable Network Programming$2,165 $1,658 $507 31 %$3,762 $3,045 $717 24 %
Television2,961 2,542 419 16 %4,914 4,322 592 14 %
Corporate and Other58 49 9 18 %123 103 20 19 %
Eliminations(106)(15)(91)**(157)(29)(128)**
Total revenues$5,078 $4,234 $844 20 %$8,642 $7,441 $1,201 16 %
23

 
For the three months ended December 31,
For the six months ended December 31,
20242023Change% Change20242023Change% Change
(in millions, except %)Better/(Worse)Better/(Worse)
Segment EBITDA
Cable Network Programming$657 $564 $93 16 %$1,405 $1,171 $234 20 %
Television205 (138)343 **577 213 364 **
Corporate and Other(81)(76)(5)(7)%(153)(165)12 7 %
Adjusted EBITDA(a)
$781 $350 $431 **$1,829 $1,219 $610 50 %
**not meaningful
(a)
For a discussion of Adjusted EBITDA and a reconciliation of Net income to Adjusted EBITDA, see “Non-GAAP Financial Measures” below.
Cable Network Programming (44% and 41% of the Company’s revenues for the first six months of fiscal 2025 and 2024, respectively)
 
For the three months ended December 31,
For the six months ended December 31,
 20242023Change% Change20242023Change% Change
(in millions, except %)  Better/(Worse)Better/(Worse)
Revenues
Affiliate fee$1,076 $1,031 $45 4 %$2,113 $2,036 $77 4 %
Advertising460 348 112 32 %781 638 143 22 %
Other629 279 350 **868 371 497 **
Total revenues2,165 1,658 507 31 %3,762 3,045 717 24 %
Operating expenses(1,354)(942)(412)(44)%(2,056)(1,591)(465)(29)%
Selling, general and administrative(158)(156)(2)(1)%(309)(291)(18)(6)%
Amortization of cable distribution investments4 4 — — %8 8 — — %
Segment EBITDA$657 $564 $93 16 %$1,405 $1,171 $234 20 %
**not meaningful
For the three months ended December 31, 2024 and 2023
Revenues at the Cable Network Programming segment increased $507 million or 31% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $45 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $112 million or 32% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. Also contributing to this increase was sports programming led by higher MLB postseason ratings and pricing and additional postseason games. The increase of $350 million in other revenues was primarily due to higher sports sublicensing revenue.
Cable Network Programming Segment EBITDA increased $93 million or 16% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $412 million or 44% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed, and MLB postseason costs.
24

For the six months ended December 31, 2024 and 2023
Revenues at the Cable Network Programming segment increased $717 million or 24% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $77 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $143 million or 22% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue and sports programming led by higher MLB postseason ratings. The increase of $497 million in other revenues was primarily due to higher sports sublicensing revenue.
Cable Network Programming Segment EBITDA increased $234 million or 20% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $465 million or 29% primarily due to higher sports programming rights amortization driven by higher college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of the Fédération International de Football Association (“FIFA”) Women’s World Cup in the current year. Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election. Selling, general and administrative expenses increased $18 million or 6% primarily due to higher employee costs.
Television (57% and 58% of the Company’s revenues for the first six months of fiscal 2025 and 2024, respectively)
 
For the three months ended December 31,
For the six months ended December 31,
 20242023Change% Change20242023Change% Change
(in millions, except %)Better/(Worse)Better/(Worse)
Revenues
Advertising$1,962 $1,654 $308 19 %$2,970 $2,564 $406 16 %
Affiliate fee824 756 68 9 %1,630 1,491 139 9 %
Other175 132 43 33 %314 267 47 18 %
Total revenues2,961 2,542 419 16 %4,914 4,322 592 14 %
Operating expenses(2,499)(2,440)(59)(2)%(3,832)(3,638)(194)(5)%
Selling, general and administrative(257)(240)(17)(7)%(505)(471)(34)(7)%
Segment EBITDA$205 $(138)$343 **$577 $213 $364 **
**not meaningful
For the three months ended December 31, 2024 and 2023
Revenues at the Television segment increased $419 million or 16% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $308 million or 19% in advertising revenue was primarily due to higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and sports programming led by higher NFL pricing and higher MLB postseason ratings partially offset by the broadcast of fewer games. The increase of $68 million or 9% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $43 million or 33% in other revenues was primarily due to higher content revenue.
Television Segment EBITDA increased $343 million for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $59 million or 2% primarily due to higher digital and entertainment production costs, partially offset by the absence of WWE programming rights amortization in the
25

current quarter. Selling, general and administrative expenses increased $17 million or 7% primarily due to higher employee costs.
For the six months ended December 31, 2024 and 2023
Revenues at the Television segment increased $592 million or 14% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $406 million or 16% in advertising revenue was primarily due to higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and sports programming led by higher NFL pricing, higher MLB postseason ratings and the broadcasts of the Union of European Football Associations (“UEFA”) European Championship and CONMEBOL Copa América, partially offset by the absence of the FIFA Women’s World Cup in the current year. The increase of $139 million or 9% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $47 million or 18% in other revenues was primarily due to higher content revenue.
Television Segment EBITDA increased $364 million for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $194 million or 5% primarily due to higher sports programming rights amortization and production costs principally due to higher NFL costs partially offset by the absence of WWE and higher digital content costs. Selling, general and administrative expenses increased $34 million or 7% primarily due to higher employee and marketing costs.
Corporate and Other
 
For the three months ended December 31,
For the six months ended December 31,
 20242023Change% Change20242023Change% Change
(in millions, except %)  Better/(Worse)Better/(Worse)
Revenues$58 $49 $9 18 %$123 $103 $20 19 %
Operating expenses(16)(14)(2)(14)%(36)(30)(6)(20)%
Selling, general and administrative(123)(111)(12)(11)%(240)(238)(2)(1)%
Segment EBITDA$(81)$(76)$(5)(7)%$(153)$(165)$12 7 %
For the three and six months ended December 31, 2024 and 2023
Revenues within Corporate and Other for the three and six months ended December 31, 2024 and 2023 include revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and six months ended December 31, 2024 and 2023 include advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and six months ended December 31, 2024 and 2023 primarily relate to employee costs, professional fees and the costs of operating the FOX Studio Lot.
Non-GAAP Financial Measures
Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense.
Management believes that information about Adjusted EBITDA assists all users of the Company’s Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted
26

EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (“GAAP”). In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table reconciles Net income to Adjusted EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Net income$388 $115 $1,220 $530 
Add
Amortization of cable distribution investments4 4 8 8 
Depreciation and amortization97 97 188 193 
Restructuring, impairment and other corporate matters170 18 196 9 
Equity earnings of affiliates(4)(1)(7)(2)
Interest expense, net80 72 130 114 
Non-operating other, net(81)29 (314)205 
Income tax expense127 16 408 162 
Adjusted EBITDA$781 $350 $1,829 $1,219 
The following table sets forth the computation of Adjusted EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023.
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues$5,078 $4,234 $8,642 $7,441 
Operating expenses(3,776)(3,393)(5,794)(5,255)
Selling, general and administrative(525)(495)(1,027)(975)
Amortization of cable distribution investments4 4 8 8 
Adjusted EBITDA$781 $350 $1,829 $1,219 
LIQUIDITY AND CAPITAL RESOURCES
Current Financial Condition
The Company has approximately $3.3 billion of cash and cash equivalents as of December 31, 2024 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of December 31, 2024, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.
The principal uses of cash that affect the Company’s liquidity position include the following: the acquisition of rights and related payments for entertainment and sports programming; operational expenditures including
27

production costs; marketing and promotional expenses; expenses related to broadcasting the Company’s programming; employee and facility costs; capital expenditures; acquisitions, including redeemable noncontrolling interests; income taxes, interest and dividend payments; debt repayments; legal settlements; and stock repurchases.
The Company has evaluated, and expects to continue to evaluate, possible acquisitions and dispositions of certain businesses and assets. Such transactions may be material and may involve cash, the Company’s securities or the assumption of additional indebtedness.
Sources and Uses of Cash
Net cash used in operating activities for the six months ended December 31, 2024 and 2023 was as follows (in millions):
For the six months ended December 31,
20242023
Net cash used in operating activities$(204)$(535)
The decrease in net cash used in operating activities during the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, was primarily due to higher Segment EBITDA, principally due to higher political advertising receipts due to the 2024 presidential and congressional elections, and lower restructuring payments, partially offset by higher sports and entertainment programming costs and tax payments.
Net cash used in investing activities for the six months ended December 31, 2024 and 2023 was as follows (in millions):
For the six months ended December 31,
20242023
Net cash used in investing activities$(240)$(143)
The increase in net cash used in investing activities during the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, was primarily due to an increase in the Company’s investments partially offset by a decrease in capital expenditures.
Net cash (used in) provided by financing activities for the six months ended December 31, 2024 and 2023 was as follows (in millions):
For the six months ended December 31,
20242023
Net cash (used in) provided by financing activities$(553)$528 
The change in net cash (used in) provided by financing activities during the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, was primarily due to the October 2023 issuance of $1.25 billion of senior notes.
Stock Repurchase Program
See Note 6—Stockholders’ Equity to the accompanying Financial Statements under the heading “Stock Repurchase Program.”
Dividends
Subsequent to December 31, 2024, the Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.
28

Debt Instruments
Borrowings include senior notes (See Note 5—Borrowings to the accompanying Financial Statements).
Ratings of the Senior Notes
The following table summarizes the Company’s credit ratings as of December 31, 2024:
Rating AgencySenior DebtOutlook
Moody’sBaa2Stable
Standard & Poor’sBBBStable
Revolving Credit Agreement
The Company has an unused five-year $1.0 billion unsecured revolving credit facility with a maturity date of June 2028 (See Note 5—Borrowings to the accompanying Financial Statements).
Commitments and Contingencies
See Note 8—Commitments and Contingencies to the accompanying Financial Statements.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
There have been no material changes to the accounting policies and estimates as described in Part II., Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in the 2024 Form 10-K.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements regarding (i) future earnings, revenues or other measures of the Company’s financial performance; (ii) the Company’s plans, strategies and objectives for future operations; (iii) proposed new programming or other offerings; (iv) future economic conditions or performance; and (v) assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” or any other similar words.
Although the Company’s management believes that the expectations reflected in any of the Company’s forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any forward-looking statements. The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the SEC. Important factors that could cause the Company’s actual results, performance and achievements to differ materially from those estimates or projections contained in the Company’s forward-looking statements include, but are not limited to, government regulation, economic, strategic, political and social conditions and the following factors:
•evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs;
•declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers’ expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies’ ability to accurately reflect actual viewership levels;
•further declines in the number of subscribers to MVPD services;
29

•the failure to enter into or renew on favorable terms, or at all, affiliation or carriage agreements or arrangements through which the Company makes its content available for viewing through online video platforms;
•the highly competitive nature of the industry in which the Company’s businesses operate;
•the popularity of the Company’s content, including special sports events; and the continued popularity of the sports franchises, leagues and teams for which the Company has acquired programming rights;
•the Company’s ability to renew programming rights, particularly sports programming rights, on sufficiently favorable terms, or at all;
•damage to the Company’s brands or reputation;
•the inability to realize the anticipated benefits of the Company’s strategic investments and acquisitions, and the effects of any combination or significant acquisition, disposition or other similar transaction involving the Company;
•the loss of key personnel;
•labor disputes, including labor disputes involving professional sports leagues whose games or events the Company has the right to broadcast;
•lower than expected valuations associated with the Company’s reporting units, indefinite-lived intangible assets, investments or long-lived assets;
•a degradation, failure or misuse of the Company’s network and information systems and other technology relied on by the Company that causes a disruption of services or improper disclosure of personal data or other confidential information;
•content piracy and signal theft and the Company’s ability to protect its intellectual property rights;
•the failure to comply with laws, regulations, rules, industry standards or contractual obligations relating to privacy and personal data protection;
•changes in tax, federal communications or other laws, regulations, practices or the interpretations thereof;
•the impact of any investigations or fines from governmental authorities, including Federal Communications Commission (“FCC”) rules and policies and FCC decisions regarding revocation, renewal or grant of station licenses, waivers and other matters;
•the failure or destruction of satellites or transmitter facilities the Company depends on to distribute its programming;
•unfavorable litigation outcomes or investigation results that require the Company to pay significant amounts or lead to onerous operating procedures;
•changes in GAAP or other applicable accounting standards and policies;
•the Company’s ability to secure additional capital on acceptable terms;
•the impact of widespread health emergencies or pandemics and measures to contain their spread; and
•the other risks and uncertainties detailed in Part I, Item 1A. ‘Risk Factors’ in the 2024 Form 10-K.
Forward-looking statements in this Quarterly Report speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference hereto speak only as of the date of those documents. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement made herein or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in our expectations, except as required by law.
ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the market risks reported in the 2024 Form 10-K.
30

ITEM 4.        CONTROLS AND PROCEDURES
(a)Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report. Based on such evaluation, 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 in recording, processing, summarizing and reporting on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
(b)Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s second quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
31

PART II
ITEM 1.        LEGAL PROCEEDINGS
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.
ITEM 1A.    RISK FACTORS
There have been no material changes to the risk factors described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on August 8, 2024.
ITEM 2.        UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Below is a summary of the Company’s repurchases of its Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”) during the three months ended December 31, 2024:
Total number
of shares purchased(a)
Average price
paid per share(b)
Approximate dollar value of shares that may
yet be purchased under
the program(b)(c)
 (in millions)
October 1, 2024 - October 31, 20241,192,668 $41.92 
November 1, 2024 - November 30, 2024
2,240,395 46.29 
December 1, 2024 - December 31, 20242,047,285 47.04 
Total
5,480,348 45.62 $900 
(a)
The Company has not made any purchases of Class A Common Stock or Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), other than in connection with the publicly announced stock repurchase program described below.
(b)
These amounts exclude any fees, commissions, excise taxes or other costs associated with the share repurchases.
(c)
The Company’s Board of Directors has authorized a stock repurchase program, under which the Company can repurchase $7 billion of Common Stock. The program has no time limit and may be modified, suspended or discontinued at any time.
In total, the Company repurchased approximately 12 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2024.
ITEM 3.        DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4.        MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.        OTHER INFORMATION
Not applicable.
32

ITEM 6.        EXHIBITS
(a)    Exhibits.
31.1
31.2
32.1
101
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2024 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Unaudited Consolidated Statements of Operations for the three and six months ended December 31, 2024 and 2023; (ii) Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2024 and 2023; (iii) Consolidated Balance Sheets as of December 31, 2024 (unaudited) and June 30, 2024 (audited); (iv) Unaudited Consolidated Statements of Cash Flows for the six months ended December 31, 2024 and 2023; (v) Unaudited Consolidated Statements of Equity for the three and six months ended December 31, 2024 and 2023; and (vi) Notes to the Unaudited Consolidated Financial Statements.*
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
*
Filed herewith.
**
Furnished herewith.
33

SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fox Corporation
(Registrant)
By:/s/ Steven Tomsic
Steven Tomsic
Chief Financial Officer
Date: February 4, 2025
34

Exhibit 31.1
Chief Executive Officer Certification
Required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended
I, Lachlan K. Murdoch, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Fox Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
February 4, 2025
By:/s/ Lachlan K. Murdoch
Lachlan K. Murdoch
Chief Executive Officer


Exhibit 31.2
Chief Financial Officer Certification
Required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended
I, Steven Tomsic, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Fox Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
February 4, 2025
By:/s/ Steven Tomsic
Steven Tomsic
Chief Financial Officer


Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fox Corporation on Form 10-Q for the fiscal quarter ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, the undersigned officers of Fox Corporation, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Fox Corporation.
February 4, 2025
By:/s/ Lachlan K. Murdoch
Lachlan K. Murdoch
Chief Executive Officer
By:/s/ Steven Tomsic
Steven Tomsic
Chief Financial Officer

v3.25.0.1
Cover - shares
 6 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Document And Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Entity File Number 001-38776  
Entity Registrant Name FOX CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 83-1825597  
Entity Address, Address Line One 1211 Avenue of the Americas  
Entity Address, City or Town New York,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10036  
City Area Code 212  
Local Phone Number 852-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001754301  
Current Fiscal Year End Date --06-30  
Class A Common Stock    
Document And Entity Information [Line Items]    
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Trading Symbol FOXA  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   217,846,833
Class B Common Stock    
Document And Entity Information [Line Items]    
Title of 12(b) Security Class B Common Stock, par value $0.01 per share  
Trading Symbol FOX  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   235,581,025
v3.25.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]        
Revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441
Operating expenses (3,776) (3,393) (5,794) (5,255)
Selling, general and administrative (525) (495) (1,027) (975)
Depreciation and amortization (97) (97) (188) (193)
Restructuring, impairment and other corporate matters (170) (18) (196) (9)
Equity earnings of affiliates 4 1 7 2
Interest expense, net (80) (72) (130) (114)
Non-operating other, net 81 (29) 314 (205)
Income before income tax expense 515 131 1,628 692
Income tax expense (127) (16) (408) (162)
Net income 388 115 1,220 530
Less: Net income attributable to noncontrolling interests [1] (15) (6) (20) (14)
Net income attributable to Fox Corporation stockholders $ 373 $ 109 $ 1,200 $ 516
Weighted average shares:        
Basic (in shares) 457 481 459 487
Diluted (in shares) 462 482 463 488
Net income attributable to Fox Corporation stockholders per share:        
Basic (in dollars per share) $ 0.82 $ 0.23 $ 2.61 $ 1.06
Diluted (in dollars per share) $ 0.81 $ 0.23 $ 2.59 $ 1.06
[1]
Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.
v3.25.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 388 $ 115 $ 1,220 $ 530
Other comprehensive (loss) income, net of tax:        
Benefit plan adjustments and other (5) 5 (1) 3
Other comprehensive (loss) income, net of tax (5) 5 (1) 3
Comprehensive income 383 120 1,219 533
Less: Net income attributable to noncontrolling interests [1] (15) (6) (20) (14)
Comprehensive income attributable to Fox Corporation stockholders $ 368 $ 114 $ 1,199 $ 519
[1]
Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.
v3.25.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income attributable to redeemable noncontrolling interests $ 1 $ (4) $ (1) $ (4)
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Current assets    
Cash and cash equivalents $ 3,322 $ 4,319
Receivables, net 3,492 2,364
Inventories, net 1,171 626
Other 252 192
Total current assets 8,237 7,501
Non-current assets    
Property, plant and equipment, net 1,671 1,696
Intangible assets, net 3,020 3,038
Goodwill 3,543 3,544
Deferred tax assets 2,729 2,878
Other non-current assets 3,822 3,315
Total assets 23,022 21,972
Current liabilities    
Borrowings 600 599
Accounts payable, accrued expenses and other current liabilities 2,697 2,353
Total current liabilities 3,297 2,952
Non-current liabilities    
Borrowings 6,600 6,598
Other liabilities 1,314 1,366
Redeemable noncontrolling interests 200 242
Commitments and contingencies
Equity    
Additional paid-in capital 7,650 7,678
Retained earnings 3,949 3,139
Accumulated other comprehensive loss (108) (107)
Total Fox Corporation stockholders’ equity 11,495 10,714
Noncontrolling interests 116 100
Total equity 11,611 10,814
Total liabilities and equity 23,022 21,972
Class A Common Stock    
Equity    
Common Stock [1] 2 2
Class B Common Stock    
Equity    
Common Stock [2] $ 2 $ 2
[1]
Class A Common Stock, $0.01 par value per share, 2,000,000,000 shares authorized, 218,781,620 shares and 225,727,598 shares issued and outstanding at par as of December 31, 2024 and June 30, 2024, respectively.
[2]
Class B Common Stock, $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares issued and outstanding at par as of December 31, 2024 and June 30, 2024.
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Jun. 30, 2024
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 218,781,620 225,727,598
Common stock, shares outstanding (in shares) 218,781,620 225,727,598
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 235,581,025 235,581,025
Common stock, shares outstanding (in shares) 235,581,025 235,581,025
v3.25.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES    
Net income $ 1,220 $ 530
Adjustments to reconcile net income to cash used in operating activities    
Depreciation and amortization 188 193
Amortization of cable distribution investments 8 8
Restructuring, impairment and other corporate matters 196 9
Equity-based compensation 68 48
Equity earnings of affiliates (7) (2)
Cash distributions received from affiliates 13 0
Non-operating other, net (314) 205
Deferred income taxes 145 29
Change in operating assets and liabilities, net of acquisitions and dispositions    
Receivables and other assets (1,198) (853)
Inventories net of programming payable (431) (405)
Accounts payable and accrued expenses (75) (180)
Other changes, net (17) (117)
Net cash used in operating activities (204) (535)
INVESTING ACTIVITIES    
Property, plant and equipment (138) (150)
Purchase of investments (79) (6)
Other investing activities, net (23) 13
Net cash used in investing activities (240) (143)
FINANCING ACTIVITIES    
Borrowings 0 1,232
Repurchase of shares (500) (500)
Dividends paid and distributions (134) (142)
Other financing activities, net 81 (62)
Net cash (used in) provided by financing activities (553) 528
Net decrease in cash and cash equivalents (997) (150)
Cash and cash equivalents, beginning of year 4,319 4,272
Cash and cash equivalents, end of period $ 3,322 $ 4,122
v3.25.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Class A Common Stock
Class B Common Stock
Total Fox Corporation Stockholders’ Equity
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
 [1]
Beginning balance (in shares) at Jun. 30, 2023         263,000,000 235,000,000        
Beginning balance at Jun. 30, 2023 $ 10,445     $ 10,378 $ 3 $ 2 $ 8,253 $ 2,269 $ (149) $ 67
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 534     516       516   18
Other comprehensive income (loss) 3     3         3  
Dividends (127)     (127)       (127)    
Shares repurchased (in shares)         (24,000,000)          
Shares repurchased (505)     (505)     (397) (108)    
Other (in shares)         2,000,000          
Other (25)     (13)     23 (36)   (12)
Ending balance (in shares) at Dec. 31, 2023         241,000,000 235,000,000        
Ending balance at Dec. 31, 2023 10,325     10,252 $ 3 $ 2 7,879 2,514 (146) 73
Beginning balance (in shares) at Sep. 30, 2023         249,000,000 235,000,000        
Beginning balance at Sep. 30, 2023 10,451     10,384 $ 3 $ 2 7,991 2,539 (151) 67
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 119     109       109   10
Other comprehensive income (loss) 5     5         5  
Shares repurchased (in shares)         (9,000,000)          
Shares repurchased (253)     (253)     (139) (114)    
Other (in shares)         1,000,000          
Other 3     7     27 (20)   (4)
Ending balance (in shares) at Dec. 31, 2023         241,000,000 235,000,000        
Ending balance at Dec. 31, 2023 10,325     10,252 $ 3 $ 2 7,879 2,514 (146) 73
Beginning balance (in shares) at Jun. 30, 2024   225,727,598 235,581,025   226,000,000 235,000,000        
Beginning balance at Jun. 30, 2024 10,814     10,714 $ 2 $ 2 7,678 3,139 (107) 100
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 1,221     1,200       1,200   21
Other comprehensive income (loss) (1)     (1)         (1)  
Dividends (124)     (124)       (124)    
Shares repurchased (in shares)   (12,000,000)     (12,000,000)          
Shares repurchased (505) $ (500)   (505)     (199) (306)    
Other (in shares)         5,000,000          
Other 206     211     171 40   (5)
Ending balance (in shares) at Dec. 31, 2024   218,781,620 235,581,025   219,000,000 235,000,000        
Ending balance at Dec. 31, 2024 11,611     11,495 $ 2 $ 2 7,650 3,949 (108) 116
Beginning balance (in shares) at Sep. 30, 2024         222,000,000 235,000,000        
Beginning balance at Sep. 30, 2024 11,376     11,276 $ 2 $ 2 7,641 3,734 (103) 100
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 387     373       373   14
Other comprehensive income (loss) (5)     (5)         (5)  
Shares repurchased (in shares)         (6,000,000)          
Shares repurchased (252)     (252)     (92) (160)    
Other (in shares)         3,000,000          
Other 105     103     101 2   2
Ending balance (in shares) at Dec. 31, 2024   218,781,620 235,581,025   219,000,000 235,000,000        
Ending balance at Dec. 31, 2024 $ 11,611     $ 11,495 $ 2 $ 2 $ 7,650 $ 3,949 $ (108) $ 116
[1] Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).
v3.25.0.1
Description of Business and Basis of Presentation
 6 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Fox Corporation (“FOX” or the “Company”) is a news, sports and entertainment company, which manages and reports its businesses in the following reportable segments: Cable Network Programming and Television.
The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2025.
The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 as filed with the Securities and Exchange Commission on August 8, 2024 (the “2024 Form 10-K”).
All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2024 amounts have been reclassified to conform to the fiscal 2025 presentation.
The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein.
v3.25.0.1
Acquisitions, Disposals and Other Transactions
 6 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions, Disposals and Other Transactions ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS
The Company’s acquisitions support the Company’s strategy to strengthen its core brands, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. During the six months ended December 31, 2024 and 2023, the Company made no acquisitions.
In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Warner Bros. Discovery Inc. (“WBD”) to form a digital distribution platform focused on sports called Venu Sports. On January 10, 2025, FOX, Disney and WBD announced the decision to discontinue Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports”). In connection with that decision, FOX expensed the costs that were previously capitalized in anticipation of the launch in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024.
v3.25.0.1
Inventories, Net
 6 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories, Net INVENTORIES, NET
The Company’s inventories were comprised of the following:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Licensed programming, including prepaid sports rights$1,448 $841 
Owned programming617 497 
Total inventories, net2,065 1,338 
Less: current portion of inventories, net(1,171)(626)
Total non-current inventories, net$894 $712 
Owned programming
Released$269 $238 
In-process or other348 259 
Total$617 $497 
The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Total amortization expense$2,758 $2,467 $3,888 $3,462 
v3.25.0.1
Fair Value
 6 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).
The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:
Fair value measurements
As of December 31, 2024
Total Level 1Level 2Level 3
(in millions)
Investments in equity securities$1,132 $1,132 
(a)
$— $— 
Redeemable noncontrolling interests(200)— — (200)
(b)
Total$932 $1,132 $— $(200)
Fair value measurements
As of June 30, 2024
Total Level 1 Level 2Level 3
(in millions)
Investments in equity securities$797 $797 
(a)
$— $— 
Redeemable noncontrolling interests(242)— — (242)
(b)
Total$555 $797 $— $(242)
(a)
The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)
The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Redeemable Noncontrolling Interests
The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company.
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Beginning of period$(202)$(228)$(242)$(213)
Net (income) loss(1)4 1 4 
Accretion and redemption value adjustments
3 (19)41 (34)
End of period$(200)$(243)$(200)$(243)
The put right held by the Credible minority interest shareholder was fully exercised in December 2024. The Company and the Credible minority interest shareholder will determine the value of the redeemable noncontrolling interest as part of a predetermined fair market value process.
The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027.
Financial Instruments
The carrying value of the Company’s financial instruments exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments accounted for using the measurement alternative method, approximates fair value.
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Borrowings
Fair value$7,081 $7,017 
Carrying value$7,200 $7,197 
Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement).
Concentrations of Credit Risk
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.
Generally, the Company does not require collateral to secure receivables. As of December 31, 2024 and June 30, 2024, the Company had no individual customers that accounted for 10% or more of the Company’s receivables
v3.25.0.1
Borrowings
 6 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Borrowings include senior notes (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Public Debt – Senior Notes Issued”) of which $600 million of 3.050% senior notes are due in April 2025. In addition, the Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of June 2028 (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Revolving Credit Agreement”). As of December 31, 2024, there were no borrowings outstanding under the revolving credit agreement.
v3.25.0.1
Stockholders' Equity
 6 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Stock Repurchase Program
The Company’s Board of Directors has authorized a stock repurchase program under which the Company can repurchase $7 billion of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time.
In total, the Company repurchased approximately 12 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2024.
Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.
As of December 31, 2024, the Company’s remaining stock repurchase authorization was approximately $900 million. Subsequent to December 31, 2024, the Company repurchased approximately 1 million shares of Class A Common Stock for approximately $50 million.
Dividends
The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
Cash dividend per share$— $— $0.27 $0.26 
Subsequent to December 31, 2024 the Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025.
v3.25.0.1
Equity-Based Compensation
 6 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation EQUITY-BASED COMPENSATION
The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2024 Form 10-K).
The following table summarizes the Company’s equity-based compensation:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Equity-based compensation$34 $24 $68 $48 
Intrinsic value of all settled equity-based awards$25 $7 $103 $72 
Tax benefit on settled equity-based awards$2 $1 $17 $11 
The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $165 million and is expected to be recognized over a weighted average period between two and three years.
The computation of diluted earnings per share did not include stock options or performance-based stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented.
Awards Vested, Granted and Exercised
Restricted Stock Units
During the six months ended December 31, 2024 and 2023, approximately 1.5 million and 1.9 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 2.0 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.
Performance-Based Stock Options
During the six months ended December 31, 2024 and 2023, approximately 2.5 million and 0.4 million performance-based stock options were exercised and approximately 3.4 million and 4.0 million were granted, respectively, which will vest in full at the end of a three-year performance period as the market condition has been met and have a term of seven years thereafter.
v3.25.0.1
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Commitments
The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of December 31, 2024 and June 30, 2024 were approximately $36 billion and $38 billion, respectively. The decrease from June 30, 2024 was primarily due to sports programming rights payments.
Contingencies
The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed below for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss.
FOX News
The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows.
U.K. Newspaper Matters Indemnity
In connection with the separation of 21CF and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $65 million as of June 30, 2024 and approximately $70 million as of December 31, 2024.
Defamation and Disparagement Claims
From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered
into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023.
The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. Discovery in the Smartmatic case is ongoing, following a stay by operation of New York law due to the death of Lou Dobbs. At this time, a trial in the Smartmatic lawsuit is not expected to commence until mid-to-late 2025 at the earliest. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits in the Delaware Court of Chancery (the “Chancery Court”) against certain directors of the Company, which the Chancery Court subsequently consolidated into one matter captioned In re Fox Corporation Deriv. Litig., C.A. No. 2023-0418 (Del.Ch.). Two additional derivative lawsuits were subsequently filed by the Company’s stockholders in the Chancery Court on September 12, 2023 against certain directors and officers of the Company and are part of the consolidated lawsuit. Each of the lawsuits names the Company as a nominal defendant. On April 26, 2024, the lead plaintiffs filed an amended complaint that alleges that certain directors and officers, as applicable, breached their fiduciary duties by allowing the Company’s news channel to air allegations regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation litigation. The amended complaint seeks orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. On December 27, 2024, the Chancery Court denied the defendants’ motion to dismiss the amended complaint. The Company intends to continue to vigorously defend against these claims.
Actions and Claims Arising from Alleged Misuse of Personal Information
The Company and its subsidiaries, including Tubi, Inc. (“Tubi”), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information. In June 2023, a putative class action lawsuit titled Campos v. Tubi was filed with the U.S. District Court for the Northern District of Illinois, Eastern Division (the “District Court”), alleging that Tubi shared viewer information with third parties in violation of the privacy protection provisions of the federal Video Privacy Protection Act. After a determination that Campos lacked standing to sue Tubi, plaintiff’s counsel filed a new putative class action titled Gregory v. Tubi with the 17th Judicial Circuit Court in Winnebago County, Illinois (the “Illinois State Court”). On July 26, 2024 the parties entered into a Settlement and Release Agreement to resolve all claims, which includes the dismissal of the Campos lawsuit and settlement of the Gregory lawsuit. On January 24, 2025, the Illinois State Court entered a final order approving the Settlement and Release Agreement. The settlement will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. The Company intends to vigorously defend against any other actions and arbitration claims arising from the alleged misuse of personal information that have not been settled or resolved by the Gregory settlement. The Company is unable to predict the final outcome of these other actions and arbitration claims and has determined that a loss in these matters is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
Venu Sports
In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of Disney, and WBD to form a digital distribution platform focused on sports called Venu Sports. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc (collectively, “Fubo”) filed a lawsuit against Disney, ESPN, Inc., ESPN Enterprises, Inc., HULU, LLC, FOX and WBD in the U.S. District Court for the Southern District of New York (the “NY District Court”) alleging claims under federal and New York antitrust laws. The claims were based on theories that (i) Venu Sports will harm competition in alleged markets for the licensing of networks that offer live sports content and for streaming live pay tv, (ii) certain alleged practices by which FOX and Disney
(including its ESPN affiliates) license their networks to virtual multi-channel video programming distributors (“virtual MVPDs”) as a bundle increase prices and reduce output for services offered by virtual MVPDs, and (iii) certain alleged pricing provisions in the defendants’ carriage agreements with certain virtual MVPDs increase prices for services offered by virtual MVPDs. Fubo subsequently filed an amended complaint that added allegations relating to a purported market for “skinny sports bundles” that Fubo claimed Venu Sports will monopolize. Fubo sought compensatory damages, treble damages and an injunction to prevent the formation of the joint venture.
Following a hearing on Fubo’s motion for a preliminary injunction, the NY District Court preliminarily enjoined the launch of Venu Sports on August 16, 2024. The defendants filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit (the “Appeals Court”) from the preliminary injunction order on August 19, 2024, and the Appeals Court granted defendants’ motion for an expedited appeal on August 27, 2024. On September 26, 2024, the Company filed with the NY District Court a motion to dismiss Fubo’s claims brought under federal and New York antitrust law, unrelated to the joint venture, which the NY District Court denied on December 13, 2024.
On January 6, 2025, Disney and Fubo announced that they have entered into an agreement to combine the Hulu + Live TV business with Fubo, forming a combined virtual MVPD company (the “Disney/Fubo Transaction”). In conjunction with the Disney/Fubo Transaction, Fubo and the defendants settled the Venu Sports lawsuit and the defendants made an aggregate $220 million settlement payment to Fubo, of which approximately $80 million was the Company’s portion, which was recorded in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024. On January 10, 2025, the defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately, and as a result the Company expensed the costs that were previously capitalized in anticipation of the launch. Under certain circumstances, including if the Disney/Fubo Transaction does not close due to the failure to obtain certain regulatory approvals, a termination fee of $130 million will be payable to Fubo. Concurrently with the Disney/Fubo transaction, Disney has committed to provide Fubo a senior unsecured term loan of up to $145 million in January 2026. If any such payment is required for the termination fee or senior unsecured term loan, it will be paid by FOX, Disney and WBD.
Other
The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Transaction (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”) requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the IRS in amounts that the Company cannot quantify.
v3.25.0.1
Pension and Other Postretirement Benefits
 6 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $8 million and $14 million for the three months ended December 31, 2024 and 2023, respectively, and $17 million and $27 million for the six months ended December 31, 2024 and 2023, respectively.
v3.25.0.1
Segment Information
 6 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors and other digital platforms, primarily in the U.S.
•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues  
Cable Network Programming$2,165 $1,658 $3,762 $3,045 
Television2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
Segment EBITDA
Cable Network Programming$657 $564 $1,405 $1,171 
Television205 (138)577 213 
Corporate and Other(81)(76)(153)(165)
Amortization of cable distribution investments(4)(4)(8)(8)
Depreciation and amortization(97)(97)(188)(193)
Restructuring, impairment and other corporate matters(170)(18)(196)(9)
Equity earnings of affiliates4 1 7 2 
Interest expense, net(80)(72)(130)(114)
Non-operating other, net81 (29)314 (205)
Income before income tax expense515 131 1,628 692 
Income tax expense(127)(16)(408)(162)
Net income388 115 1,220 530 
Less: Net income attributable to noncontrolling interests(15)(6)(20)(14)
Net income attributable to Fox Corporation stockholders$373 $109 $1,200 $516 
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Affiliate fee$1,076 $1,031 $2,113 $2,036 
Advertising460 348 781 638 
Other629 279 868 371 
Total Cable Network Programming revenues2,165 1,658 3,762 3,045 
Television
Advertising1,962 1,654 2,970 2,564 
Affiliate fee824 756 1,630 1,491 
Other175 132 314 267 
Total Television revenues2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Depreciation and amortization
Cable Network Programming$25 $19 $45 $37 
Television30 28 59 57 
Corporate and Other42 50 84 99 
Total depreciation and amortization$97 $97 $188 $193 
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Assets
Cable Network Programming$3,105 $2,792 
Television9,536 7,961 
Corporate and Other8,864 10,090 
Investments1,517 1,129 
Total assets$23,022 $21,972 
v3.25.0.1
Additional Financial Information
 6 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information ADDITIONAL FINANCIAL INFORMATION
Restructuring, Impairment and Other Corporate Matters
The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Restructuring charges$(3)$— $(11)$— 
Other corporate matters
Legal settlement costs(a)
(90)(4)(97)(4)
U.K. Newspaper Matters Indemnity(b)
(13)(7)(19)(12)
Other(a)
(64)(7)(69)7 
Total restructuring, impairment and other corporate matters$(170)$(18)$(196)$(9)
(a)
Primarily related to Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports").
(b)
See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."
Interest Expense, net
The following table sets forth the components of Interest expense, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Interest expense$(117)$(119)$(219)$(210)
Interest income37 47 89 96 
Total interest expense, net$(80)$(72)$(130)$(114)
Non-Operating Other, net
The following table sets forth the components of Non-operating other, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Net gains (losses) on investments in equity securities(a)
$83 $(22)$319 $(193)
Other(2)(7)(5)(12)
Total non-operating other, net$81 $(29)$314 $(205)
(a)
Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform.
Other Non-Current Assets
The following table sets forth the components of Other non-current assets included in the Balance Sheets:
 
As of
December 31,
2024
As of
June 30,
2024
 (in millions)
Investments(a)
$1,517 $1,129 
Inventories, net894 712 
Operating lease assets872 904 
Grantor Trust233 247 
Other306 323 
Total other non-current assets$3,822 $3,315 
(a)
Includes investments accounted for at fair value on a recurring basis of $1.13 billion and $797 million as of December 31, 2024 and June 30, 2024, respectively (See Note 4—Fair Value).
Accounts Payable, Accrued Expenses and Other Current Liabilities
The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Programming payable$983 $683 
Accrued expenses974 1,006 
Deferred revenue236 180 
Operating lease liabilities70 76 
Other current liabilities434 408 
Total accounts payable, accrued expenses and other current liabilities$2,697 $2,353 
Other Liabilities
The following table sets forth the components of Other liabilities included in the Balance Sheets:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Non-current operating lease liabilities$852 $879 
Accrued non-current pension/postretirement liabilities259 276 
Other non-current liabilities203 211 
Total other liabilities$1,314 $1,366 
Future Performance Obligations
As of December 31, 2024, approximately $5 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, content licensing contracts with fixed fees and sports advertising contracts. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.
Supplemental Information
For the six months ended December 31,
 20242023
 (in millions)
Supplemental cash flows information
Cash paid for interest$(217)$(187)
Cash paid for income taxes$(222)$(91)
v3.25.0.1
Description of Business and Basis of Presentation (Policies)
 6 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation
All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
Reclassifications and Adjustments
The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2024 amounts have been reclassified to conform to the fiscal 2025 presentation.
Concentrations of Credit Risk
Concentrations of Credit Risk
Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.
v3.25.0.1
Inventories, Net (Tables)
 6 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net
The Company’s inventories were comprised of the following:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Licensed programming, including prepaid sports rights$1,448 $841 
Owned programming617 497 
Total inventories, net2,065 1,338 
Less: current portion of inventories, net(1,171)(626)
Total non-current inventories, net$894 $712 
Owned programming
Released$269 $238 
In-process or other348 259 
Total$617 $497 
Schedule of Inventories Aggregate Amortization Expense
The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Total amortization expense$2,758 $2,467 $3,888 $3,462 
v3.25.0.1
Fair Value (Tables)
 6 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them
The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:
Fair value measurements
As of December 31, 2024
Total Level 1Level 2Level 3
(in millions)
Investments in equity securities$1,132 $1,132 
(a)
$— $— 
Redeemable noncontrolling interests(200)— — (200)
(b)
Total$932 $1,132 $— $(200)
Fair value measurements
As of June 30, 2024
Total Level 1 Level 2Level 3
(in millions)
Investments in equity securities$797 $797 
(a)
$— $— 
Redeemable noncontrolling interests(242)— — (242)
(b)
Total$555 $797 $— $(242)
(a)
The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)
The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Schedule of Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Beginning of period$(202)$(228)$(242)$(213)
Net (income) loss(1)4 1 4 
Accretion and redemption value adjustments
3 (19)41 (34)
End of period$(200)$(243)$(200)$(243)
Schedule of Fair Value and Carrying Value of Borrowings
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Borrowings
Fair value$7,081 $7,017 
Carrying value$7,200 $7,197 
v3.25.0.1
Stockholders' Equity (Tables)
 6 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Dividends Declared
The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
Cash dividend per share$— $— $0.27 $0.26 
v3.25.0.1
Equity-Based Compensation (Tables)
 6 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-Based Compensation
The following table summarizes the Company’s equity-based compensation:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Equity-based compensation$34 $24 $68 $48 
Intrinsic value of all settled equity-based awards$25 $7 $103 $72 
Tax benefit on settled equity-based awards$2 $1 $17 $11 
v3.25.0.1
Segment Information (Tables)
 6 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues  
Cable Network Programming$2,165 $1,658 $3,762 $3,045 
Television2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
Segment EBITDA
Cable Network Programming$657 $564 $1,405 $1,171 
Television205 (138)577 213 
Corporate and Other(81)(76)(153)(165)
Amortization of cable distribution investments(4)(4)(8)(8)
Depreciation and amortization(97)(97)(188)(193)
Restructuring, impairment and other corporate matters(170)(18)(196)(9)
Equity earnings of affiliates4 1 7 2 
Interest expense, net(80)(72)(130)(114)
Non-operating other, net81 (29)314 (205)
Income before income tax expense515 131 1,628 692 
Income tax expense(127)(16)(408)(162)
Net income388 115 1,220 530 
Less: Net income attributable to noncontrolling interests(15)(6)(20)(14)
Net income attributable to Fox Corporation stockholders$373 $109 $1,200 $516 
Schedule of Revenues by Segment by Component to Consolidated
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Affiliate fee$1,076 $1,031 $2,113 $2,036 
Advertising460 348 781 638 
Other629 279 868 371 
Total Cable Network Programming revenues2,165 1,658 3,762 3,045 
Television
Advertising1,962 1,654 2,970 2,564 
Affiliate fee824 756 1,630 1,491 
Other175 132 314 267 
Total Television revenues2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
Schedule of Reconciliation of Depreciation and Amortization from Segments to Consolidated
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Depreciation and amortization
Cable Network Programming$25 $19 $45 $37 
Television30 28 59 57 
Corporate and Other42 50 84 99 
Total depreciation and amortization$97 $97 $188 $193 
Schedule of Reconciliation of Assets from Segments to Consolidated
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Assets
Cable Network Programming$3,105 $2,792 
Television9,536 7,961 
Corporate and Other8,864 10,090 
Investments1,517 1,129 
Total assets$23,022 $21,972 
v3.25.0.1
Additional Financial Information (Tables)
 6 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Restructuring, Impairment and Other Corporate Matters
The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Restructuring charges$(3)$— $(11)$— 
Other corporate matters
Legal settlement costs(a)
(90)(4)(97)(4)
U.K. Newspaper Matters Indemnity(b)
(13)(7)(19)(12)
Other(a)
(64)(7)(69)7 
Total restructuring, impairment and other corporate matters$(170)$(18)$(196)$(9)
(a)
Primarily related to Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports").
(b)
See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."
Schedule of Interest Income and Interest Expense Disclosure
The following table sets forth the components of Interest expense, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Interest expense$(117)$(119)$(219)$(210)
Interest income37 47 89 96 
Total interest expense, net$(80)$(72)$(130)$(114)
Schedule of Components of Non-Operating Other, Net
The following table sets forth the components of Non-operating other, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Net gains (losses) on investments in equity securities(a)
$83 $(22)$319 $(193)
Other(2)(7)(5)(12)
Total non-operating other, net$81 $(29)$314 $(205)
(a)
Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform.
Schedule of Components of Other Non-current Assets
The following table sets forth the components of Other non-current assets included in the Balance Sheets:
 
As of
December 31,
2024
As of
June 30,
2024
 (in millions)
Investments(a)
$1,517 $1,129 
Inventories, net894 712 
Operating lease assets872 904 
Grantor Trust233 247 
Other306 323 
Total other non-current assets$3,822 $3,315 
(a)
Includes investments accounted for at fair value on a recurring basis of $1.13 billion and $797 million as of December 31, 2024 and June 30, 2024, respectively (See Note 4—Fair Value).
Schedule of Components of Accounts Payable, Accrued Expenses and Other Current Liabilities
The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Programming payable$983 $683 
Accrued expenses974 1,006 
Deferred revenue236 180 
Operating lease liabilities70 76 
Other current liabilities434 408 
Total accounts payable, accrued expenses and other current liabilities$2,697 $2,353 
Schedule of Components of Other Liabilities
The following table sets forth the components of Other liabilities included in the Balance Sheets:
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Non-current operating lease liabilities$852 $879 
Accrued non-current pension/postretirement liabilities259 276 
Other non-current liabilities203 211 
Total other liabilities$1,314 $1,366 
Schedule of Supplemental Information
For the six months ended December 31,
 20242023
 (in millions)
Supplemental cash flows information
Cash paid for interest$(217)$(187)
Cash paid for income taxes$(222)$(91)
v3.25.0.1
Acquisitions, Disposals and Other Transactions (Detail) - business
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]    
Number of businesses acquired 0 0
v3.25.0.1
Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Inventory [Line Items]    
Licensed programming, including prepaid sports rights $ 1,448 $ 841
Owned programming 617 497
Total inventories, net 2,065 1,338
Less: current portion of inventories, net (1,171) (626)
Total non-current inventories, net 894 712
Owned programming    
Total 617 497
Released    
Owned programming    
Released 269 238
In-process or other    
Owned programming    
In-process or other $ 348 $ 259
v3.25.0.1
Inventories, Net - Schedule of Amortization (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]        
Total amortization expense $ 2,758 $ 2,467 $ 3,888 $ 3,462
v3.25.0.1
Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Investments in equity securities $ 1,130 $ 797
Redeemable noncontrolling interests (200) (242)
Fair value measurements recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Investments in equity securities 1,132 797
Redeemable noncontrolling interests (200) (242)
Total 932 555
Fair value measurements recurring | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Investments in equity securities 1,132 797
Redeemable noncontrolling interests 0 0
Total 1,132 797
Fair value measurements recurring | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Investments in equity securities 0 0
Redeemable noncontrolling interests 0 0
Total 0 0
Fair value measurements recurring | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Investments in equity securities 0 0
Redeemable noncontrolling interests (200) (242)
Total $ (200) $ (242)
v3.25.0.1
Fair Value - Schedule of Liabilities Measured on Recurring Basis (Detail) - Redeemable Noncontrolling Interests - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period $ (202) $ (228) $ (242) $ (213)
Net (income) loss (1) 4 1 4
Accretion and redemption value adjustments 3 (19) 41 (34)
End of period $ (200) $ (243) $ (200) $ (243)
v3.25.0.1
Fair Value - Schedule of Borrowings (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Fair Value Disclosures [Abstract]    
Fair value $ 7,081 $ 7,017
Carrying value $ 7,200 $ 7,197
v3.25.0.1
Borrowings (Details) - USD ($)
Dec. 31, 2024
Jun. 30, 2024
Debt Instrument [Line Items]    
Borrowings $ 600,000,000 $ 599,000,000
Revolving Credit Agreement    
Debt Instrument [Line Items]    
Limit on revolving credit facility 1,000,000,000.0  
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility 150,000,000  
Borrowings outstanding 0  
Senior Notes | Three Point Zero Five Percentage Due Two Thousand Twenty Five    
Debt Instrument [Line Items]    
Borrowings $ 600,000,000  
Debt instrument interest rate 3.05%  
v3.25.0.1
Stockholders' Equity - Narrative (Detail) - USD ($)
$ / shares in Units, shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 04, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Stockholders Equity [Line Items]            
Shares repurchased   $ 252,000,000 $ 253,000,000 $ 505,000,000 $ 505,000,000  
Class A and Class B Common Stock            
Stockholders Equity [Line Items]            
Stock repurchase program, authorized amount   7,000,000,000   7,000,000,000    
Remaining buyback authorization amount   $ 900,000,000   $ 900,000,000    
Class A Common Stock            
Stockholders Equity [Line Items]            
Common stock, par value (in dollars per share)   $ 0.01   $ 0.01   $ 0.01
Shares repurchased (in shares)       12    
Shares repurchased       $ 500,000,000    
Cash dividend per share (in dollars per share)   0 $ 0 $ 0.27 $ 0.26  
Class A Common Stock | Subsequent Event            
Stockholders Equity [Line Items]            
Shares repurchased (in shares) 1          
Shares repurchased $ 50,000,000          
Cash dividend per share (in dollars per share) $ 0.27          
Class B Common Stock            
Stockholders Equity [Line Items]            
Common stock, par value (in dollars per share)   0.01   0.01   $ 0.01
Cash dividend per share (in dollars per share)   $ 0 $ 0 $ 0.27 $ 0.26  
Class B Common Stock | Subsequent Event            
Stockholders Equity [Line Items]            
Cash dividend per share (in dollars per share) $ 0.27          
v3.25.0.1
Stockholders' Equity - Schedule of Dividends Declared (Detail) - $ / shares
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Class A Common Stock        
Dividends Payable [Line Items]        
Cash dividend per share (in dollars per share) $ 0 $ 0 $ 0.27 $ 0.26
Class B Common Stock        
Dividends Payable [Line Items]        
Cash dividend per share (in dollars per share) $ 0 $ 0 $ 0.27 $ 0.26
v3.25.0.1
Equity-Based Compensation - Schedule of Equity-Based Compensation (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]        
Equity-based compensation $ 34 $ 24 $ 68 $ 48
Intrinsic value of all settled equity-based awards 25 7 103 72
Tax benefit on settled equity-based awards $ 2 $ 1 $ 17 $ 11
v3.25.0.1
Equity-Based Compensation - Narrative (Detail) - USD ($)
shares in Millions, $ in Millions
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Total estimated compensation cost, not yet recognized, related to non-vested equity awards $ 165  
Restricted Stock Units    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Stock units vested (in shares) 1.5 1.9
Stock units granted (in shares) 1.7 2.0
Vesting period (as year) 3 years  
Performance-Based Stock Options    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Vesting period (as year) 3 years  
Stock options exercised (in shares) 2.5 0.4
Stock options granted (in shares) 3.4 4.0
Stock options expiration period 7 years  
Minimum    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized 2 years  
Maximum    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized 3 years  
v3.25.0.1
Commitments and Contingencies (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 06, 2025
USD ($)
Sep. 12, 2023
claim
Apr. 30, 2023
USD ($)
Mar. 31, 2021
USD ($)
Feb. 28, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 10, 2025
USD ($)
Jun. 30, 2024
USD ($)
Loss Contingencies [Line Items]                      
Total firm commitments and future debt payments           $ 36,000   $ 36,000     $ 38,000
Legal settlement costs           90 $ 4 97 $ 4    
Smartmatic                      
Loss Contingencies [Line Items]                      
Loss contingency, damages sought, value         $ 2,700            
Dominion                      
Loss Contingencies [Line Items]                      
Loss contingency, damages sought, value       $ 1,600              
Legal settlement costs     $ 800                
Loss contingency, new claims filed, number | claim   2                  
Fubo Lawsuit | Subsequent Event                      
Loss Contingencies [Line Items]                      
Payments for legal settlements $ 80                    
Fubo Lawsuit | Subsequent Event | Defendants                      
Loss Contingencies [Line Items]                      
Payments for legal settlements $ 220                    
U.K. Newspaper Matters Indemnity                      
Loss Contingencies [Line Items]                      
Liability related to indemnity           $ 70   $ 70     $ 65
Termination Fee | Fubo Lawsuit | Subsequent Event                      
Loss Contingencies [Line Items]                      
Loss contingency, estimate of possible loss                   $ 130  
Term Loan Financing | Fubo Lawsuit | Subsequent Event | Disney                      
Loss Contingencies [Line Items]                      
Loss contingency, estimate of possible loss                   $ 145  
v3.25.0.1
Pension and Other Postretirement Benefits (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]        
Net periodic benefit cost $ 8 $ 14 $ 17 $ 27
v3.25.0.1
Segment Information - Narrative (Detail)
 6 Months Ended
Dec. 31, 2024
tvStation
segment
duopoly
Segment Reporting Information [Line Items]  
Number of operating segments | segment 4
Number of reportable segments | segment 2
Television | US  
Segment Reporting Information [Line Items]  
Full power broadcast television stations 29
Duopolies | duopoly 11
Television | US | FOX Network  
Segment Reporting Information [Line Items]  
Full power broadcast television stations 18
Television | US | MyNetworkTV  
Segment Reporting Information [Line Items]  
Full power broadcast television stations 10
Television | US | Independent Station  
Segment Reporting Information [Line Items]  
Full power broadcast television stations 1
v3.25.0.1
Segment Information - Schedule of Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441
Amortization of cable distribution investments (4) (4) (8) (8)
Depreciation and amortization (97) (97) (188) (193)
Restructuring, impairment and other corporate matters (170) (18) (196) (9)
Equity earnings of affiliates 4 1 7 2
Interest expense, net (80) (72) (130) (114)
Non-operating other, net 81 (29) 314 (205)
Income before income tax expense 515 131 1,628 692
Income tax expense (127) (16) (408) (162)
Net income 388 115 1,220 530
Less: Net income attributable to noncontrolling interests [1] (15) (6) (20) (14)
Net income attributable to Fox Corporation stockholders 373 109 1,200 516
Corporate and Other        
Segment Reporting Information [Line Items]        
Revenues 58 49 123 103
Segment EBITDA (81) (76) (153) (165)
Depreciation and amortization (42) (50) (84) (99)
Eliminations        
Segment Reporting Information [Line Items]        
Revenues (106) (15) (157) (29)
Cable Network Programming | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 2,165 1,658 3,762 3,045
Segment EBITDA 657 564 1,405 1,171
Depreciation and amortization (25) (19) (45) (37)
Television | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 2,961 2,542 4,914 4,322
Segment EBITDA 205 (138) 577 213
Depreciation and amortization $ (30) $ (28) $ (59) $ (57)
[1]
Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.
v3.25.0.1
Segment Information - Schedule of Revenues by Segment by Component to Consolidated (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]        
Revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441
Corporate and Other        
Disaggregation Of Revenue [Line Items]        
Revenues 58 49 123 103
Eliminations        
Disaggregation Of Revenue [Line Items]        
Revenues (106) (15) (157) (29)
Cable Network Programming | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 2,165 1,658 3,762 3,045
Cable Network Programming | Affiliate fee | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 1,076 1,031 2,113 2,036
Cable Network Programming | Advertising | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 460 348 781 638
Cable Network Programming | Other | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 629 279 868 371
Television | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 2,961 2,542 4,914 4,322
Television | Affiliate fee | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 824 756 1,630 1,491
Television | Advertising | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues 1,962 1,654 2,970 2,564
Television | Other | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Revenues $ 175 $ 132 $ 314 $ 267
v3.25.0.1
Segment Information - Schedule of Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 97 $ 97 $ 188 $ 193
Corporate and Other        
Segment Reporting Information [Line Items]        
Depreciation and amortization 42 50 84 99
Cable Network Programming | Operating Segments        
Segment Reporting Information [Line Items]        
Depreciation and amortization 25 19 45 37
Television | Operating Segments        
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 30 $ 28 $ 59 $ 57
v3.25.0.1
Segment Information - Schedule of Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Segment Reporting Information [Line Items]    
Total assets $ 23,022 $ 21,972
Investments 1,517 1,129
Corporate and Other    
Segment Reporting Information [Line Items]    
Total assets 8,864 10,090
Cable Network Programming | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets 3,105 2,792
Television | Operating Segments    
Segment Reporting Information [Line Items]    
Total assets $ 9,536 $ 7,961
v3.25.0.1
Additional Financial Information - Schedule of Components of Restructuring Impairment and Other Corporate Matters (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Restructuring charges $ (3) $ 0 $ (11) $ 0
Other corporate matters        
Legal settlement costs (90) (4) (97) (4)
U.K. Newspaper Matters Indemnity (13) (7) (19) (12)
Other (64) (7) (69) 7
Total restructuring, impairment and other corporate matters $ (170) $ (18) $ (196) $ (9)
v3.25.0.1
Additional Financial Information - Schedule of Interest Expense, Net (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest expense $ (117) $ (119) $ (219) $ (210)
Interest income 37 47 89 96
Total interest expense, net $ (80) $ (72) $ (130) $ (114)
v3.25.0.1
Additional Financial Information - Schedule of Components of Non-Operating Other, Net (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Net (losses) gains on investments in equity securities $ 83 $ (22) $ 319 $ (193)
Other (2) (7) (5) (12)
Total non-operating other, net $ 81 $ (29) $ 314 $ (205)
v3.25.0.1
Additional Financial Information - Schedule of Components of Other Non-current Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Investments $ 1,517 $ 1,129
Inventories, net 894 712
Operating lease assets $ 872 $ 904
Operating lease, right-of-use asset, statement of financial position Total other non-current assets Total other non-current assets
Grantor Trust $ 233 $ 247
Other 306 323
Total other non-current assets 3,822 3,315
Investments, fair value $ 1,130 $ 797
v3.25.0.1
Additional Financial Information - Schedule of Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Programming payable $ 983 $ 683
Accrued expenses 974 1,006
Deferred revenue 236 180
Operating lease liabilities 70 76
Other current liabilities 434 408
Total accounts payable, accrued expenses and other current liabilities $ 2,697 $ 2,353
v3.25.0.1
Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Non-current operating lease liabilities $ 852 $ 879
Accrued non-current pension/postretirement liabilities 259 276
Other non-current liabilities 203 211
Total other liabilities $ 1,314 $ 1,366
v3.25.0.1
Additional Financial Information - Narrative (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
$ in Billions
Dec. 31, 2024
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Revenue, remaining performance obligation, amount $ 5
Minimum  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Future performance obligation, expected timing of satisfaction, period 1 year
Maximum  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Future performance obligation, expected timing of satisfaction, period 3 years
v3.25.0.1
Additional Financial Information - Schedule of Supplemental Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Supplemental cash flows information    
Cash paid for interest $ (217) $ (187)
Cash paid for income taxes $ (222) $ (91)
Fox (NASDAQ:FOXA)
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