Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 78

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 78
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 months of fiscal 2026 and 2025, respectively) For the three months ended September 30, 20252024Change% Change(in millions, except %)  Better/(Worse)RevenuesDistribution$1,090 $1,062 $28 3 %Advertising345 321 24 7 %Content and other227 214 13 6 %Total revenues1,662 1,597 65 4 %Operating expenses(703)(702)(1)— %Selling, general and administrative(159)(151)(8)(5)%Amortization of cable distribution investments— 4 (4)(100)%Segment EBITDA$800 $748 $52 7 %

For the three months ended September 30, 2025 and 2024 

Revenues at the Cable Network Programming segment increased $65 million or 4% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution revenue increased $28 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $24 million or 7% in advertising revenue was primarily due to higher news pricing partially offset by 

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the absence of the broadcast of CONMEBOL Copa América in the current year. The increase of $13 million or 6% in content and other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $52 million or 7% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $1 million primarily due to higher sports programming rights amortization and production costs led by international soccer rights acquired in the current year. This increase was largely offset by lower newsgathering costs led by the absence of the 2024 presidential election. Selling, general and administrative expenses increased $8 million or 5% primarily due to higher employee costs.

Television (55% of the Company’s revenues for the first three months of fiscal 2026 and 2025)

 For the three months ended September 30, 20252024Change% Change(in millions, except %)Better/(Worse)RevenuesAdvertising$1,067