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Segment Information
 6 Months Ended
Dec. 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 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 the three and six months ended December 31, 2022 and 2021:
 
For the three months ended December 31,
For the six months ended December 31,
 2022202120222021
 (in millions)
Revenues  
Cable Network Programming$1,632 $1,638 $3,063 $3,054 
Television2,934 2,759 4,648 4,340 
Other, Corporate and Eliminations39 44 86 92 
Total revenues$4,605 $4,441 $7,797 $7,486 
Segment EBITDA
Cable Network Programming$353 $668 $1,095 $1,442 
Television256 (273)665 86 
Other, Corporate and Eliminations(78)(85)(137)(154)
Amortization of cable distribution investments(4)(4)(8)(9)
Depreciation and amortization(103)(93)(202)(172)
Interest expense, net(60)(97)(128)(194)
Other, net73 (211)(3)(142)
Income (loss) before income tax (expense) benefit437 (95)1,282 857 
Income tax (expense) benefit(116)22 (348)(222)
Net income (loss)321 (73)934 635 
Less: Net income attributable to noncontrolling interests(8)(12)(16)(19)
Net income (loss) attributable to Fox Corporation stockholders$313 $(85)$918 $616 
Revenues by Segment by Component
 
For the three months ended December 31,
For the six months ended December 31,
 2022202120222021
 (in millions)
Cable Network Programming  
Affiliate fee$1,026 $1,039 $2,055 $2,065 
Advertising451 454 767 765 
Other155 145 241 224 
Total Cable Network Programming revenues1,632 1,638 3,063 3,054 
Television
Advertising2,052 1,954 2,957 2,773 
Affiliate fee686 649 1,368 1,290 
Other196 156 323 277 
Total Television revenues2,934 2,759 4,648 4,340 
Other, Corporate and Eliminations39 44 86 92 
Total revenues$4,605 $4,441 $7,797 $7,486 
For the three months ended December 31,
For the six months ended December 31,
2022202120222021
(in millions)
Depreciation and amortization
Cable Network Programming$17 $17 $34 $27 
Television30 28 59 54 
Other, Corporate and Eliminations56 48 109 91 
Total depreciation and amortization$103 $93 $202 $172 
As of
December 31,
2022
As of
June 30,
2022
(in millions)
Assets
Cable Network Programming$2,753 $2,682 
Television9,493 7,915 
Other, Corporate and Eliminations10,108 11,010 
Investments772 578 
Total assets$23,126 $22,185