0001628280-24-044851 | 10-Q | XBRL Viewer

Equity-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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 2024 Form 10-K).

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


	For the three months ended September 30,
	2024		2023
	(in millions)
Equity-based compensation	$	34	$	24
Intrinsic value of all settled equity-based awards	$	78	$	65
Tax benefit on settled equity-based awards	$	15	$	10

The Company’s equity-based awards are settled in Class A Common Stock. As of September 30, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $195 million and is expected to be recognized over a weighted average period between two and three years.

As of September 30, 2024 and 2023, the Company had approximately 4 million and 5 million stock options outstanding, respectively. 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, Granted and Exercised

Restricted Stock Units

During the three months ended September 30, 2024 and 2023, approximately 1.5 million and 1.7 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 1.8 million RSUs were granted, respectively. 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 three months ended September 30, 2024 and 2023, approximately 1.6 million and 0.2 million performance-based stock options were exercised and approximately 3 million and 4 million were granted, respectively, 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.

Equity-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Compensation

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


	For the three months ended September 30,
	2024		2023
	(in millions)
Equity-based compensation	$	34	$	24
Intrinsic value of all settled equity-based awards	$	78	$	65
Tax benefit on settled equity-based awards	$	15	$	10

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
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)	222,253,246	225,727,598
Common stock, shares outstanding (in shares)	222,253,246	225,727,598
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

Inventories, Net (Tables)

3 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The Company’s inventories were comprised of the following:


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Licensed programming, including prepaid sports rights	$	1,069	$	841
Owned programming	589		497
Total inventories, net	1,658		1,338
Less: current portion of inventories, net	(795)		(626)
Total non-current inventories, net	$	863	$	712

Owned programming
Released	$	268	$	238
In-process or other	321		259
Total	$	589	$	497

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 September 30,
	2024		2023
	(in millions)
Total amortization expense	$	1,130	$	995

Stockholders' Equity - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Nov. 04, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Stockholders Equity [Line Items]
Shares repurchased		$ 253,000,000	$ 252,000,000
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount		7,000,000,000
Remaining buyback authorization amount		$ 1,150,000,000
Class A Common Stock
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Shares repurchased (in shares)		6.0
Shares repurchased		$ 250,000,000
Cash dividend per share (in dollars per share)		$ 0.27	$ 0.26
Class A Common Stock \| Subsequent Event
Stockholders Equity [Line Items]
Shares repurchased (in shares)	1.2
Shares repurchased	$ 50,000,000
Class B Common Stock
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)		0.01		$ 0.01
Cash dividend per share (in dollars per share)		$ 0.27	$ 0.26

Segment Information

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable 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.

The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. 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.

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, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating 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 tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.


	For the three months ended September 30,
	2024		2023
	(in millions)
Revenues
Cable Network Programming	$	1,597	$	1,387
Television	1,953		1,780
Corporate and Other	65		54
Eliminations	(51)		(14)
Total revenues	$	3,564	$	3,207
Segment EBITDA
Cable Network Programming	$	748	$	607
Television	372		351
Corporate and Other	(72)		(89)
Amortization of cable distribution investments	(4)		(4)
Depreciation and amortization	(91)		(96)
Restructuring, impairment and other corporate matters	(26)		9
Equity earnings of affiliates	3		1
Interest expense, net	(50)		(42)
Non-operating other, net	233		(176)
Income before income tax expense	1,113		561
Income tax expense	(281)		(146)
Net income	832		415
Less: Net income attributable to noncontrolling interests	(5)		(8)
Net income attributable to Fox Corporation stockholders	$	827	$	407


	For the three months ended September 30,
	2024		2023
	(in millions)
Revenues by Segment by Component
Cable Network Programming
Affiliate fee	$	1,037	$	1,005
Advertising	321		290
Other	239		92
Total Cable Network Programming revenues	1,597		1,387
Television
Advertising	1,008		910
Affiliate fee	806		735
Other	139		135
Total Television revenues	1,953		1,780
Corporate and Other	65		54
Eliminations	(51)		(14)
Total revenues	$	3,564	$	3,207


	For the three months ended September 30,
	2024		2023
	(in millions)
Depreciation and amortization
Cable Network Programming	$	20	$	18
Television	29		29
Corporate and Other	42		49
Total depreciation and amortization	$	91	$	96


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Assets
Cable Network Programming	$	2,915	$	2,792
Television	8,463		7,961
Corporate and Other	9,805		10,090
Investments	1,355		1,129
Total assets	$	22,538	$	21,972

- Definition

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.

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+ Details

Segment Information - Schedule of Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Detail) - USD ($)
$ in Millions

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Segment Reporting Information [Line Items]

Revenues

$ 3,564

$ 3,207

Amortization of cable distribution investments

(4)

Depreciation and amortization

(91)

(96)

Restructuring, impairment and other corporate matters

(26)

Equity earnings of affiliates

Interest expense, net

(50)

(42)

Non-operating other, net

233

(176)

Income before income tax expense

1,113

561

Income tax expense

(281)

(146)

Net income

832

415

Less: Net income attributable to noncontrolling interests

^[1]

(5)

(8)

Net income attributable to Fox Corporation stockholders

827

407

Corporate and Other

Segment Reporting Information [Line Items]

Revenues

Segment EBITDA

(72)

(89)

Depreciation and amortization

(42)

(49)

Eliminations

Segment Reporting Information [Line Items]

Revenues

(51)

(14)

Cable Network Programming | Operating Segments

Segment Reporting Information [Line Items]

Revenues

1,597

1,387

Segment EBITDA

748

607

Depreciation and amortization

(20)

(18)

Television | Operating Segments

Segment Reporting Information [Line Items]

Revenues

1,953

1,780

Segment EBITDA

372

351

Depreciation and amortization

$ (29)

[1]	Net income attributable to noncontrolling interests includes $(2) million and nil for the three months ended September 30, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.

Stockholders' Equity

3 Months Ended

Sep. 30, 2024

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 total, the Company repurchased approximately 6 million shares of Class A Common Stock for approximately $250 million during the three months ended September 30, 2024.

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 September 30, 2024, the Company’s remaining stock repurchase authorization was approximately $1.15 billion. Subsequent to September 30, 2024, the Company repurchased approximately 1.2 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 September 30,
	2024		2023
Cash dividend per share	$	0.27	$	0.26

The Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended September 30, 2024, which was paid on September, 25, 2024 to stockholders of record on September 4, 2024.

- Definition

The entire disclosure for equity.

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+ Details

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	$ 1,040	$ 797
Redeemable noncontrolling interests	(202)	(242)
Fair value measurements recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	1,039	797
Redeemable noncontrolling interests	(202)	(242)
Total	837	555
Fair value measurements recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	1,039	797
Redeemable noncontrolling interests	0	0
Total	1,039	797
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	(202)	(242)
Total	$ (202)	$ (242)

Acquisitions, Disposals and Other Transactions (Detail) - business	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Feb. 06, 2024
Business Acquisition [Line Items]
Number of businesses acquired	0	0
ESPN and Warner Bros. Discovery Joint Venture
Business Acquisition [Line Items]
Joint venture, ownership percentage			33.33%

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2024
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 reportable segments: Cable Network Programming and Television. 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, 2025. 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, 2024 as filed with the Securities and Exchange Commission on August 8, 2024 (the “2024 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 2024 amounts have been reclassified to conform to the fiscal 2025 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.

Segment Information - Schedule of Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Segment Reporting Information [Line Items]
Total assets	$ 22,538	$ 21,972
Investments	1,355	1,129
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	9,805	10,090
Cable Network Programming \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	2,915	2,792
Television \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 8,463	$ 7,961

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Stockholders' Equity - Schedule of Dividends Declared (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.27	$ 0.26
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.27	$ 0.26

Segment Information - Schedule of Revenues by Segment by Component to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenues	$ 3,564	$ 3,207
Corporate and Other
Disaggregation Of Revenue [Line Items]
Revenues	65	54
Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	(51)	(14)
Cable Network Programming \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	1,597	1,387
Cable Network Programming \| Affiliate fee \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	1,037	1,005
Cable Network Programming \| Advertising \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	321	290
Cable Network Programming \| Other \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	239	92
Television \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	1,953	1,780
Television \| Affiliate fee \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	806	735
Television \| Advertising \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	1,008	910
Television \| Other \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 139	$ 135

Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Inventory [Line Items]
Licensed programming, including prepaid sports rights	$ 1,069	$ 841
Owned programming	589	497
Total inventories, net	1,658	1,338
Less: current portion of inventories, net	(795)	(626)
Total non-current inventories, net	863	712
Owned programming
Total	589	497
Released
Owned programming
Released	268	238
In-process or other
Owned programming
In-process or other	$ 321	$ 259

Fair Value

3 Months Ended

Sep. 30, 2024

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 September 30, 2024
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	1,039	$	1,039	(a)	$	—	$	—
Redeemable noncontrolling interests	(202)		—			—		(202)		(b)
Total	$	837	$	1,039		$	—	$	(202)


	Fair value measurements
	As of June 30, 2024
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	797	$	797	(a)	$	—	$	—
Redeemable noncontrolling interests	(242)		—			—		(242)		(b)
Total	$	555	$	797		$	—	$	(242)


(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 September 30,
	2024		2023
	(in millions)
Beginning of period	$	(242)	$	(213)
Net loss	2		—
Accretion and other	38		(15)
End of period	$	(202)	$	(228)

Subsequent to September 30, 2024, the put right held by the Credible minority interest shareholder became exercisable. 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 September 30, 2024		As of June 30, 2024
	(in millions)
Borrowings
Fair value	$	7,353	$	7,017
Carrying value	$	7,199	$	7,197

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 September 30, 2024 and June 30, 2024, the Company had no individual customers that accounted for 10% or more of the Company’s receivables

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

Fair Value - Schedule of Liabilities Measured on Recurring Basis (Detail) - Redeemable Noncontrolling Interests - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ (242)	$ (213)
Net loss	2	0
Accretion and other	38	(15)
End of period	$ (202)	$ (228)

Additional Financial Information - Schedule of Components of Other Non-current Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments	$ 1,355	$ 1,129
Operating lease assets	$ 889	$ 904
Operating lease, right-of-use asset, statement of financial position	Total other non-current assets	Total other non-current assets
Inventories, net	$ 863	$ 712
Grantor Trust	261	247
Other	343	323
Total other non-current assets	3,711	3,315
Investments, fair value	$ 1,040	$ 797

Fair Value (Tables)

3 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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 September 30, 2024
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	1,039	$	1,039	(a)	$	—	$	—
Redeemable noncontrolling interests	(202)		—			—		(202)		(b)
Total	$	837	$	1,039		$	—	$	(202)


	Fair value measurements
	As of June 30, 2024
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	797	$	797	(a)	$	—	$	—
Redeemable noncontrolling interests	(242)		—			—		(242)		(b)
Total	$	555	$	797		$	—	$	(242)


(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.

Schedule of 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 September 30,
	2024		2023
	(in millions)
Beginning of period	$	(242)	$	(213)
Net loss	2		—
Accretion and other	38		(15)
End of period	$	(202)	$	(228)

Schedule of Fair Value and Carrying Value of Borrowings


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Borrowings
Fair value	$	7,353	$	7,017
Carrying value	$	7,199	$	7,197

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 832

$ 415

Other comprehensive income (loss), net of tax:

Benefit plan adjustments and other

(2)

Other comprehensive income (loss), net of tax

(2)

Comprehensive income

836

413

Less: Net income attributable to noncontrolling interests

^[1]

(5)

(8)

Comprehensive income attributable to Fox Corporation stockholders

$ 831

$ 405

[1]	Net income attributable to noncontrolling interests includes $(2) million and nil for the three months ended September 30, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.

- Definition

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

+ References + Details

- Definition

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.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Additional Financial Information - Narrative (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 $ in Billions	Sep. 30, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount	$ 4.9
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

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ (2)	$ 0

Additional Financial Information - Schedule of Components of Non-Operating Other, Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net (losses) gains on investments in equity securities	$ 236	$ (171)
Other	(3)	(5)
Total non-operating other, net	$ 233	$ (176)

Fair Value - Schedule of Borrowings (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value	$ 7,353	$ 7,017
Carrying value	$ 7,199	$ 7,197

- Definition

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

+ References + Details

Equity-Based Compensation - Narrative (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total estimated compensation cost, not yet recognized, related to non-vested equity awards	$ 195
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	4.0	5.0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested (in shares)	1.5	1.7
Stock units granted (in shares)	1.7	1.8
Vesting period (as year)	3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (as year)	3 years
Stock options exercised (in shares)	1.6	0.2
Stock options granted (in shares)	3.0	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	2 years
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	3 years

Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current operating lease liabilities	$ 861	$ 879
Accrued non-current pension/postretirement liabilities	277	276
Other non-current liabilities	218	211
Total other liabilities	$ 1,356	$ 1,366

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38776
Entity Registrant Name	FOX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1825597
Entity Address, Address Line One	1211 Avenue of the Americas
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	852-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001754301
Current Fiscal Year End Date	--06-30
Class A Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	FOXA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		221,155,155
Class B Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	FOX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		235,581,025

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2024
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 2024 amounts have been reclassified to conform to the fiscal 2025 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.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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 September 30, 2024 and June 30, 2024 were approximately $39 billion and $38 billion, respectively. The increase from June 30, 2024 was primarily due to sports programming rights. 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 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 2024 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 $65 million as of June 30, 2024 and approximately $70 million as of September 30, 2024. 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. The Smartmatic case has been stayed by operation of New York law due to the death of Lou Dobbs. 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 (the “Chancery Court”) against certain directors of the Company, which the Chancery Court subsequently consolidated 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 Chancery 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. On April 26, 2024, the lead plaintiffs filed an amended complaint that alleges 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 amended complaint seeks 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. On June 25, 2024, the defendants filed a motion to dismiss the amended complaint, and a hearing on the motion is scheduled for November 2024. The Company intends to vigorously contest the lawsuit. Actions and Claims Arising from Alleged Misuse of Personal Information The Company and its subsidiaries, including Tubi, Inc. (“Tubi”), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information. In June 2023, a putative class action lawsuit titled Campos v. Tubi was filed with the U.S. District Court for the Northern District of Illinois, Eastern Division (the “District Court”), alleging that Tubi shared viewer information with third parties in violation of the privacy protection provisions of the federal Video Privacy Protection Act. In February 2024, the District Court denied Tubi’s motion to compel arbitration and motion to dismiss, and Tubi appealed those rulings to the U.S. Court of Appeals for the Seventh Circuit. Following a determination that Campos lacked standing to sue Tubi, plaintiff’s counsel filed a new putative class action titled Gregory v. Tubi with the 17th Judicial Circuit Court in Winnebago County, Illinois (the “Illinois State Court”). On July 26, 2024 the parties entered into a Settlement and Release Agreement to resolve all claims, which includes the dismissal of the Campos lawsuit and settlement of the Gregory lawsuit. The Company is unable to predict the final outcome of this matter until the Illinois State Court has approved the Settlement and Release Agreement, but has established an accrued liability for the settlement amount. If approved, the settlement will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. The Company intends to vigorously defend against any other actions and arbitration claims arising from the alleged misuse of personal information that have not been settled or resolved by the Gregory settlement. The Company is unable to predict the final outcome of these other actions and arbitration claims and has determined that a loss in these matters is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. 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 2024 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 2024 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 IRS in amounts that the Company cannot quantify.

Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Dividends Declared

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 September 30,
	2024		2023
Cash dividend per share	$	0.27	$	0.26

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 832	$ 415
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	91	96
Amortization of cable distribution investments	4	4
Restructuring, impairment and other corporate matters	26	(9)
Equity-based compensation	34	24
Equity earnings of affiliates	(3)	(1)
Non-operating other, net	(233)	176
Deferred income taxes	103	47
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(397)	(284)
Inventories net of programming payable	(303)	(253)
Accounts payable and accrued expenses	(110)	(187)
Other changes, net	114	(27)
Net cash provided by operating activities	158	1
INVESTING ACTIVITIES
Property, plant and equipment	(64)	(71)
Other investing activities, net	(14)	13
Net cash used in investing activities	(78)	(58)
FINANCING ACTIVITIES
Repurchase of shares	(250)	(250)
Dividends paid and distributions	(131)	(135)
Other financing activities, net	34	(1)
Net cash used in financing activities	(347)	(386)
Net decrease in cash and cash equivalents	(267)	(443)
Cash and cash equivalents, beginning of year	4,319	4,272
Cash and cash equivalents, end of period	$ 4,052	$ 3,829

Additional Financial Information - Schedule of Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 814	$ 1,006
Programming payable	686	683
Deferred revenue	328	180
Operating lease liabilities	76	76
Other current liabilities	501	408
Total accounts payable, accrued expenses and other current liabilities	$ 2,405	$ 2,353

Additional Financial Information - Schedule of Components of Restructuring Impairment and Other Corporate Matters (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restructuring charges	$ (8)	$ 0
Other corporate matters
Legal settlement costs	(7)	0
U.K. Newspaper Matters Indemnity	(6)	(5)
Other	(5)	14
Total restructuring, impairment and other corporate matters	$ (26)	$ 9

Equity-Based Compensation - Schedule of Equity-Based Compensation (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	$ 34	$ 24
Intrinsic value of all settled equity-based awards	78	65
Tax benefit on settled equity-based awards	$ 15	$ 10

Borrowings (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Borrowings	$ 600,000,000	$ 599,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility	1,000,000,000.0
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility	150,000,000
Borrowings outstanding	0
Senior Notes \| Three Point Zero Five Percentage Due Two Thousand Twenty Five
Debt Instrument [Line Items]
Borrowings	$ 600,000,000
Debt instrument interest rate	3.05%

- Definition

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.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

Revenues

$ 3,564

$ 3,207

Operating expenses

(2,018)

(1,862)

Selling, general and administrative

(502)

(480)

Depreciation and amortization

(91)

(96)

Restructuring, impairment and other corporate matters

(26)

Equity earnings of affiliates

Interest expense, net

(50)

(42)

Non-operating other, net

233

(176)

Income before income tax expense

1,113

561

Income tax expense

(281)

(146)

Net income

832

415

Less: Net income attributable to noncontrolling interests

^[1]

(5)

(8)

Net income attributable to Fox Corporation stockholders

$ 827

$ 407

Weighted average shares:

Basic (in shares)

461

492

Diluted (in shares)

464

494

Net income attributable to Fox Corporation stockholders per share:

Basic (in dollars per share)

$ 1.79

$ 0.83

Diluted (in dollars per share)

$ 1.78

$ 0.82

[1]	Net income attributable to noncontrolling interests includes $(2) million and nil for the three months ended September 30, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.

Segment Information - Schedule of Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 91	$ 96
Corporate and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	42	49
Cable Network Programming \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	20	18
Television \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 29	$ 29

Commitments and Contingencies (Detail) $ in Millions		1 Months Ended			3 Months Ended
Commitments and Contingencies (Detail) $ in Millions	Sep. 12, 2023 claim	Apr. 30, 2023 USD ($)	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Total firm commitments and future debt payments					$ 39,000		$ 38,000
Legal settlement costs					7	$ 0
Smartmatic
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				$ 2,700
Dominion
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 1,600
Legal settlement costs		$ 800
Loss contingency, new claims filed, number \| claim	2
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity					$ 70		$ 65

- Definition

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.

+ References + Details

Additional Financial Information - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (102)	$ (91)
Interest income	52	49
Total interest expense, net	$ (50)	$ (42)

Borrowings	3 Months Ended
Borrowings	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings	BORROWINGS Borrowings include senior notes (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Public Debt – Senior Notes Issued”) of which $600 million of 3.050% senior notes are due in April 2025. 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 2024 Form 10-K under the heading “Revolving Credit Agreement”). As of September 30, 2024, there were no borrowings outstanding under the revolving credit agreement.

- Definition

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.

+ References

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-Section 50
-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Additional Financial Information - Schedule of Supplemental Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flows information
Cash paid for interest	$ (133)	$ (158)
Cash paid for income taxes	$ (21)	$ (2)

Additional Financial Information (Tables)

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Restructuring, Impairment and Other Corporate Matters

The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:


	For the three months ended September 30,
	2024		2023
	(in millions)
Restructuring charges	$	(8)	$	—
Other corporate matters
Legal settlement costs	(7)		—
U.K. Newspaper Matters Indemnity(a)	(6)		(5)
Other	(5)		14
Total restructuring, impairment and other corporate matters	$	(26)	$	9


(a)			See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."

Schedule of 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 September 30,
	2024		2023
	(in millions)
Interest expense	$	(102)	$	(91)
Interest income	52		49
Total interest expense, net	$	(50)	$	(42)

Schedule of Components of Non-Operating Other, Net

The following table sets forth the components of Non-operating other, net included in the Statements of Operations:


	For the three months ended September 30,
	2024		2023
	(in millions)
Net gains (losses) on investments in equity securities(a)	$	236	$	(171)
Other	(3)		(5)
Total non-operating other, net	$	233	$	(176)


(a)			Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value).

Schedule of 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 September 30, 2024		As of June 30, 2024
	(in millions)
Investments(a)	$	1,355	$	1,129
Operating lease assets	889		904
Inventories, net	863		712
Grantor Trust	261		247
Other	343		323
Total other non-current assets	$	3,711	$	3,315


(a)			Includes investments accounted for at fair value on a recurring basis of $1.04 billion and $797 million as of September 30, 2024 and June 30, 2024, respectively (See Note 4—Fair Value).

Schedule of 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 September 30, 2024		As of June 30, 2024
	(in millions)
Accrued expenses	$	814	$	1,006
Programming payable	686		683
Deferred revenue	328		180
Operating lease liabilities	76		76
Other current liabilities	501		408
Total accounts payable, accrued expenses and other current liabilities	$	2,405	$	2,353

Schedule of Components of Other Liabilities

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


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Non-current operating lease liabilities	$	861	$	879
Accrued non-current pension/postretirement liabilities	277		276
Other non-current liabilities	218		211
Total other liabilities	$	1,356	$	1,366

Schedule of Supplemental Information


	For the three months ended September 30,
	2024		2023
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(133)	$	(158)
Cash paid for income taxes	$	(21)	$	(2)

Pension and Other Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Net periodic benefit cost	$ 9	$ 13

Segment Information - Narrative (Detail)	3 Months Ended
Segment Information - Narrative (Detail)	Sep. 30, 2024 segment tvStation duopoly
Segment Reporting Information [Line Items]
Number of operating segments \| segment	4
Television \| US
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies \| duopoly	11
Television \| US \| FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
Television \| US \| MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Television \| US \| Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

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]

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

263,000,000

235,000,000

Beginning balance at Jun. 30, 2023

$ 10,445

$ 10,378

$ 3

$ 2

$ 8,253

$ 2,269

$ (149)

$ 67

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

Net (loss) income

415

407

Other comprehensive income

(2)

Dividends

(127)

Shares repurchased (in shares)

(15,000,000)

Shares repurchased

(252)

(258)

Other (in shares)

1,000,000

Other

(28)

(20)

(4)

(16)

(8)

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

249,000,000

235,000,000

Ending balance at Sep. 30, 2023

10,451

10,384

$ 3

$ 2

7,991

2,539

(151)

Beginning balance (in shares) at Jun. 30, 2024

225,727,598

235,581,025

226,000,000

235,000,000

Beginning balance at Jun. 30, 2024

10,814

10,714

$ 2

7,678

3,139

(107)

100

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

Net (loss) income

834

827

Other comprehensive income

Dividends

(124)

Shares repurchased (in shares)

(6,000,000)

Shares repurchased

(253)

$ (250)

(253)

(107)

(146)

Other (in shares)

2,000,000

Other

101

108

(7)

Ending balance (in shares) at Sep. 30, 2024

222,253,246

235,581,025

222,000,000

235,000,000

Ending balance at Sep. 30, 2024

$ 11,376

$ 11,276

$ 2

$ 7,641

$ 3,734

$ (103)

$ 100

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

Segment Information (Tables)

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated


	For the three months ended September 30,
	2024		2023
	(in millions)
Revenues
Cable Network Programming	$	1,597	$	1,387
Television	1,953		1,780
Corporate and Other	65		54
Eliminations	(51)		(14)
Total revenues	$	3,564	$	3,207
Segment EBITDA
Cable Network Programming	$	748	$	607
Television	372		351
Corporate and Other	(72)		(89)
Amortization of cable distribution investments	(4)		(4)
Depreciation and amortization	(91)		(96)
Restructuring, impairment and other corporate matters	(26)		9
Equity earnings of affiliates	3		1
Interest expense, net	(50)		(42)
Non-operating other, net	233		(176)
Income before income tax expense	1,113		561
Income tax expense	(281)		(146)
Net income	832		415
Less: Net income attributable to noncontrolling interests	(5)		(8)
Net income attributable to Fox Corporation stockholders	$	827	$	407

Schedule of Revenues by Segment by Component to Consolidated


	For the three months ended September 30,
	2024		2023
	(in millions)
Revenues by Segment by Component
Cable Network Programming
Affiliate fee	$	1,037	$	1,005
Advertising	321		290
Other	239		92
Total Cable Network Programming revenues	1,597		1,387
Television
Advertising	1,008		910
Affiliate fee	806		735
Other	139		135
Total Television revenues	1,953		1,780
Corporate and Other	65		54
Eliminations	(51)		(14)
Total revenues	$	3,564	$	3,207

Schedule of Reconciliation of Depreciation and Amortization from Segments to Consolidated


	For the three months ended September 30,
	2024		2023
	(in millions)
Depreciation and amortization
Cable Network Programming	$	20	$	18
Television	29		29
Corporate and Other	42		49
Total depreciation and amortization	$	91	$	96

Schedule of Reconciliation of Assets from Segments to Consolidated


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Assets
Cable Network Programming	$	2,915	$	2,792
Television	8,463		7,961
Corporate and Other	9,805		10,090
Investments	1,355		1,129
Total assets	$	22,538	$	21,972

Additional Financial Information

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

ADDITIONAL FINANCIAL INFORMATION

Restructuring, Impairment and Other Corporate Matters

The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:


	For the three months ended September 30,
	2024		2023
	(in millions)
Restructuring charges	$	(8)	$	—
Other corporate matters
Legal settlement costs	(7)		—
U.K. Newspaper Matters Indemnity(a)	(6)		(5)
Other	(5)		14
Total restructuring, impairment and other corporate matters	$	(26)	$	9


(a)			See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."

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 September 30,
	2024		2023
	(in millions)
Interest expense	$	(102)	$	(91)
Interest income	52		49
Total interest expense, net	$	(50)	$	(42)

Non-Operating Other, net

The following table sets forth the components of Non-operating other, net included in the Statements of Operations:


	For the three months ended September 30,
	2024		2023
	(in millions)
Net gains (losses) on investments in equity securities(a)	$	236	$	(171)
Other	(3)		(5)
Total non-operating other, net	$	233	$	(176)


(a)			Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value).

Other Non-Current Assets

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


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Investments(a)	$	1,355	$	1,129
Operating lease assets	889		904
Inventories, net	863		712
Grantor Trust	261		247
Other	343		323
Total other non-current assets	$	3,711	$	3,315


(a)			Includes investments accounted for at fair value on a recurring basis of $1.04 billion and $797 million as of September 30, 2024 and June 30, 2024, 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 September 30, 2024		As of June 30, 2024
	(in millions)
Accrued expenses	$	814	$	1,006
Programming payable	686		683
Deferred revenue	328		180
Operating lease liabilities	76		76
Other current liabilities	501		408
Total accounts payable, accrued expenses and other current liabilities	$	2,405	$	2,353

Other Liabilities

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


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Non-current operating lease liabilities	$	861	$	879
Accrued non-current pension/postretirement liabilities	277		276
Other non-current liabilities	218		211
Total other liabilities	$	1,356	$	1,366

Future Performance Obligations

As of September 30, 2024, approximately $4.9 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 three months ended September 30,
	2024		2023
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(133)	$	(158)
Cash paid for income taxes	$	(21)	$	(2)

Inventories, Net - Schedule of Amortization (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Total amortization expense	$ 1,130	$ 995

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Sep. 30, 2024

Jun. 30, 2024

Current assets

Cash and cash equivalents

$ 4,052

$ 4,319

Receivables, net

2,687

2,364

Inventories, net

795

626

Other

259

192

Total current assets

7,793

7,501

Non-current assets

Property, plant and equipment, net

1,685

1,696

Intangible assets, net

3,030

3,038

Goodwill

3,547

3,544

Deferred tax assets

2,772

2,878

Other non-current assets

3,711

3,315

Total assets

22,538

21,972

Current liabilities

Borrowings

600

599

Accounts payable, accrued expenses and other current liabilities

2,405

2,353

Total current liabilities

3,005

2,952

Non-current liabilities

Borrowings

6,599

6,598

Other liabilities

1,356

1,366

Redeemable noncontrolling interests

202

242

Commitments and contingencies

Equity

Additional paid-in capital

7,641

7,678

Retained earnings

3,734

3,139

Accumulated other comprehensive loss

(103)

(107)

Total Fox Corporation stockholders’ equity

11,276

10,714

Noncontrolling interests

100

Total equity

11,376

10,814

Total liabilities and equity

22,538

21,972

Equity

^[1]

Equity

^[2]

$ 2

[1]	Class A Common Stock, $0.01 par value per share, 2,000,000,000 shares authorized, 222,253,246 shares and 225,727,598 shares issued and outstanding at par as of September 30, 2024 and June 30, 2024, respectively.
[2]	Class B Common Stock, $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares issued and outstanding at par as of September 30, 2024 and June 30, 2024.

Acquisitions, Disposals and Other Transactions	3 Months Ended
Acquisitions, Disposals and Other Transactions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 three months ended September 30, 2024 and 2023, the Company made no acquisitions. On February 6, 2024, FOX announced that it would enter into a joint venture (“Venu Sports”) with ESPN, a subsidiary of The Walt Disney Company, and Warner Bros. Discovery to form a digital distribution platform focused on sports. Each company is expected to own one-third of the joint venture, have equal board representation and license their sports networks to the joint venture on a non-exclusive basis. In August 2024, the U.S. District Court of the Southern District of New York granted a preliminary injunction to temporarily block the joint venture from launching, which is currently pending appeal in the U.S. Court of Appeals for the Second Circuit.

Pension and Other Postretirement Benefits	3 Months Ended
Pension and Other Postretirement Benefits	Sep. 30, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	PENSION AND OTHER POSTRETIREMENT BENEFITS The 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 $9 million and $13 million for the three months ended September 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Inventories, Net

3 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

INVENTORIES, NET

The Company’s inventories were comprised of the following:


	As of September 30, 2024		As of June 30, 2024
	(in millions)
Licensed programming, including prepaid sports rights	$	1,069	$	841
Owned programming	589		497
Total inventories, net	1,658		1,338
Less: current portion of inventories, net	(795)		(626)
Total non-current inventories, net	$	863	$	712

Owned programming
Released	$	268	$	238
In-process or other	321		259
Total	$	589	$	497

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 September 30,
	2024		2023
	(in millions)
Total amortization expense	$	1,130	$	995