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Segment Information
 6 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments:
•Cable Network Programming, which principally consists of the production and licensing of news and sports content distributed primarily through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”) and online multi-channel video programming distributors (“digital MVPDs”), primarily in the U.S.
•Television, which principally consists of the production, acquisition, marketing and distribution of broadcast network programming and free advertising-supported video-on-demand (“AVOD”) services under the FOX and Tubi brands, respectively, and the operation of 29 full power broadcast television stations, including 11 duopolies, in the U.S. Of these stations, 18 are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station.
•Other, Corporate and Eliminations, which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. 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. Credible is a U.S. consumer finance marketplace.
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 operating income before depreciation and amortization, or Segment EBITDA. 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, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax benefit (expense). Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business 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, 2021 and 2020:
 
For the three months ended
December 31,
For the six months ended
December 31,
 2021202020212020
 (in millions)
Revenues  
Cable Network Programming$1,638 $1,488 $3,054 $2,813 
Television2,759 2,556 4,340 3,906 
Other, Corporate and Eliminations44 43 92 85 
Total revenues$4,441 $4,087 $7,486 $6,804 
Segment EBITDA
Cable Network Programming$668 $571 $1,442 $1,352 
Television(273)(185)86 272 
Other, Corporate and Eliminations(85)(81)(154)(153)
Amortization of cable distribution investments(4)(6)(9)(11)
Depreciation and amortization(93)(70)(172)(138)
Impairment and restructuring charges— — — (35)
Interest expense, net(97)(97)(194)(195)
Other, net(211)172 (142)691 
(Loss) income before income tax benefit (expense)(95)304 857 1,783 
Income tax benefit (expense)22 (74)(222)(436)
Net (loss) income(73)230 635 1,347 
Less: Net income attributable to noncontrolling interests(12)(6)(19)(17)
Net (loss) income attributable to Fox Corporation stockholders$(85)$224 $616 $1,330 
Revenues by Segment by Component
 
For the three months ended
December 31,
For the six months ended
December 31,
 2021202020212020
 (in millions)
Cable Network Programming  
Affiliate fee$1,039 $928 $2,065 $1,901 
Advertising454 441 765 740 
Other145 119 224 172 
Total Cable Network Programming revenues1,638 1,488 3,054 2,813 
Television
Advertising1,954 1,841 2,773 2,511 
Affiliate fee649 590 1,290 1,150 
Other156 125 277 245 
Total Television revenues2,759 2,556 4,340 3,906 
Other, Corporate and Eliminations44 43 92 85 
Total revenues$4,441 $4,087 $7,486 $6,804 
Future Performance Obligations
As of December 31, 2021, approximately $4.0 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, sports advertising contracts and content licensing contracts with fixed fees. 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.
For the three months ended
December 31,
For the six months ended
December 31,
2021202020212020
(in millions)
Depreciation and amortization
Cable Network Programming$17 $12 $27 $25 
Television28 26 54 51 
Other, Corporate and Eliminations48 32 91 62 
Total depreciation and amortization$93 $70 $172 $138 
As of
December 31,
2021
As of
June 30,
2021
(in millions)
Assets
Cable Network Programming$2,623 $2,577 
Television9,094 7,305 
Other, Corporate and Eliminations10,330 12,145 
Investments831 899 
Total assets$22,878 $22,926