Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 37

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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4 and 2023

Revenues at the Cable Network Programming segment increased $507 million or 31% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $45 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $112 million or 32% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. Also contributing to this increase was sports programming led by higher MLB postseason ratings and pricing and additional postseason games. The increase of $350 million in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $93 million or 16% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $412 million or 44% 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, and MLB postseason costs.

24

For the six months ended December 31, 2024 and 2023

Revenues at the Cable Network Programming segment increased $717 million or 24% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $77 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $143 million or 22% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue and sports programming led by higher MLB postseason ratings. The increase of $497 million in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $234 million or 20% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $465 million or 29% primarily due to higher sports programming rights amortization driven by higher college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of the Féd