Company: FOX
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001628280-25-042772
Chunk: 38

Company: Fox Corp
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 38
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 all major traditional and virtual multi-channel video programming distributor (“MVPD”) services, reflecting the highly coveted nature of the Company’s content.

| 22 |     | 2025 Proxy Statement |

#### COMPENSATION DISCUSSION AND ANALYSIS
• The Company generated robust advertising revenue growth of 26% as its portfolio of leading live news and sports brands continued to deliver engaged, real-time audiences at scale. During the fiscal year, the Company saw record revenues from both the U.S. presidential election cycle and the broadcast of Super Bowl LIX .

• The Company ended the fiscal year with approximately $5.4 billion of cash and cash equivalents on its balance sheet while returning approximately $1.25 billion of capital to its stockholders through the Company’s cash dividend and its stock repurchase program and retiring $600 million of debt in fiscal 2025. As of June 30, 2025, the Company has repurchased approximately $6.6 billion (approximately 190 million shares) under the stock repurchase program since the program’s launch in November 2019, with approximately $1 billion repurchased during fiscal 2025.

• FOX continues to broaden and deepen its corporate social responsibility efforts, with a focus on local community engagement. Our recent environmental, social and governance achievements are highlighted in FOX’s annual Corporate Social Responsibility Report, published in August 2025.

| Use of Information on Peer Companies and Industry Trends |

A competitive compensation program is essential to attract and retain talented executives with the requisite skills and experience to successfully manage the Company’s businesses. The Company competes against a relatively small number of large, complex, diversified and publicly traded broadcasting, cable and satellite, and entertainment companies. The Compensation Committee considers the compensation practices of a peer group of companies (the “Peer Group”), FOX’s performance relative to the performance of members of the Peer Group, as well as evolving broad market practices to ensure that it remains informed of current developments when making compensation decisions. Because of the complex mix of industries and markets in which the Company operates, the Compensation Committee does not target any element of compensation or total compensation to a specific level relative to the Peer Group. The goal of the Compensation Committee is to provide total compensation packages that are competitive with prevailing practices in our industry and are reflective of FOX’s performance in our industry relative to the Peer Group.

The Compensation Committee, with advice from FW Cook, its independent compensation consultant, annually reviews the Peer Group and approves updates to its composition as necessary to better reflect the Company’s competitive landscape and account for