Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 73

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 higher content revenue.

Television Segment EBITDA increased $364 million for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $194 million or 5% primarily due to higher sports programming rights amortization and production costs principally due to higher NFL costs partially offset by the absence of WWE and higher digital content costs. Selling, general and administrative expenses increased $34 million or 7% primarily due to higher employee and marketing costs.

Corporate and Other

 For the three months ended December 31,For the six months ended December 31, 20242023Change% Change20242023Change% Change(in millions, except %)  Better/(Worse)Better/(Worse)Revenues$58 $49 $9 18 %$123 $103 $20 19 %Operating expenses(16)(14)(2)(14)%(36)(30)(6)(20)%Selling, general and administrative(123)(111)(12)(11)%(240)(238)(2)(1)%Segment EBITDA$(81)$(76)$(5)(7)%$(153)$(165)$12 7 %

For the three and six months ended December 31, 2024 and 2023

Revenues within Corporate and Other for the three and six months ended December 31, 2024 and 2023 include revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and six months ended December 31, 2024 and 2023 include advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and six months ended December 31, 2024 and 2023 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