0001628280-24-003624 | 10-Q | XBRL Viewer

Amortization of cable distribution investments

$ 4,234

$ 4,605

$ 7,441

$ 7,797

(4)

(8)

Income before income tax expense

(97)

(103)

(193)

(202)

Interest expense, net

(72)

(60)

(114)

(128)

Other, net

(46)

(212)

(3)

131

437

692

1,282

Income tax expense

(16)

(116)

(162)

(348)

Less: Net income attributable to noncontrolling interests

115

321

530

934

^[1]

(6)

(8)

(14)

(16)

Net income attributable to Fox Corporation stockholders

109

313

516

918

Cable Network Programming

1,658

1,632

3,045

3,063

Segment EBITDA

564

353

1,171

1,095

(19)

(17)

(37)

(34)

Television

2,542

2,934

4,322

4,648

Segment EBITDA

(138)

256

213

665

Other, Corporate and Eliminations

(28)

(30)

(57)

(59)

Segment EBITDA

(76)

(78)

(165)

(137)

$ (50)

$ (56)

$ (99)

$ (109)

[1]

Net income attributable to noncontrolling interests includes $(4) million and $(5) million for the three months ended December 31, 2023 and 2022, respectively, and $(4) million and $(10) million for the six months ended December 31, 2023 and 2022, respectively, relating to redeemable noncontrolling interests.

Segment Information - Narrative (Detail) - Television - US	6 Months Ended
	Dec. 31, 2023 tvStation duopoly
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies \| duopoly	11
FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Borrowings	6 Months Ended
Borrowings	Dec. 31, 2023
Debt Disclosure [Abstract]
Borrowings	BORROWINGS Borrowings include senior notes (See Note 9—Borrowings in the 2023 Form 10-K under the heading “Public Debt – Senior Notes Issued”). In October 2023, the Company issued $1.25 billion of 6.500% senior notes due 2033. In addition, the Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of June 2028 (See Note 9—Borrowings in the 2023 Form 10-K under the heading “Revolving Credit Agreement”). As of December 31, 2023, there were no borrowings outstanding under the revolving credit agreement. Subsequent to December 31, 2023, $1.25 billion of 4.030% senior notes due in January 2024 matured and were repaid in full.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Schedule of Dividends Declared

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of December 31, 2023 and June 30, 2023 were approximately $38 billion and $39 billion, respectively. The decrease from June 30, 2023 was primarily due to sports programming rights payments, partially offset by the issuance of $1.25 billion of senior notes in October 2023 (See Note 5—Borrowings). Contingencies The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed below for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. FOX News The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. U.K. Newspaper Matters Indemnity In connection with the separation of Twenty-First Century Fox, Inc. (“21CF”) and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2023 Form 10-K under the heading “The Transaction”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $115 million as of June 30, 2023 and approximately $90 million as of December 31, 2023. Defamation and Disparagement Claims From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023. The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. Discovery in the Smartmatic case, including depositions and expert discovery, remains ongoing, and summary judgment and other key motions will follow. At this time, a trial in the Smartmatic lawsuit is not expected to commence until 2025. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits in the Delaware Court of Chancery against certain directors of the Company under the captions Schwarz v. Murdoch et al., C.A. No. 2023-0418 (Del. Ch.) and Greenberg et al. v. Murdoch et al., C.A. No. 2023-0440 (Del. Ch.). The Delaware Court of Chancery consolidated the lawsuits into one matter captioned In re Fox Corporation Deriv. Litig., C.A. No. 2023-0418 (Del.Ch.). Two additional derivative lawsuits were subsequently filed by the Company’s stockholders in the same court on September 12, 2023 against certain directors and officers of the Company and are part of the consolidated lawsuit. Each of the lawsuits names the Company as a nominal defendant. The complaints allege that certain directors and officers, as applicable, breached their fiduciary duties by allowing the Company’s news channel to air allegations regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation litigation. The plaintiffs seek orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. The Company intends to vigorously contest the lawsuit. Other The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Transaction (as defined in Note 1—Description of Business and Basis of Presentation in the 2023 Form 10-K under the heading “The Transaction”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2023 Form 10-K under the heading “The Transaction”) requires 21CF and/or The Walt Disney Company to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the Internal Revenue Service in amounts that the Company cannot quantify.

Acquisitions, Disposals and Other Transactions	6 Months Ended
Acquisitions, Disposals and Other Transactions	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Disposals and Other Transactions	ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS The Company’s acquisitions support the Company’s strategy to strengthen its core brands, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. During the six months ended December 31, 2023 and 2022, the Company made no acquisitions. On January 12, 2024, the United Football League (the “UFL”) was launched as a professional spring football league that combines the legacy operations of the United States Football League (the “USFL”), a consolidated subsidiary of FOX, and XFL, a third-party company. In connection with the launch of the UFL, the Company contributed USFL assets into the UFL, a newly formed joint venture with XFL.

Stockholders Equity (Tables)

6 Months Ended

Dec. 31, 2023

Equity [Abstract]

The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
Cash dividend per share	$	—	$	—	$	0.26	$	0.25

Commitments and Contingencies (Detail)		1 Months Ended
Commitments and Contingencies (Detail)	Sep. 12, 2023 claim	Apr. 30, 2023 USD ($)	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Total firm commitments and future debt payments					$ 38,000,000,000		$ 39,000,000,000
6.500% Senior Notes due 2033 \| Senior Notes
Loss Contingencies [Line Items]
Debt instrument face amount						$ 1,250,000,000
Smartmatic
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				$ 2,700,000,000
Dominion
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 1,600,000,000
Legal settlement costs		$ 800,000,000
Loss contingency, new claims filed, number \| claim	2
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity					$ 90,000,000		$ 115,000,000

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2023

Jun. 30, 2023

Current assets

Cash and cash equivalents

$ 4,122

$ 4,272

Receivables, net

3,001

2,177

Inventories, net

1,038

543

Property, plant and equipment, net

340

265

Total current assets

8,501

7,257

Non-current assets

1,676

1,708

Intangible assets, net

3,061

3,084

Goodwill

3,559

Deferred tax assets

3,065

3,090

Other non-current assets

2,984

3,168

Total assets

22,846

21,866

Current liabilities

Borrowings

1,250

1,249

Accounts payable, accrued expenses and other current liabilities

2,457

2,514

Total current liabilities

3,707

3,763

Non-current liabilities

Borrowings

7,195

5,961

Other liabilities

1,376

1,484

Redeemable noncontrolling interests

243

213

Commitments and contingencies

Equity

Additional paid-in capital

7,879

8,253

Retained earnings

2,514

2,269

Accumulated other comprehensive loss

(146)

(149)

Total Fox Corporation stockholders’ equity

10,252

10,378

Noncontrolling interests

Total equity

10,325

10,445

Total liabilities and equity

22,846

21,866

Equity

^[1]

Equity

^[2]

$ 2

[1]	Class A Common Stock, $0.01 par value per share, 2,000,000,000 shares authorized, 240,828,814 shares and 262,899,364 shares issued and outstanding at par as of December 31, 2023 and June 30, 2023, respectively.
[2]	Class B Common Stock, $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares and 235,581,025 shares issued and outstanding at par as of December 31, 2023 and June 30, 2023, respectively.

Fair Value - Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value	$ 8,449	$ 6,895
Carrying value	$ 8,445	$ 7,210

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Beginning balance (in shares) at Jun. 30, 2022

Pension and Other Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Net periodic benefit cost	$ 14	$ 16	$ 27	$ 32

Additional Financial Information - Components of Other Non-current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease assets	$ 914	$ 947
Investments	838	1,034
Inventories, net	729	642
Grantor Trust	247	276
Other	256	269
Total other non-current assets	2,984	3,168
Investments, fair value	$ 785	$ 884

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions

Total

Class A Common Stock

Class B Common Stock

Total Fox Corporation Stockholders’ Equity

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Noncontrolling Interests

^[1]

308,000,000

243,000,000

Beginning balance at Jun. 30, 2022

$ 11,375

$ 11,339

$ 3

$ 9,098

$ 2,461

$ (226)

$ 36

Increase (Decrease) in Stockholders' Equity [Roll Forward]

944

918

Dividends

(137)

(11,000,000)

(5,000,000)

(500)

(261)

(239)

1,000,000

Ending balance (in shares) at Dec. 31, 2022

(13)

(20)

$ (1)

(1)

(18)

298,000,000

238,000,000

Ending balance at Dec. 31, 2022

11,676

11,607

$ 3

$ 2

8,836

2,985

(219)

Beginning balance (in shares) at Sep. 30, 2022

303,000,000

241,000,000

Beginning balance at Sep. 30, 2022

11,585

11,521

$ 3

$ 2

8,949

2,795

(228)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

326

313

(6,000,000)

(2,000,000)

(250)

(137)

(113)

1,000,000

(1,000,000)

Ending balance (in shares) at Dec. 31, 2022

(10)

(8)

298,000,000

238,000,000

Ending balance at Dec. 31, 2022

11,676

11,607

$ 3

$ 2

8,836

2,985

(219)

Beginning balance (in shares) at Jun. 30, 2023

262,899,364

235,581,025

263,000,000

235,000,000

Beginning balance at Jun. 30, 2023

10,445

10,378

$ 3

$ 2

8,253

2,269

(149)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

534

516

Dividends

(127)

(24,000,000)

(505)

$ (500)

(505)

(397)

(108)

2,000,000

Ending balance (in shares) at Dec. 31, 2023

(25)

(13)

(36)

(12)

240,828,814

235,581,025

241,000,000

235,000,000

Ending balance at Dec. 31, 2023

10,325

10,252

$ 3

$ 2

7,879

2,514

(146)

Beginning balance (in shares) at Sep. 30, 2023

249,000,000

235,000,000

Beginning balance at Sep. 30, 2023

10,451

10,384

$ 3

$ 2

7,991

2,539

(151)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

119

109

(9,000,000)

(253)

(139)

(114)

1,000,000

Ending balance (in shares) at Dec. 31, 2023

(20)

(4)

240,828,814

235,581,025

241,000,000

235,000,000

Ending balance at Dec. 31, 2023

$ 10,325

$ 10,252

$ 3

$ 2

$ 7,879

$ 2,514

$ (146)

$ 73

[1]	Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).

Segment Information

6 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments:

•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors and other digital platforms, primarily in the U.S.

•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.

•Other, Corporate and Eliminations, which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace.

The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is segment operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.

Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2023 and 2022:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Revenues
Cable Network Programming	$	1,658	$	1,632	$	3,045	$	3,063
Television	2,542		2,934		4,322		4,648
Other, Corporate and Eliminations	34		39		74		86
Total revenues	$	4,234	$	4,605	$	7,441	$	7,797
Segment EBITDA
Cable Network Programming	$	564	$	353	$	1,171	$	1,095
Television	(138)		256		213		665
Other, Corporate and Eliminations	(76)		(78)		(165)		(137)
Amortization of cable distribution investments	(4)		(4)		(8)		(8)
Depreciation and amortization	(97)		(103)		(193)		(202)
Interest expense, net	(72)		(60)		(114)		(128)
Other, net	(46)		73		(212)		(3)
Income before income tax expense	131		437		692		1,282
Income tax expense	(16)		(116)		(162)		(348)
Net income	115		321		530		934
Less: Net income attributable to noncontrolling interests	(6)		(8)		(14)		(16)
Net income attributable to Fox Corporation stockholders	$	109	$	313	$	516	$	918

Revenues by Segment by Component


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Cable Network Programming
Affiliate fee	$	1,031	$	1,026	$	2,036	$	2,055
Advertising	348		451		638		767
Other	279		155		371		241
Total Cable Network Programming revenues	1,658		1,632		3,045		3,063
Television
Advertising	1,654		2,052		2,564		2,957
Affiliate fee	756		686		1,491		1,368
Other	132		196		267		323
Total Television revenues	2,542		2,934		4,322		4,648
Other, Corporate and Eliminations	34		39		74		86
Total revenues	$	4,234	$	4,605	$	7,441	$	7,797


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Depreciation and amortization
Cable Network Programming	$	19	$	17	$	37	$	34
Television	28		30		57		59
Other, Corporate and Eliminations	50		56		99		109
Total depreciation and amortization	$	97	$	103	$	193	$	202


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Assets
Cable Network Programming	$	2,832	$	2,658
Television	9,059		7,803
Other, Corporate and Eliminations	10,117		10,371
Investments	838		1,034
Total assets	$	22,846	$	21,866

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ (4)	$ (5)	$ (4)	$ (10)

Stockholders Equity - Narrative (Detail) $ / shares in Units, shares in Millions		1 Months Ended			3 Months Ended		6 Months Ended
	Feb. 08, 2023 $ / shares	Feb. 07, 2024 USD ($) $ / shares shares	Aug. 31, 2023 $ / shares shares	Feb. 28, 2023 USD ($) transaction shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Jun. 30, 2023 $ / shares
Stockholders Equity [Line Items]
Stock repurchase program, number of transactions accounted for \| transaction				2
Shares repurchased \| $					$ 253,000,000	$ 250,000,000	$ 505,000,000	$ 500,000,000
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount \| $					7,000,000,000		7,000,000,000
Remaining buyback authorization amount \| $					$ 1,900,000,000		$ 1,900,000,000
Class A Common Stock
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)					$ 0.01		$ 0.01		$ 0.01
Shares repurchased (in shares) \| shares							24.0
Shares repurchased \| $							$ 500,000,000
Cash dividend per share (in dollars per share)					0	$ 0	$ 0.26	$ 0.25
Class A Common Stock \| Subsequent Event
Stockholders Equity [Line Items]
Shares repurchased (in shares) \| shares		1.6
Shares repurchased \| $		$ 50,000,000
Cash dividend per share (in dollars per share)		$ 0.26
Class B Common Stock
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)					0.01		0.01		$ 0.01
Cash dividend per share (in dollars per share)					$ 0	$ 0	$ 0.26	$ 0.25
Class B Common Stock \| Subsequent Event
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)		$ 0.26
Accelerated Share Repurchase \| Class A Common Stock
Stockholders Equity [Line Items]
Accelerated share repurchases, amount of payment to third party financial institution \| $				$ 1,000,000,000
Shares repurchased (in shares) \| shares			7.8	22.5
Percentage of accelerated share repurchases of shares expected to be repurchased				80.00%
Accelerated share repurchases, initial price paid per share (in dollars per share)	$ 35.54		$ 33.03

Stockholders Equity

6 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

The Company’s Board of Directors has authorized a stock repurchase program under which the Company can repurchase $7 billion of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time.

In connection with the stock repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement in February 2023, under which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share, which was the Nasdaq Global Select Market (“Nasdaq”) closing share price of the Class A Common Stock on February 8, 2023. Upon settlement of the ASR agreement in August 2023, the Company received a final delivery of approximately 7.8 million shares of Class A Common Stock. The final number of

shares purchased under the ASR agreement was determined using a price of $33.03 per share (the volume-weighted average market price of the Class A Common Stock on Nasdaq during the term of the ASR agreement less a discount). The Company accounted for the ASR agreement as two separate transactions. The initial delivery of Class A Common Stock was accounted for as a treasury stock transaction recorded on the acquisition date. The final settlement of Class A Common Stock was accounted for as a forward contract indexed to the Class A Common Stock and qualified as an equity transaction.

In total, the Company repurchased approximately 24 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2023.

Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.

As of December 31, 2023, the Company’s remaining stock repurchase authorization was approximately $1.9 billion. Subsequent to December 31, 2023, the Company repurchased approximately 1.6 million shares of Class A Common Stock for approximately $50 million.

Dividends

The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
Cash dividend per share	$	—	$	—	$	0.26	$	0.25

Subsequent to December 31, 2023 the Company declared a semi-annual dividend of $0.26 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2024 with a record date for determining dividend entitlements of March 6, 2024.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Pension and Other Postretirement Benefits	6 Months Ended
Pension and Other Postretirement Benefits	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	PENSION AND OTHER POSTRETIREMENT BENEFITSThe Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $14 million and $16 million for the three months ended December 31, 2023 and 2022, respectively, and $27 million and $32 million for the six months ended December 31, 2023 and 2022, respectively

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	$ 785	$ 884
Redeemable noncontrolling interests	(243)	(213)
Fair value measurements recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	785	884
Redeemable noncontrolling interests	(243)	(213)
Total	542	671
Fair value measurements recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	785	884
Redeemable noncontrolling interests	0	0
Total	785	884
Fair value measurements recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	0	0
Total	0	0
Fair value measurements recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	(243)	(213)
Total	$ (243)	$ (213)

Segment Information (Tables)

6 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2023 and 2022:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Revenues
Cable Network Programming	$	1,658	$	1,632	$	3,045	$	3,063
Television	2,542		2,934		4,322		4,648
Other, Corporate and Eliminations	34		39		74		86
Total revenues	$	4,234	$	4,605	$	7,441	$	7,797
Segment EBITDA
Cable Network Programming	$	564	$	353	$	1,171	$	1,095
Television	(138)		256		213		665
Other, Corporate and Eliminations	(76)		(78)		(165)		(137)
Amortization of cable distribution investments	(4)		(4)		(8)		(8)
Depreciation and amortization	(97)		(103)		(193)		(202)
Interest expense, net	(72)		(60)		(114)		(128)
Other, net	(46)		73		(212)		(3)
Income before income tax expense	131		437		692		1,282
Income tax expense	(16)		(116)		(162)		(348)
Net income	115		321		530		934
Less: Net income attributable to noncontrolling interests	(6)		(8)		(14)		(16)
Net income attributable to Fox Corporation stockholders	$	109	$	313	$	516	$	918

Summary of Revenues by Segment by Component to Consolidated

Revenues by Segment by Component


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Cable Network Programming
Affiliate fee	$	1,031	$	1,026	$	2,036	$	2,055
Advertising	348		451		638		767
Other	279		155		371		241
Total Cable Network Programming revenues	1,658		1,632		3,045		3,063
Television
Advertising	1,654		2,052		2,564		2,957
Affiliate fee	756		686		1,491		1,368
Other	132		196		267		323
Total Television revenues	2,542		2,934		4,322		4,648
Other, Corporate and Eliminations	34		39		74		86
Total revenues	$	4,234	$	4,605	$	7,441	$	7,797

Reconciliation of Depreciation and Amortization from Segments to Consolidated


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Depreciation and amortization
Cable Network Programming	$	19	$	17	$	37	$	34
Television	28		30		57		59
Other, Corporate and Eliminations	50		56		99		109
Total depreciation and amortization	$	97	$	103	$	193	$	202

Reconciliation of Assets from Segments to Consolidated


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Assets
Cable Network Programming	$	2,832	$	2,658
Television	9,059		7,803
Other, Corporate and Eliminations	10,117		10,371
Investments	838		1,034
Total assets	$	22,846	$	21,866

Additional Financial Information - Supplemental Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplemental cash flows information
Cash paid for interest	$ (187)	$ (174)
Cash paid for income taxes	$ (91)	$ (179)

Segment Information - Summary of Revenues by Segment by Component to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues	$ 4,234	$ 4,605	$ 7,441	$ 7,797
Cable Network Programming
Disaggregation Of Revenue [Line Items]
Revenues	1,658	1,632	3,045	3,063
Cable Network Programming \| Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	1,031	1,026	2,036	2,055
Cable Network Programming \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues	348	451	638	767
Cable Network Programming \| Other
Disaggregation Of Revenue [Line Items]
Revenues	279	155	371	241
Television
Disaggregation Of Revenue [Line Items]
Revenues	2,542	2,934	4,322	4,648
Television \| Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	756	686	1,491	1,368
Television \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues	1,654	2,052	2,564	2,957
Television \| Other
Disaggregation Of Revenue [Line Items]
Revenues	132	196	267	323
Other, Corporate and Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	$ 34	$ 39	$ 74	$ 86

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Equity-Based Compensation - Summary of Equity-Based Compensation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	$ 24	$ 25	$ 48	$ 32
Intrinsic value of all settled equity-based awards	7	0	72	76
Tax benefit on settled equity-based awards	$ 1	$ (1)	$ 11	$ 13

Additional Financial Information - Narrative (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 $ in Billions	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount	$ 5.8
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	1 year
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	3 years

Additional Financial Information (Tables)

6 Months Ended

Dec. 31, 2023

Interest Income and Interest Expense Disclosure

The following table sets forth the components of Interest expense, net included in the Statements of Operations:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Interest expense	$	(119)	$	(89)	$	(210)	$	(176)
Interest income	47		29		96		48
Total interest expense, net	$	(72)	$	(60)	$	(114)	$	(128)

Components of Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Net (losses) gains on investments in equity securities(a)	$	(22)	$	114	$	(193)	$	135
U.K. Newspaper Matters Indemnity(b)	(7)		(21)		(12)		(82)
Other	(17)		(20)		(7)		(56)
Total other, net	$	(46)	$	73	$	(212)	$	(3)


(a)			Net (losses) gains on investments in equity securities includes the (losses) gains related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform. As a result of an additional round of financing at a lower valuation, a write-down was recognized for this investment which is accounted for using the measurement alternative method.
(b)			See Note 8—Commitments and Contingencies under the headings “U.K. Newspaper Matters Indemnity.” The decrease for the six months ended December 31, 2023, as compared to the corresponding period of fiscal 2023, was attributable to an increase in the number of civil claims submitted in fiscal 2023 in advance of the September 30, 2022 cutoff date set by the judge for this phase of the litigation.

Components of Other Non-current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Operating lease assets	$	914	$	947
Investments(a)	838		1,034
Inventories, net	729		642
Grantor Trust	247		276
Other	256		269
Total other non-current assets	$	2,984	$	3,168


(a)			Includes investments accounted for at fair value on a recurring basis of $785 million and $884 million as of December 31, 2023 and June 30, 2023, respectively (See Note 4—Fair Value).

Components of Accounts Payable, Accrued Expenses and Other Current Liabilities

The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Programming payable	$	984	$	785
Accrued expenses	925		1,028
Deferred revenue	167		160
Operating lease liabilities	69		72
Other current liabilities	312		469
Total accounts payable, accrued expenses and other current liabilities	$	2,457	$	2,514

Components of Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Non-current operating lease liabilities	$	896	$	925
Accrued non-current pension/postretirement liabilities	293		361
Other non-current liabilities	187		198
Total other liabilities	$	1,376	$	1,484

Schedule of Supplemental Information


	For the six months ended December 31,
	2023		2022
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(187)	$	(174)
Cash paid for income taxes	$	(91)	$	(179)

Additional Financial Information - Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Programming payable	$ 984	$ 785
Accrued expenses	925	1,028
Deferred revenue	167	160
Operating lease liabilities	69	72
Other current liabilities	312	469
Total accounts payable, accrued expenses and other current liabilities	$ 2,457	$ 2,514

Inventories, Net - Amortization (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Total amortization expense	$ 2,467	$ 2,566	$ 3,462	$ 3,420

Fair Value - Narrative (Detail)	12 Months Ended
Fair Value - Narrative (Detail)	Jun. 30, 2023
One Customer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Concentration risk percentage	11.00%

Acquisitions, Disposals and Other Transactions (Detail) - business	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Number of businesses acquired	0	0

Fair Value (Tables)

6 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them

The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of December 31, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	785	$	785	(a)	$	—	$	—
Redeemable noncontrolling interests	(243)		—			—		(243)		(b)
Total	$	542	$	785		$	—	$	(243)


	Fair value measurements
	As of June 30, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	884	$	884	(a)	$	—	$	—
Redeemable noncontrolling interests	(213)		—			—		(213)		(b)
Total	$	671	$	884		$	—	$	(213)


(a)			The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.


(b)			The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Beginning of period	$	(228)	$	(193)	$	(213)	$	(188)
Net loss	4		5		4		10
Accretion and other	(19)		(8)		(34)		(18)
End of period	$	(243)	$	(196)	$	(243)	$	(196)

Schedule of Fair Value and Carrying Value of Borrowings


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Borrowings
Fair value	$	8,449	$	6,895
Carrying value	$	8,445	$	7,210

Equity-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation

The following table summarizes the Company’s equity-based compensation:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Equity-based compensation	$	24	$	25	$	48	$	32
Intrinsic value of all settled equity-based awards	$	7	$	—	$	72	$	76
Tax benefit on settled equity-based awards	$	1	$	(1)	$	11	$	13

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Jun. 30, 2023
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	240,828,814	262,899,364
Common stock, shares outstanding (in shares)	240,828,814	262,899,364
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	235,581,025	235,581,025
Common stock, shares outstanding (in shares)	235,581,025	235,581,025

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Other comprehensive income, net of tax:

$ 115

$ 321

$ 530

$ 934

Benefit plan adjustments and other

Other comprehensive income, net of tax

Comprehensive income

120

330

533

941

Less: Net income attributable to noncontrolling interests

^[1]

(6)

(8)

(14)

(16)

Comprehensive income attributable to Fox Corporation stockholders

$ 114

$ 322

$ 519

$ 925

[1]

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount of Net Income (Loss) attributable to noncontrolling interest.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

6 Months Ended

Dec. 31, 2023

Additional Financial Information

ADDITIONAL FINANCIAL INFORMATION

Interest Expense, net

The following table sets forth the components of Interest expense, net included in the Statements of Operations:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Interest expense	$	(119)	$	(89)	$	(210)	$	(176)
Interest income	47		29		96		48
Total interest expense, net	$	(72)	$	(60)	$	(114)	$	(128)

Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Net (losses) gains on investments in equity securities(a)	$	(22)	$	114	$	(193)	$	135
U.K. Newspaper Matters Indemnity(b)	(7)		(21)		(12)		(82)
Other	(17)		(20)		(7)		(56)
Total other, net	$	(46)	$	73	$	(212)	$	(3)


(a)			Net (losses) gains on investments in equity securities includes the (losses) gains related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform. As a result of an additional round of financing at a lower valuation, a write-down was recognized for this investment which is accounted for using the measurement alternative method.
(b)			See Note 8—Commitments and Contingencies under the headings “U.K. Newspaper Matters Indemnity.” The decrease for the six months ended December 31, 2023, as compared to the corresponding period of fiscal 2023, was attributable to an increase in the number of civil claims submitted in fiscal 2023 in advance of the September 30, 2022 cutoff date set by the judge for this phase of the litigation.

Other Non-Current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Operating lease assets	$	914	$	947
Investments(a)	838		1,034
Inventories, net	729		642
Grantor Trust	247		276
Other	256		269
Total other non-current assets	$	2,984	$	3,168


(a)			Includes investments accounted for at fair value on a recurring basis of $785 million and $884 million as of December 31, 2023 and June 30, 2023, respectively (See Note 4—Fair Value).

Accounts Payable, Accrued Expenses and Other Current Liabilities

The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Programming payable	$	984	$	785
Accrued expenses	925		1,028
Deferred revenue	167		160
Operating lease liabilities	69		72
Other current liabilities	312		469
Total accounts payable, accrued expenses and other current liabilities	$	2,457	$	2,514

Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Non-current operating lease liabilities	$	896	$	925
Accrued non-current pension/postretirement liabilities	293		361
Other non-current liabilities	187		198
Total other liabilities	$	1,376	$	1,484

Future Performance Obligations

As of December 31, 2023, approximately $5.8 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, sports advertising contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.

Supplemental Information


	For the six months ended December 31,
	2023		2022
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(187)	$	(174)
Cash paid for income taxes	$	(91)	$	(179)

Equity-Based Compensation

6 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

EQUITY-BASED COMPENSATION

The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2023 Form 10-K).

The following table summarizes the Company’s equity-based compensation:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Equity-based compensation	$	24	$	25	$	48	$	32
Intrinsic value of all settled equity-based awards	$	7	$	—	$	72	$	76
Tax benefit on settled equity-based awards	$	1	$	(1)	$	11	$	13

The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2023, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $125 million and is expected to be recognized over a weighted average period between one and two years.

As of December 31, 2023 and 2022, the Company had approximately 5 million stock options outstanding. The computation of diluted earnings per share did not include stock options outstanding during each period

presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented.

Awards Vested and Granted

Restricted Stock Units

During the six months ended December 31, 2023 and 2022, restricted stock units (“RSUs”) with a value of approximately $1.9 million and $1.5 million vested, respectively, and RSUs with a value of approximately $2.0 million were granted in each period. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.

Performance-Based Stock Options

During the six months ended December 31, 2023 and 2022, the Company granted approximately 4 million performance-based stock options, in each period, which will vest in full at the end of a three-year performance period if the market condition is met, and have a term of seven years thereafter.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Income Statement [Abstract]

Selling, general and administrative

$ 4,234

$ 4,605

$ 7,441

$ 7,797

Operating expenses

(3,393)

(3,528)

(5,255)

(5,184)

(495)

(550)

(975)

(998)

Income before income tax expense

(97)

(103)

(193)

(202)

Interest expense, net

(72)

(60)

(114)

(128)

Other, net

(46)

(212)

(3)

131

437

692

1,282

Income tax expense

(16)

(116)

(162)

(348)

Less: Net income attributable to noncontrolling interests

115

321

530

934

^[1]

(6)

(8)

(14)

(16)

Net income attributable to Fox Corporation stockholders

$ 109

$ 313

$ 516

$ 918

Weighted average shares:

Basic (in shares)

481

541

487

545

Diluted (in shares)

482

543

488

547

Net income attributable to Fox Corporation stockholders per share - basic and diluted

Basic (in dollars per share)

$ 0.23

$ 0.58

$ 1.06

$ 1.68

Diluted (in dollars per share)

$ 0.23

$ 0.58

$ 1.06

$ 1.68

[1]

Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current operating lease liabilities	$ 896	$ 925
Accrued non-current pension/postretirement liabilities	293	361
Other non-current liabilities	187	198
Total other liabilities	$ 1,376	$ 1,484

Additional Financial Information - Interest Expense, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (119)	$ (89)	$ (210)	$ (176)
Interest income	47	29	96	48
Total interest expense, net	$ (72)	$ (60)	$ (114)	$ (128)

Amount of the cost of borrowed funds accounted for as interest expense.

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

Fair Value

6 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).

The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of December 31, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	785	$	785	(a)	$	—	$	—
Redeemable noncontrolling interests	(243)		—			—		(243)		(b)
Total	$	542	$	785		$	—	$	(243)


	Fair value measurements
	As of June 30, 2023
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	884	$	884	(a)	$	—	$	—
Redeemable noncontrolling interests	(213)		—			—		(213)		(b)
Total	$	671	$	884		$	—	$	(213)


(a)			The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.


(b)			The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

Redeemable Noncontrolling Interests

The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company.

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Beginning of period	$	(228)	$	(193)	$	(213)	$	(188)
Net loss	4		5		4		10
Accretion and other	(19)		(8)		(34)		(18)
End of period	$	(243)	$	(196)	$	(243)	$	(196)

The put right held by the Credible minority shareholder will become exercisable in fiscal 2025. The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027.

Financial Instruments

The 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 of December 31, 2023		As of June 30, 2023
	(in millions)
Borrowings
Fair value	$	8,449	$	6,895
Carrying value	$	8,445	$	7,210

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 Risk

Cash 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, the Company does not require collateral to secure receivables. As of December 31, 2023, the Company had no individual customers that accounted for 10% or more of the Company’s receivables. As of June 30, 2023, the Company had one customer that accounted for approximately 11% of the Company’s receivables.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Schedule of Inventories, Net

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox Corporation (“FOX” or the “Company”) is a news, sports and entertainment company, which manages and reports its businesses in the following segments: Cable Network Programming, Television and Other, Corporate and Eliminations. The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 as filed with the Securities and Exchange Commission on August 11, 2023 (the “2023 Form 10-K”). All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations. The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2023 amounts have been reclassified to conform to the fiscal 2024 presentation. The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein.

Inventories, Net (Tables)

6 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

The Company’s inventories were comprised of the following:


	As of December 31, 2023		As of June 30, 2023
	(in millions)
Licensed programming, including prepaid sports rights	$	1,249	$	720
Owned programming	518		465
Total inventories, net	1,767		1,185
Less: current portion of inventories, net	(1,038)		(543)
Total non-current inventories, net	$	729	$	642

Owned programming
Released	$	223	$	256
In-process or other	295		209
Total	$	518	$	465

Schedule of Inventories Aggregate Amortization Expense

The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations:


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Total amortization expense	$	2,467	$	2,566	$	3,462	$	3,420

Segment Information - Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 97	$ 103	$ 193	$ 202
Cable Network Programming
Segment Reporting Information [Line Items]
Depreciation and amortization	19	17	37	34
Television
Segment Reporting Information [Line Items]
Depreciation and amortization	28	30	57	59
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 50	$ 56	$ 99	$ 109

Additional Financial Information - Components of Other, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net (losses) gains on investments in equity securities	$ (22)	$ 114	$ (193)	$ 135
U.K. Newspaper Matters Indemnity	(7)	(21)	(12)	(82)
Other	(17)	(20)	(7)	(56)
Total other, net	$ (46)	$ 73	$ (212)	$ (3)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 530	$ 934
Adjustments to reconcile net income to cash used in operating activities
Depreciation and amortization	193	202
Amortization of cable distribution investments	8	8
Equity-based compensation	48	32
Other, net	212	3
Deferred income taxes	29	152
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(853)	(952)
Inventories net of programming payable	(405)	(420)
Accounts payable and accrued expenses	(180)	(152)
Other changes, net	(117)	(68)
Net cash used in operating activities	(535)	(261)
INVESTING ACTIVITIES
Property, plant and equipment	(150)	(153)
Purchase of investments	(6)	(50)
Other investing activities, net	13	(18)
Net cash used in investing activities	(143)	(221)
FINANCING ACTIVITIES
Borrowings	1,232	0
Repurchase of shares	(500)	(500)
Dividends paid and distributions	(142)	(155)
Sale of subsidiary noncontrolling interest	0	25
Other financing activities, net	(62)	(30)
Net cash provided by (used in) financing activities	528	(660)
Net decrease in cash and cash equivalents	(150)	(1,142)
Cash and cash equivalents, beginning of year	4,272	5,200
Cash and cash equivalents, end of period	$ 4,122	$ 4,058

Fair Value - Liabilities Measured on Recurring Basis (Detail) - Redeemable Noncontrolling Interests - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ (228)	$ (193)	$ (213)	$ (188)
Net loss	4	5	4	10
Accretion and other	(19)	(8)	(34)	(18)
End of period	$ (243)	$ (196)	$ (243)	$ (196)

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
Reclassifications and Adjustments	The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2023 amounts have been reclassified to conform to the fiscal 2024 presentation.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash 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.

Equity-Based Compensation - Narrative (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total estimated compensation cost, not yet recognized, related to non-vested equity awards	$ 125
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	5.0	5.0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested (in shares)	1.9	1.5
Stock units granted (in shares)	2.0	2.0
Vesting period	3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock options granted (in shares)	4.0	4.0
Stock options expiration period	7 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	2 years

Stockholders Equity - Schedule of Dividends Declared (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.26	$ 0.25
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.26	$ 0.25

Borrowings - Narrative (Detail) - USD ($)	1 Months Ended
Borrowings - Narrative (Detail) - USD ($)	Feb. 07, 2024	Dec. 31, 2023	Oct. 31, 2023
Senior Notes \| 6.500% Senior Notes due 2033
Debt Instrument [Line Items]
Debt instrument face amount			$ 1,250,000,000
Debt instrument interest rate			6.50%
Senior Notes \| 4.030% Senior Notes due 2024 \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument interest rate	4.03%
Repayments of long-term debt	$ 1,250,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility		$ 1,000,000,000
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility		150,000,000
Borrowings outstanding		$ 0

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total assets	$ 22,846	$ 21,866
Investments	838	1,034
Cable Network Programming
Segment Reporting Information [Line Items]
Total assets	2,832	2,658
Television
Segment Reporting Information [Line Items]
Total assets	9,059	7,803
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Total assets	$ 10,117	$ 10,371

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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