Company: FOX
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001628280-25-024466
Chunk: 36

Company: Fox Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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Advertising372 296 76 26 %1,153 934 219 23 %Other129 72 57 79 %997 443 554 **Total revenues1,636 1,472 164 11 %5,398 4,517 881 20 %Operating expenses(601)(499)(102)(20)%(2,657)(2,090)(567)(27)%Selling, general and administrative(158)(158)— — %(467)(449)(18)(4)%Amortization of cable distribution investments1 4 (3)(75)%9 12 (3)(25)%Segment EBITDA$878 $819 $59 7 %$2,283 $1,990 $293 15 %**not meaningful

24

For the three months ended March 31, 2025 and 2024

Revenues at the Cable Network Programming segment increased $164 million or 11% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $31 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $76 million or 26% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. The increase of $57 million or 79% in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $59 million or 7% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $102 million or 20% 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.

For the nine months ended March 31, 2025 and 2024

Revenues at the Cable Network Programming segment increased $881 million or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $108 million or 3% as higher average rates per subscriber were partially offset by a decrease in