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Segment Information
 12 Months Ended
Jun. 30, 2023
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 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 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.
•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 2023, 2022 and 2021:
For the years ended June 30,
202320222021
(in millions)
Revenues
Cable Network Programming$6,043 $6,097 $5,683 
Television8,710 7,685 7,048 
Other, Corporate and Eliminations160 192 178 
Total revenues$14,913 $13,974 $12,909 
Segment EBITDA
Cable Network Programming$2,472 $2,934 $2,876 
Television1,009 347 555 
Other, Corporate and Eliminations(290)(326)(344)
Amortization of cable distribution investments(16)(18)(22)
Depreciation and amortization(411)(363)(300)
Impairment and restructuring charges(111)— (35)
Interest expense, net(218)(371)(391)
Other, net(699)(509)579 
Income before income tax expense1,736 1,694 2,918 
Income tax expense(483)(461)(717)
Net income1,253 1,233 2,201 
Less: Net income attributable to noncontrolling interests(14)(28)(51)
Net income attributable to Fox Corporation stockholders$1,239 $1,205 $2,150 
Revenues by Segment by Component
For the years ended June 30,
202320222021
(in millions)
Cable Network Programming
Affiliate fee$4,175 $4,205 $3,995 
Advertising1,403 1,462 1,337 
Other465 430 351 
Total Cable Network Programming revenues6,043 6,097 5,683 
Television
Advertising5,204 4,440 4,094 
Affiliate fee2,876 2,673 2,440 
Other630 572 514 
Total Television revenues8,710 7,685 7,048 
Other, Corporate and Eliminations160 192 178 
Total revenues$14,913 $13,974 $12,909 
For fiscal 2023, 2022 and 2021, the Company had no individual customers that accounted for 10% or more of Revenues.
For the years ended June 30,
202320222021
(in millions)
Depreciation and amortization
Cable Network Programming$71 $60 $55 
Television126 112 104 
Other, Corporate and Eliminations214 191 141 
Total depreciation and amortization$411 $363 $300 
For the years ended June 30,
202320222021
(in millions)
Capital expenditures
Cable Network Programming$66 $67 $53 
Television96 104 100 
Other, Corporate and Eliminations195 136 331 
Total capital expenditures$357 $307 $484 
As of June 30,
20232022
(in millions)
Assets
Cable Network Programming$2,658 $2,682 
Television7,803 7,915 
Other, Corporate and Eliminations10,371 11,010 
Investments1,034 578 
Total assets$21,866 $22,185 
 
As of June 30,
 20232022
 (in millions)
Goodwill and intangible assets, net
Cable Network Programming$1,312 $1,322 
Television4,633 4,671 
Other, Corporate and Eliminations698 718 
Total goodwill and intangible assets, net$6,643 $6,711