Fox (FOXA) 10-K risk factor changes: FY2025 vs FY2024

Changes in consumer behavior and evolving technologies and distribution platforms [added: and offerings] continue to challenge existing business models and may adversely affect the Company's business, financial condition or results of operations.

New distribution platforms and [added: offerings,] increased competition from new entrants and emerging technologies have added to the complexity of maintaining predictable revenue streams.

Consumer preferences have evolved toward [added: direct-to-consumer offerings such as] SVOD, AVOD and FAST [removed: services and other direct-to-consumer offerings.][added: services.]

An increasing number of FAST [removed: services] and SVOD services that have introduced advertising-supported tiers has intensified competition for digital advertising and may continue to do so in the future.

Other new technological [removed: developments, including] [added: developments are rapidly evolving in our industry such as] the development and use of generative [removed: AI in our industry, are rapidly evolving,] [added: AI, including large language model applications,] and the advantages and risks associated with its use are largely uncertain.

[removed: Consumers are increasingly turning to] [added: Consumers’ increasing viewership through] direct-to-consumer [removed: offerings, which] [added: offerings] has contributed to industry-wide declines in subscribers to MVPD services over the last several years.

The Company continues to focus on investing in and expanding its digital distribution offerings and direct engagement with consumers, including through Tubi, FOX Nation, FOX Weather and other offerings such as the [removed: Venu Sports] [added: FOX One direct-to-consumer subscription] streaming service expected to launch [removed: in] [added: by] the [removed: fall] [added: Fall] of [removed: 2024.][added: 2025.]

However, if the Company fails to effectively [removed: protect] [added: safeguard] and [removed: exploit] [added: monetize] the value of its content while responding to, and developing new technologies and business models to take advantage of, technological developments and consumer preferences, it could have a significant adverse effect on the Company's business, financial condition or results of operations.

FOX’s advertising revenues have been, and may continue to be, adversely affected by factors such as [removed: advertising market conditions,] changes in consumer behavior, [added: advertising market conditions] and deficiencies in audience measurement, and they vary substantially due to cyclical sports events and elections.

The strength of the advertising market can fluctuate in response to the economic prospects of specific advertisers or industries, advertisers' spending priorities and the economy in general or the economy of an individual geographic [removed: market.][added: market as described further below.]

In addition, [removed: pandemics] [added: factors such as terrorist acts, wars, political uncertainties] and [removed: other widespread health emergencies,] [added: hostilities,] natural and other [removed: disasters, acts of terrorism, wars, and political uncertainties] [added: disasters] and [removed: hostilities] [added: widespread health emergencies] can also [removed: lead to a reduction in][added: negatively impact advertising revenues.]

[removed: As described above, technological changes and the] [added: The] evolution of consumer preferences toward direct-to-consumer [added: streaming] offerings [added: and other digital products and the increasing number of entertainment choices] has intensified audience fragmentation and reduced viewership through traditional linear distribution [removed: models, which has caused ratings and viewership declines for television networks, including ours.][added: models.]

[removed: These changes have also given rise to new] ways of purchasing advertising, as well as a general shift in advertising expenditures toward [removed: digital] [added: streaming] and [removed: mobile] [added: other digital] offerings, some of which may not be as beneficial to us as traditional advertising methods.

[removed: The resulting increase in the amount of] [added: In addition, increased] digital advertising available in the marketplace [added: due to the proliferation of advertising-supported direct-to-consumer offerings] has intensified, and may continue to intensify, competition for viewers and advertising.

Although we expect multiplatform measurement innovation and standards to benefit us as the advertising market continues to [removed: evolve,] [added: evolve and are actively working to improve our internal measurement capabilities,] we are still [removed: partially] [added: largely] dependent on third parties to provide these solutions.

The inability to enter into or renew MVPD arrangements on favorable terms, or at all, or the loss of carriage on MVPDs’ [removed: basic] [added: most widely distributed] programming tiers [added: or their targeted, genre-focused programming tiers (sometimes referred to as “skinny bundles”)] could reduce the distribution of the Company’s owned and operated television stations and broadcast and cable networks, which could adversely affect the Company’s revenues from affiliate fees and its ability to sell national and local advertising time.

In addition, our strategic initiatives could negatively impact our ability to renew our MVPD [removed: agreements on terms that are favorable to all our networks.]

As described above, changes in technology and consumer behavior have contributed to industry-wide declines in the number of subscribers to MVPD [removed: services,] [added: services over the last several years,] which have had a negative impact on the number of subscribers to the Company’s networks.

For example, reduced advertising expenditures due to a weak economy can negatively impact our advertising revenues, [removed: as described above,] and increasing inflation raises our labor and other costs required to operate our business.

The Company operates in a [added: rapidly evolving and] highly competitive industry.

The Company competes with other companies for high-quality [removed: content to reach large audiences] [added: content, talent, audiences, advertisers’ expenditures] and [removed: generate advertising revenue.][added: distribution.]

[removed: Consolidation, partnerships] [added: Industry consolidation] and [removed: other] alliances among [removed: our competitors and other] industry participants have [added: also] increased, and may continue to do so, [removed: further] intensifying competitive pressures.

[removed: Our] [added: The composition of our] competitors [removed: include companies with interests] [added: has evolved] in [removed: multiple media businesses that are often vertically integrated, as well as] [added: recent years with the entrance of new participants, including] companies in adjacent sectors with significant financial, marketing and other resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing.

These competitors could also have preferential access to competitive [removed: information, including] [added: information such as] customer [removed: data,] [added: data] or important [removed: technologies,] [added: technologies] such as [removed: those that use AI.][added: generative AI technologies, including large language model applications.]

Increased competition in the acquisition of programming may [removed: also] affect the scope of rights we are able to acquire and the cost of such rights, and the future value of the rights we acquire or retain cannot be predicted with certainty.

A decline in the ratings or popularity of the Company’s [removed: entertainment, news or] [added: news,] sports [added: or entertainment] programming or the Company's failure to obtain or retain rights to popular content could adversely affect the Company’s advertising revenues in the near term and, over a longer period of time, its affiliate fee revenues.

If a sports league declines in popularity or fails to generate fan enthusiasm, this may negatively impact [added: our sports programming] viewership and advertising and affiliate fee [removed: revenues received in connection with our sports programming.][added: revenues.]

Our operating results may be impacted in part by special events, such as the NFL’s *Super Bowl*, which is broadcast on the FOX Network on a rotating basis with other networks, [removed: the MLB’s *World Series*] and the FIFA *World Cup*, which occurs every four [removed: years (for each of women and men),] [added: years,] and other regular and post-season sports events that air on our [removed: broadcast][added: networks.]

[removed: Our advertising and affiliate fee revenues are subject to fluctuations based on the dates of] sports events and their availability for viewing on our [removed: broadcast television and cable] networks and the popularity of the competing teams.

We believe [removed: that] our brand image, awareness and reputation strengthen our relationship with consumers and contribute significantly to the success of our business.

To the extent our [removed: content, in particular our live news and sports programming and primetime entertainment programming,] [added: content] is not compelling to consumers, [added: it may adversely impact] our ability to maintain a positive [removed: reputation may be adversely impacted.][added: reputation.]

[removed: The] [added: For example, the] manipulation of content by bad actors, including the creation of “deep fakes” (videos created with AI to realistically impersonate persons such as journalists or political candidates), could erode audience trust by making it difficult to determine what is real.

Additionally, litigation, governmental scrutiny and fines and significant negative claims or publicity regarding the Company or its operations, content, products, management, employees, practices, advertisers, business [removed: partners and culture, including individuals associated with content we create or license, impact our reputation and may damage the Company's reputation and brands, even if meritless or untrue.]

[added: To the extent] our marketing, cybersecurity, customer service and public relations efforts are not effective or result in negative consumer reaction, our ability to maintain a positive reputation may likewise be adversely impacted.

Additionally, strategic initiatives may cause potential disruption to our business and operations or unanticipated challenges to or loss of our relationships with new or existing advertisers, distributors, viewers, and others with whom we do business; and delays in or the cancellation of announced transactions [added: or initiatives] may occur.

[removed: News, sports and entertainment] [added: These] personalities sometimes have a significant impact on the ranking of a cable network or station and its ability to attract and retain an audience and sell advertising.

There can be no assurance that [removed: our news, sports and entertainment personalities] [added: they] will remain with us or retain their current appeal, that the costs associated with retaining current talent and hiring new talent will be favorable or acceptable to us, or that new talent will be as successful as their predecessors.

In a variety of the Company’s businesses, the Company and its partners engage the services of writers, directors, actors, musicians and other creative talent, [added: commentators,] production crew members, trade and craft employees and others whose services are subject to collective bargaining agreements.

When negotiations to renew collective bargaining agreements are not successful or become unproductive, strikes, work stoppages or lockouts have [removed: occurred, such as] [added: occurred in] the [removed: Writers Guild of America West (or WGA) and Screen Actors Guild – American Federation of Television] [added: past,] and [removed: Radio Artists (or SAG-AFTRA) strikes] [added: such events could occur] in the [removed: Spring and Summer of 2023.][added: future.]

Such events have caused, and may in the future cause, delays in [added: production, higher] production [added: costs] and [removed: may lead to higher] [added: increased] costs [removed: in connection with new collective bargaining agreements,] [added: of labor,] which could reduce profit margins and could, over the long term, have an adverse effect on the Company's business, financial condition or results of operations.

This has caused ratings and viewership declines for television networks, including some of our networks.

These changes have also given rise to new

Periods of economic weakness also could accelerate industry-wide shifts in advertising expenditures from linear to digital advertising.

Our ability to generate advertising revenue also depends on demand for our content, the viewers in our targeted demographics, advertising rates, targeting capabilities, results observed by advertisers, the perceived effectiveness of our advertising offerings and alternative advertising options.

agreements on terms that are favorable to all our networks.

Factors that have affected and could in the future affect economic and financial conditions include actual or perceived uncertainty about economic stability (including taxes and tariffs) and social and political uncertainties and conflicts, changes in consumer confidence, recession, high inflation, declining economic growth, diminished availability of credit, higher interest rates, unemployment rates and changes in consumer spending habits.

The Company’s ability to compete effectively depends on a number of factors, including our ability to consistently offer popular content, successfully adapt to evolving technologies and distribution platforms and offerings, and maintain widespread distribution of our content.

Generative AI may enable new competitors to rapidly produce large volumes of content and replicate or imitate our proprietary content without authorization, attribution or compensation.

This could dilute the value of our content, reduce audience engagement or lead to negative impacts on our revenues.

In addition, our ability to compete could be negatively affected if our efforts to enhance the value of our offerings with these technologies are not successful.

Our competitors also include companies with interests in multiple media and entertainment businesses that are vertically integrated.

The media and entertainment industry is undergoing a period of rapid and significant change, with several industry participants in the midst of transformative transactions that may further complicate the competitive environment.

Our advertising and affiliate fee revenues are subject to fluctuations based on the dates of

FOX’s brands, credibility and reputation also could be adversely impacted if AI tools misattribute incorrect information to the Company or if the Company’s use of AI in its own products and services produces content, information, analyses or recommendations that are alleged to be deficient, inaccurate, biased, harmful, discriminatory, an intellectual property infringement, a violation of privacy rights or otherwise problematic.

partners and culture, including individuals associated with content we create or license, may damage the Company's reputation and brands, even if meritless or untrue.

Any labor disputes that occur in any such league may preclude us from airing or otherwise

During fiscal 2025, in connection with the Company’s annual impairment assessment, the Company recorded a non-cash impairment charge for intangible assets of approximately $70 million at the Television segment primarily related to FCC licenses.

See Note 2, “Summary of Significant Accounting Policies,” to the accompanying consolidated financial statements included in this Form 10-K for further discussion.

costly, require ongoing monitoring and updating and may not be successful in preventing these events from occurring.

Developments in technology increase the threat of content piracy by making it easier to create, access, duplicate, widely distribute, display and store high-quality pirated material.

The Company’s use or adoption of such new technologies may also increase the Company’s exposure to intellectual property claims and further increase its enforcement costs.

and regulations continues to increase.

The Company could be adversely affected by new laws and regulations, changes in existing laws and regulations, changes in judicial and regulators’ interpretations of laws and regulations or in regulators’ priorities or activities, as well as by the threat that additional laws or regulations may be forthcoming.

Developments in this area may adversely impact the Company’s business, including through increased legal liability risk and compliance costs associated with the use of AI and large language models.

In addition, new laws and regulations may vary between local, state, federal and international jurisdictions and may conflict, and the enforcement of these laws and regulations may be inconsistent and unpredictable, further intensifying compliance risks.

Changes in the legal or regulatory landscape could require FOX to change or limit certain of its business practices in ways that negatively impact the Company, including its competitive position and its ability to generate revenues.

FOX could also incur substantial costs to comply with new and existing laws and regulations and could face substantial penalties or other liabilities, reputational damage or increased scrutiny from regulators or stakeholders if it fails to comply with such laws and regulations.

transfer of Common Stock to a non-U.S. stockholder; suspending rights of stock ownership if held by a non-U.S. stockholder; or redeeming Common Stock held by a non-U.S. stockholder.

In February 2025, the FCC began a proceeding to explore whether the remaining C-Band should be, in whole or in part, reallocated for commercial wireless and/or broadband services.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law, directing the FCC to conduct within two years an auction of at least 100 MHz of C-Band spectrum.

matters.

In particular, the

advertising expenditures as a result of economic uncertainty, disruptions in programming (in particular live event programming) or reduced advertising spots due to pre-emptions.

In addition, a number of SVOD services with large subscriber bases and household penetration have introduced advertising supported tiers and there is an increasing number of AVOD services and FAST products available to consumers.

In recent years, the U.S. economy has experienced a period of weakness and the financial markets have experienced significant volatility as a result of factors including declines in consumer confidence, concerns regarding high inflation, uncertainty about economic stability and political and sociopolitical uncertainties and conflicts, declining economic growth, diminished availability of credit and the COVID-19 pandemic.

Additional factors that have affected economic conditions and the financial markets include higher interest rates, global supply chain disruptions, unemployment rates, changes in consumer spending habits and potential changes in trade relationships between the U.S. and other countries.

The Company also competes for advertisers’ expenditures and distribution on MVPDs and other third-party digital platforms.

The Company’s ability to attract viewers and advertisers and obtain favorable distribution depends in part on its ability to provide popular programming and adapt to new technologies and distribution platforms, which are increasing the number of content choices available to audiences.

Emerging technologies, including AI, are evolving rapidly and our ability to compete could be adversely affected if our competitors gain an advantage by using them.

Although the Company may also seek to responsibly incorporate AI into the development of new and existing products and services to enhance their value to viewers and advertisers, there can be no assurance that these efforts will be successful.

Competition for audiences and advertising comes from a variety of sources, including broadcast television networks; cable television systems and networks; direct-to-consumer streaming and on-demand platforms and services; mobile, gaming and social media platforms; audio programming; and print and other media.

Other television stations or cable networks may change their formats or programming, a new station or network may adopt a format to compete directly with the Company's stations or networks, or stations or networks might engage in aggressive promotional campaigns.

In addition, the increasing number of SVOD services with advertising-supported offerings, AVOD services and FAST products has intensified competition for audiences and advertising and may continue to do so in the future.

television and cable networks.

Furthermore, to the extent

Additional strikes, work stoppages or lockouts could occur in the future.

In addition, the

The

FTC also has initiated a rulemaking proceeding regarding potential rules concerning the collection, use, disclosure and security of personal information.

The Company is subject to a variety of laws and regulations in the jurisdictions in which its businesses operate.

The FCC generally regulates, among other things, the ownership of media, broadcast and multichannel video programming and technical operations of broadcast licensees.

Our program services and online properties are subject to a variety of laws and regulations, including those relating to issues such as content regulation, user privacy and data protection, and consumer protection.

Further, the United States Congress, the FCC, the FTC and state legislatures currently have under consideration, and may in the future adopt, new laws, regulations and policies regarding a wide variety of matters, including technological changes and measures relating to network neutrality, privacy and data security, which could, directly or indirectly, affect the operations and ownership of the Company’s media properties.

Any restrictions on political or other advertising may adversely affect the Company’s advertising revenues.

In addition, some policymakers maintain that traditional MVPDs should be required to offer a la carte programming to subscribers on a network-by-network basis or “family friendly” programming tiers.

Unbundling packages of program services may increase both competition for carriage on distribution platforms and marketing expenses, which could adversely affect the business, financial condition or results of operations of the Company’s cable networks.

The threat of regulatory action or increased scrutiny that deters certain advertisers from advertising or reaching their intended audiences could adversely affect advertising revenue.

New laws or regulations or changes in interpretations of laws or regulations could also require changes in the operations or ownership of our business.

Furthermore, new laws, regulations and standards related to environmental (including climate), social and governance matters are likely to impose additional costs on us, expose us to new risks and subject us to increasing scrutiny.

For more information, see Item 1, “Government Regulation.”

be owned by a corporation if more than 25% of its stock is owned or voted by non-U.S. persons, their representatives, or by any other corporation organized under the laws of a foreign country.

Further, changes in FCC regulations have reduced the availability and use of satellite transmission spectrum.

free speech, data privacy and protection, regulatory requirements, and advertising, marketing and selling practices.

Risks Relating to Our Ownership Structure

significant percentage of the voting power of the Company’s outstanding voting stock.

- Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred either during the fiscal year ended June 30, (“fiscal”) [removed: 2024] [added: 2025] or early fiscal [removed: 2025] [added: 2026] that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

- Results of Operations—This section provides an analysis of the Company’s results of operations for fiscal [removed: 2024, 2023] [added: 2025] and [removed: 2022.][added: 2024.]

- Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for fiscal [removed: 2024, 2023] [added: 2025] and [removed: 2022,] [added: 2024,] as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of June 30, [removed: 2024.][added: 2025.]

Such information is based on management’s current expectations about future events which are subject to [added: change and to inherent risks and uncertainties.]

The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible [removed: Labs Inc. (“Credible”)] and the FOX Studio Lot with the [removed: following two reportable segments:]

- 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 [removed: Network, 10] [added: Network and 11] are affiliated with [removed: MyNetworkTV and one is an independent station.][added: MyNetworkTV.]

For fiscal [removed: 2024,] [added: 2025,] the Company generated revenues of [removed: $14] [added: $16] billion, of which approximately [removed: 52%] [added: 47%] was generated from affiliate fees, approximately [removed: 39%] [added: 42%] was generated from advertising, and approximately [removed: 9%] [added: 11%] was generated from other operating activities.

Affiliate fees primarily include (i) monthly subscriber-based license and retransmission consent fees paid by programming distributors that carry [removed: our] [added: the Company’s] cable networks and [removed: our] owned and operated television stations and (ii) fees received from non-owned and operated television stations that are affiliated with the FOX Network.

Results of Operations—Fiscal [removed: 2024] [added: 2025] versus Fiscal [removed: 2023][added: 2024]

The following table sets forth the Company’s operating results for fiscal [removed: 2024,] [added: 2025,] as compared to fiscal [removed: 2023:][added: 2024:]

| [removed: | | |] For the years ended June 30, | | | | | | [removed: | | | | | |] [added: 2025] | | | | | | [added: 2024] | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | $ Change | | | | | | % Change | | |

| Affiliate fee | | | $ | [removed: 7,324] [added: 7,656] | | | | | $ | [removed: 7,051] [added: 7,324] | | | | | $ | [removed: 273] [added: 332] | | | | | [removed: 4] [added: 5] | | % |

| Other | | | [removed: 1,212] [added: 1,779] | | | | | | [removed: 1,256] [added: 1,212] | | | | | | [removed: (44)] [added: 567] | | | | | | [removed: (4)] [added: 47] | | % |

| Total revenues | | | [removed: 13,980] [added: 16,300] | | | | | | [removed: 14,913] [added: 13,980] | | | | | | [removed: (933)] [added: 2,320] | | | | | | [removed: (6)] [added: 17] | | % |

| Operating expenses | | | [removed: (9,089) | | | | | | (9,689) | | | | | | 600] [added: (10,518)] | | | | | | [removed: 6] [added: (9,089)] | | [removed: %] |

| Selling, general and administrative | | | [removed: (2,024) | | | | | | (2,049) | | | | | | 25] [added: (2,168)] | | | | | | [removed: 1] [added: (2,024)] | | [removed: %] |

| Depreciation and amortization | | | [removed: (389)] [added: (385)] | | | | | | [removed: (411)] [added: (389)] | | | | | | [removed: 22] [added: 4] | | | | | | [removed: 5] [added: 1] | | % |

| Restructuring, impairment and other corporate matters | | | [removed: (67) | | | | | | (1,182) | | | | | | 1,115] [added: 350] | | | | | | [removed: 94] [added: 67] | | [removed: %] |

| Equity [removed: (losses) earnings] [added: losses] of affiliates | | | [removed: (44)] [added: (29)] | | | | | | [removed: 4] [added: (44)] | | | | | | [removed: (48)] [added: 15] | | | | | | [added: 34] | | [added: %] |

| Interest expense, net | | | [removed: (216)] [added: (227)] | | | | | | [removed: (218)] [added: (216)] | | | | | | [removed: 2] [added: (11)] | | | | | | [removed: 1] [added: (5)] | | % |

| Non-operating other, net | | | [removed: (47) | | | | | | 368 | | | | | | (415)] [added: (438)] | | | | | | [added: 47] | | |

| Income before income tax expense | | | [removed: 2,104] [added: 3,061] | | | | | | [removed: 1,736] [added: 2,104] | | | | | | [removed: 368] [added: 957] | | | | | | [removed: 21] [added: 45] | | % |

| Income tax expense | | | [removed: (550) | | | | | | (483) | | | | | | (67)] [added: 768] | | | | | | [removed: (14)] [added: 550] | | [removed: %] |

| Net income | | | [removed: 1,554 | | | | | | 1,253 | | | | | | 301] [added: $] | [added: 2,293] | | | | | [removed: 24] [added: $] | [added: 1,554] | [removed: %] |

| Less: Net income attributable to noncontrolling interests | | | [removed: (53)] [added: (30)] | | | | | | [removed: (14)] [added: (53)] | | | | | | [removed: (39)] [added: 23] | | | | | | [added: 43] | | [added: %] |

| Net income attributable to Fox Corporation stockholders | | | $ | [removed: 1,501] [added: 2,263] | | | | | $ | [removed: 1,239] [added: 1,501] | | | | | $ | [removed: 262] [added: 762] | | | | | [removed: 21] [added: 51] | | % |

Overview—The Company’s revenues [removed: decreased $933 million] [added: increased $2.3 billion] or [removed: 6%] [added: 17%] for fiscal [removed: 2024,] [added: 2025,] as compared to fiscal [removed: 2023,] [added: 2024,] due to [removed: lower] [added: higher affiliate fee,] advertising and other [removed: revenues, partially offset by higher affiliate fee revenue.][added: revenues.]

The increase of [removed: $273] [added: $332] million or [removed: 4%] [added: 5%] in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately [removed: $760] [added: $790] million, partially offset by the approximately $460 million impact of a lower average number of subscribers across [removed: almost] all networks.

Operating expenses [removed: decreased $600 million] [added: increased $1.4 billion] or [removed: 6%] [added: 16%] for fiscal [removed: 2024,] [added: 2025,] as compared to fiscal [removed: 2023,] [added: 2024,] primarily due to the approximately [removed: $400 million] [added: $1 billion] impact of [removed: lower] [added: higher] sports programming rights amortization and production costs [removed: principally due to the absence of] [added: driven by higher NFL costs, including] the [removed: fiscal 2023 broadcasts] [added: broadcast] of *Super Bowl [removed: LVII*] [added: LIX* in February 2025,] and [removed: the FIFA Men’s *World Cup*] [added: higher college football costs, including licensing costs for rights that are sublicensed,] partially offset by the [removed: renewed NFL contract.][added: absence of WWE.]

[removed: Restructuring,] [added: | Restructuring,] impairment and other corporate [removed: matters—See Note 4—Restructuring, Impairment and Other Corporate Matters to the accompanying Financial Statements.][added: matters | | | (350) | | | | | | (67) | | | | | | (283) | | | | | | | | |]

[removed: Interest expense, net—Interest expense,] [added: The increase in] net [removed: decreased $2 million or 1% for] [added: cash used in financing activities during] fiscal [removed: 2024,] [added: 2025,] as compared to fiscal [removed: 2023,] [added: 2024, was] primarily due to [removed: higher interest income as a result] [added: the net impact] of [removed: higher interest rates, partially offset by an increase in interest expense primarily due to] the [added: October 2023] issuance of $1.25 billion of senior notes [added: and the repayment of $1.25 billion and $600 million of senior notes that matured] in [removed: October 2023] [added: January 2024 and April 2025, respectively] (See Note 9—Borrowings to the accompanying Financial Statements).

[removed: Income tax expense—The] [added: The] Company’s tax provision and related effective tax rate of 26% for fiscal 2024 was higher than the statutory rate of 21% primarily due to state taxes.

[removed: The] [added: Income tax expense—The] Company’s tax provision and related effective tax rate of [removed: 28%] [added: 25%] for fiscal [removed: 2023] [added: 2025] was higher than the statutory rate of 21% primarily due to state [removed: taxes, a valuation allowance recorded against net operating losses and tax credits] [added: taxes] and other permanent items.

The following table sets forth the [removed: Company’s operating results] [added: computation of Adjusted EBITDA] for fiscal [removed: 2023,] [added: 2025,] as compared to fiscal [removed: 2022:][added: 2024:]

| Operating expenses | | | [removed: (9,689)] [added: (82)] | | | | | | [removed: (9,117)] [added: (56)] | | | | | | [removed: (572)] [added: (26)] | | | | | | [removed: (6)] [added: (46)] | | % |

| Selling, general and administrative | | | [removed: (2,049)] [added: (635)] | | | | | | [removed: (1,920)] [added: (610)] | | | | | | [removed: (129)] [added: (25)] | | | | | | [removed: (7)] [added: (4)] | | % |

| Depreciation and amortization | | | [removed: (411) | | | | | | (363) | | | | | | (48)] [added: 385] | | | | | | [removed: (13)] [added: 389] | | [removed: %] |

| Equity [removed: earnings] [added: losses] of affiliates | | | [removed: 4 | | | | | | 4 | | | | | | —] [added: 29] | | | | | | [removed: —] [added: 44] | | [removed: %] |

| Non-operating other, net | | | [removed: 368] [added: 438] | | | | | | [removed: (356)] [added: (47)] | | | | | | [removed: 724] [added: 485] | | | | | | | | |

Refer to Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 as filed with the SEC on August 8, 2024 for management’s discussion and analysis of our financial condition and results of operations for fiscal 2023, including comparison to fiscal 2024.

following two reportable segments:

| Advertising | | | 6,865 | | | | | | 5,444 | | | | | | 1,421 | | | | | | 26 | | % |

The increase of $1.4 billion or 26% in advertising revenue was primarily due to the approximately $870 million impact related to sports programming led by revenues from the broadcast of *Super Bowl LIX* in February 2025 and higher National Football League (“NFL”) pricing.

The remaining increase of approximately $550 million was primarily due to the impact of political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news pricing and audiences.

The remaining increase of approximately $380 million was primarily due to higher digital content costs, entertainment programming rights amortization and higher newsgathering costs principally due to the 2024 presidential election.

Interest expense, net—Interest expense, net increased $11 million or 5% for fiscal 2025, as compared to fiscal 2024, primarily due to lower interest income as a result of lower interest rates, partially offset by a lower average amount of debt outstanding.

Intersegment transactions principally relate to the sublicensing of sports content and rental of studio and administrative space, which are recorded consistently with the recognition of transactions with third parties and are eliminated in consolidation.

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Television | | | 9,325 | | | | | | 7,875 | | | | | | 1,450 | | | | | | 18 | | % |

| Eliminations | | | (199) | | | | | | (59) | | | | | | (140) | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Television | | | 945 | | | | | | 506 | | | | | | 439 | | | | | | 87 | | % |

| Adjusted EBITDA(a) | | | $ | 3,624 | | | | | $ | 2,883 | | | | | $ | 741 | | | | | 26 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Advertising | | | 1,531 | | | | | | 1,262 | | | | | | 269 | | | | | | 21 | | % |

The increase of $269 million or 21% in advertising revenue was primarily due to

higher news pricing and audiences and higher news digital advertising revenue.

Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election.

Selling, general and administrative expenses increased $25 million or 4% principally due to higher employee costs.

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Advertising | | | $ | 5,334 | | | | | $ | 4,182 | | | | | $ | 1,152 | | | | | 28 | | % |

The increase of $1.2 billion or 28% in advertising revenue was primarily due to the impact related to sports programming led by revenues from the broadcast of *Super Bowl* *LIX* in February 2025 and higher pricing.

Also contributing to this increase was the impact of higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations and continued digital growth led by the Tubi AVOD service.

The increase of $94 million or 17% in other revenues was primarily due to higher content revenue.

Also contributing to this increase was higher digital content costs and entertainment programming rights amortization.

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

Fiscal 2025 versus Fiscal 2024

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

The Company does not expect its net OPEB payments to be material in fiscal 2026 (See Note 15—Pension and

Significant judgments used in revenue recognition include the identification of performance obligations and the allocation of consideration, including those contracts containing bundled advertising sales or licenses.

For contracts without guarantees, the individual advertising spots are the performance obligation and consideration is allocated based on relative standalone selling price.

inventories included within Other non-current assets in the Consolidated Balance Sheets.

Projects in-process are written off at the earlier of abandonment or three years after initial capitalization.

During fiscal 2025, the Company recorded a non-cash impairment charge for intangible assets of approximately $70 million primarily related to FCC licenses in Restructuring, impairment and other corporate matters in the accompanying Consolidated Statements of Operations within the Television segment.

Based on the Company’s annual assessment, the carrying value of FCC licenses in certain markets exceeded their fair value primarily as a result of updated market data, including lower expected future advertising revenue.

Additionally, the fair value of FCC licenses in certain markets exceeded their respective carrying value by less than 10% as of June 30, 2025.

The Transaction

FOX became a standalone publicly traded company on March 19, 2019, when Twenty-First Century Fox, Inc. (“21CF”) spun off the Company to 21CF stockholders and FOX's Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) began trading independently on The Nasdaq Global Select Market (the “Transaction”).

In connection with the Transaction, the Company entered into the Separation and Distribution Agreement, dated as of March 19, 2019 (the “Separation Agreement”), with 21CF, which effected the internal restructuring (the “Separation”) whereby The Walt Disney Company (“Disney”) acquired the remaining 21CF assets and 21CF became a wholly-owned subsidiary of Disney.

The Separation and the Transaction were effected as part of a series of transactions contemplated by the Amended and Restated Merger Agreement and Plan of Merger, dated as of June 20, 2018, by and among 21CF, Disney and certain subsidiaries of Disney.

change and to inherent risks and uncertainties.

The Company’s revenues are impacted by rate changes, changes in the number of subscribers to the Company’s content and changes in the expenditures by advertisers.

In addition, advertising revenues are subject to seasonality and cyclicality as a result of the impact of state, congressional and presidential election cycles and special events that air on the Company’s networks, including the National Football League’s (“NFL”) *Super Bowl*, which is broadcast on the FOX Network on a rotating basis with other networks, and the Fédération Internationale de Football Association (“FIFA”) *World Cup*, which occurs every four years (for each of women and men), and other regular and post-season sports events, including one NFL Divisional playoff game that is aired on a rotating annual basis with another network.

The ways in which consumers view content and technology and business models in the media and entertainment industry continue to rapidly evolve.

New distribution platforms and increased competition from new entrants and emerging technologies have added to the complexity of maintaining predictable revenue streams.

Technological advancements have driven changes in consumer behavior as consumers now have more control over when, where and how they consume content, and consumer preferences have evolved toward subscription video on demand (“SVOD”), AVOD and free advertising-supported television (“FAST”) services and other direct-to-consumer offerings.

These changes in technologies and consumer behavior have contributed to industry-wide declines in subscribers to MVPD services over the last several years, and these declines are expected to continue and possibly accelerate in the future.

At the same time, these changes have had, and are expected to continue to have, an impact on advertising.

Technological changes and the evolution of consumer preferences toward direct-to-consumer offerings has intensified audience fragmentation and reduced viewership through traditional linear distribution models, which has caused ratings and viewership declines for television networks, including some of the Company’s networks.

These changes have also given rise to new ways of purchasing advertising, as well as a general shift in advertising expenditures toward digital and mobile offerings, some of which may not be as beneficial to the Company as traditional advertising methods.

In addition, a number of SVOD services with large subscriber bases and household penetration have introduced advertising supported tiers and there is an increasing number of AVOD services and FAST products available to consumers.

The resulting increase in the amount of digital advertising available in the marketplace has intensified, and may continue to intensify, competition for viewers and advertising.

Additionally, the industry is transitioning to a multiplatform measurement environment in an effort to more completely measure viewership and advertising across linear and digital platforms, but has not yet established a consistent, broadly accepted measure of multiplatform audiences.

The Company operates in a highly competitive industry and its performance depends, to a large extent, on its ability to effectively anticipate and adapt to changes in consumer behavior and evolving technologies and business models, the sale of advertising, the maintenance, renewal and terms of its carriage, affiliation and content agreements and programming rights, the popularity of its content, general economic conditions (including financial market conditions), the Company’s ability to manage its businesses effectively, and its relative strength and leverage in the industry.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (in millions, except %) | | | | | | | | | | | | | | | Better/(Worse) | | | | | | | | |

| Revenues | | | | | | | | | | | | | | | | | | | | | | | |

| Advertising | | | 5,444 | | | | | | 6,606 | | | | | | (1,162) | | | | | | (18) | | % |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | not meaningful | | |

The decrease of $1.2 billion or 18% in advertising revenue was primarily due to marquee events with an impact of approximately $900 million including the absence of the fiscal 2023 broadcasts of *Super Bowl LVII* and the FIFA Men’s *World Cup* and fewer NFL playoff games, partially offset by the broadcast of the FIFA Women’s *World Cup* in the current year.

The remaining decrease of approximately $300 million was primarily related to lower political advertising revenue at the FOX Television Stations principally due to the comparison with the November 2022 U.S. midterm elections in the prior year and lower ratings at the FOX Network and FOX News Media, partially offset by continued growth at Tubi.

The decrease of $44 million or 4% in other revenues was primarily due to lower content revenues principally due to the impact of the industry guild labor disputes in 2023, partially offset by higher sports sublicensing revenue principally due to renewals of college sports contracts.

The remaining decrease was principally due to lower entertainment programming rights amortization and production costs largely due to fewer hours of original

scripted programming as compared to the prior year period as a result of the impact of the industry guild labor disputes in 2023.

Selling, general and administrative expenses decreased $25 million or 1% for fiscal 2024, as compared to fiscal 2023, primarily due to lower legal costs at FOX News Media, lower employee related costs and the deconsolidation of the United States Football League (the “USFL”).

Depreciation and amortization—Depreciation and amortization expense decreased $22 million or 5% for fiscal 2024, as compared to fiscal 2023, primarily due to assets acquired in acquisitions being fully depreciated in fiscal 2023, partially offset by the full year impact of broadcast production assets at FOX Sports placed into service in fiscal 2023.

Equity (losses) earnings of affiliates—Equity (losses) earnings of affiliates increased $48 million for fiscal 2024, as compared to fiscal 2023, primarily due to the investment in the United Football League (the “UFL”) (See Note 3—Acquisitions, Disposals and Other Transactions to the accompanying Financial Statements).

Non-operating other, net—See Note 20—Additional Financial Information to the accompanying Financial Statements under the heading “Non-Operating Other, net.”

Net income—Net income increased $301 million or 24% for fiscal 2024, as compared to fiscal 2023, primarily due to the absence of the fiscal 2023 legal settlement costs and lower indemnity costs (See Note 4—Restructuring, Impairment and Other Corporate Matters to the accompanying Financial Statements).

Partially offsetting this increase was lower gains (See Note 20—Additional Financial Information to the accompanying Financial Statements under the heading “Non-Operating Other, net”) and lower Segment EBITDA (as defined below).

Results of Operations—Fiscal 2023 versus Fiscal 2022

| | | | 2023 | | | | | | 2022 | | | | | | $ Change | | | | | | % Change | | |

| Affiliate fee | | | $ | 7,051 | | | | | $ | 6,878 | | | | | $ | 173 | | | | | 3 | | % |

The Company’s current financing arrangements and facilities include [removed: $7.25] [added: $6.7] billion of outstanding fixed-rate debt, before adjustments for unamortized discount and debt issuance costs (See Note 9—Borrowings to the accompanying Financial Statements).

As of June 30, [removed: 2024,] [added: 2025,] all the Company’s financial instruments with exposure to interest rate risk were [added: denominated in U.S. dollars and no variable-rate debt was outstanding.]

| Borrowings: liability | | | $ | [removed: 7,017] [added: 6,625] | | | | | $ | [removed: 6,895] [added: 7,017] | |

| Potential change in fair values resulting from a 10% adverse change in quoted interest rates | | | $ | [removed: 297] [added: 258] | | | | | $ | [removed: 267] [added: 297] | |

| Total fair value of common stock investments | | | $ | [removed: 797] [added: 1,249] | | | | | $ | [removed: 884] [added: 797] | |

| Potential change in fair values resulting from a 10% adverse change in quoted market prices | | | $ | [removed: (80)] [added: (125)] | | | | | $ | [removed: (88)] [added: (80)] | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

denominated in U.S. dollars and no variable-rate debt was outstanding.

| | | | 2024 | | | | | | 2023 | | |

- 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 [removed: Network, 10] [added: Network and 11] are affiliated with [removed: MyNetworkTV and one is an independent station.][added: MyNetworkTV.]

Unless otherwise indicated, references in this Annual Report on Form 10-K (this “Annual Report”) for the fiscal year ended June 30, [removed: 2024] [added: 2025] (“fiscal [removed: 2024”)] [added: 2025”)] to “FOX,” the “Company,” “we,” “us” or “our” mean Fox Corporation and its consolidated subsidiaries.

FOX produces and delivers compelling news, sports and entertainment content through its iconic brands, including FOX News Media, FOX Sports, [added: Tubi Media Group,] FOX [removed: Entertainment,] [added: Entertainment and] FOX Television [removed: Stations and Tubi Media Group.][added: Stations.]

The Company differentiates itself in a crowded media and entertainment marketplace through [removed: its simple structure,] the leadership positions of its brands and premium programming that focus on live and “appointment-based” content, a significant presence in major markets, and broad distribution of its content across traditional and digital platforms.

FOX Entertainment is renowned for its [removed: engaging] [added: compelling] primetime entertainment, including scripted dramas, leading unscripted programming and its longstanding Sunday animation block.

Tubi, our leading AVOD service, attracts a young, diverse and highly engaged audience to its content library of [removed: over 260,000] [added: nearly 300,000] movies and television episodes.

FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the [removed: eighth] [added: tenth] consecutive year.

A leader in marquee live sports broadcasts, FOX Sports programs the National Football League (“NFL”) [removed: (including the #1 show on television among Adults 18-49,] [added: featuring] *America's Game of the Week*), college football (including the Big Ten Conference), Major League Baseball's (“MLB”) Regular Season, *All-Star Game* and [added: post-season, including exclusive rights to the] *World Series*, National Association of Stock Car Auto Racing (“NASCAR”) and other marquee cyclical events, including the *Super Bowl* and the Fédération Internationale de Football Association (“FIFA”) Men's [removed: and Women's] *World Cup*.

[added: Tubi finished the fiscal year with approximately 2.2% share of all television viewing according to Nielsen’s *The Gauge*, making it among the most watched free ad-supported streaming services in the U.S.] FOX Entertainment has delivered the youngest and most diverse audience of the broadcast networks across all programming in primetime for over two decades.

in the majority of the markets in which it [removed: operates.][added: operates among adults 25-54.]

[removed: Under FOX’s ownership, Tubi has become one of the most relevant and] fastest growing AVOD services in the country, with [removed: over 40%] [added: 13%] growth in total view time (the total number of hours watched) in fiscal [removed: 2024] [added: 2025] compared to the prior fiscal year.

[removed: Tubi finished the fiscal year with approximately 2.0% of all television viewing according to Nielsen’s *The Gauge*, further cementing its leadership as the most watched free ad-supported TV (“FAST”) streaming service in the U.S.] We believe the strength and leadership of our brands will continue to support [added: our ability to secure] industry leading affiliate [removed: fee revenue growth] [added: rate] and [removed: sustained] advertising [removed: revenue,] [added: price increases,] while enabling us to nimbly respond to the opportunities and challenges traditional media companies are facing as technologies and changes in consumer behavior continue to rapidly evolve.

FOX News and FOX Business are available in [removed: over 65] [added: approximately 60] million U.S. households and FOX Sports and FOX Entertainment programming on the FOX Network is available in virtually every U.S. market.

These stations provide balanced content of national interest with programming of note to local communities, producing over [removed: 1,200] [added: 1,350] hours of local news coverage each week.

Tubi carries over 100 local station feeds (including feeds of our owned and operated stations), covering [removed: 77] [added: 78] DMAs and 23 of the top 25 markets.

We have maintained significant liquidity, ending fiscal [removed: 2024] [added: 2025] with approximately [removed: $4.3] [added: $5.4] billion of cash and cash equivalents on our balance sheet while returning approximately $1.25 billion of capital to our stockholders through our stock repurchase program and cash dividends [added: and retiring $600 million of debt] during fiscal [removed: 2024.][added: 2025.]

Our asset portfolio also includes the FOX Studio Lot in Los Angeles, California, which spans over 50 acres and close to 2 million square feet of space for administration and television and film production services available to industry clients, including 15 sound stages, [removed: two broadcast studios,] and other production facilities.

Examples of this include digital brand extensions at FOX News Media, including the FOX Nation SVOD service and the FOX Weather [removed: FAST] [added: free ad-supported streaming television (“FAST”)] service.

[removed: At Tubi, our investment in content, technology and marketing] has yielded new viewers and increased engagement from our audience, which has translated into robust revenue growth.

[added: In fiscal 2025, Tubi expanded] its content library through the premiere of over [removed: 140] [added: 70] new original titles and the launch of [removed: over 60] [added: 40] sports, entertainment and local news channels, for a total of over [removed: 280] [added: 320] sports, entertainment and local news channels as of the end of the fiscal year.

Recognizing the industry-wide changes in viewership habits, FOX Entertainment has continued to expand its footprint across [removed: owned and] unscripted content, [removed: including] leveraging the breadth of offerings from FOX Entertainment [removed: studios] [added: Studios] to populate its primetime lineup and reduce its reliance on third-party content providers.

FOX Entertainment [removed: studios] [added: Studios] also [added: produces or] co-produces original content for third [removed: parties, such as Prime Video’s animated hit *Hazbin Hotel*, addressing the demand generated by] [added: parties including many of] the [removed: growth] [added: leading SVOD services (Netflix, Amazon Prime Video, Hulu] and [removed: proliferation] [added: Apple TV+), highlighting the attractiveness] of [removed: entertainment] [added: FOX’s] content [added: to a wide variety of] streaming services.

FOX Television Stations’ rollout of local news content on connected televisions and FAST services in a number of markets has led to the stations’ total view time [removed: for the period of March 2024 through June 2024 that was approximately four times higher] [added: growing over 150% as] compared to the [removed: same period in the] prior [removed: year.][added: fiscal year across FOX Local Streams and LiveNOW from FOX.]

Tubi continues to experience significant growth in total view time across a library of [removed: over 260,000] [added: nearly 300,000] movies and television episodes, including key FOX entertainment, news and sports programming, and it streamed approximately [removed: 9.7] [added: 11] billion hours of content over the course of the fiscal year (a record for the platform).

Additionally, FOX Television Stations operates a portfolio of digital businesses, including the FLX (or FOX Local Extension) digital advertising platform and the LiveNOW from FOX, FOX [removed: Locals] [added: Local Streams] and FOX Soul FAST services, in addition to distributing its local news programming on Tubi and across a range of third-party platforms.

[removed: Discovery,] [added: The service] is expected to launch [removed: in fall] [added: by the Fall] of [removed: 2024] [added: 2025] and expand the reach of [removed: our sports] [added: the Company’s] programming beyond FOX’s existing footprint.

| FOX News | | | [removed: 67] [added: 61] | | | | | | [removed: 72] [added: 67] | | |

| FOX Business | | | [removed: 65] [added: 60] | | | | | | [removed: 70] [added: 65] | | |

| FS1 | | | [removed: 67] [added: 61] | | | | | | [removed: 72] [added: 67] | | |

| FS2 | | | [removed: 48] [added: 44] | | | | | | [removed: 52] [added: 48] | | |

| The Big Ten Network | | | [removed: 45] [added: 42] | | | | | | [removed: 48] [added: 45] | | |

| FOX Deportes | | | [removed: 12] [added: 10] | | | | | | [removed: 13] [added: 12] | | |

FOX Business is a business news national cable channel and was the #1 business network in business day among total viewers during fiscal [removed: 2024.][added: 2025.]

FOX News also produces a weekend political commentary show, *FOX News Sunday*, for broadcast on the FOX Television Stations and stations affiliated with the FOX Network throughout the U.S. [added: Additionally,] FOX News [removed: also] [added: Audio] produces [removed: FOX News Audio, which licenses] news updates, [removed: podcasts,] [added: podcasts] and long-form programs [added: and licenses content] to local radio stations and [removed: to] mobile, Internet and satellite radio providers.

FS1 is a multi-sport national network that features live events, including regular season and post-season MLB games, NASCAR, college football, college basketball, the FIFA Men’s [removed: and Women’s] *World Cup*, Major League Soccer (“MLS”), the UFL, the Union of European Football Associations (“UEFA”) *European Championship*, UEFA Nations League, Concacaf and CONMEBOL [removed: soccer] [added: soccer, INDYCAR, LIV Golf] and horse racing.

In addition to live events, FS1 offers daily studio shows featuring key talent, including Colin [removed: Cowherd, Nick Wright] [added: Cowherd] and [removed: Emmanuel Acho.][added: Nick Wright.]

FS2 is a multi-sport national network that features live events, including NASCAR, collegiate sports, horse racing, rugby, [removed: soccer and] [added: soccer,] motor [removed: sports.][added: sports and golf.]

FOX Deportes is a Spanish-language sports programming service distributed in the U.S. FOX Deportes features coverage of a variety of sports events, including premier soccer (such as matches from MLS and Liga MX), the NFL NFC Championship and the *Super [removed: Bowl,*] [added: Bowl*,] MLB (including regular season games, the *National League Championship Series* in alternating years and the *All-Star* and *World Series* games), NASCAR Cup Series, college [removed: football] [added: football, INDYCAR] and UFL.

FOX Deportes is available to approximately [removed: 11.8] [added: 9.7] million cable and satellite households in the U.S., of which approximately [removed: 2.5] [added: 1.9] million are Hispanic.

operates [removed: B1G+ (formerly branded BTN+),] [added: B1G+,] a subscription video streaming service that features live streams of non-televised sporting events, replays of televised and streamed events, and a large collection of classic games and original programming.

FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the tenth consecutive year and delivered ratings that were comparable to ratings delivered by the four broadcast networks in weekday primetime viewing.

Under FOX’s ownership, Tubi has become one of the most relevant and

During the 2024-2025 broadcast season, FOX Entertainment featured two of the season’s top three debuts including the #1 Comedy *Universal Basic Guys*, along with television’s three highest-rated and most watched cooking shows *Next Level Chef*, *Hell’s Kitchen* and *Kitchen Nightmares*.

At Tubi, our investment in content, technology and marketing

In fiscal 2025, we added rights from INDYCAR and LIV Golf and an extension of Big East Conference rights through 2031 while concluding our agreement with WWE.

FOX One, our wholly-owned, direct-to-consumer subscription streaming service, is expected to launch by the Fall of 2025 and expand the reach of our programming beyond FOX’s existing footprint.

| | | | 2025 | | | | | | 2024 | | |

*Digital Distribution*.

In addition, the Company expects to launch the FOX One direct-to-consumer subscription streaming service by the Fall of 2025.

See “—Other” below.

*Outkick Media*.

*General*.

*FOX News Media*.

*FOX Sports*.

Effective with the 2023 NFL season, FOX Sports entered into an expanded 11-year media rights agreement with the NFL (subject to an NFL one-time termination right after the 2029 season) that extended FOX Sports' coverage of NFL games.

- *FOX Entertainment*.

During the 2024-2025 broadcast season, FOX Entertainment featured two of the season’s top three debuts including the #1 Comedy *Universal Basic Guys*, along with television’s three highest-rated and most watched cooking shows *Next Level Chef, Hell’s Kitchen* and *Kitchen Nightmares*.

| | | | DMA/Rank | | | | | | Station | | | | | | Digital Channel RF (Virtual) | | | | | | Type | | | | | | Percentage of U.S. Television Households in the DMA (a) | | |

| TOTAL | | | | | | | | | | | | | | | | | | | | | | | | | | | 38.5% | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

In addition, the Company expects to launch the FOX One direct-to-consumer subscription streaming service by the Fall of 2025.

See “—Other” below.

Network and, accordingly, may be able to designate or change time periods in which programming is to be broadcast with greater flexibility than the FOX Network.

Other

The put right held by the Credible minority interest shareholder was exercised in December 2024, and the put transaction is expected to be completed in the first half of fiscal 2026.

*FOX One*

In February 2025, FOX announced a wholly-owned, direct-to-consumer streaming service called FOX One, offering to subscribers live streaming and on-demand access to the full portfolio of FOX brands, including FOX News, FOX Sports, the FOX Network, the Big Ten Network, FOX Business, FOX Weather, FS1, FS2, FOX Deportes and FOX Television Stations.

regulatory approvals.

*Broadcast Licenses*.

One television station license from the previous renewal cycle is subject to an administrative appeal at the FCC.

*Ownership Regulations*.

In June of 2025, the FCC released a Public Notice seeking to refresh the record on whether to eliminate the national ownership cap.

The Public Notice seeks public comment on, among other things, whether networks and broadcast affiliates should be treated differently for purposes of the national ownership cap.

Depending on the outcome of this deregulation examination, the Company’s ability to acquire television stations in additional markets may be affected.

voiding a transfer of common stock to a non-U.S. stockholder; suspending rights of stock ownership if held by a non-U.S. stockholder; or redeeming common stock held by a non-U.S. stockholder.

*Must-Carry/Retransmission Consent*.

In early 2025, the National Association of Broadcasters filed a petition seeking an end of the simulcast requirements and a hard transition deadline to ATSC 3.0 standard.

More than a dozen other states have passed or introduced similar privacy legislation.

In addition, certain international and federal laws and all 50 states have data breach notification legislation that require businesses to notify individuals and government agencies in the event of unauthorized access or exfiltration of certain personal information.

During the 2023-2024 broadcast season, FOX Entertainment featured the season’s #1 new entertainment series with the FOX-owned animated comedy *Krapopolis*, launched the #1 game show with *The Floor*, once again presented television’s top cooking

competition series with Gordon Ramsay’s *Next Level Chef*, *Hell’s Kitchen*, *MasterChef Junior* and *Kitchen Nightmares*, and had four of the top comedies on television with *Krapopolis*, *The Simpsons*, *Bob’s Burgers* and *Family Guy*.

In fiscal 2024, Tubi expanded

Fiscal 2024 highlights of this include a rights extension with NASCAR and the launch of the United Football League (the “UFL”) professional spring football league.

Venu Sports, a digital sports programming distribution joint venture with ESPN (a subsidiary of Disney) and Warner Bros.

| | | | 2024 | | | | | | 2023 | | |

| TOTAL | | | | | | | | | | | | | | | | | | | | | | | | | | | 38.4% | | |

| (f) | | | Independent station. | | | | | | | | | | | |

group that advertisers seek to reach most often, with particular success in the 18 to 34 year old audience.

FOX Sports entered into an expanded 11-year media rights agreement with the NFL in fiscal 2021 that extended FOX Sports' coverage of NFL games and expanded FOX's digital rights to enable future direct-to-consumer opportunities as well as NFL-related programming on Tubi.

During the 2023- 2024 broadcast season, FOX Entertainment featured the season’s #1 new entertainment series with the FOX-owned animated comedy *Krapopolis*; launched the #1 game show with *The Floor*; once again presented television’s top cooking competition series with Gordon Ramsay’s *Next Level Chef, Hell’s Kitchen, MasterChef Junior* and *Kitchen Nightmares*; and had four of the top comedies on television with *Krapopolis, The Simpsons, Bob’s Burgers* and *Family Guy.*

MarVista Entertainment is a global entertainment studio that produces and distributes movies and other content for Tubi and third-party networks and digital platforms.

A full-service production studio, Fox Alternative

The business is part of the Tubi Media Group division formed in fiscal 2023 to house the Company's digital platform services.

In addition, the FOX

the distribution of its content.

Other Operating Segments

Credible is part of the Tubi Media Group division.

FOX has no

*Venu Sports*

In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company, and Warner Bros.

Discovery to form a digital distribution platform focused on sports.

Each company is expected to own one-third of the joint venture, have equal board representation and license their sports content to the joint venture on a non-exclusive basis.

The Venu Sports subscription-based streaming service is expected to launch in the fall of 2024.

In its most recent term, the U.S. Supreme Court issued several decisions that fundamentally change the landscape of federal regulation.

These include the June 28, 2024 decision in *Loper Bright Enterprises v.

Raimondo*, which overturned the longstanding *“Chevron*” doctrine under which administrative agencies were entitled to deference in the interpretation of “ambiguous” federal statutes.

The full impact of these decisions is not yet known, but they are wide-ranging and could lead to significant changes in the federal regulation of the Company’s businesses and the industry in which they operate.

One of the pending applications has been opposed by a third party.

If the FCC determines in the future to eliminate the UHF discount and the national television audience reach limitation is not eliminated or modified, the Company’s ability to acquire television stations in additional markets may be negatively affected.

CBS, and NBC — from being under common ownership or control.

The FCC has also issued a rulemaking on the use of AI in political advertising, which, if adopted, would require broadcasters to collect information from political advertisers and disclose the use of AI, which may impact the sale of political advertising.

developed by the Advanced Television Systems Committee, Inc., also referred to as “ATSC 3.0” or “NEXTGEN TV”.

For example, the CPRA, which generally became effective on January 1, 2023, creates a new state privacy protection agency, expands individual rights and introduces new requirements for businesses, among other things.

Several of these matters are subject to additional rulemaking.

Other states have passed or introduced similar privacy legislation, including Virginia, Colorado, Utah, Connecticut, Iowa, Indiana and Tennessee.

The FTC also has initiated a rulemaking proceeding to explore rules concerning the collection, use, disclosure and security of personal information.

advertising, or otherwise impact the Company’s business.

Our workforce is the creative, strategic and operational engine of FOX’s success, and we are committed to developing and supporting our employees.

We have posted on our website our Employment Information Report (EEO-1), showing the race, ethnicity and gender of our U.S. employees at *https://www.foxcorporation.com/eeo-1-data.*

For the fiscal year ended June 30, [removed: 2024][added: 2025]

| [removed: o] [added: o] | | | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | |

As of December [removed: 29, 2023,] [added: 31, 2024,] which was the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s Class A Common Stock, par value $0.01 per share, held by non-affiliates was approximately [removed: $7.1] [added: $10.5] billion, based upon the closing price of [removed: $29.67] [added: $48.58] per share as quoted on The Nasdaq Global Select Market on that date, and the aggregate market value of the registrant’s Class B Common Stock, par value $0.01 per share, held by non-affiliates was approximately [removed: $3.6] [added: $6.0] billion, based upon the closing price of [removed: $27.65] [added: $45.74] per share as quoted on The Nasdaq Global Select Market on that date.

As of August [removed: 5, 2024, 224,646,403] [added: 1, 2025, 209,954,934] shares of Class A Common Stock and 235,581,025 shares of Class B Common Stock were outstanding.

Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Fox Corporation definitive Proxy Statement for its [removed: 2023] [added: 2024] Annual Meeting of Stockholders, which is intended to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, within 120 days of Fox Corporation’s fiscal year end.

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| [PART [removed: IV](#ica8924a7674649af916dc464a59f1e6f_190)] [added: III](#if114b84ededc4d0c9e21f5df99371b63_190)] | | | | | | | | |

| [removed: [ITEM](#ica8924a7674649af916dc464a59f1e6f_193)] [added: [ITEM](#if114b84ededc4d0c9e21f5df99371b63_199)] 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#ica8924a7674649af916dc464a59f1e6f_193)] [added: SCHEDULES](#if114b84ededc4d0c9e21f5df99371b63_199)] | | | [removed: [113](#ica8924a7674649af916dc464a59f1e6f_193)] [added: [105](#if114b84ededc4d0c9e21f5df99371b63_199)] | | |

| [ITEM [removed: 16.](#ica8924a7674649af916dc464a59f1e6f_196)] [added: 16.](#if114b84ededc4d0c9e21f5df99371b63_202)] | | | [FORM 10-K [removed: SUMMARY](#ica8924a7674649af916dc464a59f1e6f_196)] [added: SUMMARY](#if114b84ededc4d0c9e21f5df99371b63_202)] | | | [removed: [115](#ica8924a7674649af916dc464a59f1e6f_196)] [added: [107](#if114b84ededc4d0c9e21f5df99371b63_202)] | | |

| [PART I](#if114b84ededc4d0c9e21f5df99371b63_10) | | | | | | | | |

| [PART II](#if114b84ededc4d0c9e21f5df99371b63_34) | | | | | | | | |

| [PART IV](#if114b84ededc4d0c9e21f5df99371b63_196) | | | | | | | | |

| | | | [SIGNATURES](#if114b84ededc4d0c9e21f5df99371b63_205) | | | [108](#if114b84ededc4d0c9e21f5df99371b63_205) | | |

| [PART I](#ica8924a7674649af916dc464a59f1e6f_10) | | | | | | | | |

| [PART II](#ica8924a7674649af916dc464a59f1e6f_31) | | | | | | | | |

| [PART III](#ica8924a7674649af916dc464a59f1e6f_184) | | | | | | | | |

| | | | [SIGNATURES](#ica8924a7674649af916dc464a59f1e6f_199) | | | [116](#ica8924a7674649af916dc464a59f1e6f_199) | | |

Although no cybersecurity incident has [removed: been material to] [added: materially affected] the Company’s businesses to date, FOX expects to continue to be subject to cybersecurity threats and attacks and there can be no assurance that the Company will not experience a material incident.

The historic lot is located on over 50 acres of land and has over 1.85 million square feet of space for both administration and production/post-production services available to service a wide array of industry clients, including 15 sound stages, [removed: two broadcast studios,] theaters and screening rooms, editing rooms and other television and film production facilities.

The FOX Studio Lot provides two primary revenue streams — the lease of a portion of the office space to Disney and other third parties and the operation of studio facilities for third-party productions, which until [added: March of] 2026 will predominantly be Disney productions.

As of June 30, [removed: 2024,] [added: 2025,] there were approximately [removed: 14,100] [added: 12,900] holders of record of shares of Class A Common Stock and approximately [removed: 3,000] [added: 2,700] holders of record of shares of Class B Common Stock.

Below is a summary of the Company’s repurchases of its Class A Common Stock during fiscal [removed: 2024:][added: 2025:]

| (c) | | | The Company’s Board of Directors has authorized a stock repurchase program, under which the Company can repurchase $7 billion of Common Stock. The program has no time limit and may be modified, suspended or discontinued at any time. [added: Subsequent to June 30, 2025, the Company announced that the Board has authorized incremental stock repurchases of an additional $5 billion of Class A and Class B Common Stock. With this increase, the Company’s total stock repurchase authorization is now $12 billion.] | | | | | | | | | | | |

In total, the Company repurchased approximately [removed: 40] [added: 21] million shares of Class A Common Stock for approximately $1 billion during fiscal [removed: 2024.][added: 2025.]

| First quarter fiscal 2025 | | | 6,376,797 | | | | | | $ | 39.22 | | | | | | | |

| Second quarter fiscal 2025 | | | 5,480,348 | | | | | | 45.62 | | | | | | | | |

| Third quarter fiscal 2025 | | | 4,682,037 | | | | | | 53.38 | | | | | | | | |

| April 1, 2025 - April 30, 2025 | | | 997,155 | | | | | | 50.14 | | | | | | | | |

| May 1, 2025 - May 31, 2025 | | | 2,351,080 | | | | | | 55.29 | | | | | | | | |

| June 1, 2025 - June 30, 2025 | | | 1,281,951 | | | | | | 54.60 | | | | | | | | |

| Total fiscal 2025 | | | 21,169,368 | | | | | | 47.24 | | | | | | $ | 400 | |

| First quarter fiscal 2024(d) | | | 15,437,627 | | | | | | $ | 16.19 | | | | | | | |

| Second quarter fiscal 2024 | | | 8,275,629 | | | | | | 30.21 | | | | | | | | |

| Third quarter fiscal 2024 | | | 8,347,054 | | | | | | 29.95 | | | | | | | | |

| April 1, 2024 - April 30, 2024 | | | 1,609,334 | | | | | | 31.07 | | | | | | | | |

| May 1, 2024 - May 31, 2024 | | | 3,061,001 | | | | | | 33.33 | | | | | | | | |

| June 1, 2024 - June 30, 2024 | | | 2,885,073 | | | | | | 33.96 | | | | | | | | |

| Total fiscal 2024(d) | | | 39,615,718 | | | | | | 25.24 | | | | | | $ | 1,400 | |

| (d) | | | In February 2023, in connection with the stock repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement in which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share. Upon settlement of the ASR agreement in August 2023, the Company received a final delivery of approximately 7.8 million shares of Class A Common Stock. The final number of shares purchased under the ASR agreement was determined using a price of $33.03 per share (the volume-weighted average market price of the Class A Common Stock on the Nasdaq Global Select Market during the term of the ASR agreement less a discount) (See Note 11—Stockholders’ Equity to the accompanying Consolidated Financial Statements under the heading “Stock Repurchase Program”). | | | | | | | | | | | |

| [Management’s Report on Internal Control Over Financial [removed: Reporting](#ica8924a7674649af916dc464a59f1e6f_82)] [added: Reporting](#if114b84ededc4d0c9e21f5df99371b63_85)] | | | [removed: [61](#ica8924a7674649af916dc464a59f1e6f_82)] [added: [52](#if114b84ededc4d0c9e21f5df99371b63_85)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#ica8924a7674649af916dc464a59f1e6f_85)] [added: Firm](#if114b84ededc4d0c9e21f5df99371b63_88)] (PCAOB ID: 42) | | | [removed: [62](#ica8924a7674649af916dc464a59f1e6f_85)] [added: [53](#if114b84ededc4d0c9e21f5df99371b63_88)] | | |

| [Consolidated Statements of Operations for the fiscal years ended June 30, [removed: 202](#ica8924a7674649af916dc464a59f1e6f_88)[4](#ica8924a7674649af916dc464a59f1e6f_88)[, 202](#ica8924a7674649af916dc464a59f1e6f_88)[3](#ica8924a7674649af916dc464a59f1e6f_88) [and 20](#ica8924a7674649af916dc464a59f1e6f_88)[2](#ica8924a7674649af916dc464a59f1e6f_88)[2](#ica8924a7674649af916dc464a59f1e6f_88)] [added: 2025, 2024 and 2023](#if114b84ededc4d0c9e21f5df99371b63_91)] | | | [removed: [66](#ica8924a7674649af916dc464a59f1e6f_88)] [added: [57](#if114b84ededc4d0c9e21f5df99371b63_91)] | | |

| [Consolidated Statements of Comprehensive Income for the fiscal years ended June [removed: 30,](#ica8924a7674649af916dc464a59f1e6f_91) [2024,](#ica8924a7674649af916dc464a59f1e6f_91) [2023](#ica8924a7674649af916dc464a59f1e6f_91) [and](#ica8924a7674649af916dc464a59f1e6f_91) [2022](#ica8924a7674649af916dc464a59f1e6f_91)] [added: 30, 2025, 2024 and 2023](#if114b84ededc4d0c9e21f5df99371b63_94)] | | | [removed: [67](#ica8924a7674649af916dc464a59f1e6f_91)] [added: [58](#if114b84ededc4d0c9e21f5df99371b63_94)] | | |

| [Consolidated Balance Sheets as of June [removed: 30,](#ica8924a7674649af916dc464a59f1e6f_94) [2024 and](#ica8924a7674649af916dc464a59f1e6f_94) [2023](#ica8924a7674649af916dc464a59f1e6f_94)] [added: 30, 2025 and 2024](#if114b84ededc4d0c9e21f5df99371b63_97)] | | | [removed: [68](#ica8924a7674649af916dc464a59f1e6f_94)] [added: [59](#if114b84ededc4d0c9e21f5df99371b63_97)] | | |

| [Consolidated Statements of Cash Flows for the fiscal years ended June [removed: 30,](#ica8924a7674649af916dc464a59f1e6f_97) [2024,](#ica8924a7674649af916dc464a59f1e6f_97) [2023](#ica8924a7674649af916dc464a59f1e6f_97) [and](#ica8924a7674649af916dc464a59f1e6f_97) [2022](#ica8924a7674649af916dc464a59f1e6f_97)] [added: 30, 2025, 2024 and 2023](#if114b84ededc4d0c9e21f5df99371b63_100)] | | | [removed: [69](#ica8924a7674649af916dc464a59f1e6f_97)] [added: [60](#if114b84ededc4d0c9e21f5df99371b63_100)] | | |

| [Consolidated Statements of Equity for the fiscal years ended June [removed: 30,](#ica8924a7674649af916dc464a59f1e6f_100) [2024,](#ica8924a7674649af916dc464a59f1e6f_100) [2023](#ica8924a7674649af916dc464a59f1e6f_100) [and](#ica8924a7674649af916dc464a59f1e6f_100) [2022](#ica8924a7674649af916dc464a59f1e6f_100)] [added: 30, 2025, 2024 and 2023](#if114b84ededc4d0c9e21f5df99371b63_103)] | | | [removed: [70](#ica8924a7674649af916dc464a59f1e6f_100)] [added: [61](#if114b84ededc4d0c9e21f5df99371b63_103)] | | |

[removed: | [Notes to the Consolidated Financial Statements](#ica8924a7674649af916dc464a59f1e6f_103) | | | [71](#ica8924a7674649af916dc464a59f1e6f_103) | | |][added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS]

Management, including the Company’s principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of Fox Corporation’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on the framework set forth in [removed: “*Internal] [added: “Internal] Control — Integrated [removed: Framework”*] [added: Framework”] issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

Based on this evaluation, management determined that, as of June 30, [removed: 2024,] [added: 2025,] Fox Corporation maintained effective internal control over financial reporting.

Ernst & Young LLP, the independent registered public accounting firm who audited and reported on the Consolidated Financial Statements of Fox Corporation included in the Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2024,] [added: 2025,] has audited the Company’s internal control over financial reporting.

To the Stockholders and [added: the] Board of Directors of Fox Corporation:

We have audited Fox Corporation’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Fox Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, equity and cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] and the related notes and our report dated August [removed: 8, 2024] [added: 6, 2025] expressed an unqualified opinion thereon.

We have audited the accompanying consolidated balance sheets of Fox Corporation (the Company) as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, equity and cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated August [removed: 8, 2024] [added: 6, 2025] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | As disclosed in Note 2 to the consolidated financial statements, the Company has single and multi-year contracts for national sports programming. The costs of multi-year sports contracts at the Company are primarily amortized based on the ratio of each contract’s current period's attributable revenue to the estimated total remaining attributable revenue. Auditing the amortization of the Company’s national sports programming involved subjective estimation and complex auditor judgment because [removed: the analysis that the Company relies upon to determine the] amortization of this programming is based on estimates of future revenues from the programming. Differing estimates of future revenues could materially affect the timing of sports programming amortization. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls that address the risks of material misstatement relating to the amortization of the Company’s national sports programming, including controls over management’s review of the [added: amortization] analysis and the significant assumptions used to develop the estimated future revenues. We also tested management’s controls to validate that the data used in the analysis was complete and accurate. Among other audit procedures performed, we evaluated the significant assumptions used by the Company to [removed: develop the estimated] [added: estimate] future revenues and tested the completeness and accuracy of the underlying data used in the analysis. For example, we evaluated management’s forecasts of estimated future revenues by performing a look-back analysis of management’s historical estimates compared to actual results. We also performed a sensitivity analysis of the estimated future revenues to evaluate the change in the amortization of the Company’s national sports programming resulting from changes in the assumptions. | | |

| *Description of the Matter* | | | As disclosed in Note 14 to the consolidated financial statements, the Company and its news businesses and their employees are subject to lawsuits alleging defamation or disparagement. The Company records a liability for those legal proceedings when management determines it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses when it is reasonably possible that a material loss may be incurred. The Company continues to believe the pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. The Company is unable to predict the final outcome of these matters and has determined that a loss is neither probable nor reasonably estimable. Accounting for contingencies related to defamation and disparagement claims requires management to [removed: exercise judgment related to the likelihood of a loss and if necessary, the estimate of the amount or range of loss. Auditing management’s accounting for such claims involves complex auditor judgment in determining whether the final outcome is probable or reasonably estimable. Significant judgment is required] [added: make significant judgments] to determine the likelihood of a loss and if necessary, the estimate of the amount or range of loss related to such matters. Auditing management’s accounting for and disclosure of these matters [removed: involved challenging, and subjective] [added: involves complex] auditor judgment in assessing the Company’s evaluation of the probability of a loss, and the estimated amount or range of loss. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the [removed: design,] [added: design] and tested the operating effectiveness of [added: internal] controls that address the risks of material misstatement relating to management’s evaluation of defamation and disparagement claims, including controls over determining whether a loss is probable and whether the amount of loss can be reasonably estimated, as well as financial statement disclosures. Among other audit procedures, we tested management’s evaluation of the probability of outcome and range of loss, if estimable, through inspection of responses to inquiry letters sent to both internal and external legal counsel, discussions with internal legal counsel to confirm our understanding of the allegations and related merits, and by obtaining written representations from executives of the Company. In addition, we evaluated the adequacy of financial disclosures. | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenues | | | $ | [removed: 13,980] [added: 16,300] | | | | | $ | [removed: 14,913] [added: 13,980] | | | | | $ | [removed: 13,974] [added: 14,913] | |

| Operating expenses | | | [removed: (9,089)] [added: (10,518)] | | | | | | [removed: (9,689)] [added: (9,089)] | | | | | | [removed: (9,117)] [added: (9,689)] | | |

| Selling, general and administrative | | | [removed: (2,024)] [added: (2,168)] | | | | | | [removed: (2,049)] [added: (2,024)] | | | | | | [removed: (1,920)] [added: (2,049)] | | |

| Depreciation and amortization | | | [removed: (389)] [added: (385)] | | | | | | [removed: (411)] [added: (389)] | | | | | | [removed: (363)] [added: (411)] | | |

| Restructuring, impairment and other corporate matters | | | [removed: (67)] [added: (350)] | | | | | | [removed: (1,182)] [added: (67)] | | | | | | [removed: (157)] [added: (1,182)] | | |

| Equity (losses) earnings of affiliates | | | [removed: (44)] [added: (29)] | | | | | | [removed: 4] [added: (44)] | | | | | | 4 | | |

| Interest expense, net | | | [removed: (216)] [added: (227)] | | | | | | [removed: (218)] [added: (216)] | | | | | | [removed: (371)] [added: (218)] | | |

| Non-operating other, net | | | [removed: (47)] [added: 438] | | | | | | [removed: 368] [added: (47)] | | | | | | [removed: (356)] [added: 368] | | |

| Income before income tax expense | | | [removed: 2,104] [added: 3,061] | | | | | | [removed: 1,736] [added: 2,104] | | | | | | [removed: 1,694] [added: 1,736] | | |

| Income tax expense | | | [removed: (550)] [added: (768)] | | | | | | [removed: (483)] [added: (550)] | | | | | | [removed: (461)] [added: (483)] | | |

| Net income | | | [removed: 1,554] [added: 2,293] | | | | | | [removed: 1,253] [added: 1,554] | | | | | | [removed: 1,233] [added: 1,253] | | |

| Less: Net income attributable to noncontrolling interests | | | [removed: (53)] [added: (30)] | | | | | | [removed: (14)] [added: (53)] | | | | | | [removed: (28)] [added: (14)] | | |

| Net income attributable to Fox Corporation stockholders | | | $ | [removed: 1,501] [added: 2,263] | | | | | $ | [removed: 1,239] [added: 1,501] | | | | | $ | [removed: 1,205] [added: 1,239] | |

| Basic | | | $ | [removed: 3.14] [added: 4.97] | | | | | $ | [removed: 2.34] [added: 3.14] | | | | | $ | [removed: 2.13] [added: 2.34] | |

| Diluted | | | $ | [removed: 3.13] [added: 4.91] | | | | | $ | [removed: 2.33] [added: 3.13] | | | | | $ | [removed: 2.11] [added: 2.33] | |

| Net income | | | $ | [removed: 1,554] [added: 2,293] | | | | | $ | [removed: 1,253] [added: 1,554] | | | | | $ | [removed: 1,233] [added: 1,253] | |

| Other comprehensive [added: (loss)] income, net of tax: | | | | | | | | | | | | | | | | | |

| [Notes to the Consolidated Financial Statements](#if114b84ededc4d0c9e21f5df99371b63_106) | | | [62](#if114b84ededc4d0c9e21f5df99371b63_106) | | |

To the Stockholders and the Board of Directors of Fox Corporation:

August 6, 2025

| | | | 2025 | | | | | | 2024 | | |

| Net income | | | $ | 2,293 | | | | | $ | 1,554 | | | | | $ | 1,253 | |

| Cash distributions received from affiliates | | | 13 | | | | | | — | | | | | | — | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,263 | | | | | | — | | | | | | 2,263 | | | | | | 31 | | | | | | 2,294 | | |

| Dividends | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (246) | | | | | | — | | | | | | (246) | | | | | | — | | | | | | (246) | | |

| Shares repurchased | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | (356) | | | | | | (654) | | | | | | — | | | | | | (1,010) | | | | | | — | | | | | | (1,010) | | |

| Other | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 281 | | | | | | (23) | | | | | | — | | | | | | 258 | | | | | | (26) | | | | | | 232 | | |

| Balance, June 30, 2025 | | | 211 | | | | | | $ | 2 | | | | | 235 | | | | | | $ | 2 | | | | | $ | 7,603 | | | | | $ | 4,479 | | | | | $ | (124) | | | | | $ | 11,962 | | | | | $ | 105 | | | | | $ | 12,067 | |

| | | | 2025 | | | | | | 2024 | | |

Projects in-process are written off at the earlier of abandonment or three years after initial capitalization.

for using the equity method.

Additionally, investments in partnerships or limited liability companies are accounted for using the equity method when specific ownership accounts are maintained, unless the Company has virtually no influence over the investee’s operating and financial policies.

Equity method investments are initially recorded at fair value and will increase as a result of additional contributions and will decrease as a result of cash distributions received from the equity method investee, amortization of identifiable intangible assets of the investee resulting from the transaction and impairments.

Additionally, the Company’s share of the equity method investee’s net income or loss will increase and decrease the investment, respectively.

Goodwill

The Company performs impairment reviews by comparing the estimated fair value of the Company’s FCC licenses with their carrying amount on a market-by-market basis.

The resulting fair values for FCC licenses are sensitive to these long-term assumptions and any adverse changes to the assumptions used could result in an impairment to existing carrying values in future periods and such impairment could be material.

During fiscal 2025, the Company recorded a non-cash impairment charge for intangible assets of approximately $70 million primarily related to FCC licenses in Restructuring, impairment and other corporate matters in the Statements of Operations within the Television segment.

Based on the Company’s annual assessment, the carrying value of FCC licenses in certain markets exceeded their fair value primarily as a result of updated market data, including lower expected future advertising revenue.

Additionally, the fair value of FCC licenses in certain markets exceeded their respective carrying value by less than 10% as of June 30, 2025.

An increase to the discount rate of 0.5 percentage points, or a decrease to the terminal growth rate of 0.5 percentage points, assuming no changes to other long-term assumptions, would cause the aggregate fair value of FCC licenses to fall below the aggregate carrying value by approximately $80 million and $50 million, respectively.

Further adverse changes in market conditions may result in additional non-cash impairment charges.

While the Company believes its judgments represent reasonably possible outcomes

views, referred to as impressions, where the performance obligation is the guarantee and revenue is recognized as the guarantee is satisfied.

For contracts without guarantees, the individual advertising spots are the performance obligation and consideration is allocated based on its relative standalone selling price.

*Adopted*

The Company adopted the guidance for all periods presented in this Annual Report on Form 10-K (See Note 17—Segment Information).

*Issued*

*Disaggregation of Income Statement Expenses*

In November 2024, the FASB issued updated guidance that requires disclosure of specified information about certain costs and expenses.

*One Big Beautiful Bill Act*

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualified property and research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act.

These provisions generally will be applicable for the Company beginning in fiscal 2026.

The Company is currently evaluating the future impact of these tax law changes on our financial statements.

During fiscal 2025, the Company acquired controlling ownership interests in two digital media companies.

The accounting for the business combinations is based on provisional amounts and the allocation of the consideration transferred is not final and is subject to changes pending the completion of the final valuation of certain assets and liabilities.

On January 10, 2025, FOX, Disney and WBD announced the decision to discontinue Venu Sports (See Note 14—Commitments and Contingencies under the heading "Venu Sports”).

| | | | | | |

| --- | --- | --- | --- | --- | --- |

August 8, 2024

| Proceeds from dispositions, net | | | — | | | | | | — | | | | | | 83 | | |

| Balance, June 30, 2021 | | | 324 | | | | | | $ | 3 | | | | | 252 | | | | | | $ | 3 | | | | | $ | 9,453 | | | | | $ | 1,982 | | | | | $ | (318) | | | | | $ | 11,123 | | | | | $ | 2 | | | | | $ | 11,125 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,205 | | | | | | — | | | | | | 1,205 | | | | | | 40 | | | | | | 1,245 | | |

| Dividends | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (273) | | | | | | — | | | | | | (273) | | | | | | — | | | | | | (273) | | |

| Shares repurchased | | | (19) | | | | | | — | | | | | | (8) | | | | | | — | | | | | | (450) | | | | | | (550) | | | | | | — | | | | | | (1,000) | | | | | | — | | | | | | (1,000) | | |

| Other | | | 3 | | | | | | — | | | | | | (1) | | | | | | — | | | | | | 95 | | | | | | 97 | | | | | | — | | | | | | 192 | | | | | | (6) | | | | | | 186 | | |

*The Transaction*

FOX became a standalone publicly traded company on March 19, 2019, when Twenty-First Century Fox, Inc. (“21CF”) spun off the Company to 21CF stockholders and FOX's Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) began trading independently on The Nasdaq Global Select Market (“the Transaction”).

In connection with the Transaction, the Company entered into the Separation and Distribution Agreement, dated as of March 19, 2019 (the “Separation Agreement”), with 21CF, which effected the internal restructuring (the “Separation”) whereby The Walt Disney Company (“Disney”) acquired the remaining 21CF assets and 21CF became a wholly-owned subsidiary of Disney.

The Separation and the Transaction were effected as part of a series of transactions contemplated by the Amended and Restated Merger Agreement and Plan of Merger, dated as of June 20, 2018, by and among 21CF, Disney and certain subsidiaries of Disney.

individual basis.

Amounts recorded as goodwill are

These assumptions are based on actual third-party historical performance and estimates of future performance in each market.

The Company determined that there are no reporting units at risk of impairment as of June 30, 2024.

ROU assets represent the

Revenues for any audience deficiencies are deferred until the guaranteed number of impressions is met, by providing additional advertisements.

As of June 30, 2023, the Company had one individual customer that accounted for approximately 11% of the Company’s receivables.

During fiscal 2022, the Company made acquisitions, primarily consisting of three entertainment production companies, for total cash consideration of approximately $240 million.

As a result of this transaction, the Company recorded a gain of approximately $170 million in Non-

Each company is expected to own one-third of the joint venture, have equal board representation and license their sports networks to the joint venture on a non-exclusive basis.

The subscription-based streaming service is expected to launch in the fall of 2024.

| (a) | | | See Note 14—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and "U.K. Newspaper Matters Indemnity." | | |

During fiscal 2024, 2023 and 2022, the Company recognized restructuring charges of $13 million, $111 million and nil, respectively.

| Total | | | $ | 671 | | | | | $ | 884 | | | | | $ | — | | | | | $ | (213) | | | | |

| Distributions | | | — | | | | | | — | | | | | | 3 | | |

| Accretion and other(b) | | | (30) | | | | | | (41) | | | | | | 116 | | |

| (b) | | | As a result of the expiration of the sports network minority shareholder’s final put right during fiscal 2022, approximately $110 million was reclassified into equity. | | |

Significant increases (decreases) in multiples would result in a significantly higher (lower) fair value measurement.

| | | | 3,572 | | | | | | 3,429 | | |

| | | | 1,402 | | | | | | 1,463 | | |

| Balance, June 30, 2022 | | | $ | 2,250 | | | | | $ | 642 | | | | | $ | 2,892 | | | | | $ | 265 | | | | | $ | 3,157 | |

| Balance, June 30, 2022 | | | $ | 1,059 | | | | | $ | 2,241 | | | | | $ | 254 | | | | | $ | 3,554 | |

In January 2019, the Company issued $6.8 billion of senior notes and used the net proceeds, together with available cash on its balance sheet, to fund

the estimated taxes associated with the Transaction.

| 6.500% senior notes due 2033 | | | 1,250 | | | | | | — | | |

Included in Borrowings within Current liabilities as of June 30, 2023 was $1.25 billion of 4.030% senior notes which matured and were repaid in full in January 2024.

In connection with this extension, the Company recorded additional operating lease assets and liabilities of approximately $540 million as of June 30, 2023.

Management’s report and the report of the independent registered public accounting firm thereon are set forth on pages [removed: 61] [added: [52](#if114b84ededc4d0c9e21f5df99371b63_85)] and [removed: 62,] [added: [53](#if114b84ededc4d0c9e21f5df99371b63_88),] respectively, and are incorporated herein by reference.

There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s fourth quarter of fiscal [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

None.

Not applicable.

The information required by Items 10, 11, 12, 13 and 14 of Part III is incorporated by reference from the Company’s Definitive Proxy Statement to be filed in connection with its [removed: 2024] [added: 2025] Annual Meeting of Stockholders pursuant to Regulation 14A.

| 2.1 | | | [Separation Agreement, dated as of March 19, 2019, between Twenty-First Century Fox, Inc. and Fox Corporation (the](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm) [“](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[Registrant](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[”](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[) (incorporated herein by reference to Exhibit 2.1 to the Registrant](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[’](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[s Current Report on Form 8-K dated March 14, 2019 and filed with the Securities and Exchange Commission (the](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm) [“](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[SEC](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[”](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[) on March 19, 2019 (the](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm) [removed: [“](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[March](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm) [2019] [added: [“](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[March 2019] Form 8-K](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[”](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm)[).](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm) [ѱ](https://www.sec.gov/Archives/edgar/data/1754301/000119312519079678/d721949dex21.htm) | | |

| 4.1 | | | [Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex41.htm)] [added: 1934.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex41.htm)] | | |

| 10.5 | | | [Form of Fox Corporation 2019 Shareholder Alignment Plan Non-Qualified Stock Option Terms and Conditions FY 2025 Annual [removed: Grant.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)] [added: Grant](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm) [(incorporated herein by reference to E](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[xhibit](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm) [10.5 to the Reg](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[istrant](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[’](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[s Annual Report on Form 10-K for the](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm) [fiscal year ended](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm) [June 30, 2024 (](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[the](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm) [“](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[2024 Form 10-K](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[”](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[))](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex105.htm)] | | |

| 10.6 | | | [Form of Employment [removed: Agreement (incorporated] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1754301/000162828025024466/foxa-2025331x10qex101.htm) [(incorporated] herein by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex105_421.htm)[5](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex105_421.htm) [to] [added: 10.1 to] the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2019 (the “March 2019 Form 10-Q”)).](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex105_421.htm)+] [added: 2025).](https://www.sec.gov/Archives/edgar/data/1754301/000162828025024466/foxa-2025331x10qex101.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000162828025024466/foxa-2025331x10qex101.htm)] | | |

| 10.7 | | | [Letter Agreement between Lachlan K. Murdoch and News Corporation dated November 17, 2008 (incorporated herein by reference to Exhibit 10.6 to the March 2019 Form [removed: 10-Q).](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex106_420.htm)+] [added: 10-Q).](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex106_420.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex106_420.htm)] | | |

| 10.8 | | | [Letter Agreements between John P. Nallen and News Corporation dated January 1, 2005 and November 17, 2008, as amended through June 3, 2013 (incorporated herein by reference to Exhibit 10.7 to the March 2019 Form [removed: 10-Q).](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex107_422.htm)+] [added: 10-Q).](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex107_422.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex107_422.htm)[](https://www.sec.gov/Archives/edgar/data/1754301/000156459019018565/fox-ex107_422.htm)] | | |

| [removed: 10.9] [added: 10.10] | | | [removed: [Form of Consent Agreement] [added: [Transition and Separation Agreement, dated August 9, 2023, between the Registrant and Viet D. Dinh] (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated [removed: April 22, 2020] [added: August 9, 2023] and filed with the SEC on [removed: April 22, 2020).](https://www.sec.gov/Archives/edgar/data/1754301/000119312520115030/d915245dex101.htm)+] [added: August 11, 2023 (the “August 2023 Form 8-K”)](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm)[)](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm).+] | | |

| [removed: 10.10] [added: 10.9] | | | [removed: [Form of Employment Agreement Amendment] [added: Letter A[greement between Steven Tomsic and the Registrant dated November 17, 2023] (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, [removed: 2021.](https://www.sec.gov/Archives/edgar/data/1754301/000162828022002107/foxa-20211231x10q_exhx101.htm)+] [added: 2023](https://www.sec.gov/Archives/edgar/data/1754301/000162828024003624/foxa-20231231x10qex101.htm)).+] | | |

| [removed: 10.11] [added: 10.13] | | | [removed: Letter A[greement between Steven Tomsic] [added: [Stockholders Agreement, dated as of November 6, 2019, by] and [added: between] the Registrant [removed: dated November 17, 2023] [added: and the Murdoch Family Trust] (incorporated herein by reference to Exhibit 10.1 to the [removed: Registrant’s Quarterly] [added: Registrant's Current] Report on Form [removed: 10-Q for] [added: 8-K dated November 5, 2019 and filed with] the [removed: quarter ended December 31, 2023).](https://www.sec.gov/Archives/edgar/data/1754301/000162828024003624/foxa-20231231x10qex101.htm)+] [added: SEC on November 6, 2019).](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm)] | | |

| [removed: 10.12] [added: 10.11] | | | [removed: [Transition and Separation] [added: [Advisory Services] Agreement, dated August 9, 2023, [removed: between] [added: by and among] the [removed: Registrant] [added: Registrant, Viet D. Dinh, P.C.] and Viet [removed: D.](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm)[Dinh] [added: D. Dinh] (incorporated herein by reference to Exhibit [removed: 10.1] [added: 10.2] to the [removed: Registrant’s Current Report on Form](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm)[8-K dated] August [removed: 9,] 2023 [removed: and filed with the SEC on August 11, 2023 (the “August 2023 Form](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm)[8-K”)).](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex101.htm)] [added: Form 8-K).](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)] | | |

| [removed: 10.14] [added: 10.12] | | | [Credit Agreement, dated as of June 14, 2023, among the Registrant, as Borrower, the [removed: initial](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm)[l](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm)[enders] [added: initial lenders] named therein, the initial issuing banks named therein, Citibank, N.A., as [removed: Administrative](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm)[Agent,] [added: Administrative Agent,] Deutsche Bank Securities Inc. and Goldman Sachs Bank USA, as Co-Syndication Agents, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, and Citibank, N.A., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers and Joint Bookrunners (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated June 14, 2023 and filed with the SEC on June 15, 2023).](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm)[ѱ](https://www.sec.gov/Archives/edgar/data/1754301/000119312523167872/d630896dex101.htm) | | |

| 19 | | | [Fox Corporation Insider Trading and Confidentiality [removed: Policy.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex19.htm)] [added: Policy.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex19.htm)] | | |

| 21 | | | [Subsidiaries of the [removed: Registrant.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex21.htm)] [added: Registrant.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex21.htm)] | | |

| 23.1 | | | [Consent of Independent Registered Public Accounting [removed: Firm.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex231.htm#i4e7a1755c40e4ab69e7348e03a1e60bf_1)] [added: Firm.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex231.htm#i14737b6d4c8e4984a6120acbca9fc186_1)] | | |

| 31.1 | | | [Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as [removed: amended.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex311.htm#i5d4a9d80370545b2a13ad8c5428d6a20_1)] [added: amended.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex311.htm#ic38ff651dfc444e199a35f2993f8a579_1)] | | |

| 31.2 | | | [Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as [removed: amended.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex312.htm#ieb2c58dd69fb4145a2fc261ec2f588fe_1)] [added: amended.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex312.htm#i887eb78af3fc4ee09dfdc5adaa49b3d8_1)] | | |

| 32.1 | | | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex321.htm#i900f0866c8504a80adc8456124a06b95_1)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/foxa-20250630x10kex321.htm#if557e0e406e849b091d3ea94a16efba5_1)] | | |

| 97 | | | [Fox Corporation Clawback [removed: Policy.*](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex97.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex97.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex97.htm)[(incorporated herein by reference to Exhibit 97 to the 2024 Form 10-K).](https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/foxa-20240630x10kex97.htm)] | | |

| 101 | | | The following financial information from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2024] [added: 2025] formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (ii) Consolidated Statements of Comprehensive Income for the fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (iii) Consolidated Balance Sheets as of June 30, [removed: 2024] [added: 2025] and [removed: 2023;] [added: 2024;] (iv) Consolidated Statements of Cash Flows for the fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (v) Consolidated Statements of Equity for the fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] and (vi) Notes to the Consolidated Financial Statements.* | | |

| | | | | | |

| 10.13 | | | [Advisory Services Agreement, dated August 9, 2023, by](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)[and among the Registrant, Viet D. Dinh,](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)[P.C. and Viet D.](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)[Dinh](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm) [(incorporated herein by reference to Exhibit 10.2 to the August 2023 Form](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)[8-K).](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm)[+](https://www.sec.gov/Archives/edgar/data/1754301/000119312523210780/d483179dex102.htm) | | |

| 10.15 | | | [Stockholders Agreement,](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm)[dated as of November 6, 2019, by and between the Registrant and the](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm)[Murdoch Family Trust (incorporated herein by reference to Exhibit 10.1 to the Registrant's](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm)[Current Report on Form 8-K dated November 5, 2019 and filed with the SEC on November 6,](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm) [](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm)[2019).](https://www.sec.gov/Archives/edgar/data/1754301/000119312519285897/d828174dex101.htm) | | |

| Date: August [removed: 8, 2024] [added: 6, 2025] | | | | | | | | |

| /S/ Lachlan K. Murdoch | | | | | | Executive Chair and Chief Executive Officer (Principal Executive Officer) | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ Steven Tomsic | | | | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ Tony Abbott AC | | | | | | Director | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ William A. Burck | | | | | | Director | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ Chase Carey | | | | | | Director | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ Roland A. Hernandez | | | | | | Director | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ Margaret L. Johnson | | | | | | Director | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |

| /S/ Paul D. Ryan | | | | | | Director | | | | | | August [removed: 8, 2024] [added: 6, 2025] | | |