Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 62

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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RevenuesCable Network Programming$1,662 $1,597 $65 4 %Television2,050 1,953 97 5 %Corporate and Other89 65 24 37 %Eliminations(63)(51)(12)(24)%Total revenues$3,738 $3,564 $174 5 %

 For the three months ended September 30,20252024Change% Change(in millions, except %)Better/(Worse)Segment EBITDACable Network Programming$800 $748 $52 7 %Television399 372 27 7 %Corporate and Other(134)(72)(62)(86)%Adjusted EBITDA(a)$1,065 $1,048 $17 2 %(a)For a discussion of Adjusted EBITDA and a reconciliation of Net income to Adjusted EBITDA, see “Non-GAAP Financial Measures” below.

Cable Network Programming (44% and 45% of the Company’s revenues for the first three 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 CONMEB