Fox Corporation (NASDAQ: FOXA) is a media company that operates cable news, broadcast television, and streaming networks primarily in the United States. Revenue comes from two streams: affiliate fees paid by multichannel video programming distributors (MVPDs) based on subscriber counts, and advertising sold against live news, sports, and entertainment programming. Fox became a standalone publicly traded company on March 19, 2019, after Twenty-First Century Fox spun it off. The company operates two reportable segments: Cable Network Programming, anchored by FOX News and FOX Business Network, and Television, which includes the FOX broadcast network, 29 full-power owned-and-operated television stations, and Tubi, an ad-supported video-on-demand (AVOD) service. In FY2025 (fiscal year ended June 30, 2025), total revenues increased $2.3 billion, or 17%, versus FY2024, driven by Super Bowl LIX advertising, higher NFL pricing, political advertising at owned-and-operated stations, and a 13% growth in Tubi total view time. Affiliate fee revenue rose $332 million, or 5%, reflecting higher average rates per subscriber partially offset by lower MVPD subscriber counts.

Revenue model

Affiliate fees from MVPDs based on subscriber volume and contractual rates, plus advertising revenue tied to live sports, news, and entertainment programming. Tubi generates advertising revenue as a free, ad-supported streaming service. Additional revenue comes from sports sublicensing and retransmission consent fees from television stations. In FY2025, advertising revenue increased $1.4 billion (26%) and other revenues, including sports sublicensing, increased $567 million (47%) versus FY2024.

Products and services

FOX News Channel (cable news, top-rated national cable news channel in Monday-to-Friday primetime for over 20 consecutive years per Nielsen as of FY2025); FOX Business Network; FOX Sports (NFL, college football including Big Ten Conference, MLB including exclusive World Series rights, NASCAR, FIFA Men's World Cup, Super Bowl); FOX broadcast network; 29 full-power broadcast television stations including 18 affiliated with the FOX Network and 11 affiliated with MyNetworkTV, including 11 duopolies; Tubi AVOD streaming service (approximately 2.2% share of all U.S. television viewing as of FY2025); MyNetworkTV; Credible (consumer finance marketplace); FOX Studio Lot (production and office facilities in Los Angeles).

Customers and end markets

MVPDs (traditional and virtual) that pay affiliate fees for carriage of FOX News, FOX Business, and FOX Sports networks. Advertisers targeting audiences for live sports, national news, and local broadcast television. Tubi serves free ad-supported streaming viewers monetized through advertising. Owned-and-operated television stations operate across the top U.S. designated market areas (DMAs) including New York (DMA #1, WNYW), Los Angeles (DMA #2, KTTV), Chicago (DMA #3, WFLD), Dallas (DMA #4, KDFW), and Philadelphia (DMA #5, WTXF-TV), collectively covering a substantial percentage of U.S. television households.

Value-chain role

Content owner, programmer, and broadcaster. Fox acquires sports rights under long-term contracts with the NFL, MLB, NASCAR, and college conferences, produces and distributes news and entertainment programming, and distributes content through its own broadcast stations, cable networks, and Tubi. The company sublicenses sports rights to third parties, generating additional revenue. Production services are also provided through the FOX Studio Lot and affiliated production companies.

Geographic exposure

Operations are primarily in the United States. Broadcast television stations and cable networks serve U.S. audiences. The 10-K for fiscal year ended June 30, 2025 does not indicate material international revenue segments.

Source: SEC 10-K, filed 2025-08-06

Industry: Television Broadcasting Stations Peers: AMC Global Media Inc iHeartMedia Inc Paramount Global E W Scripps Co Entravision Communications Corp TEGNA INC Gray Media Inc Nexstar Media Group Inc Sinclair Broadcast Group, LLC