Company: FOX
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0001628280-25-038077
Chunk: 98

Company: Fox Corp
Filing Date: 2025-08-06
Form: 10-K
Item: Item 7
Chunk 98
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 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $269 million or 21% in advertising revenue was primarily due to 

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higher news pricing and audiences and higher news digital advertising revenue. The increase of $578 million in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $337 million or 13% for fiscal 2025, as compared to fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $607 million or 23% 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, partially offset by the absence of the Fédération Internationale de Football Association Women’s World Cup and the Union of European Football Associations European Championship in the current year. Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election. Selling, general and administrative expenses increased $25 million or 4% principally due to higher employee costs.

Television (57% and 56% of the Company’s revenues in fiscal 2025 and 2024, respectively)

 For the years ended June 30, 20252024$ Change% Change(in millions, except %)Better/(Worse)RevenuesAdvertising$5,334 $4,182 $1,152 28 %Affiliate fee3,340 3,136 204 7 %Other651 557 94 17 %Total revenues9,325 7,875 1,450 18 %Operating expenses(7,308)(6,372)(936)(15)%Selling, general and administrative(1,072)(997)(75)(8)%Segment EBITDA$945 $506 $439 87 %

Revenues at the Television segment increased $1.5 billion or 18% for fiscal 2025, as compared to fiscal 2024, due to higher advertising, affiliate and other revenues. The increase of $1.2 billion or 28% in advertising revenue was primarily due to the impact related to sports programming led by revenues from the broadcast of Super Bowl LIX in February 2025 and higher pricing. Also contributing to this increase was the impact of higher political advertising revenue due to the 202