Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 66

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 66
---
 $264 **$1,200 $516 $684 ****not meaningful

Overview

For the three months ended December 31, 2024 and 2023

The Company’s revenues increased $844 million or 20% 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. The increase of $113 million or 6% in affiliate fee revenue was primarily due to the impact of higher 

21

average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $225 million, partially offset by the approximately $110 million impact of a lower average number of subscribers across all networks. The increase of $420 million or 21% in advertising revenue was primarily 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. Also contributing to this increase was the approximately $120 million impact of sports programming led by higher Major League Baseball (“MLB”) postseason ratings and National Football League (“NFL”) pricing. The increase of $311 million or 70% in other revenues was primarily due to higher sports sublicensing revenue.

Operating expenses increased $383 million or 11% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $330 million impact of 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, partially offset by the absence of WWE. The remaining increase of $53 million was principally due to higher digital and entertainment production costs.

Selling, general and administrative expenses increased $30 million or 6% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to higher employee and marketing costs.

For the six months ended December 31, 2024 and 2023

The Company’s revenues increased $1.2 billion or 16% 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. The increase of $216 million or 6% in affiliate fee revenue was primarily due to the impact of higher average rates per