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Segment Information
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable 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.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. 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.
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, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating 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 tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
For the years ended June 30,
202420232022
(in millions)
Revenues
Cable Network Programming$5,955 $6,043 $6,097 
Television7,875 8,710 7,685 
Corporate and Other209 217 233 
Eliminations(59)(57)(41)
Total revenues$13,980 $14,913 $13,974 
Segment EBITDA
Cable Network Programming$2,693 $2,472 $2,934 
Television506 1,009 347 
Corporate and Other(316)(290)(326)
Amortization of cable distribution investments(16)(16)(18)
Depreciation and amortization(389)(411)(363)
Restructuring, impairment and other corporate matters(67)(1,182)(157)
Equity (losses) earnings of affiliates(44)4 4 
Interest expense, net(216)(218)(371)
Non-operating other, net
(47)368 (356)
Income before income tax expense2,104 1,736 1,694 
Income tax expense(550)(483)(461)
Net income1,554 1,253 1,233 
Less: Net income attributable to noncontrolling interests(53)(14)(28)
Net income attributable to Fox Corporation stockholders$1,501 $1,239 $1,205 
For the years ended June 30,
202420232022
(in millions)
Revenues by Segment by Component
Cable Network Programming
Affiliate fee$4,188 $4,175 $4,205 
Advertising1,262 1,403 1,462 
Other505 465 430 
Total Cable Network Programming revenues5,955 6,043 6,097 
Television
Advertising4,182 5,204 4,440 
Affiliate fee3,136 2,876 2,673 
Other557 630 572 
Total Television revenues7,875 8,710 7,685 
Corporate and Other209 217 233 
Eliminations(59)(57)(41)
Total revenues$13,980 $14,913 $13,974 
For fiscal 2024, 2023 and 2022, the Company had no individual customers that accounted for 10% or more of Revenues.
For the years ended June 30,
202420232022
(in millions)
Depreciation and amortization
Cable Network Programming$77 $71 $60 
Television117 126 112 
Corporate and Other195 214 191 
Total depreciation and amortization$389 $411 $363 
For the years ended June 30,
202420232022
(in millions)
Capital expenditures
Cable Network Programming$161 $66 $67 
Television76 96 104 
Corporate and Other108 195 136 
Total capital expenditures$345 $357 $307 
As of June 30,
20242023
(in millions)
Assets
Cable Network Programming$2,792 $2,658 
Television7,961 7,803 
Corporate and Other10,090 10,371 
Investments1,129 1,034 
Total assets$21,972 $21,866 
 
As of June 30,
 20242023
 (in millions)
Goodwill and intangible assets, net
Cable Network Programming$1,288 $1,312 
Television4,605 4,633 
Corporate and Other689 698 
Total goodwill and intangible assets, net$6,582 $6,643