• Like a combination of ESPN (for sports) and CNN (for news).
• A media company that owns a national broadcast network (like CBS) plus major cable channels for news (like CNN) and sports (like ESPN).

• Fox News Channel (News Broadcasting Service): A cable television service providing 24/7 news, analysis, and opinion programming.
• Fox Business Network (Business News Broadcasting Service): A cable television service dedicated to business news, financial markets, and economic analysis.
• Fox Sports (Sports Broadcasting Service): Offers live sports events, studio shows, and sports-related content across broadcast television and cable networks.
• FOX Broadcast Network (General Entertainment Broadcasting Service): A national broadcast television network delivering scripted, unscripted, and animated entertainment programming.
• Tubi (Free Streaming Video Service): A free, ad-supported video-on-demand (AVOD) streaming service offering a large library of movies and TV shows.
• Fox Nation (Subscription Streaming Video Service): A subscription streaming service providing original content, documentaries, and exclusive programs focused on news, politics, and culture.
• Owned & Operated Television Stations (Local Television Broadcasting Service): Local television stations broadcasting news, sports, and entertainment programming specific to various geographic markets.

Major Customers of Fox Corporation (FOX)

Fox Corporation (FOX) primarily sells its content and advertising inventory to other companies rather than directly to individuals.

Major Customer Companies:

• Cable, Satellite, and Virtual Multichannel Video Programming Distributors (MVPDs/vMVPDs): These companies license Fox's cable network programming (e.g., FOX News, FS1, FS2) and pay retransmission consent fees for the FOX broadcast network to distribute them to their subscribers.
  • Comcast Corporation (CMCSA)
  • Charter Communications, Inc. (CHTR)
  • Verizon Communications Inc. (VZ)
  • DISH Network Corporation (DISH)
  • Alphabet Inc. (GOOGL) - for YouTube TV
  • The Walt Disney Company (DIS) - for Hulu + Live TV
• Advertisers: A vast number of companies from various industries (e.g., automotive, consumer packaged goods, pharmaceuticals, technology, retail) that purchase advertising slots and sponsorships across Fox's broadcast network, cable channels, and digital platforms (like Tubi) to reach their target audiences. These typically include major national and international brands.

• Amazon.com, Inc. (AMZN)
• Nielsen Holdings plc (NLSN)

Lachlan Murdoch Executive Chair and Chief Executive Officer

Lachlan Murdoch is the Executive Chair and Chief Executive Officer of Fox Corporation. He previously held various senior executive roles at News Corp from 1994 to 2005, including Deputy Chief Operating Officer, and was chairman of Fox Television stations and publisher of the New York Post. In 2005, he founded Illyria Pty Ltd, an Australian private investment company, and through it, he acquired and managed Nova Entertainment, transforming it into Australia's top FM station network. He also made angel investments in companies such as Rokt and Unlockd. He rejoined the family business in 2014, serving as co-chairman and later executive chairman of 21st Century Fox, and was instrumental in the spinoff of FOX by 21st Century Fox, assuming his current role at Fox Corporation in 2019.

Steve Tomsic Chief Financial Officer

Steve Tomsic serves as Chief Financial Officer of Fox Corporation, a position he has held since 2018. Prior to this, he was Deputy Chief Financial Officer of 21st Century Fox (21CF) from 2017 to 2019 and Executive Vice President, Corporate Finance of 21CF from 2015 to 2017. Before joining the 21CF corporate team, he spent five years as the Chief Financial Officer of the German publicly listed company Sky Deutschland AG. His career at 21CF-related entities also included various finance roles across European and Asian corporate offices, European channels businesses, Sky Italia, and FOXTEL in Australia. Before joining 21CF, he worked in Australia at the Boston Consulting Group, Nomura, and ANZ Bank.

John P. Nallen President and Chief Operating Officer

John P. Nallen was named President and Chief Operating Officer for Fox Corporation in February 2025, having previously served as Chief Operating Officer since the company's establishment in March 2019 following the spinoff from 21st Century Fox. From 2013 to 2019, he was the Senior Executive Vice President and Chief Financial Officer for 21st Century Fox, overseeing all financial matters, including capital market and merger and acquisition transactions. He also held the role of Executive Vice President and Deputy Chief Financial Officer of 21CF from 2001 to 2013. Mr. Nallen joined 21CF (then News Corporation) in 1995 from Arthur Andersen, where he was a partner leading its Media and Entertainment practice for 16 years.

Adam G. Ciongoli Chief Legal and Policy Officer

Adam G. Ciongoli serves as Chief Legal and Policy Officer for Fox Corporation, where he is responsible for all legal, compliance, regulatory matters, and government and public affairs. He joined FOX in 2023. Prior to his role at FOX, Mr. Ciongoli was the Executive Vice President, General Counsel and Chief Sustainability, Corporate Responsibility and Governance Officer for Campbell Soup Company.

Gabrielle Brown Chief Investor Relations Officer and Executive Vice President

Gabrielle Brown is the Chief Investor Relations Officer and Executive Vice President for Fox Corporation, responsible for developing and executing the company's investor relations program. She joined FOX from UBS, where she served as a Managing Director specializing in the global internet and media industries.

The escalating competition for exclusive live sports broadcasting rights from technology companies (e.g., Amazon, Apple, Google) and pure-play streaming services poses a significant emerging threat to Fox's sports media division and its traditional broadcast model. These well-capitalized new entrants are aggressively bidding for and acquiring key sports properties, challenging the long-held dominance of traditional broadcasters like Fox in a core revenue and viewership driver. This shift mirrors historical disruptions where new platforms captured exclusive content and distribution, eroding the incumbent's market position.

Fox Corporation (FOX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

• Affiliate Fee Increases: The company anticipates continued growth in affiliate fee revenues, stemming from ongoing renewals and higher average rates across its television and cable network programming segments. This was a consistent driver in fiscal 2024 and 2025, with expectations for it to continue contributing to revenue in fiscal 2026.
• Growth and Profitability of Tubi: Tubi, Fox's ad-supported streaming service, is consistently highlighted as a significant contributor to advertising revenue and engagement. It has demonstrated substantial revenue growth, with a 27% increase in Q1 FY2026, and recently achieved profitability, indicating its increasing impact on the company's financial performance.
• Major Event Advertising: Fiscal years 2025 and 2026 are poised to benefit from significant event cycles, including the Presidential Election and the Super Bowl. These major events are expected to generate substantial advertising revenue across Fox's platforms, building on the strong performance seen in past event cycles.
• Robust Advertising Demand in News and Sports: Beyond specific major events, Fox maintains strong demand for advertising across its core news and sports programming. Fox News, in particular, has shown strong pricing power, and FOX Sports has reported impressive viewership gains in key programming like the NFL and college football, contributing to sustained advertising revenue.
• Digital Expansion and New Platform Launches: Fox is focused on enhancing its digital presence and expanding its streaming offerings. The launch of the Fox One streaming platform and continued strategic investments in its broader digital assets are expected to bolster engagement and provide new avenues for revenue generation.

Share Repurchases

• From fiscal year 2020 through the first quarter of fiscal year 2026 (as of October 30, 2025), Fox Corporation repurchased approximately $6.85 billion of shares.
• In August 2025, the Board of Directors authorized a new share repurchase program of up to $5 billion, increasing the total authorization to $12 billion.
• In October 2025, the company announced a $1.5 billion accelerated share repurchase program, which commenced on October 31, 2025, and is expected to be completed in the second half of fiscal year 2026.

Outbound Investments

• In fiscal year 2020, Fox acquired the advertising-supported streaming platform Tubi and the fintech marketplace Credible.
• In June 2025, Fox Company acquired Caliente TV, a Mexican sports broadcasting platform, to enhance its sports programming and market position in Mexico.
• In July 2025, Fox Company acquired a one-third stake in Penske Entertainment, which includes an extension of media rights for the IndyCar Series, effective from the 2025 season.

Capital Expenditures

• Fox's capital expenditures from fiscal years ending June 2021 to 2025 averaged $364.8 million.
• Capital expenditures peaked at $484 million in June 2021 and reached a 5-year low of $307 million in June 2022.
• For fiscal year 2025, Fox Corporation's capital expenditure was $331 million.