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The Company reported total quarterly revenues of $4.23 billion as compared to the $4.61 billion reported in the prior year quarter. Affiliate fee revenues increased 4%, driven by 10% growth at the Television segment. Advertising revenues decreased 20%, primarily due to the absence of the FIFA Men's World Cup ("Men's World Cup") at FOX Sports, lower political advertising revenues at the FOX Television Stations due to the absence of the 2022 midterm elections, and the impact of elevated supply in the direct response marketplace, lower ratings and higher preemptions associated with breaking news coverage at FOX News Media. Other revenues increased 14%, primarily due to higher sports sublicensing revenues at the national sports networks, partially offset by lower content revenues at the entertainment production companies as a result of industry guild labor disputes.

The Company reported quarterly net income of $115 million as compared to the $321 million reported in the prior year quarter. The variance includes the change in fair value of the Company’s investments recognized in Other, net. Net income attributable to Fox Corporation stockholders was $109 million ($0.23 per share) as compared to the $313 million ($0.58 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $165 million ($0.34 per share) as compared to the $259 million ($0.48 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $350 million as compared to the $531 million reported in the prior year quarter, reflecting the revenue impacts described above, partially offset by lower expenses. Expenses decreased in the quarter, primarily due to lower entertainment and sports programming rights amortization and production costs, led by fewer hours of original scripted programming and the absence of the Men's World Cup, partially offset by the renewed NFL contract.

“At the halfway point in our fiscal year, our results demonstrate the strength and durability of our core brands and their ability to deliver solid audiences across our portfolio. FOX Sports continues to benefit from the power of live sports programming and FOX News has maintained its leadership in cable news, while Tubi has been resilient in an increasingly competitive market. Combining this steadfast portfolio of assets with a best-in-class balance sheet underpins our ability to deliver value for our shareholders.”

1 Excludes net income effects of Impairment and restructuring charges, adjustments to Equity (losses) earnings of affiliates, Other, net and tax provision adjustments. See Note 1 for a description of adjusted net income and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income and earnings per share attributable to Fox Corporation stockholders to adjusted net income and adjusted earnings per share attributable to Fox Corporation stockholders.


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
	$ Millions
Revenues by Component:

Affiliate fee	$	1,787	$	1,712	$	3,527	$	3,423
Advertising	2,002		2,503		3,202		3,723
Other	445		390		712		651
Total revenues	$	4,234	$	4,605	$	7,441	$	7,797

Segment Revenues:

Cable Network Programming	$	1,658	$	1,632	$	3,045	$	3,063
Television	2,542		2,934		4,322		4,648
Other, Corporate and Eliminations	34		39		74		86
Total revenues	$	4,234	$	4,605	$	7,441	$	7,797

Adjusted EBITDA:

Cable Network Programming	$	564	$	353	$	1,171	$	1,095
Television	(138)		256		213		665
Other, Corporate and Eliminations	(76)		(78)		(165)		(137)
Adjusted EBITDA3	$	350	$	531	$	1,219	$	1,623

Depreciation and amortization:

Cable Network Programming	$	19	$	17	$	37	$	34
Television	28		30		57		59
Other, Corporate and Eliminations	50		56		99		109
Total depreciation and amortization	$	97	$	103	$	193	$	202


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
	$ Millions
Revenues
Affiliate fee	$	1,031	$	1,026	$	2,036	$	2,055
Advertising	348		451		638		767
Other	279		155		371		241
Total revenues	1,658		1,632		3,045		3,063
Operating expenses	(942)		(1,097)		(1,591)		(1,661)
Selling, general and administrative	(156)		(186)		(291)		(315)
Amortization of cable distribution investments	4		4		8		8
Segment EBITDA	$	564	$	353	$	1,171	$	1,095

Cable Network Programming reported quarterly segment revenues of $1.66 billion, an increase of $26 million or 2% from the amount reported in the prior year quarter. Affiliate fee revenues increased $5 million as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues were $348 million as compared to the $451 million reported in the prior year quarter, primarily due to the impact of elevated supply in the direct response marketplace, lower ratings and higher preemptions associated with breaking news coverage at FOX News Media, and the absence of the Men's World Cup at the national sports networks. Other revenues increased $124 million or 80%, primarily due to higher sports sublicensing revenues at the national sports networks.

Cable Network Programming reported quarterly segment EBITDA of $564 million, an increase of $211 million or 60% from the amount reported in the prior year quarter, primarily due to lower sports programming rights amortization and production costs, including the absence of the Men's World Cup, and lower legal, programming and production costs at FOX News Media.


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
	$ Millions
Revenues
Advertising	$	1,654	$	2,052	$	2,564	$	2,957
Affiliate fee	756		686		1,491		1,368
Other	132		196		267		323
Total revenues	2,542		2,934		4,322		4,648
Operating expenses	(2,440)		(2,415)		(3,638)		(3,486)
Selling, general and administrative	(240)		(263)		(471)		(497)
Segment EBITDA	$	(138)	$	256	$	213	$	665

Television reported quarterly segment revenues of $2.54 billion as compared to the $2.93 billion reported in the prior year quarter. Advertising revenues were $1.65 billion as compared to the $2.05 billion reported in the prior year quarter, primarily due to the absence of the Men's World Cup at FOX Sports and lower political advertising revenues at the FOX Television Stations, partially offset by continued growth at Tubi. Affiliate fee revenues increased $70 million or 10%, led by higher rates at both the Company's owned and operated stations and third-party FOX affiliates. Other revenues were $132 million as compared to the $196 million reported in the prior year quarter, primarily due to lower content revenues at the entertainment production companies as a result of industry guild labor disputes.

Television reported a quarterly segment EBITDA loss of $138 million, as compared to an EBITDA contribution of $256 million in the prior year quarter, primarily from the revenue impacts described above. Expenses were consistent with the prior year quarter as higher sports programming rights amortization, led by the renewed NFL contract, was partially offset by the absence of the Men's World Cup at FOX Sports. Additionally, there were lower costs due to fewer hours of original scripted programming at FOX Entertainment as a result of industry guild labor disputes.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
	$ Millions, except per share amounts

Revenues	$	4,234	$	4,605	$	7,441	$	7,797

Operating expenses	(3,393)		(3,528)		(5,255)		(5,184)
Selling, general and administrative	(495)		(550)		(975)		(998)
Depreciation and amortization	(97)		(103)		(193)		(202)
Interest expense, net	(72)		(60)		(114)		(128)
Other, net4	(46)		73		(212)		(3)
Income before income tax expense	131		437		692		1,282
Income tax expense	(16)		(116)		(162)		(348)
Net income	115		321		530		934
Less: Net income attributable to noncontrolling interests	(6)		(8)		(14)		(16)
Net income attributable to Fox Corporation stockholders	$	109	$	313	$	516	$	918


Weighted average shares:	482		543		488		547

Net income attributable to Fox Corporation stockholders per share:	$	0.23	$	0.58	$	1.06	$	1.68

CONSOLIDATED BALANCE SHEETS


	December 31, 2023		June 30, 2023
	$ Millions
Assets:
Current assets:
Cash and cash equivalents	$	4,122	$	4,272
Receivables, net	3,001		2,177
Inventories, net	1,038		543
Other	340		265
Total current assets	8,501		7,257

Non-current assets:
Property, plant and equipment, net	1,676		1,708
Intangible assets, net	3,061		3,084
Goodwill	3,559		3,559
Deferred tax assets	3,065		3,090
Other non-current assets	2,984		3,168
Total assets	$	22,846	$	21,866

Liabilities and Equity:
Current liabilities:
Borrowings	$	1,250	$	1,249
Accounts payable, accrued expenses and other current liabilities	2,457		2,514
Total current liabilities	3,707		3,763

Non-current liabilities:
Borrowings	7,195		5,961
Other liabilities	1,376		1,484
Redeemable noncontrolling interests	243		213
Commitments and contingencies

Equity:
Class A common stock, $0.01 par value	3		3
Class B common stock, $0.01 par value	2		2
Additional paid-in capital	7,879		8,253
Retained earnings	2,514		2,269
Accumulated other comprehensive loss	(146)		(149)
Total Fox Corporation stockholders’ equity	10,252		10,378
Noncontrolling interests	73		67
Total equity	10,325		10,445
Total liabilities and equity	$	22,846	$	21,866


	Six Months Ended December 31,
	2023		2022
	$ Millions
Operating Activities:
Net income	$	530	$	934
Adjustments to reconcile net income to cash used in operating activities
Depreciation and amortization	193		202
Amortization of cable distribution investments	8		8
Equity-based compensation	48		32
Other, net	212		3
Deferred income taxes	29		152
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(853)		(952)
Inventories net of programming payable	(405)		(420)
Accounts payable and accrued expenses	(180)		(152)
Other changes, net	(117)		(68)
Net cash used in operating activities	(535)		(261)

Investing Activities:
Property, plant and equipment	(150)		(153)
Purchase of investments	(6)		(50)
Other investing activities, net	13		(18)
Net cash used in investing activities	(143)		(221)

Financing Activities:
Borrowings	1,232		—
Repurchase of shares	(500)		(500)
Dividends paid and distributions	(142)		(155)
Sale of subsidiary noncontrolling interest	—		25
Other financing activities, net	(62)		(30)
Net cash provided by (used in) financing activities	528		(660)

Net decrease in cash and cash equivalents	(150)		(1,142)
Cash and cash equivalents, beginning of year	4,272		5,200
Cash and cash equivalents, end of period	$	4,122	$	4,058

The Company uses net income and earnings per share (“EPS”) attributable to Fox Corporation stockholders excluding net income effects of Impairment and restructuring charges, adjustments to Equity (losses) earnings of affiliates, Other, net, and tax provision adjustments (“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period.

Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company’s performance relative to prior periods and the Company’s competitors.


	Three Months Ended
	December 31, 2023				December 31, 2022
	Income		EPS		Income		EPS
	$ Millions, except per share data
Net income	$	115			$	321
Less: Net income attributable to noncontrolling interests	(6)				(8)
Net income attributable to Fox Corporation stockholders	$	109	$	0.23	$	313	$	0.58

Other, net5	47		0.10		(72)		(0.13)

Tax provision	9		0.02		18		0.03

Rounding	—		(0.01)		—		—

As adjusted	$	165	$	0.34	$	259	$	0.48

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted 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 information about Adjusted EBITDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
	$ Millions
Net income	$	115	$	321	$	530	$	934
Add:
Amortization of cable distribution investments	4		4		8		8
Depreciation and amortization	97		103		193		202
Interest expense, net	72		60		114		128
Other, net6	46		(73)		212		3
Income tax expense	16		116		162		348
Adjusted EBITDA	$	350	$	531	$	1,219	$	1,623


Gabrielle Brown, Investor Relations			Brian Nick, Press Inquiries
212-852-7720			310-369-3545