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Segment Information
 12 Months Ended
Jun. 30, 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 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.
•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 fiscal 2022, 2021 and 2020:
For the years ended June 30,
202220212020
(in millions)
Revenues
Cable Network Programming$6,097 $5,683 $5,492 
Television7,685 7,048 6,661 
Other, Corporate and Eliminations192 178 150 
Total revenues$13,974 $12,909 $12,303 
Segment EBITDA
Cable Network Programming$2,934 $2,876 $2,706 
Television347 555 430 
Other, Corporate and Eliminations(326)(344)(357)
Amortization of cable distribution investments(18)(22)(24)
Depreciation and amortization(363)(300)(258)
Impairment and restructuring charges— (35)(451)
Interest expense, net(371)(391)(334)
Other, net(509)579 (248)
Income before income tax expense1,694 2,918 1,464 
Income tax expense(461)(717)(402)
Net income1,233 2,201 1,062 
Less: Net income attributable to noncontrolling interests(28)(51)(63)
Net income attributable to Fox Corporation stockholders$1,205 $2,150 $999 
Revenues by Segment by Component
For the years ended June 30,
202220212020
(in millions)
Cable Network Programming
Affiliate fee$4,205 $3,995 $3,870 
Advertising1,462 1,337 1,164 
Other430 351 458 
Total Cable Network Programming revenues6,097 5,683 5,492 
Television
Advertising4,440 4,094 4,169 
Affiliate fee2,673 2,440 2,038 
Other572 514 454 
Total Television revenues7,685 7,048 6,661 
Other, Corporate and Eliminations192 178 150 
Total revenues$13,974 $12,909 $12,303 
For fiscal 2022, 2021 and 2020, the Company had no individual customers that accounted for 10% or more of Revenues.
For the years ended June 30,
202220212020
(in millions)
Depreciation and amortization
Cable Network Programming$60 $55 $59 
Television112 104 73 
Other, Corporate and Eliminations191 141 126 
Total depreciation and amortization$363 $300 $258 
For the years ended June 30,
202220212020
(in millions)
Capital expenditures
Cable Network Programming$67 $53 $43 
Television104 100 72 
Other, Corporate and Eliminations136 331 244 
Total capital expenditures$307 $484 $359 
As of June 30,
20222021
(in millions)
Assets
Cable Network Programming$2,682 $2,577 
Television7,915 7,305 
Other, Corporate and Eliminations11,010 12,145 
Investments578 899 
Total assets$22,185 $22,926 
 
As of June 30,
 20222021
 (in millions)
Goodwill and intangible assets, net
Cable Network Programming$1,322 $1,324 
Television4,671 4,582 
Other, Corporate and Eliminations718 683 
Total goodwill and intangible assets, net$6,711 $6,589