Fox Corp (NASDAQ: FOX)

Fox Corporation is a news, sports and entertainment company that creates and distributes content through traditional and digital platforms primarily in the United States. The company manages its operations through four key areas: Cable Network Programming, Television, Credible, and the FOX Studio Lot, with two primary reportable segments being Cable Network Programming and Television. Fox Corporation delivers news, sports and entertainment programming via cable networks, broadcast television, streaming services and local television stations.

Fox Corporation generates revenue primarily through affiliate fees from cable and satellite distributors, advertising sales across its television and digital platforms, and licensing of its content to third parties. The Cable Network Programming segment earns revenue by licensing news and sports content to traditional and virtual multichannel video programming distributors. The Television segment derives income from advertising on the FOX broadcast network, the Tubi ad-supported video-on-demand service, and its owned local television stations, while the FOX Studio Lot provides production services and leases office space to external clients.

The company operates through the following segments: Cable Network Programming and Television.

• Cable Network Programming: This segment produces and licenses news, business news and sports content for distribution through traditional and virtual MVPDs and other digital platforms. It includes FOX News Media, which encompasses the FOX News and FOX Business networks, and the primary cable sports programming networks FS1, FS2, the Big Ten Network and FOX Deportes. FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing for over 20 consecutive years.

• Television: This segment produces, acquires, markets and distributes programming through the FOX broadcast network, the Tubi AVOD service, broadcast television stations and other digital platforms. It includes the FOX Network, which delivers national sports and entertainment programming, Tubi, a leading ad-supported video-on-demand service with nearly 300,000 movies and television episodes, and FOX Television Stations, which owns and operates 29 full power broadcast television stations across 18 local markets. Tubi generated approximately 11 billion hours of total view time in fiscal 2025.

Fox Corporation holds strong leadership positions in its core businesses, with FOX News maintaining top ratings in cable news for over two decades and FOX Sports serving as a major broadcaster for events such as the NFL, MLB, NASCAR and FIFA tournaments. The company faces competition from entities such as CNN, MSNBC, ESPN, TNT and other broadcast and cable networks, but differentiates itself through its focus on live, appointment-based content and its extensive reach across both national and local platforms.

The company serves a broad audience of viewers across the United States, including households that subscribe to traditional cable and satellite services, users of streaming platforms such as Tubi, and local communities served by its owned television stations. Its advertisers include national and regional brands seeking to reach demographics such as adults aged 18 to 49, particularly those aged 18 to 34, who are highly valued by media buyers for their purchasing power and engagement with live sports and entertainment content.