Fox Corporation (FOXA) Business Profile

What it does

Fox Corporation is a news, sports and entertainment company that produces and distributes programming for viewers, television distributors and advertisers. Founded in 2019, it is headquartered in New York City and led by Chief Executive Officer Lachlan Murdoch.

Its Cable Network Programming business produces and licenses news and sports content. Its properties include FOX News, FOX Business, FS1, FS2, the Big Ten Network and FOX Deportes. Cable and satellite providers, internet-based television distributors and other digital platforms carry the programming, primarily in the United States.

The Television business includes the FOX broadcast network, local television stations and Tubi, a streaming service supported by advertising. FOX produces or acquires programs for its network and also produces content for other companies. Viewers can watch through broadcast affiliates, FOX-owned stations and digital platforms. FOX One, a separate subscription streaming service, lets customers pay to stream FOX content directly.

FOX also operates Credible, a U.S. consumer finance marketplace, and the FOX Studio Lot in Los Angeles. The studio lot provides production services and office space to FOX and other clients. The company organizes Cable Network Programming and Television as its two reportable segments; Credible and the studio lot are included in Corporate and Other.

How it makes money

Fiscal 2026 revenue was $17 billion; fiscal first-quarter 2027 revenue was $4.6 billion.

FOX earns most of its revenue from distribution fees and advertising. In fiscal 2026, approximately 47% came from distribution, approximately 43% from advertising and approximately 10% from other operating activities. Distribution revenue includes monthly fees paid by television distributors to carry FOX cable networks and owned stations, payments from independently owned FOX affiliates, and monthly or annual subscriptions to FOX streaming services.

For its owned broadcast stations, FOX has historically negotiated retransmission consent: distributors pay for permission to carry the stations’ signals. Cable network agreements also provide subscriber-based license fees. These arrangements and direct subscriptions give FOX recurring revenue, although subscriber counts and negotiated rates can change.

Advertising revenue comes from selling commercial time in network programs, on local stations and across digital properties. Tubi provides advertising-supported viewing, while FOX One and FOX Nation charge for subscriptions. FOX also earns content and other revenue, including sports sublicensing and digital content revenue.

In fiscal 2026, Television revenue was $9.7 billion and Cable Network Programming revenue was $7.3 billion. FOX allocates certain revenues and expenses between its integrated segments, and intersegment transactions are eliminated in consolidation.

In fiscal first-quarter 2027, advertising revenue grew 47%, led by the FIFA Men’s World Cup, political advertising and Tubi. Distribution revenue grew 9%, helped by growth in both cable and television. Quarterly expenses also rose, led by World Cup and digital content costs.

Segment	Revenue, FY2026	Share	Change on the year
Television	$9.7 billion	56.8%	3.66%
Cable Network Programming	$7.3 billion	43.2%	6.03%

Customers and how it sells

FOX serves viewers, advertisers, television distributors and independent broadcast affiliates. Viewers receive programming through cable and satellite subscriptions, internet-based television packages, broadcast stations and FOX’s own streaming services. Advertisers buy access to audiences across national programming, local stations and digital properties.

The cable and television businesses operate primarily in the United States. FOX Sports and FOX Entertainment programming on the FOX Network is available in virtually every U.S. market. FOX owns 29 full power broadcast stations, covering 18 designated market areas, including 15 of the 16 largest. Tubi carries local station feeds as well as entertainment, news and sports content.

FOX News is available in approximately 55 million U.S. households through television distributors and in additional households through FOX One. FOX One is intended to reach people outside the company’s existing distribution footprint, including viewers who have dropped or never had a traditional television package.

Outside the United States, FOX Latin America offers sports programming in Mexico and Central America through television, Tubi and a subscription streaming service. FOX Sports Racing is distributed in Canada and the Caribbean. FOX Entertainment Studios also produces or co-produces content for third-party streaming services, including Netflix, Amazon Prime Video and Apple TV.

Segment	Revenue, FY2026	Share	Change on the year
Television	$9.7 billion	56.8%	3.66%
Cable Network Programming	$7.3 billion	43.2%	6.03%

Suppliers and costs

FOX relies on sports leagues and other rights holders for programming, as well as production companies and creative talent. It also produces content internally and co-produces programs with partners. FOX Sports has secured a significant portion of its marquee rights under long-term contracts, including an NFL media rights agreement that is subject to an NFL termination right after the 2029 season.

Sports rights and production are major costs. In fiscal 2026, operating expenses rose because of the launch of FOX One and higher digital content costs, partly offset by lower sports rights amortization. The comparison included the absence of the prior year’s Super Bowl broadcast, partly offset by soccer rights and higher NFL costs.

In fiscal first-quarter 2027, cable expenses increased because of sports rights, production and news programming costs. Television expenses rose because of sports rights amortization, World Cup production and higher Tubi content costs. Selling, general and administrative expenses include employee costs and spending associated with launching FOX One. FOX also maintains technology, studio and administrative facilities to support production and distribution.

1. Revenue$17.1B
2. Cost of revenue−$10.9B
3. Selling, general and administrative−$2.4B
4. Other operating costs−$410.0M
5. Operating income$3.5B

Competitive position

FOX competes for viewers, advertising, distribution and programming rights across broadcast television, cable and streaming. FOX News competes with national broadcast news divisions and cable news networks including CNN and MS NOW. FOX Business competes with CNBC and Bloomberg Television.

FOX’s sports networks compete with cable networks including ESPN, TNT and CBS Sports Network, league-owned channels, and streaming services including Netflix, Amazon Prime Video and Apple TV. The FOX broadcast network and Tubi also compete with other broadcasters and streaming services for audiences, programs and advertising. ABC, NBC and CBS broadcast more hours of programming than the FOX Network, giving them more flexibility to schedule or change programs.

FOX News has been the top-rated national cable news channel in weekday primetime viewing for over 24 consecutive years. FOX Sports holds rights to live events including NFL games and the World Series, while FOX’s owned stations cover major local markets. Tubi finished fiscal 2026 averaging approximately 2.2% of all U.S. television viewing.

Our reading: FOX’s news audience and live sports rights support its competitive position because they bring viewers to programming that distributors and advertisers want, although rights must be maintained. Our reading: its station footprint and digital services broaden distribution, but viewers and advertisers can choose among many competing platforms.

Competitor	Where they compete	Threat (our reading)
CNN	Cable news viewers and advertisers	Medium
ABC	Broadcast audiences, programming and advertising	High
NBC	Broadcast audiences, programming and advertising	High
CBS	Broadcast audiences, programming and advertising	High
Netflix	Streaming audiences, programming and sports rights	Medium

Growth opportunities

FOX is expanding direct distribution alongside its television businesses. FOX One, launched in August 2025, offers a subscription route to FOX programming for people outside traditional pay television. FOX said that including incremental FOX One subscribers produced positive subscriber growth over the trailing 12 months through fiscal first-quarter 2027. It also plans to roll out further bundles as the service develops.

Tubi gives FOX an advertising-supported streaming platform. In fiscal 2026, the service added original titles and creator-led episodes to its library. In fiscal first-quarter 2027, Tubi revenue grew 35% year on year and total view time increased 23%. FOX also plans to stream its NFL Thanksgiving Day game on Tubi.

FOX continues to invest in programming, including sports rights and internally produced entertainment. It added rights to two additional NFL regular-season game windows for the 2026 season and renewed rights to the CONCACAF Gold Cup in 2027 and 2029. Its production businesses also make content for third-party services.

FOX has agreed to acquire Roku for cash and FOX shares, subject to closing conditions. FOX expects the combination to connect its content and Tubi service with Roku’s connected-TV platform and streaming businesses. As of fiscal first-quarter 2027, the companies had received required shareholder and foreign regulatory approvals and were working to obtain U.S. antitrust clearance.

1. $14.0BFY2022
2. $14.9BFY2023
3. $14.0BFY2024
4. $16.3BFY2025
5. $17.1BFY2026

Structural risks

• Changing viewing and distribution: Changes in consumer behavior, technology and distribution platforms challenge existing business models. In fiscal 2026, lower average subscriber numbers reduced distribution revenue, although higher rates and affiliate fees more than offset that effect.

• Programming and advertising competition: FOX competes for sports rights, programming, viewers, distributors and advertisers. Audience response to programs can be difficult to predict, and advertising sales depend partly on audience size, demographics, pricing and economic conditions.

• Roku transaction: The acquisition may be delayed or fail if closing conditions are not met. It also involves transaction and integration costs, restrictions on FOX’s business before completion, and potential termination payments in specified circumstances. U.S. antitrust clearance remains outstanding.

• Technology and privacy: Failure, degradation or misuse of FOX’s systems could disrupt services or expose personal or confidential data. Privacy and data-security requirements can also result in compliance costs, changes to business practices, litigation or penalties.

• Regulation: FOX’s broadcast stations require FCC licenses, and changes in laws, regulations or their enforcement can affect operations. Reduced availability of satellite spectrum could interfere with transmissions and hinder delivery to affiliates and distributors.

• Shareholder voting: FOX has a dual-class structure under which Class A holders can vote only in limited circumstances. Its governing provisions also restrict how stockholders can call meetings or act without a meeting.

Leadership

FOX has a dual-class share structure: Class A stockholders can vote only in limited circumstances. LGC Holdco and its manager agreed to vote their FOX Class B shares, representing approximately 38.8% of Class B voting power as of June 30, 2026, in favor of issuing shares for the Roku transaction.

Name	Role	Since	Total pay, FY2026
Lachlan K. MurdochExecutive	Chair andChief Executive Officer	—	$31.0 million
John P. NallenPresident and	Chief Operating Officer	—	$18.1 million
Steven TomsicChief Financial Officer		—	$10.1 million
Adam CiongoliChief Legal and PolicyOfficer		—	$10.1 million

Bottom line

Our reading

FOX combines recurring distribution fees with advertising sales built around news, live sports and entertainment. Its broadcast stations, cable networks and streaming services give it several routes to viewers, while changes in pay-TV subscriptions and the cost of programming remain important to its economics. [item1, item7]

Tubi and FOX One extend the business into direct streaming, while the proposed Roku acquisition could add a connected-TV platform but remains subject to U.S. antitrust clearance. [call_prepared, item1]