Company: FOX
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0001628280-25-038077
Chunk: 28

Company: Fox Corp
Filing Date: 2025-08-06
Form: 10-K
Item: Item 1
Chunk 28
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 is expected to be completed in the first half of fiscal 2026.

FOX One

In February 2025, FOX announced a wholly-owned, direct-to-consumer streaming service called FOX One, offering to subscribers live streaming and on-demand access to the full portfolio of FOX brands, including FOX News, FOX Sports, the FOX Network, the Big Ten Network, FOX Business, FOX Weather, FS1, FS2, FOX Deportes and FOX Television Stations. The service is expected to launch by the Fall of 2025 and expand the reach of the Company’s programming beyond FOX’s existing footprint.

Investments

Flutter

The Company holds an equity interest in Flutter, an online sports betting and gaming company with operations in the U.S. and internationally. The Company owns approximately 4.3 million ordinary shares, which represents approximately 2.4% of Flutter as of June 30, 2025. In addition, FOX Sports holds a 10-year call option expiring in December 2030 to acquire an 18.6% equity interest in Flutter's majority-owned subsidiary, FanDuel Group ("FanDuel"), the exercise of which is subject to certain conditions and applicable gambling 

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regulatory approvals. As of June 30, 2025, the option exercise price is approximately $4.5 billion. FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option. In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX's consent or approval from the arbitrator who presided over a FOX-Flutter arbitration in 2021 and 2022.

United Football League

Launched in January 2024, the UFL is a professional spring football league that consists of eight teams playing a 40-game regular season schedule in addition to two playoff games and a championship game. FOX Sports and Disney/ESPN are the domestic distribution partners of the UFL games under multi-year rights agreements. As of June 30, 2025, the Company owns approximately 42% of the UFL.

Government Regulation

The Communications Act and FCC Regulation

The television broadcast industry in the U.S. is highly regulated by federal laws and regulations issued and administered by various agencies, including the FCC. The FCC regulates television broadcasting, and certain aspects of the operations of cable, satellite and other electronic media that compete with broadcasting, pursuant to the Communications Act of 1934, as amended (the “Communications Act”). The introduction of new laws and regulations or changes in