Company: FOX
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001628280-25-024466
Chunk: 50

Company: Fox Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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 use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.Redeemable Noncontrolling InterestsThe redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”), an entertainment production company and a digital media company.The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:For the three months ended March 31, For the nine months ended March 31, 2025202420252024(in millions) Beginning of period$(200)$(243)$(242)$(213)Acquisitions(a)(27)— (27)— Net (income) loss(1)1 — 5 Accretion and redemption value adjustments— (18)41 (52)End of period$(228)$(260)$(228)$(260)(a)See Note 2—Acquisitions, Disposals and Other Transactions.

8

FOX CORPORATIONNOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The put right held by the Credible minority interest shareholder was exercised in December 2024. The Company and the Credible minority interest shareholder will determine the value of the redeemable noncontrolling interest as part of a predetermined fair market value process.The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027. The put right held by the digital media company’s minority shareholders will become exercisable in fiscal 2030.Financial InstrumentsThe carrying value of the Company’s financial instruments exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments accounted for using the measurement alternative method, approximates fair value.As ofMarch 31,2025As ofJune 30,2024(in millions)BorrowingsFair value$7,161 $7,017 Carrying value$7,201 $7,197 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement).Concentrations of Credit RiskCash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.Generally,