Fox 10-Q 2025-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

or

For the transition period from _________ to _________

Commission File Number 001-38776

FOX CORPORATION

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code (212) 852-7000

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 8, 2025, 214,037,161 shares of Class A Common Stock, par value $0.01 per share, and 235,581,025 shares of Class B Common Stock, par value $0.01 per share, were outstanding.

FOX CORPORATION

FORM 10-Q

TABLE OF CONTENTS

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Readers should carefully review this document and the other documents filed by Fox Corporation (“FOX” or the “Company”) with the Securities and Exchange Commission (the “SEC”). This section should be read together with the unaudited interim consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended June 30, (“fiscal”) 2024 as filed with the SEC on August 8, 2024 (the “2024 Form 10-K”). The Unaudited Consolidated Financial Statements are referred to as the “Financial Statements” herein.

INTRODUCTION

Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:

• Overview of the Company’s Business**—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and nine months ended March 31, 2025 and 2024 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 the three and nine months ended March 31, 2025 and 2024. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

• Liquidity and Capital Resource****s**—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2025 and 2024, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of March 31, 2025. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.

• Caution Concerning Forward-Looking Statements**—This section provides a description of the use of forward-looking information appearing in this Quarterly Report on Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations. Such information is based on management’s current expectations about future events which are subject to change and to inherent risks and uncertainties. Refer to Part I., Item 1A. “Risk Factors” in the 2024 Form 10-K for a discussion of the risk factors applicable to the Company.

OVERVIEW OF THE COMPANY’S BUSINESS

The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:

• Cable Network Programming**, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.

• Television**, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising-supported video-on-demand (“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 Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.

The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance

marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.

RESULTS OF OPERATIONS

Results of Operations—For the three and nine months ended March 31, 2025 versus the three and nine months ended March 31, 2024.

The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

Overview

For the three months ended March 31, 2025 and 2024

The Company’s revenues increased $924 million or 27% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $67 million or 3% 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 $180 million, partially offset by the approximately $110 million impact of a lower average number of subscribers across all networks. The increase of $801 million or 65% in advertising revenue was primarily due to revenues from the broadcast of Super Bowl LIX in February 2025 of approximately $700 million after agency commissions. The remaining increase of approximately $100 million was primarily due to continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. The increase of $56 million or 20% in other revenues was primarily due to higher sports sublicensing revenue.

Operating expenses increased $915 million or 45% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to the impact of higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025, higher college football costs, including licensing costs for rights that are sublicensed, and higher digital content and marketing costs.

Selling, general and administrative expenses increased $41 million or 8% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher employee costs.

For the nine months ended March 31, 2025 and 2024

The Company’s revenues increased $2.1 billion or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $283 million or 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 $615 million, partially offset by the approximately $330 million impact of a lower average number of subscribers across all networks. The increase of $1.4 billion or 30% in advertising revenue was primarily due to the approximately $850 million impact related to sports content 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 $500 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 ratings and pricing. The increase of $492 million or 50% in other revenues was primarily due to higher sports sublicensing revenue.

Operating expenses increased $1.5 billion or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $1.2 billion impact of higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher NFL and college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of WWE. The remaining increase of approximately $250 million was primarily due to higher digital content and marketing costs and higher newsgathering costs principally due to the 2024 presidential election.

Selling, general and administrative expenses increased $93 million or 6% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher employee costs.

Restructuring, impairment and other corporate matters—See Note 11—Additional Financial Information to the accompanying Financial Statements under the heading “Restructuring, Impairment and Other Corporate Matters.”

Interest expense, net— Interest expense, net increased $16 million or 9% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to lower interest income as a result of lower average cash and cash equivalent balances, partially offset by a lower average amount of debt outstanding.

Non-operating other, net—See Note 11—Additional Financial Information to the accompanying Financial Statements under the heading “Non-Operating Other, net.”

Income tax expense—The Company’s tax provision and related effective tax rate for the three and nine months ended March 31, 2025 of 25% was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.

The Company's tax provision and related effective tax rate for the three and nine months ended March 31, 2024 of 27% and 25% respectively, was higher than the statutory rate of 21% primarily due to state taxes.

Net income —Net income decreased $350 million or 50% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to a change in fair value of the Company’s investments in equity securities and the absence of a gain on a contribution of assets, partially offset by lower provision for income tax. Net Income increased $340 million or 28% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher Segment EBITDA (as defined below) and a change in fair value of the Company’s investments in equity securities, partially offset by the absence of a gain on a contribution of assets, the legal settlement and other costs associated with the discontinuation of Venu Sports (See Note 2—Acquisitions, Disposals and Other Transactions to the accompanying Financial Statements) and higher provision for income tax.

Segment Analysis

The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.

Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate performance and allocate resources.

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

Cable Network Programming (41% of the Company’s revenues for the first nine months of fiscal 2025 and 2024)

For the three months ended March 31, 2025 and 2024

Revenues at the Cable Network Programming segment increased $164 million or 11% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $31 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $76 million or 26% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. The increase of $57 million or 79% in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $59 million or 7% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $102 million or 20% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed.

For the nine months ended March 31, 2025 and 2024

Revenues at the Cable Network Programming segment increased $881 million or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $108 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $219 million or 23% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue and the impact related to sports content led by higher pricing and Major League Baseball postseason ratings. The increase of $554 million in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $293 million or 15% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $567 million or 27% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of the Fédération International de Football Association Women’s World Cup in the current year. Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election. Selling, general and administrative expenses increased $18 million or 4% primarily due to higher employee costs.

Television (59% and 58% of the Company’s revenues for the first nine months of fiscal 2025 and 2024, respectively)

For the three months ended March 31, 2025 and 2024

Revenues at the Television segment increased $766 million or 40% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $725 million or 77% in advertising revenue was primarily due to revenues from the

broadcast of Super Bowl LIX in February 2025 and continued digital growth led by the Tubi AVOD service. The increase of $36 million or 4% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $5 million or 3% in other revenues was primarily due to higher content revenue.

Television Segment EBITDA decreased $85 million or 59% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, as the revenue increases noted above were more than offset by higher expenses. Operating expenses increased $819 million or 53% primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher digital content and marketing costs. Selling, general and administrative expenses increased $32 million or 13% primarily due to higher employee costs.

For the nine months ended March 31, 2025 and 2024

Revenues at the Television segment increased $1.4 billion or 22% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $1.1 billion or 32% in advertising revenue was primarily due to the impact related to sports content 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 $175 million or 8% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $52 million or 12% in other revenues was primarily due to higher content revenue.

Television Segment EBITDA increased $279 million or 78% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $1 billion or 20% primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher NFL costs and higher digital content and marketing costs partially offset by the absence of WWE. Selling, general and administrative expenses increased $66 million or 9% primarily due to higher employee costs.

Corporate and Other

For the three and nine months ended March 31, 2025 and 2024

Revenues within Corporate and Other for the three and nine months ended March 31, 2025 and 2024 include revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and nine months ended March 31, 2025 and 2024 include advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and nine months ended March 31, 2025 and 2024 primarily relate to employee costs, professional fees and the costs of operating the FOX Studio Lot.

Non-GAAP Financial Measures

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments,

Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense.

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

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

The following table reconciles Net income to Adjusted EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

The following table sets forth the computation of Adjusted EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024.

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company has approximately $4.8 billion of cash and cash equivalents as of March 31, 2025 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of March 31, 2025, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.

The principal uses of cash that affect the Company’s liquidity position include the following: the acquisition of rights and related payments for entertainment and sports programming; operational expenditures including production costs; marketing and promotional expenses; expenses related to broadcasting the Company’s programming; employee and facility costs; capital expenditures; acquisitions, including redeemable noncontrolling interests; income taxes, interest and dividend payments; debt repayments; legal settlements; and stock repurchases.

The Company has evaluated, and expects to continue to evaluate, possible acquisitions and dispositions of certain businesses and assets. Such transactions may be material and may involve cash, the Company’s securities or the assumption of additional indebtedness.

Sources and Uses of Cash

Net cash provided by operating activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):

The increase in net cash provided by operating activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher Segment EBITDA, principally due to higher political advertising receipts from the 2024 presidential and congressional elections, and lower restructuring payments, partially offset by higher sports and entertainment programming costs and higher tax and legal settlement payments (See Note 14—Commitments and Contingencies to the accompanying Financial Statements).

Net cash used in investing activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):

The increase in net cash used in investing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to the fiscal 2025 acquisition (See Note 2—Acquisitions, Disposals, and Other Transactions to the accompanying Financial Statements), partially offset by a decrease in capital expenditures and the Company’s investments.

Net cash used in financing activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):

The decrease in net cash used in financing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher proceeds received from the exercise of employee stock options and the net impact of the October 2023 issuance of $1.25 billion of senior notes and the repayment of $1.25 billion of senior notes that matured in January 2024.

Stock Repurchase Program

See Note 6—Stockholders’ Equity to the accompanying Financial Statements under the heading “Stock Repurchase Program.”

Dividends

The Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended March 31, 2025, which was paid on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.

Debt Instruments

Borrowings include senior notes (See Note 5—Borrowings to the accompanying Financial Statements).

Ratings of the Senior Notes

The following table summarizes the Company’s credit ratings as of March 31, 2025:

Revolving Credit Agreement

The Company has an unused five-year $1.0 billion unsecured revolving credit facility with a maturity date of June 2028 (See Note 5—Borrowings to the accompanying Financial Statements).

Commitments and Contingencies

See Note 8—Commitments and Contingencies to the accompanying Financial Statements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

There have been no material changes to the accounting policies and estimates as described in Part II., Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in the 2024 Form 10-K.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements regarding (i) future earnings, revenues or other measures of the Company’s financial performance; (ii) the Company’s plans, strategies and objectives for future operations; (iii) proposed new programming or other offerings; (iv) future economic conditions or performance; and (v) assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” or any other similar words.

Although the Company’s management believes that the expectations reflected in any of the Company’s forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any forward-looking statements. The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the SEC. Important factors that could cause the Company’s actual results, performance and achievements to differ materially from those estimates or

projections contained in the Company’s forward-looking statements include, but are not limited to, government regulation, economic, strategic, political and social conditions and the following factors:

• evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs;

• declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy including the impact of tariffs, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers’ expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies’ ability to accurately reflect actual viewership levels;

• further declines in the number of subscribers to MVPD services;

• the failure to enter into or renew on favorable terms, or at all, affiliation or carriage agreements or arrangements through which the Company makes its content available for viewing through online video platforms;

• the highly competitive nature of the industry in which the Company’s businesses operate;

• the popularity of the Company’s content, including special sports events; and the continued popularity of the sports franchises, leagues and teams for which the Company has acquired programming rights;

• the Company’s ability to renew programming rights, particularly sports programming rights, on sufficiently favorable terms, or at all;

• damage to the Company’s brands or reputation;

• the inability to realize the anticipated benefits of the Company’s strategic investments and acquisitions, and the effects of any combination or significant acquisition, disposition or other similar transaction involving the Company;

• the loss of key personnel;

• labor disputes, including labor disputes involving professional sports leagues whose games or events the Company has the right to broadcast;

• lower than expected valuations associated with the Company’s reporting units, indefinite-lived intangible assets, investments or long-lived assets;

• a degradation, failure or misuse of the Company’s network and information systems and other technology relied on by the Company that causes a disruption of services or improper disclosure of personal data or other confidential information;

• content piracy and signal theft and the Company’s ability to protect its intellectual property rights;

• the failure to comply with laws, regulations, rules, industry standards or contractual obligations relating to privacy and personal data protection;

• changes in tax, federal communications or other laws, regulations, practices or the interpretations thereof;

• the impact of any investigations or fines from governmental authorities, including Federal Communications Commission (“FCC”) rules and policies and FCC decisions regarding revocation, renewal or grant of station licenses, waivers and other matters;

• the failure or destruction of satellites or transmitter facilities the Company depends on to distribute its programming;

• unfavorable litigation outcomes or investigation results that require the Company to pay significant amounts or lead to onerous operating procedures;

• changes in GAAP or other applicable accounting standards and policies;

• the Company’s ability to secure additional capital on acceptable terms;

• the impact of widespread health emergencies or pandemics and measures to contain their spread; and

• the other risks and uncertainties detailed in Part I, Item 1A. ‘Risk Factors’ in the 2024 Form 10-K.

Forward-looking statements in this Quarterly Report speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference hereto speak only as of the date of those documents. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement made herein or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in our expectations, except as required by law.

There have been no material changes in the market risks reported in the 2024 Form 10-K.

**(a)**Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective in recording, processing, summarizing and reporting on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**(b)**Changes in Internal Control over Financial Reporting

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 third quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

See Note 8—Commitments and Contingencies to the accompanying Unaudited Consolidated Financial Statements of FOX under the heading “Contingencies” for a discussion of the Company’s legal proceedings.

There have been no material changes to the risk factors described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on August 8, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Below is a summary of the Company’s repurchases of its Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”) during the three months ended March 31, 2025:

In total, the Company repurchased approximately 17 million shares of Class A Common Stock for approximately $750 million during the nine months ended March 31, 2025.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

Not applicable.

(a) Exhibits.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.