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Segment Information
 9 Months Ended
Mar. 31, 2022
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 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 nine months ended March 31, 2022 and 2021:
 
For the three months ended
March 31,
For the nine months ended
March 31,
 2022202120222021
 (in millions)
Revenues  
Cable Network Programming$1,583 $1,471 $4,637 $4,284 
Television1,820 1,695 6,160 5,601 
Other, Corporate and Eliminations52 49 144 134 
Total revenues$3,455 $3,215 $10,941 $10,019 
Segment EBITDA
Cable Network Programming$864 $850 $2,306 $2,202 
Television35 135 121 407 
Other, Corporate and Eliminations(88)(86)(242)(239)
Amortization of cable distribution investments(5)(6)(14)(17)
Depreciation and amortization(92)(78)(264)(216)
Impairment and restructuring charges— — — (35)
Interest expense, net(91)(98)(285)(293)
Other, net(233)61 (375)752 
Income before income tax expense390 778 1,247 2,561 
Income tax expense(100)(196)(322)(632)
Net income290 582 925 1,929 
Less: Net income attributable to noncontrolling interests(7)(15)(26)(32)
Net income attributable to Fox Corporation stockholders$283 $567 $899 $1,897 
Revenues by Segment by Component
 
For the three months ended
March 31,
For the nine months ended
March 31,
 2022202120222021
 (in millions)
Cable Network Programming  
Affiliate fee$1,097 $1,068 $3,162 $2,969 
Advertising339 283 1,104 1,023 
Other147 120 371 292 
Total Cable Network Programming revenues1,583 1,471 4,637 4,284 
Television
Advertising969 915 3,742 3,426 
Affiliate fee700 651 1,990 1,801 
Other151 129 428 374 
Total Television revenues1,820 1,695 6,160 5,601 
Other, Corporate and Eliminations52 49 144 134 
Total revenues$3,455 $3,215 $10,941 $10,019 
Future Performance Obligations
As of March 31, 2022, approximately $3.3 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
March 31,
For the nine months ended
March 31,
2022202120222021
(in millions)
Depreciation and amortization
Cable Network Programming$16 $16 $43 $41 
Television28 26 82 77 
Other, Corporate and Eliminations48 36 139 98 
Total depreciation and amortization$92 $78 $264 $216 
As of
March 31,
2022
As of
June 30,
2021
(in millions)
Assets
Cable Network Programming$2,638 $2,577 
Television8,111 7,305 
Other, Corporate and Eliminations10,619 12,145 
Investments648 899 
Total assets$22,016 $22,926