Fox Corporation (FOX) Bundle
A Brief History of Fox Corporation
Fox Corporation, a major player in the news, sports, and entertainment industry, has established itself with a robust operational structure divided mainly into two reportable segments: Cable Network Programming and Television. As of 2024, the company continues to adapt to the changing media landscape while maintaining strong financial performance.
Financial Performance Overview
For the three months ended September 30, 2024, Fox Corporation reported substantial growth in its financial metrics compared to the same period in 2023. Key figures include:
| Metric | Q3 2024 | Q3 2023 | Change | % Change |
|---|---|---|---|---|
| Total Revenues | $3,564 million | $3,207 million | $357 million | 11% |
| Net Income | $832 million | $415 million | $417 million | 100% |
| Adjusted EBITDA | $1,048 million | $869 million | $179 million | 21% |
Segment Revenue Breakdown
Fox Corporation's revenue streams are diversified across various segments, with notable contributions from both Cable Network Programming and Television:
| Segment | Q3 2024 Revenues | Q3 2023 Revenues | Change | % Change |
|---|---|---|---|---|
| Cable Network Programming | $1,597 million | $1,387 million | $210 million | 15% |
| Television | $1,953 million | $1,780 million | $173 million | 10% | Corporate and Other | $65 million | $54 million | $11 million | 20% |
Operating Expenses Analysis
The increase in revenues was accompanied by a rise in operating expenses, which totaled $2,018 million in Q3 2024, compared to $1,862 million in Q3 2023, reflecting an increase of 8%.
Cash Flow and Liquidity
As of September 30, 2024, Fox Corporation reported cash and cash equivalents of approximately $4.1 billion, alongside an unused $1.0 billion unsecured revolving credit facility. The net cash provided by operating activities was $158 million for the three months ended September 30, 2024, up from $1 million in the same period of 2023.
Stockholder Equity and Dividends
The company declared a semi-annual dividend of $0.27 per share on both Class A and Class B common stock during the three months ended September 30, 2024. Total stockholders’ equity as of September 30, 2024, was $11,376 million, compared to $10,814 million as of June 30, 2024.
Debt and Credit Ratings
Fox Corporation's debt profile includes senior notes and a revolving credit agreement, with total borrowings amounting to $7,199 million as of September 30, 2024. The company maintains a stable outlook with credit ratings of Baa2 from Moody’s and BBB from Standard & Poor’s.
Future Outlook
Given the upcoming 2024 presidential and congressional elections, Fox Corporation anticipates continued growth in advertising revenues, particularly in political advertising, which is expected to bolster its financial performance in the coming quarters.
The ongoing evolution of the media landscape, including increased competition from digital platforms, will require Fox Corporation to continually adapt its strategies to maintain its market position.
A Who Owns Fox Corporation (FOX)
Ownership Structure
As of 2024, Fox Corporation (FOX) has a dual-class stock structure consisting of Class A and Class B common stock. The ownership breakdown is as follows:
| Class of Stock | Shares Outstanding | Percentage of Total Shares | Voting Power |
|---|---|---|---|
| Class A Common Stock | 222,253,246 | 48.5% | 1 vote per share |
| Class B Common Stock | 235,581,025 | 51.5% | 10 votes per share |
| Total | 457,834,271 | 100% |
Major Shareholders
The primary shareholders of Fox Corporation, as of 2024, are:
| Shareholder | Ownership Type | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Rupert Murdoch | Individual | 76,879,000 (Class B) | 16.8% |
| Wendi Murdoch | Individual | 10,000,000 (Class B) | 2.2% |
| Other Institutional Investors | Institutional | Approx. 30% (combined) | 30% |
Recent Financial Performance
For the three months ended September 30, 2024, Fox Corporation reported:
| Metric | Amount (in millions) |
|---|---|
| Net Income | $832 |
| Revenue | $3,564 |
| Operating Expenses | $2,018 |
| Segment EBITDA | $1,048 |
Dividends
Fox Corporation declared a cash dividend per share of:
| Class of Stock | Dividend Amount |
|---|---|
| Class A Common Stock | $0.27 |
| Class B Common Stock | $0.27 |
Current Market Position
As of September 30, 2024, Fox Corporation's total assets and equity were reported as follows:
| Category | Amount (in millions) |
|---|---|
| Total Assets | $22,538 |
| Total Equity | $11,376 |
Stock Repurchase Program
Fox Corporation has authorized a stock repurchase program of up to:
| Amount Authorized | Details |
|---|---|
| $7 billion | For Class A and Class B Common Stock |
Fox Corporation (FOX) Mission Statement
Overview of Mission Statement
As of 2024, Fox Corporation aims to deliver innovative and compelling news, sports, and entertainment content that informs, engages, and entertains audiences. The mission emphasizes a commitment to quality programming across various platforms, leveraging technology to enhance viewer experiences.
Key Components of the Mission Statement
- Quality Content: Focus on providing high-quality news, sports, and entertainment.
- Technology Integration: Emphasizing the use of advanced technology to enhance content delivery.
- Audience Engagement: Committed to engaging audiences through diverse and inclusive programming.
Financial Performance Indicators
Fox Corporation's financial performance reflects its strategic objectives and the effectiveness of its mission statement in driving revenue growth. Below is a summary of key financial metrics for the three months ended September 30, 2024.
| Metric | Q3 2024 (in millions) | Q3 2023 (in millions) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenues | $3,564 | $3,207 | $357 | 11% |
| Operating Expenses | $2,018 | $1,862 | $156 | 8% |
| Net Income | $832 | $415 | $417 | 100% |
| Adjusted EBITDA | $1,048 | $869 | $179 | 21% |
Revenue Breakdown by Segment
The revenue streams for Fox Corporation are diversified across multiple segments, reflecting the mission's commitment to quality and engagement.
| Segment | Q3 2024 Revenues (in millions) | Q3 2023 Revenues (in millions) | Change ($) | Change (%) |
|---|---|---|---|---|
| Cable Network Programming | $1,597 | $1,387 | $210 | 15% |
| Television | $1,953 | $1,780 | $173 | 10% |
| Corporate and Other | $65 | $54 | $11 | 20% |
Operational Highlights
Fox Corporation's operational strategies align with its mission statement, focusing on enhancing audience engagement through innovative programming and technology. The following operational highlights were observed:
- Political Advertising Revenue: Increased significantly due to the 2024 presidential and congressional elections.
- Growth in Streaming Services: Continued expansion of Tubi, contributing to overall revenue growth.
- Sports Programming: Higher ratings and increased costs associated with NFL and international soccer tournaments.
Liquidity and Capital Resources
As of September 30, 2024, Fox Corporation maintained a strong liquidity position, essential for supporting its mission-driven initiatives:
| Liquidity Metric | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $4,052 |
| Unused Revolving Credit Facility | $1,000 |
Conclusion
The mission statement of Fox Corporation is supported by robust financial performance and strategic operational initiatives, reflecting its commitment to quality content and audience engagement.
How Fox Corporation (FOX) Works
Overview of Fox Corporation
Fox Corporation is a diversified media company primarily engaged in the news, sports, and entertainment sectors. It operates through two main segments: Cable Network Programming and Television. The company also includes the Credible platform and the FOX Studio Lot as part of its operations.
Financial Performance
For the three months ended September 30, 2024, Fox Corporation reported the following financial results:
| Financial Metrics | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (in millions) | % Change |
|---|---|---|---|---|
| Revenues | $3,564 | $3,207 | $357 | 11% |
| Operating Expenses | (2,018) | (1,862) | (156) | 8% |
| Selling, General and Administrative | (502) | (480) | (22) | 5% |
| Net Income | $832 | $415 | $417 | 100% |
| Net Income Attributable to Stockholders | $827 | $407 | $420 | 103% |
Segment Performance
The company’s performance is largely driven by its two main segments:
| Segment | Revenues Q3 2024 (in millions) | Revenues Q3 2023 (in millions) | Segment EBITDA Q3 2024 (in millions) | Segment EBITDA Q3 2023 (in millions) |
|---|---|---|---|---|
| Cable Network Programming | $1,597 | $1,387 | $748 | $607 |
| Television | $1,953 | $1,780 | $372 | $351 |
| Corporate and Other | $65 | $54 | ($72) | ($89) |
Revenue Breakdown
For the Cable Network Programming segment, revenue sources included:
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (in millions) | % Change |
|---|---|---|---|---|
| Affiliate Fee | $1,037 | $1,005 | $32 | 3% |
| Advertising | $321 | $290 | $31 | 11% |
| Other | $239 | $92 | $147 | 159% |
Cash Flow and Liquidity
For the three months ended September 30, 2024, Fox Corporation's cash flow metrics are as follows:
| Cash Flow Metrics | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Net Cash Provided by Operating Activities | $158 | $1 |
| Net Cash Used in Investing Activities | ($78) | ($58) |
| Net Cash Used in Financing Activities | ($347) | ($386) |
| Cash and Cash Equivalents (End of Period) | $4,052 | $3,829 |
Debt and Equity Structure
As of September 30, 2024, the company's balance sheet reflected the following:
| Balance Sheet Metrics | As of September 30, 2024 (in millions) | As of June 30, 2024 (in millions) |
|---|---|---|
| Total Assets | $22,538 | $21,972 |
| Total Liabilities | $11,162 | $11,258 |
| Total Stockholders' Equity | $11,376 | $10,814 |
| Borrowings | $7,199 | $7,197 |
Stock Performance
Fox Corporation's stock performance metrics include a share repurchase program, where approximately 6 million shares were repurchased for around $250 million during Q3 2024. The company declared a semi-annual dividend of $0.27 per share during the same period.
Credit Ratings
The company's credit ratings as of September 30, 2024, were:
| Rating Agency | Senior Debt Rating | Outlook |
|---|---|---|
| Moody's | Baa2 | Stable |
| Standard & Poor’s | BBB | Stable |
Future Outlook and Strategies
Fox Corporation continues to focus on enhancing its content offerings and leveraging its platforms to increase revenue through advertising and subscriptions. The company is actively evaluating acquisitions and dispositions to strengthen its market position.
How Fox Corporation (FOX) Makes Money
Revenue Streams
Fox Corporation generates revenue primarily through two segments: Cable Network Programming and Television. As of the three months ended September 30, 2024, total revenues reached $3,564 million, reflecting an increase of 11% compared to $3,207 million in the same period of the previous year.
| Segment | Revenues (in millions) | Change (in millions) | % Change |
|---|---|---|---|
| Cable Network Programming | $1,597 | $210 | 15% |
| Television | $1,953 | $173 | 10% |
| Corporate and Other | $65 | $11 | 20% |
| Eliminations | ($51) | ($37) | Not meaningful |
| Total Revenues | $3,564 | $357 | 11% |
Cable Network Programming
This segment accounted for approximately 45% of total revenues. The revenue breakdown for Cable Network Programming for the three months ended September 30, 2024, is as follows:
| Component | Revenues (in millions) |
|---|---|
| Affiliate Fee | $1,037 |
| Advertising | $321 |
| Other | $239 |
| Total Cable Network Programming | $1,597 |
Television Segment
The Television segment represented about 55% of total revenues. The revenue details for this segment for the three months ended September 30, 2024, are:
| Component | Revenues (in millions) |
|---|---|
| Advertising | $1,008 |
| Affiliate Fee | $806 |
| Other | $139 |
| Total Television | $1,953 |
Corporate and Other Revenues
The Corporate and Other segment includes revenues from Credible, a consumer finance marketplace, and the FOX Studio Lot. The revenues for this segment for the three months ended September 30, 2024, were:
| Component | Revenues (in millions) |
|---|---|
| Corporate and Other | $65 |
Operating Expenses
Total operating expenses for the three months ended September 30, 2024, were $2,018 million, an increase of 8% from $1,862 million in the prior year. The breakdown of operating expenses is as follows:
| Category | Amount (in millions) |
|---|---|
| Operating Expenses | $2,018 |
| Selling, General and Administrative | $502 |
| Depreciation and Amortization | $91 |
| Restructuring, Impairment and Other | ($26) |
Net Income
Net income for the three months ended September 30, 2024, was $832 million, a significant increase from $415 million in the same period of the previous year. Key financial metrics include:
| Metric | Amount (in millions) |
|---|---|
| Net Income | $832 |
| Net Income Attributable to Fox Corporation Stockholders | $827 |
| Income Before Income Tax Expense | $1,113 |
| Income Tax Expense | ($281) |
Adjusted EBITDA
Adjusted EBITDA for the three months ended September 30, 2024, was reported at $1,048 million, up from $869 million in the prior year. The reconciliation of net income to Adjusted EBITDA is detailed below:
| Metric | Amount (in millions) |
|---|---|
| Net Income | $832 |
| Add: Amortization of Cable Distribution Investments | $4 |
| Add: Depreciation and Amortization | $91 |
| Add: Restructuring, Impairment and Other | $26 |
| Add: Equity Earnings of Affiliates | $3 |
| Add: Interest Expense, Net | $50 |
| Add: Non-operating Other, Net | ($233) |
| Add: Income Tax Expense | $281 |
| Adjusted EBITDA | $1,048 |
Liquidity and Capital Resources
As of September 30, 2024, Fox Corporation had approximately $4.1 billion in cash and cash equivalents, along with an unused $1.0 billion unsecured revolving credit facility.
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Resources:
- Fox Corporation (FOX) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Fox Corporation (FOX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Fox Corporation (FOX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.