Fox Corporation (FOXA) Bundle
A Brief History of Fox Corporation
Fox Corporation, a prominent player in the media and entertainment sector, has shown significant growth and resilience in the face of evolving market dynamics. As of September 30, 2024, the company reported substantial financial metrics highlighting its operational performance.
Financial Performance Overview
For the three months ended September 30, 2024, Fox Corporation achieved total revenues of $3,564 million, a notable increase of $357 million or 11% compared to the same period in 2023.
| Financial Metric | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (in millions) | Percentage Change |
|---|---|---|---|---|
| Revenues | $3,564 | $3,207 | $357 | 11% |
| Net Income | $832 | $415 | $417 | 100% |
| Adjusted EBITDA | $1,048 | $869 | $179 | 21% |
Segment Performance
The revenue breakdown by segment for the three months ended September 30, 2024, is as follows:
| Segment | Revenues (in millions) | Change (in millions) | Percentage Change |
|---|---|---|---|
| Cable Network Programming | $1,597 | $210 | 15% |
| Television | $1,953 | $173 | 10% |
| Corporate and Other | $65 | $11 | 20% |
Operating Expenses and Income
Operating expenses for the same period totaled $2,018 million, reflecting an increase of $156 million or 8% year-over-year. The following table illustrates the operational costs:
| Expense Type | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (in millions) | Percentage Change |
|---|---|---|---|---|
| Operating Expenses | $2,018 | $1,862 | $156 | 8% |
| Selling, General and Administrative | $502 | $480 | $22 | 5% |
Liquidity and Capital Resources
As of September 30, 2024, Fox Corporation maintained approximately $4.1 billion in cash and cash equivalents, alongside an unused five-year $1.0 billion unsecured revolving credit facility.
The company’s net cash provided by operating activities was $158 million for the three months ended September 30, 2024, a substantial increase from $1 million in the same period of 2023.
Stockholder Equity and Dividends
Fox Corporation declared a semi-annual dividend of $0.27 per share during the three months ended September 30, 2024, which was paid on September 25, 2024. The company’s total stockholders' equity reached $11,276 million as of September 30, 2024, reflecting a solid capital foundation.
| Equity Metric | Value (in millions) |
|---|---|
| Total Stockholders' Equity | $11,276 |
| Dividends Declared | $124 |
Fox Corporation continues to adapt and thrive in the competitive media landscape, leveraging its diverse portfolio and strategic initiatives to drive growth and enhance shareholder value.
A Who Owns Fox Corporation (FOXA)
Ownership Structure
As of 2024, Fox Corporation (FOXA) has a dual-class share structure comprising Class A and Class B common stock. The Class A shares provide one vote per share, while Class B shares provide ten votes per share, giving significant voting power to holders of Class B shares.
| Share Class | Authorized Shares | Issued and Outstanding Shares | Voting Rights |
|---|---|---|---|
| Class A Common Stock | 2,000,000,000 | 222,253,246 | 1 vote/share |
| Class B Common Stock | 1,000,000,000 | 235,581,025 | 10 votes/share |
Major Shareholders
The largest shareholders of Fox Corporation include both institutional investors and individual stakeholders. As of September 30, 2024, the following are the top shareholders:
| Shareholder | Ownership Percentage | Type of Share |
|---|---|---|
| Rupert Murdoch | 39.22% | Class B Common Stock |
| BlackRock, Inc. | 7.50% | Class A Common Stock |
| The Vanguard Group, Inc. | 5.60% | Class A Common Stock |
| State Street Corporation | 4.50% | Class A Common Stock |
| Other Institutional Investors | 17.88% | Class A Common Stock |
Recent Financial Performance
For the three months ended September 30, 2024, Fox Corporation reported a total revenue of $3,564 million, an increase of 11% from $3,207 million in the same period of 2023. The net income attributable to Fox Corporation stockholders was $827 million, compared to $407 million in the prior year.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $3,564 million | $3,207 million | +11% |
| Net Income | $827 million | $407 million | +103% |
| Segment EBITDA | $1,048 million | $869 million | +21% |
Dividends and Share Repurchase
Fox Corporation declared a cash dividend of $0.27 per share for both Class A and Class B common stock during the three months ended September 30, 2024. Additionally, the company repurchased approximately 6 million shares of Class A common stock for approximately $250 million during the same period.
| Action | Details |
|---|---|
| Dividend per Share | $0.27 |
| Shares Repurchased | 6 million shares |
| Total Repurchase Amount | $250 million |
Conclusion on Ownership Dynamics
Fox Corporation's ownership is characterized by a concentrated power structure due to the dual-class share system, with Rupert Murdoch holding a significant stake through Class B shares. Institutional investors also play a vital role in the ownership landscape, reflecting a blend of individual and institutional interests in the company’s governance and financial performance.
Fox Corporation (FOXA) Mission Statement
Overview of Mission Statement
Fox Corporation aims to deliver high-quality news, sports, and entertainment programming to its audiences while maintaining a commitment to integrity and innovation. The company emphasizes its focus on creating compelling content that resonates with viewers across various platforms.
Financial Performance
For the three months ended September 30, 2024, Fox Corporation reported:
- Total Revenues: $3,564 million
- Net Income: $832 million
- Adjusted EBITDA: $1,048 million
Revenue Breakdown by Segment
| Segment | Revenues (in millions) | Segment EBITDA (in millions) | Change % |
|---|---|---|---|
| Cable Network Programming | $1,597 | $748 | 15% |
| Television | $1,953 | $372 | 10% |
| Corporate and Other | $65 | $(72) | 20% |
| Total | $3,564 | $1,048 | 11% |
Stock Repurchase Program
The Board of Directors has authorized a stock repurchase program of $7 billion. As of September 30, 2024, approximately 6 million shares of Class A Common Stock were repurchased for about $250 million.
Liquidity Position
As of September 30, 2024, Fox Corporation had:
- Cash and Cash Equivalents: $4,052 million
- Unused Revolving Credit Facility: $1 billion
Debt and Ratings
As of September 30, 2024, Fox Corporation's debt instruments included:
- Total Borrowings: $7,199 million
- Moody’s Rating: Baa2 (Stable)
- Standard & Poor’s Rating: BBB (Stable)
Shareholder Equity
As of September 30, 2024, Fox Corporation reported:
- Total Stockholders’ Equity: $11,276 million
- Retained Earnings: $3,734 million
Recent Developments
For the three months ended September 30, 2024, the company experienced:
- Increase in Advertising Revenue: $1,329 million, up by 11% from $1,200 million in 2023
- Political Advertising Revenue: Significant increase due to the 2024 presidential and congressional elections
Conclusion on Mission and Financial Strategy
Fox Corporation continues to align its mission of delivering high-quality content with robust financial performance, as evidenced by its increasing revenues and strong EBITDA growth across its business segments.
How Fox Corporation (FOXA) Works
Overview of Fox Corporation
Fox Corporation operates primarily in the news, sports, and entertainment sectors, managing two main reportable segments: Cable Network Programming and Television. As of September 30, 2024, the company reported total revenues of $3,564 million, reflecting an 11% increase from the previous year.
Financial Performance
For the three months ended September 30, 2024, Fox Corporation reported key financial figures as follows:
| Financial Metric | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (in millions) | Percentage Change |
|---|---|---|---|---|
| Revenues | $3,564 | $3,207 | $357 | 11% |
| Operating Expenses | $(2,018) | $(1,862) | $(156) | 8% |
| Selling, General & Administrative | $(502) | $(480) | $(22) | 5% |
| Net Income | $832 | $415 | $417 | 100% |
| Adjusted EBITDA | $1,048 | $869 | $179 | 21% |
Segment Analysis
The revenues and Segment EBITDA by reportable segment for Q3 2024 are detailed below:
| 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) |
| Total | $3,564 | $3,207 | $1,048 | $869 |
Revenue Breakdown
The revenue components for the Cable Network Programming and Television segments for Q3 2024 are as follows:
| Segment | Revenue Component | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|---|
| Cable Network Programming | Affiliate Fee | $1,037 | $1,005 |
| Cable Network Programming | Advertising | $321 | $290 |
| Cable Network Programming | Other | $239 | $92 |
| Television | Advertising | $1,008 | $910 |
| Television | Affiliate Fee | $806 | $735 |
| Television | Other | $139 | $135 |
Cash Flow and Liquidity
As of September 30, 2024, Fox Corporation's cash and cash equivalents totaled approximately $4.1 billion. The company also has an unused five-year $1.0 billion unsecured revolving credit facility. Key cash flow figures for Q3 2024 include:
| Cash Flow Activity | 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) |
Debt and Credit Ratings
Fox Corporation's debt ratings as of September 30, 2024, are as follows:
| Rating Agency | Senior Debt Rating | Outlook |
|---|---|---|
| Moody's | Baa2 | Stable |
| Standard & Poor’s | BBB | Stable |
How Fox Corporation (FOXA) Makes Money
Revenue Segments
Fox Corporation generates revenue through two primary segments: Cable Network Programming and Television. For the three months ended September 30, 2024, the total revenues amounted to $3,564 million, reflecting an increase from $3,207 million for the same period in 2023. The breakdown of revenues by segment is as follows:
| Segment | Revenue (in millions) | 2024 | 2023 | Change (in millions) | % Change |
|---|---|---|---|---|---|
| Cable Network Programming | $1,597 | $1,387 | $210 | 15% | |
| Television | $1,953 | $1,780 | $173 | 10% | |
| Corporate and Other | $65 | $54 | $11 | 20% | |
| Eliminations | ($51) | ($14) | ($37) | Not meaningful | |
| Total Revenues | $3,564 | $3,207 | $357 | 11% |
Cable Network Programming
This segment accounts for 45% of Fox's revenues. For the three months ended September 30, 2024, Cable Network Programming generated $1,597 million in revenue, which is a 15% increase compared to the previous year. The key components of revenue in this segment are:
| Component | Revenue (in millions) | 2024 | 2023 | Change (in millions) | % Change |
|---|---|---|---|---|---|
| Affiliate Fees | $1,037 | $1,005 | $32 | 3% | |
| Advertising | $321 | $290 | $31 | 11% | |
| Other Revenues | $239 | $92 | $147 | Not meaningful | |
| Total | $1,597 | $1,387 | $210 | 15% |
Television Segment
The Television segment comprises 55% of total revenues. For the same period, it generated $1,953 million, a 10% increase from $1,780 million in 2023. Key revenue components include:
| Component | Revenue (in millions) | 2024 | 2023 | Change (in millions) | % Change |
|---|---|---|---|---|---|
| Advertising | $1,008 | $910 | $98 | 11% | |
| Affiliate Fees | $806 | $735 | $71 | 10% | |
| Other Revenues | $139 | $135 | $4 | 3% | |
| Total | $1,953 | $1,780 | $173 | 10% |
Corporate and Other
This segment includes revenues from Credible and the FOX Studio Lot, generating $65 million in revenue for Q1 2024, up from $54 million in Q1 2023.
Operating Expenses and EBITDA
For the three months ended September 30, 2024, Fox Corporation reported total operating expenses of $2,018 million, up from $1,862 million in 2023. The Segment EBITDA for each segment is as follows:
| Segment | Segment EBITDA (in millions) | 2024 | 2023 | Change (in millions) | % Change |
|---|---|---|---|---|---|
| Cable Network Programming | $748 | $607 | $141 | 23% | |
| Television | $372 | $351 | $21 | 6% | |
| Corporate and Other | ($72) | ($89) | $17 | 19% | |
| Total Segment EBITDA | $1,048 | $869 | $179 | 21% |
Net Income and Earnings Per Share
Fox Corporation reported a net income of $832 million for the three months ended September 30, 2024, compared to $415 million in 2023. The earnings per share for the same period were as follows:
| Type | 2024 | 2023 |
|---|---|---|
| Basic EPS | $1.79 | $0.83 |
| Diluted EPS | $1.78 | $0.82 |
Liquidity and Capital Resources
As of September 30, 2024, Fox Corporation had approximately $4.1 billion in cash and cash equivalents and an unused $1.0 billion unsecured revolving credit facility. This demonstrates a strong liquidity position, supporting ongoing operational and strategic initiatives.
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Resources:
- Fox Corporation (FOXA) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Fox Corporation (FOXA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Fox Corporation (FOXA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.