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Segment Information
 6 Months Ended
Dec. 31, 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 traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors 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 EBITDA (defined below). 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 operating 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 three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues  
Cable Network Programming$2,165 $1,658 $3,762 $3,045 
Television2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
Segment EBITDA
Cable Network Programming$657 $564 $1,405 $1,171 
Television205 (138)577 213 
Corporate and Other(81)(76)(153)(165)
Amortization of cable distribution investments(4)(4)(8)(8)
Depreciation and amortization(97)(97)(188)(193)
Restructuring, impairment and other corporate matters(170)(18)(196)(9)
Equity earnings of affiliates4 1 7 2 
Interest expense, net(80)(72)(130)(114)
Non-operating other, net81 (29)314 (205)
Income before income tax expense515 131 1,628 692 
Income tax expense(127)(16)(408)(162)
Net income388 115 1,220 530 
Less: Net income attributable to noncontrolling interests(15)(6)(20)(14)
Net income attributable to Fox Corporation stockholders$373 $109 $1,200 $516 
 
For the three months ended December 31,
For the six months ended December 31,
 2024202320242023
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Affiliate fee$1,076 $1,031 $2,113 $2,036 
Advertising460 348 781 638 
Other629 279 868 371 
Total Cable Network Programming revenues2,165 1,658 3,762 3,045 
Television
Advertising1,962 1,654 2,970 2,564 
Affiliate fee824 756 1,630 1,491 
Other175 132 314 267 
Total Television revenues2,961 2,542 4,914 4,322 
Corporate and Other58 49 123 103 
Eliminations(106)(15)(157)(29)
Total revenues$5,078 $4,234 $8,642 $7,441 
For the three months ended December 31,
For the six months ended December 31,
2024202320242023
(in millions)
Depreciation and amortization
Cable Network Programming$25 $19 $45 $37 
Television30 28 59 57 
Corporate and Other42 50 84 99 
Total depreciation and amortization$97 $97 $188 $193 
As of
December 31,
2024
As of
June 30,
2024
(in millions)
Assets
Cable Network Programming$3,105 $2,792 
Television9,536 7,961 
Corporate and Other8,864 10,090 
Investments1,517 1,129 
Total assets$23,022 $21,972