v3.25.1
Segment Information
 9 Months Ended
Mar. 31, 2025
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 March 31,
For the nine months ended March 31,
 2025202420252024
 (in millions)
Revenues  
Cable Network Programming$1,636 $1,472 $5,398 $4,517 
Television2,704 1,938 7,618 6,260 
Corporate and Other58 53 181 156 
Eliminations(27)(16)(184)(45)
Total revenues$4,371 $3,447 $13,013 $10,888 
Segment EBITDA
Cable Network Programming$878 $819 $2,283 $1,990 
Television60 145 637 358 
Corporate and Other(82)(73)(235)(238)
Amortization of cable distribution investments(1)(4)(9)(12)
Depreciation and amortization(95)(98)(283)(291)
Restructuring, impairment and other corporate matters(55)(15)(251)(24)
Equity losses of affiliates(18)(2)(11)— 
Interest expense, net(55)(55)(185)(169)
Non-operating other, net(158)244 156 39 
Income before income tax expense474 961 2,102 1,653 
Income tax expense(120)(257)(528)(419)
Net income354 704 1,574 1,234 
Less: Net income attributable to noncontrolling interests(8)(38)(28)(52)
Net income attributable to Fox Corporation stockholders$346 $666 $1,546 $1,182 
 
For the three months ended March 31,
For the nine months ended March 31,
 2025202420252024
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Affiliate fee$1,135 $1,104 $3,248 $3,140 
Advertising372 296 1,153 934 
Other129 72 997 443 
Total Cable Network Programming revenues1,636 1,472 5,398 4,517 
Television
Advertising1,664 939 4,634 3,503 
Affiliate fee870 834 2,500 2,325 
Other170 165 484 432 
Total Television revenues2,704 1,938 7,618 6,260 
Corporate and Other58 53 181 156 
Eliminations(27)(16)(184)(45)
Total revenues$4,371 $3,447 $13,013 $10,888 
For the three months ended March 31,
For the nine months ended March 31,
2025202420252024
(in millions)
Depreciation and amortization
Cable Network Programming$24 $20 $69 $57 
Television28 29 87 86 
Corporate and Other43 49 127 148 
Total depreciation and amortization$95 $98 $283 $291 
As of
March 31,
2025
As of
June 30,
2024
(in millions)
Assets
Cable Network Programming$3,078 $2,792 
Television8,720 7,961 
Corporate and Other10,207 10,090 
Investments1,362 1,129 
Total assets$23,367 $21,972