Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 16

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:Fair value measurements As of December 31, 2024 Total Level 1Level 2Level 3 (in millions) Investments in equity securities$1,132 $1,132 (a)$— $— Redeemable noncontrolling interests(200)— — (200)(b)Total$932 $1,132 $— $(200)

7

FOX CORPORATIONNOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Fair value measurementsAs of June 30, 2024Total Level 1 Level 2Level 3(in millions)Investments in equity securities$797 $797 (a)$— $— Redeemable noncontrolling interests(242)— — (242)(b)Total$555 $797 $— $(242)(a)The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.(b)The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.Redeemable Noncontrolling InterestsThe redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company.The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:For the three months ended December 31, For the six months ended December 31, 2024202320242023(in millions) Beginning of period$(202)$(228)$(242)$(213)Net (income) loss(1)4 1 4 Accretion and redemption value adjustments3 (19)41 (34)End of period$(200)