Fox (FOX) 10-Q 8 Feb 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2022	Feb. 06, 2023
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
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	2023
Document Fiscal Period Focus	Q2
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		296,917,233
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		237,644,354

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues		$ 4,605	$ 4,441	$ 7,797	$ 7,486
Operating expenses		(3,528)	(3,667)	(5,184)	(5,238)
Selling, general and administrative		(550)	(468)	(998)	(883)
Depreciation and amortization		(103)	(93)	(202)	(172)
Interest expense, net		(60)	(97)	(128)	(194)
Other, net		73	(211)	(3)	(142)
Income (loss) before income tax (expense) benefit		437	(95)	1,282	857
Income tax (expense) benefit		(116)	22	(348)	(222)
Net income (loss)		321	(73)	934	635
Less: Net income attributable to noncontrolling interests	[1]	(8)	(12)	(16)	(19)
Net income (loss) attributable to Fox Corporation stockholders		$ 313	$ (85)	$ 918	$ 616
Weighted average shares:
Basic (in shares)		541	569	545	572
Diluted (in shares)		543	573	547	575
Net income (loss) attributable to Fox Corporation stockholders per share:
Basic (in dollars per share)		$ 0.58	$ (0.15)	$ 1.68	$ 1.08
Diluted (in dollars per share)		$ 0.58	$ (0.15)	$ 1.68	$ 1.07
[1]Net income attributable to noncontrolling interests includes $(5) million and $(3) million for the three months ended December 31, 2022 and 2021, respectively, and $(10) million and $(4) million for the six months ended December 31, 2022 and 2021, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 321	$ (73)	$ 934	$ 635
Other comprehensive income, net of tax:
Benefit plan adjustments and other		9	8	7	14
Other comprehensive income, net of tax		9	8	7	14
Comprehensive income (loss)		330	(65)	941	649
Less: Net income attributable to noncontrolling interests	[1]	(8)	(12)	(16)	(19)
Comprehensive income (loss) attributable to Fox Corporation stockholders		$ 322	$ (77)	$ 925	$ 630
[1]Net income attributable to noncontrolling interests includes $(5) million and $(3) million for the three months ended December 31, 2022 and 2021, respectively, and $(10) million and $(4) million for the six months ended December 31, 2022 and 2021, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ (5)	$ (3)	$ (10)	$ (4)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2022	Jun. 30, 2022
Current assets
Cash and cash equivalents		$ 4,058	$ 5,200
Receivables, net		3,004	2,128
Inventories, net		1,300	791
Other		209	162
Total current assets		8,571	8,281
Non-current assets
Property, plant and equipment, net		1,680	1,682
Intangible assets, net		3,114	3,157
Goodwill		3,556	3,554
Deferred tax assets		3,283	3,440
Other non-current assets		2,922	2,071
Total assets		23,126	22,185
Current liabilities
Accounts payable, accrued expenses and other current liabilities		2,543	2,296
Total current liabilities		2,543	2,296
Non-current liabilities
Borrowings		7,208	7,206
Other liabilities		1,503	1,120
Redeemable noncontrolling interests		196	188
Commitments and contingencies
Equity
Additional paid-in capital		8,836	9,098
Retained earnings		2,985	2,461
Accumulated other comprehensive loss		(219)	(226)
Total Fox Corporation stockholders’ equity		11,607	11,339
Noncontrolling interests		69	36
Total equity		11,676	11,375
Total liabilities and equity		23,126	22,185
Class A Common Stock
Equity
Common stock	[1]	3	3
Class B Common Stock
Equity
Common stock	[2]	$ 2	$ 3
[1] Class A Common Stock , $0.01 par value per share, 2,000,000,000 shares authorized, 297,918,978 shares and 307,496,876 shares issued and outstanding at par as of December 31, 2022 and June 30, 2022, respectively. Class B Common Stock , $0.01 par value per share, 1,000,000,000 shares authorized, 238,148,374 shares and 243,122,595 shares issued and outstanding at par as of December 31, 2022 and June 30, 2022, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	297,918,978	307,496,876
Common stock, shares outstanding	297,918,978	307,496,876
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	238,148,374	243,122,595
Common stock, shares outstanding	238,148,374	243,122,595

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 934	$ 635
Adjustments to reconcile net income to cash used in operating activities
Depreciation and amortization	202	172
Amortization of cable distribution investments	8	9
Equity-based compensation	32	47
Other, net	3	142
Deferred income taxes	152	143
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(952)	(940)
Inventories net of programming payable	(420)	(494)
Accounts payable and accrued expenses	(152)	(214)
Other changes, net	(68)	(156)
Net cash used in operating activities	(261)	(656)
INVESTING ACTIVITIES
Property, plant and equipment	(153)	(121)
Acquisitions, net of cash acquired	0	(229)
Proceeds from dispositions, net	0	82
Purchase of investments	(50)	(28)
Other investing activities, net	(18)	0
Net cash used in investing activities	(221)	(296)
FINANCING ACTIVITIES
Repurchase of shares	(500)	(497)
Dividends paid and distributions	(155)	(150)
Sale of subsidiary noncontrolling interest	25	0
Other financing activities, net	(30)	(32)
Net cash used in financing activities	(660)	(679)
Net decrease in cash and cash equivalents	(1,142)	(1,631)
Cash and cash equivalents, beginning of year	5,200	5,886
Cash and cash equivalents, end of period	$ 4,058	$ 4,255

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Fox Corporation Stockholders’ Equity	Common Stock	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, 2021				324	252
Beginning balance at Jun. 30, 2021	$ 11,125	$ 11,123		$ 3	$ 3	$ 9,453	$ 1,982	$ (318)	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	639	616					616		23
Other comprehensive income	14	14						14
Dividends	(138)	(138)					(138)
Shares repurchased (In shares)				(10)	(4)
Shares repurchased	(497)	(497)				(222)	(275)
Other (in shares)				3
Other	147	157				34	123		(10)
Ending balance (in shares) at Dec. 31, 2021				317	248
Ending balance at Dec. 31, 2021	11,290	11,275		$ 3	$ 3	9,265	2,308	(304)	15
Beginning balance (in shares) at Sep. 30, 2021				321	250
Beginning balance at Sep. 30, 2021	11,430	11,430		$ 3	$ 3	9,327	2,409	(312)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(70)	(85)					(85)		15
Other comprehensive income	8	8						8
Shares repurchased (In shares)				(5)	(2)
Shares repurchased	(247)	(247)				(108)	(139)
Other (in shares)				1
Other	169	169				46	123
Ending balance (in shares) at Dec. 31, 2021				317	248
Ending balance at Dec. 31, 2021	11,290	11,275		$ 3	$ 3	9,265	2,308	(304)	15
Beginning balance (in shares) at Jun. 30, 2022				308	243
Beginning balance at Jun. 30, 2022	11,375	11,339		$ 3	$ 3	9,098	2,461	(226)	36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	944	918					918		26
Other comprehensive income	7	7						7
Dividends	(137)	(137)					(137)
Shares repurchased (In shares)				(11)	(5)
Shares repurchased	(500)	(500)				(261)	(239)
Other (in shares)				1
Other	(13)	(20)			$ (1)	(1)	(18)		7
Ending balance (in shares) at Dec. 31, 2022				298	238
Ending balance at Dec. 31, 2022	11,676	11,607		$ 3	$ 2	8,836	2,985	(219)	69
Beginning balance (in shares) at Sep. 30, 2022				303	241
Beginning balance at Sep. 30, 2022	11,585	11,521		$ 3	$ 2	8,949	2,795	(228)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	326	313					313		13
Other comprehensive income	9	9						9
Shares repurchased (In shares)				(6)	(2)
Shares repurchased	(250)	(250)				(137)	(113)
Other (in shares)				1	(1)
Other	6	14	$ 0			24	(10)		(8)
Ending balance (in shares) at Dec. 31, 2022				298	238
Ending balance at Dec. 31, 2022	$ 11,676	$ 11,607		$ 3	$ 2	$ 8,836	$ 2,985	$ (219)	$ 69
[1]Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox Corporation, a Delaware corporation (“FOX” or the “Company”), is a news, sports and entertainment company, which manages and reports its businesses in the following segments: Cable Network Programming, Television and Other, Corporate and Eliminations. On October 14, 2022, the Company announced that its Board of Directors (the “Board”) had formed a special committee composed of independent members of the Board (the “Special Committee”) to begin exploring a potential combination with News Corporation. On January 24, 2023, the Company announced that the Board had received a letter from K. Rupert Murdoch withdrawing the proposal to explore the potential combination and, as a result of this action, the Special Committee was dissolved. The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with United States (“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, 2023. 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, 2022 as filed with the Securities and Exchange Commission on August 12, 2022 (the “2022 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 2022 amounts have been reclassified to conform to the fiscal 2023 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. Recently Adopted, Recently Issued Accounting Guidance and Other Inflation Reduction Act On August 16, 2022, the U.S. government enacted the Inflation Reduction Act which, among other changes, imposes a 15% corporate alternative minimum tax (“CAMT”) and a 1% excise tax on stock repurchases. Once subject to the CAMT, a taxpayer will compute both its CAMT liability and its regular federal tax liability and pay the higher of the two. To the extent that the CAMT liability exceeds the regular federal tax liability, a taxpayer will receive a credit (“CAMT credit”) which can be used against its regular federal tax liability in the future when the taxpayer is no longer subject to the CAMT. The CAMT credit does not expire. The CAMT is effective for tax years beginning after December 31, 2022, which means it will be applicable to the Company starting in fiscal 2024. The excise tax on stock repurchases applies to stock repurchases occurring after December 31, 2022. The Company continues to evaluate the impact the CAMT will have on its financial statements but expects that, when applicable, the Company will be subject to the CAMT. The CAMT would impact the timing of the cash tax benefit the Company receives from the amortization of the additional tax basis received as a result of the Transaction Tax (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K). This change in timing would result in an increase to its annual cash tax liability which could be material. However, as noted above, if the Company pays CAMT it will receive a CAMT credit that can be carried forward indefinitely and applied against its regular federal tax liability in future years. The Company will be subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not expected to be material.

Acquisitions, Disposals and Oth

Acquisitions, Disposals and Other Transactions	6 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Disposals and Other Transactions	ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONSThe 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. There were no acquisitions during the three and six months ended December 31, 2022. During the six months ended December 31, 2021, the Company made acquisitions, primarily consisting of three entertainment production companies, for total cash consideration of approximately $230 million. The revenues and Segment EBITDA (as defined in Note 10—Segment Information) included within the Company’s consolidated results of operations associated with these companies were not material individually or in the aggregate.

Inventories, Net

Inventories, Net	6 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories, Net	INVENTORIES, NET The Company’s inventories were comprised of the following: As of December 31, As of June 30, (in millions) Licensed programming, including prepaid sports rights $ 1,534 $ 975 Owned programming 446 337 Total inventories, net 1,980 1,312 Less: current portion of inventories, net (1,300) (791) Total non-current inventories, net $ 680 $ 521 Owned programming Released $ 253 $ 205 In-process and other 193 132 Total $ 446 $ 337 The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) (in millions) Amortization expense $ 2,566 $ 2,640 $ 3,420 $ 3,441

Fair Value

Fair Value	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis: Fair value measurements As of December 31, 2022 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 625 $ 625 (a) $ — $ — Redeemable noncontrolling interests (196) — — (196) (b) Total $ 429 $ 625 $ — $ (196) Fair value measurements As of June 30, 2022 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 435 $ 435 (a) $ — $ — Redeemable noncontrolling interests (188) — — (188) (b) Total $ 247 $ 435 $ — $ (188) (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 (See Note 3—Acquisitions, Disposals and Other Transactions in the 2022 Form 10-K under the heading “Flutter” for additional information). (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. In connection with the combination of The Stars Group Inc. and Flutter in May 2020, FOX Sports received the right to acquire an 18.6% equity interest in FanDuel Group (“FanDuel”), a majority-owned subsidiary of Flutter, at a price set forth in the relevant agreement (structured as a 10-year option), which has been the subject of arbitration proceedings. In January 2023, the U.S. District Court for the Southern District of New York confirmed and entered the arbitrator’s ruling affirming FOX Sports’ 10-year call option expiring in December 2030 to acquire 18.6% of FanDuel for $3.72 billion, with a 5% annual escalator. FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option. In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX’s consent or approval from the arbitrator. Redeemable Noncontrolling Interests The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company. The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Beginning of period $ (193) $ (302) $ (188) $ (261) Acquisitions (a) — (13) — (58) Net loss 5 3 10 4 Distributions — — — 3 Accretion and other (b) (8) 140 (18) 140 End of period $ (196) $ (172) $ (196) $ (172) (a) The increase for the six months ended December 31, 2021 was primarily due to the acquisition of an entertainment production company. (b) As a result of the expiration of the sports network minority shareholder’s final put right during the three months ended December 31, 2021, approximately $110 million was reclassified into equity. The Credible minority put right will become exercisable in fiscal 2025. The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027. Financial Instruments The carrying value of the Company’s financial instruments exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments, accounted for using the measurement alternative method, approximates fair value. As of December 31, As of June 30, (in millions) Borrowings Fair value $ 6,822 $ 7,084 Carrying value $ 7,208 $ 7,206 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Generally, the Company does not require collateral to secure receivables. As of December 31, 2022 and June 30, 2022, the Company had no customers that accounted for 10% or more of the Company’s receivables.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings	BORROWINGSBorrowings include senior notes (See Note 9—Borrowings in the 2022 Form 10-K under the heading “Public Debt – Senior Notes Issued”). 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 March 2024 (See Note 9—Borrowings in the 2022 Form 10-K under the heading “Revolving Credit Agreement”). As of December 31, 2022, there were no borrowings outstanding under the revolving credit agreement.

Stockholders Equity

Stockholders Equity	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Stock Repurchase Program The Board has authorized a $4 billion stock repurchase program under which the Company can repurchase Class A Common Stock (the “Class A Common Stock”) and Class B Common Stock (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time. During the six months ended December 31, 2022, the Company repurchased approximately 16 million shares of Common Stock for approximately $500 million. Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings. As of December 31, 2022, the Company’s remaining stock repurchase authorization was approximately $900 million. Subsequent to December 31, 2022, the Company repurchased approximately 1.6 million shares of Common Stock for approximately $50 million and the Company announced that the Board has authorized incremental stock repurchases of an additional $3 billion of Common Stock. With this increase, the Company’s total stock repurchase authorization is now $7 billion. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 Cash dividend per share $ — $ — $ 0.25 $ 0.24 Subsequent to December 31, 2022, the Company declared a semi-annual dividend of $0.25 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 29, 2023 with a record date for determining dividend entitlements of March 1, 2023.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	EQUITY-BASED COMPENSATIONThe Company has one equity plan, the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2022 Form 10-K). The following table summarizes the Company’s equity-based compensation: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Equity-based compensation $ 25 $ 32 $ 32 $ 47 Intrinsic value of all settled equity-based awards $ — $ 18 $ 76 $ 94 Tax benefit on settled equity-based awards $ (1) $ 4 $ 13 $ 21 The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2022, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $120 million and is expected to be recognized over a weighted average period between one As of December 31, 2022 and 2021, the Company had approximately 5 million and 6 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. Awards Vested and Granted Restricted Stock Units During the six months ended December 31, 2022 and 2021 , a pproximately 1.5 million and 2.4 million restricted stock units (“RSUs”) vested and approximately 2.0 million and 1.7 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 six months ended December 31, 2022 and 2021, the Company granted approximately 4 million performance-based stock options, in each period, which will vest in full at the end of a three-year performance period if the market condition is met, and have a term of seven years thereafter.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of December 31, 2022 and June 30, 2022 were approximately $39 billion and $42 billion, respectively. The decrease from June 30, 2022 was primarily due to sports programming rights payments. In December 2022, the Company renewed the operating lease for its corporate headquarters at 1211 Avenue of the Americas in New York through fiscal 2042. In connection with this extension, the Company recorded additional operating lease assets and liabilities of approximately $540 million as of December 31, 2022. Contingencies FOX News The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. U.K. Newspaper Matters Indemnity In connection with the separation of Twenty-First Century Fox, Inc. (“21CF”) and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K under the heading “The Distribution”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $115 million and $65 million as of December 31, 2022 and June 30, 2022, respectively. The increase in the liability recorded was attributable to an increase in the number of civil claims submitted in September 2022 in advance of the September 30, 2022 cutoff date set by the judge for this phase of the litigation. 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 and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021. The Dominion lawsuits against the Company and its subsidiary, FOX News Media, have been consolidated for trial, which is scheduled to begin in April 2023. The Company believes these lawsuits, including the Smartmatic and Dominion matters, are without merit and intends to defend against them vigorously, including through any appeals. To date, none of the amounts the Company has paid in settlements of defamation or disparagement claims 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. Other 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 above 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. 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

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Dec. 31, 2022
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 $16 million and $13 million for the three months ended December 31, 2022 and 2021, respectively, and $32 million and $27 million for the six months ended December 31, 2022 and 2021, respectively.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments: • Cable Network Programming , which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) 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 (“AVOD”) 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. • Other, Corporate and Eliminations , which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace. The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is segment operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses. The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2022 and 2021: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Revenues Cable Network Programming $ 1,632 $ 1,638 $ 3,063 $ 3,054 Television 2,934 2,759 4,648 4,340 Other, Corporate and Eliminations 39 44 86 92 Total revenues $ 4,605 $ 4,441 $ 7,797 $ 7,486 Segment EBITDA Cable Network Programming $ 353 $ 668 $ 1,095 $ 1,442 Television 256 (273) 665 86 Other, Corporate and Eliminations (78) (85) (137) (154) Amortization of cable distribution investments (4) (4) (8) (9) Depreciation and amortization (103) (93) (202) (172) Interest expense, net (60) (97) (128) (194) Other, net 73 (211) (3) (142) Income (loss) before income tax (expense) benefit 437 (95) 1,282 857 Income tax (expense) benefit (116) 22 (348) (222) Net income (loss) 321 (73) 934 635 Less: Net income attributable to noncontrolling interests (8) (12) (16) (19) Net income (loss) attributable to Fox Corporation stockholders $ 313 $ (85) $ 918 $ 616 Revenues by Segment by Component For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Cable Network Programming Affiliate fee $ 1,026 $ 1,039 $ 2,055 $ 2,065 Advertising 451 454 767 765 Other 155 145 241 224 Total Cable Network Programming revenues 1,632 1,638 3,063 3,054 Television Advertising 2,052 1,954 2,957 2,773 Affiliate fee 686 649 1,368 1,290 Other 196 156 323 277 Total Television revenues 2,934 2,759 4,648 4,340 Other, Corporate and Eliminations 39 44 86 92 Total revenues $ 4,605 $ 4,441 $ 7,797 $ 7,486 For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Depreciation and amortization Cable Network Programming $ 17 $ 17 $ 34 $ 27 Television 30 28 59 54 Other, Corporate and Eliminations 56 48 109 91 Total depreciation and amortization $ 103 $ 93 $ 202 $ 172 As of December 31, As of June 30, (in millions) Assets Cable Network Programming $ 2,753 $ 2,682 Television 9,493 7,915 Other, Corporate and Eliminations 10,108 11,010 Investments 772 578 Total assets $ 23,126 $ 22,185

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	ADDITIONAL FINANCIAL INFORMATION Interest Expense, net The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Interest expense $ (89) $ (98) $ (176) $ (195) Interest income 29 1 48 1 Total interest expense, net $ (60) $ (97) $ (128) $ (194) Other, net The following table sets forth the components of Other, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Net gains (losses) on investments in equity securities (a) $ 114 $ (165) $ 135 $ (102) U.K. Newspaper Matters Indemnity (b) (21) (32) (82) (49) Transaction costs (12) (11) (28) (24) Other (8) (3) (28) 33 Total other, net $ 73 $ (211) $ (3) $ (142) (a) Net gains (losses) on investments in equity securities for the three and six months ended December 31, 2022 and 2021 include the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value). (b) See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.” Other Non-Current Assets The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of December 31, As of June 30, (in millions) Operating lease assets (a) $ 969 $ 477 Investments (b) 772 578 Inventories, net 680 521 Grantor Trust 264 270 Other 237 225 Total other non-current assets $ 2,922 $ 2,071 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.” (b) Includes investments accounted for at fair value on a recurring basis of $625 million and $435 million as of December 31, 2022 and June 30, 2022, respectively (See Note 4—Fair Value). Accounts Payable, Accrued Expenses and Other Current Liabilities The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Programming payable $ 962 $ 686 Accrued expenses 939 992 Deferred revenue 148 209 Operating lease liabilities 109 107 Other current liabilities 385 302 Total accounts payable, accrued expenses and other current liabilities $ 2,543 $ 2,296 Other Liabilities The following table sets forth the components of Other liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Non-current operating lease liabilities (a) $ 900 $ 405 Accrued non-current pension/postretirement liabilities 427 447 Other non-current liabilities 176 268 Total other liabilities $ 1,503 $ 1,120 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.” Future Performance Obligations As of December 31, 2022, approximately $4.5 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, sports advertising contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice. Supplemental Information For the six months ended December 31, 2022 2021 (in millions) Supplemental cash flows information Cash paid for interest $ (174) $ (200) Cash paid for income taxes $ (179) $ (155) Supplemental information on acquisitions Fair value of assets acquired, excluding cash $ — $ 335 Cash acquired — 10 Liabilities assumed — (48) Redeemable noncontrolling interests issued — (5) Cash paid — (239) Fair value of equity instruments issued as consideration to third parties (a) — 53 Issuance of subsidiary common units — (53) Fair value of equity instruments consideration $ — $ — (a) Includes Redeemable noncontrolling interests.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2022
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 2022 amounts have been reclassified to conform to the fiscal 2023 presentation.
Recently Adopted, Recently Issued Accounting Guidance and Other	Recently Adopted, Recently Issued Accounting Guidance and Other Inflation Reduction Act On August 16, 2022, the U.S. government enacted the Inflation Reduction Act which, among other changes, imposes a 15% corporate alternative minimum tax (“CAMT”) and a 1% excise tax on stock repurchases. Once subject to the CAMT, a taxpayer will compute both its CAMT liability and its regular federal tax liability and pay the higher of the two. To the extent that the CAMT liability exceeds the regular federal tax liability, a taxpayer will receive a credit (“CAMT credit”) which can be used against its regular federal tax liability in the future when the taxpayer is no longer subject to the CAMT. The CAMT credit does not expire. The CAMT is effective for tax years beginning after December 31, 2022, which means it will be applicable to the Company starting in fiscal 2024. The excise tax on stock repurchases applies to stock repurchases occurring after December 31, 2022. The Company continues to evaluate the impact the CAMT will have on its financial statements but expects that, when applicable, the Company will be subject to the CAMT. The CAMT would impact the timing of the cash tax benefit the Company receives from the amortization of the additional tax basis received as a result of the Transaction Tax (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K). This change in timing would result in an increase to its annual cash tax liability which could be material. However, as noted above, if the Company pays CAMT it will receive a CAMT credit that can be carried forward indefinitely and applied against its regular federal tax liability in future years. The Company will be subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not expected to be material.
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. Generally, the Company does not require collateral to secure receivables. As of December 31, 2022 and June 30, 2022, the Company had no customers that accounted for 10% or more of the Company’s receivables.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The Company’s inventories were comprised of the following: As of December 31, As of June 30, (in millions) Licensed programming, including prepaid sports rights $ 1,534 $ 975 Owned programming 446 337 Total inventories, net 1,980 1,312 Less: current portion of inventories, net (1,300) (791) Total non-current inventories, net $ 680 $ 521 Owned programming Released $ 253 $ 205 In-process and other 193 132 Total $ 446 $ 337
Schedule of Inventories Aggregate Amortization Expense	The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) (in millions) Amortization expense $ 2,566 $ 2,640 $ 3,420 $ 3,441

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them	The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis: Fair value measurements As of December 31, 2022 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 625 $ 625 (a) $ — $ — Redeemable noncontrolling interests (196) — — (196) (b) Total $ 429 $ 625 $ — $ (196) Fair value measurements As of June 30, 2022 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 435 $ 435 (a) $ — $ — Redeemable noncontrolling interests (188) — — (188) (b) Total $ 247 $ 435 $ — $ (188) (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 (See Note 3—Acquisitions, Disposals and Other Transactions in the 2022 Form 10-K under the heading “Flutter” for additional information). (b) The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3	The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Beginning of period $ (193) $ (302) $ (188) $ (261) Acquisitions (a) — (13) — (58) Net loss 5 3 10 4 Distributions — — — 3 Accretion and other (b) (8) 140 (18) 140 End of period $ (196) $ (172) $ (196) $ (172) (a) The increase for the six months ended December 31, 2021 was primarily due to the acquisition of an entertainment production company. (b) As a result of the expiration of the sports network minority shareholder’s final put right during the three months ended December 31, 2021, approximately $110 million was reclassified into equity.
Schedule of Fair Value and Carrying Value of Borrowings	As of December 31, As of June 30, (in millions) Borrowings Fair value $ 6,822 $ 7,084 Carrying value $ 7,208 $ 7,206

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Dec. 31, 2022
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 December 31, For the six months ended December 31, 2022 2021 2022 2021 Cash dividend per share $ — $ — $ 0.25 $ 0.24

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation	The following table summarizes the Company’s equity-based compensation: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Equity-based compensation $ 25 $ 32 $ 32 $ 47 Intrinsic value of all settled equity-based awards $ — $ 18 $ 76 $ 94 Tax benefit on settled equity-based awards $ (1) $ 4 $ 13 $ 21

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated	The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2022 and 2021: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Revenues Cable Network Programming $ 1,632 $ 1,638 $ 3,063 $ 3,054 Television 2,934 2,759 4,648 4,340 Other, Corporate and Eliminations 39 44 86 92 Total revenues $ 4,605 $ 4,441 $ 7,797 $ 7,486 Segment EBITDA Cable Network Programming $ 353 $ 668 $ 1,095 $ 1,442 Television 256 (273) 665 86 Other, Corporate and Eliminations (78) (85) (137) (154) Amortization of cable distribution investments (4) (4) (8) (9) Depreciation and amortization (103) (93) (202) (172) Interest expense, net (60) (97) (128) (194) Other, net 73 (211) (3) (142) Income (loss) before income tax (expense) benefit 437 (95) 1,282 857 Income tax (expense) benefit (116) 22 (348) (222) Net income (loss) 321 (73) 934 635 Less: Net income attributable to noncontrolling interests (8) (12) (16) (19) Net income (loss) attributable to Fox Corporation stockholders $ 313 $ (85) $ 918 $ 616
Summary of Revenues by Segment by Component to Consolidated	Revenues by Segment by Component For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Cable Network Programming Affiliate fee $ 1,026 $ 1,039 $ 2,055 $ 2,065 Advertising 451 454 767 765 Other 155 145 241 224 Total Cable Network Programming revenues 1,632 1,638 3,063 3,054 Television Advertising 2,052 1,954 2,957 2,773 Affiliate fee 686 649 1,368 1,290 Other 196 156 323 277 Total Television revenues 2,934 2,759 4,648 4,340 Other, Corporate and Eliminations 39 44 86 92 Total revenues $ 4,605 $ 4,441 $ 7,797 $ 7,486
Reconciliation of Depreciation and Amortization from Segments to Consolidated	For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Depreciation and amortization Cable Network Programming $ 17 $ 17 $ 34 $ 27 Television 30 28 59 54 Other, Corporate and Eliminations 56 48 109 91 Total depreciation and amortization $ 103 $ 93 $ 202 $ 172
Reconciliation of Assets from Segments to Consolidated	As of December 31, As of June 30, (in millions) Assets Cable Network Programming $ 2,753 $ 2,682 Television 9,493 7,915 Other, Corporate and Eliminations 10,108 11,010 Investments 772 578 Total assets $ 23,126 $ 22,185

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest Income and Interest Expense Disclosure	The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Interest expense $ (89) $ (98) $ (176) $ (195) Interest income 29 1 48 1 Total interest expense, net $ (60) $ (97) $ (128) $ (194)
Components of Other, net	The following table sets forth the components of Other, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 (in millions) Net gains (losses) on investments in equity securities (a) $ 114 $ (165) $ 135 $ (102) U.K. Newspaper Matters Indemnity (b) (21) (32) (82) (49) Transaction costs (12) (11) (28) (24) Other (8) (3) (28) 33 Total other, net $ 73 $ (211) $ (3) $ (142) (a) Net gains (losses) on investments in equity securities for the three and six months ended December 31, 2022 and 2021 include the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value). (b) See Note 8—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”
Components of Other Non-current Assets	The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of December 31, As of June 30, (in millions) Operating lease assets (a) $ 969 $ 477 Investments (b) 772 578 Inventories, net 680 521 Grantor Trust 264 270 Other 237 225 Total other non-current assets $ 2,922 $ 2,071 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.” (b) Includes investments accounted for at fair value on a recurring basis of $625 million and $435 million as of December 31, 2022 and June 30, 2022, respectively (See Note 4—Fair Value).
Components of Accounts Payable, Accrued Expenses and Other Current Liabilities	The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Programming payable $ 962 $ 686 Accrued expenses 939 992 Deferred revenue 148 209 Operating lease liabilities 109 107 Other current liabilities 385 302 Total accounts payable, accrued expenses and other current liabilities $ 2,543 $ 2,296
Components of Other Liabilities	The following table sets forth the components of Other liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Non-current operating lease liabilities (a) $ 900 $ 405 Accrued non-current pension/postretirement liabilities 427 447 Other non-current liabilities 176 268 Total other liabilities $ 1,503 $ 1,120 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.”
Schedule of Supplemental Information	For the six months ended December 31, 2022 2021 (in millions) Supplemental cash flows information Cash paid for interest $ (174) $ (200) Cash paid for income taxes $ (179) $ (155) Supplemental information on acquisitions Fair value of assets acquired, excluding cash $ — $ 335 Cash acquired — 10 Liabilities assumed — (48) Redeemable noncontrolling interests issued — (5) Cash paid — (239) Fair value of equity instruments issued as consideration to third parties (a) — 53 Issuance of subsidiary common units — (53) Fair value of equity instruments consideration $ — $ — (a) Includes Redeemable noncontrolling interests.

Acquisitions, Disposals and O_2

Acquisitions, Disposals and Other Transactions - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2022 business	Dec. 31, 2022 business	Dec. 31, 2021 USD ($) business
Business Combination and Asset Acquisition [Abstract]
Number of businesses acquired | business	0	0	3
Consideration transferred | $			$ 230

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Inventory [Line Items]
Licensed programming, including prepaid sports rights	$ 1,534	$ 975
Owned programming	446	337
Total inventories, net	1,980	1,312
Less: current portion of inventories, net	(1,300)	(791)
Total non-current inventories, net	680	521
Owned programming
Total	446	337
Released
Owned programming
Released	253	205
In-process and other
Owned programming
In-process and other	$ 193	$ 132

Inventories, Net - Amortization

Inventories, Net - Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Amortization expense	$ 2,566	$ 2,640	$ 3,420	$ 3,441

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	$ 625	$ 435
Redeemable noncontrolling interests	(196)	(188)
Fair value measurements recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	625	435
Redeemable noncontrolling interests	(196)	(188)
Total	429	247
Fair value measurements recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	625	435
Redeemable noncontrolling interests	0	0
Total	625	435
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	(196)	(188)
Total	$ (196)	$ (188)

Fair Value - Narrative (Detail)

Fair Value - Narrative (Detail) - FanDuel - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2022	May 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of ownership interest that can be acquired in the future	18.60%	18.60%
Option term to acquire an equity interest	10 years	10 years
Open option contracts written, at fair value	$ 3,720
Call option exercise price annual escalator	5%

Fair Value - Liabilities Measur

Fair Value - Liabilities Measured on Recurring Basis (Detail) - Redeemable Noncontrolling Interests - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts reclassified into equity as a result of the expiration of a put arrangement		$ 110
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ (193)	(302)	$ (188)	$ (261)
Acquisitions	0	(13)	0	(58)
Net loss	5	3	10	4
Distributions	0	0	0	3
Accretion and other	(8)	140	(18)	140
End of period	$ (196)	$ (172)	$ (196)	$ (172)

Fair Value - Borrowings (Detail

Fair Value - Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value	$ 6,822	$ 7,084
Carrying value	$ 7,208	$ 7,206

Borrowings - Narrative (Detail)

Borrowings - Narrative (Detail) - Revolving Credit Agreement	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Limit on revolving credit facility	$ 1,000,000,000
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility	150,000,000
Borrowings outstanding	$ 0

Stockholders Equity - Narrative

Stockholders Equity - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 08, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 4,000		$ 4,000
Shares repurchased		250	$ 247	$ 500	$ 497
Subsequent Event
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount	$ 7,000
Stock repurchase program, additional authorized amount	$ 3,000
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Shares repurchased				16
Shares repurchased				$ 500
Remaining buyback authorization amount		$ 900		$ 900
Class A and Class B Common Stock | Subsequent Event
Stockholders Equity [Line Items]
Shares repurchased	1.6
Shares repurchased	$ 50
Class A Common Stock
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)		$ 0	$ 0	$ 0.25	$ 0.24
Class B Common Stock
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)		$ 0	$ 0	$ 0.25	$ 0.24

Stockholders Equity - Schedule

Stockholders Equity - Schedule of Dividends Declared (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.25	$ 0.24
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.25	$ 0.24

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Detail) $ in Millions	6 Months Ended
	Dec. 31, 2022 USD ($) plan shares	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity plans | plan	1
Total estimated compensation cost, not yet recognized, related to non-vested equity awards | $	$ 120
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	5,000,000	6,000,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested (in shares)	1,500,000	2,400,000
Stock units granted (in shares)	2,000,000	1,700,000
Vesting period	3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock units granted (in shares)	4,000,000	4,000,000
Stock options expiration period	7 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	2 years

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	$ 25	$ 32	$ 32	$ 47
Intrinsic value of all settled equity-based awards	0	18	76	94
Tax benefit on settled equity-based awards	$ (1)	$ 4	$ 13	$ 21

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Loss Contingencies [Line Items]
Total firm commitments and future debt payments	$ 39,000	$ 42,000
Right-of-use asset obtained in exchange for operating lease liability	540
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity	$ 115	$ 65

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Net periodic benefit cost	$ 16	$ 13	$ 32	$ 27

Segment Information - Narrative

Segment Information - Narrative (Detail) - Television - US	6 Months Ended
	Dec. 31, 2022 tvStation duopoly
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies | duopoly	11
FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Segment Information - Reconcili

Segment Information - Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues		$ 4,605	$ 4,441	$ 7,797	$ 7,486
Amortization of cable distribution investments		(4)	(4)	(8)	(9)
Depreciation and amortization		(103)	(93)	(202)	(172)
Interest expense, net		(60)	(97)	(128)	(194)
Other, net		73	(211)	(3)	(142)
Income (loss) before income tax (expense) benefit		437	(95)	1,282	857
Income tax (expense) benefit		(116)	22	(348)	(222)
Net income (loss)		321	(73)	934	635
Less: Net income attributable to noncontrolling interests	[1]	(8)	(12)	(16)	(19)
Net income (loss) attributable to Fox Corporation stockholders		313	(85)	918	616
Cable Network Programming
Segment Reporting Information [Line Items]
Revenues		1,632	1,638	3,063	3,054
Segment EBITDA		353	668	1,095	1,442
Depreciation and amortization		(17)	(17)	(34)	(27)
Television
Segment Reporting Information [Line Items]
Revenues		2,934	2,759	4,648	4,340
Segment EBITDA		256	(273)	665	86
Depreciation and amortization		(30)	(28)	(59)	(54)
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Revenues		39	44	86	92
Segment EBITDA		(78)	(85)	(137)	(154)
Depreciation and amortization		$ (56)	$ (48)	$ (109)	$ (91)
[1]Net income attributable to noncontrolling interests includes $(5) million and $(3) million for the three months ended December 31, 2022 and 2021, respectively, and $(10) million and $(4) million for the six months ended December 31, 2022 and 2021, respectively, relating to redeemable noncontrolling interests.

Segment Information - Summary o

Segment Information - Summary of Revenues by Segment by Component to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 4,605	$ 4,441	$ 7,797	$ 7,486
Cable Network Programming
Disaggregation Of Revenue [Line Items]
Revenues	1,632	1,638	3,063	3,054
Cable Network Programming | Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	1,026	1,039	2,055	2,065
Cable Network Programming | Advertising
Disaggregation Of Revenue [Line Items]
Revenues	451	454	767	765
Cable Network Programming | Other
Disaggregation Of Revenue [Line Items]
Revenues	155	145	241	224
Television
Disaggregation Of Revenue [Line Items]
Revenues	2,934	2,759	4,648	4,340
Television | Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	686	649	1,368	1,290
Television | Advertising
Disaggregation Of Revenue [Line Items]
Revenues	2,052	1,954	2,957	2,773
Television | Other
Disaggregation Of Revenue [Line Items]
Revenues	196	156	323	277
Other, Corporate and Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	$ 39	$ 44	$ 86	$ 92

Segment Information - Reconci_2

Segment Information - Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 103	$ 93	$ 202	$ 172
Cable Network Programming
Segment Reporting Information [Line Items]
Depreciation and amortization	17	17	34	27
Television
Segment Reporting Information [Line Items]
Depreciation and amortization	30	28	59	54
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 56	$ 48	$ 109	$ 91

Segment Information - Reconci_3

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total assets	$ 23,126	$ 22,185
Investments	772	578
Cable Network Programming
Segment Reporting Information [Line Items]
Total assets	2,753	2,682
Television
Segment Reporting Information [Line Items]
Total assets	9,493	7,915
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Total assets	$ 10,108	$ 11,010

Additional Financial Informat_3

Additional Financial Information - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (89)	$ (98)	$ (176)	$ (195)
Interest income	29	1	48	1
Interest expense, net	$ (60)	$ (97)	$ (128)	$ (194)

Additional Financial Informat_4

Additional Financial Information - Components of Other, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains (losses) on investments in equity securities	$ 114	$ (165)	$ 135	$ (102)
U.K Newspaper Matters Indemnity	(21)	(32)	(82)	(49)
Transaction costs	(12)	(11)	(28)	(24)
Other	(8)	(3)	(28)	33
Total other, net	$ 73	$ (211)	$ (3)	$ (142)

Additional Financial Informat_5

Additional Financial Information - Components of Other Non-current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease assets	$ 969	$ 477
Investments	772	578
Inventories, net	680	521
Grantor Trust	264	270
Other	237	225
Total other non-current assets	2,922	2,071
Investments, fair value	$ 625	$ 435

Additional Financial Informat_6

Additional Financial Information - Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Programming payable	$ 962	$ 686
Accrued expenses	939	992
Deferred revenue	148	209
Operating lease liabilities	109	107
Other current liabilities	385	302
Total accounts payable, accrued expenses and other current liabilities	$ 2,543	$ 2,296

Additional Financial Informat_7

Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current operating lease liabilities	$ 900	$ 405
Accrued non-current pension/postretirement liabilities	427	447
Other non-current liabilities	176	268
Total other liabilities	$ 1,503	$ 1,120

Additional Financial Informat_8

Additional Financial Information - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 $ in Billions	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount	$ 4.5
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	1 year
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	3 years

Additional Financial Informat_9

Additional Financial Information - Supplemental Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Supplemental cash flows information
Cash paid for interest	$ (174)	$ (200)
Cash paid for income taxes	(179)	(155)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	0	335
Cash acquired	0	10
Liabilities assumed	0	(48)
Redeemable noncontrolling interests issued	0	(5)
Cash paid	0	(239)
Fair value of equity instruments issued as consideration to third parties(a)	0	53
Issuance of subsidiary common units	0	(53)
Fair value of equity instruments consideration	$ 0	$ 0