Fox (FOX) 10-Q 4 Feb 25 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-38776
Entity Registrant Name	FOX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1825597
Entity Address, Address Line One	1211 Avenue of the Americas
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	852-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	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		217,846,833
Class B Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	FOX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		235,581,025

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues		$ 5,078	$ 4,234	$ 8,642	$ 7,441
Operating expenses		(3,776)	(3,393)	(5,794)	(5,255)
Selling, general and administrative		(525)	(495)	(1,027)	(975)
Depreciation and amortization		(97)	(97)	(188)	(193)
Restructuring, impairment and other corporate matters		(170)	(18)	(196)	(9)
Equity earnings of affiliates		4	1	7	2
Interest expense, net		(80)	(72)	(130)	(114)
Non-operating other, net		81	(29)	314	(205)
Income before income tax expense		515	131	1,628	692
Income tax expense		(127)	(16)	(408)	(162)
Net income		388	115	1,220	530
Less: Net income attributable to noncontrolling interests	[1]	(15)	(6)	(20)	(14)
Net income attributable to Fox Corporation stockholders		$ 373	$ 109	$ 1,200	$ 516
Weighted average shares:
Basic (in shares)		457	481	459	487
Diluted (in shares)		462	482	463	488
Net income attributable to Fox Corporation stockholders per share:
Basic (in dollars per share)		$ 0.82	$ 0.23	$ 2.61	$ 1.06
Diluted (in dollars per share)		$ 0.81	$ 0.23	$ 2.59	$ 1.06
[1] Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 388	$ 115	$ 1,220	$ 530
Other comprehensive (loss) income, net of tax:
Benefit plan adjustments and other		(5)	5	(1)	3
Other comprehensive (loss) income, net of tax		(5)	5	(1)	3
Comprehensive income		383	120	1,219	533
Less: Net income attributable to noncontrolling interests	[1]	(15)	(6)	(20)	(14)
Comprehensive income attributable to Fox Corporation stockholders		$ 368	$ 114	$ 1,199	$ 519
[1] Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1	$ (4)	$ (1)	$ (4)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents		$ 3,322	$ 4,319
Receivables, net		3,492	2,364
Inventories, net		1,171	626
Other		252	192
Total current assets		8,237	7,501
Non-current assets
Property, plant and equipment, net		1,671	1,696
Intangible assets, net		3,020	3,038
Goodwill		3,543	3,544
Deferred tax assets		2,729	2,878
Other non-current assets		3,822	3,315
Total assets		23,022	21,972
Current liabilities
Borrowings		600	599
Accounts payable, accrued expenses and other current liabilities		2,697	2,353
Total current liabilities		3,297	2,952
Non-current liabilities
Borrowings		6,600	6,598
Other liabilities		1,314	1,366
Redeemable noncontrolling interests		200	242
Commitments and contingencies
Equity
Additional paid-in capital		7,650	7,678
Retained earnings		3,949	3,139
Accumulated other comprehensive loss		(108)	(107)
Total Fox Corporation stockholders’ equity		11,495	10,714
Noncontrolling interests		116	100
Total equity		11,611	10,814
Total liabilities and equity		23,022	21,972
Class A Common Stock
Equity
Common Stock	[1]	2	2
Class B Common Stock
Equity
Common Stock	[2]	$ 2	$ 2
[1] Class A Common Stock , $0.01 par value per share, 2,000,000,000 shares authorized, 218,781,620 shares and 225,727,598 shares issued and outstanding at par as of December 31, 2024 and June 30, 2024, respectively. Class B Common Stock , $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares issued and outstanding at par as of December 31, 2024 and June 30, 2024.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Jun. 30, 2024
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	218,781,620	225,727,598
Common stock, shares outstanding (in shares)	218,781,620	225,727,598
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	235,581,025	235,581,025
Common stock, shares outstanding (in shares)	235,581,025	235,581,025

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income	$ 1,220	$ 530
Adjustments to reconcile net income to cash used in operating activities
Depreciation and amortization	188	193
Amortization of cable distribution investments	8	8
Restructuring, impairment and other corporate matters	196	9
Equity-based compensation	68	48
Equity earnings of affiliates	(7)	(2)
Cash distributions received from affiliates	13	0
Non-operating other, net	(314)	205
Deferred income taxes	145	29
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(1,198)	(853)
Inventories net of programming payable	(431)	(405)
Accounts payable and accrued expenses	(75)	(180)
Other changes, net	(17)	(117)
Net cash used in operating activities	(204)	(535)
INVESTING ACTIVITIES
Property, plant and equipment	(138)	(150)
Purchase of investments	(79)	(6)
Other investing activities, net	(23)	13
Net cash used in investing activities	(240)	(143)
FINANCING ACTIVITIES
Borrowings	0	1,232
Repurchase of shares	(500)	(500)
Dividends paid and distributions	(134)	(142)
Other financing activities, net	81	(62)
Net cash (used in) provided by financing activities	(553)	528
Net decrease in cash and cash equivalents	(997)	(150)
Cash and cash equivalents, beginning of year	4,319	4,272
Cash and cash equivalents, end of period	$ 3,322	$ 4,122

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Class A Common Stock	Class B Common Stock	Total Fox Corporation Stockholders’ Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	[1]
Beginning balance (in shares) at Jun. 30, 2023					263,000,000	235,000,000
Beginning balance at Jun. 30, 2023	$ 10,445			$ 10,378	$ 3	$ 2	$ 8,253	$ 2,269	$ (149)	$ 67
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	534			516				516		18
Other comprehensive income (loss)	3			3					3
Dividends	(127)			(127)				(127)
Shares repurchased (in shares)					(24,000,000)
Shares repurchased	(505)			(505)			(397)	(108)
Other (in shares)					2,000,000
Other	(25)			(13)			23	(36)		(12)
Ending balance (in shares) at Dec. 31, 2023					241,000,000	235,000,000
Ending balance at Dec. 31, 2023	10,325			10,252	$ 3	$ 2	7,879	2,514	(146)	73
Beginning balance (in shares) at Sep. 30, 2023					249,000,000	235,000,000
Beginning balance at Sep. 30, 2023	10,451			10,384	$ 3	$ 2	7,991	2,539	(151)	67
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119			109				109		10
Other comprehensive income (loss)	5			5					5
Shares repurchased (in shares)					(9,000,000)
Shares repurchased	(253)			(253)			(139)	(114)
Other (in shares)					1,000,000
Other	3			7			27	(20)		(4)
Ending balance (in shares) at Dec. 31, 2023					241,000,000	235,000,000
Ending balance at Dec. 31, 2023	10,325			10,252	$ 3	$ 2	7,879	2,514	(146)	73
Beginning balance (in shares) at Jun. 30, 2024		225,727,598	235,581,025		226,000,000	235,000,000
Beginning balance at Jun. 30, 2024	10,814			10,714	$ 2	$ 2	7,678	3,139	(107)	100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,221			1,200				1,200		21
Other comprehensive income (loss)	(1)			(1)					(1)
Dividends	(124)			(124)				(124)
Shares repurchased (in shares)		(12,000,000)			(12,000,000)
Shares repurchased	(505)	$ (500)		(505)			(199)	(306)
Other (in shares)					5,000,000
Other	206			211			171	40		(5)
Ending balance (in shares) at Dec. 31, 2024		218,781,620	235,581,025		219,000,000	235,000,000
Ending balance at Dec. 31, 2024	11,611			11,495	$ 2	$ 2	7,650	3,949	(108)	116
Beginning balance (in shares) at Sep. 30, 2024					222,000,000	235,000,000
Beginning balance at Sep. 30, 2024	11,376			11,276	$ 2	$ 2	7,641	3,734	(103)	100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	387			373				373		14
Other comprehensive income (loss)	(5)			(5)					(5)
Shares repurchased (in shares)					(6,000,000)
Shares repurchased	(252)			(252)			(92)	(160)
Other (in shares)					3,000,000
Other	105			103			101	2		2
Ending balance (in shares) at Dec. 31, 2024		218,781,620	235,581,025		219,000,000	235,000,000
Ending balance at Dec. 31, 2024	$ 11,611			$ 11,495	$ 2	$ 2	$ 7,650	$ 3,949	$ (108)	$ 116
[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, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox Corporation (“FOX” or the “Company”) is a news, sports and entertainment company, which manages and reports its businesses in the following reportable segments: Cable Network Programming and Television. The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2025. The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 as filed with the Securities and Exchange Commission on August 8, 2024 (the “2024 Form 10-K”). All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations. The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2024 amounts have been reclassified to conform to the fiscal 2025 presentation. The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein.

Acquisitions, Disposals and Oth

Acquisitions, Disposals and Other Transactions	6 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions, Disposals and Other Transactions	ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS The Company’s acquisitions support the Company’s strategy to strengthen its core brands, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. During the six months ended December 31, 2024 and 2023, the Company made no acquisitions. In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Warner Bros. Discovery Inc. (“WBD”) to form a digital distribution platform focused on sports called Venu Sports. On January 10, 2025, FOX, Disney and WBD announced the decision to discontinue Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports”). In connection with that decision, FOX expensed the costs that were previously capitalized in anticipation of the launch in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024.

Inventories, Net

Inventories, Net	6 Months Ended
	Dec. 31, 2024
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 $ 1,448 $ 841 Owned programming 617 497 Total inventories, net 2,065 1,338 Less: current portion of inventories, net (1,171) (626) Total non-current inventories, net $ 894 $ 712 Owned programming Released $ 269 $ 238 In-process or other 348 259 Total $ 617 $ 497 The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Total amortization expense $ 2,758 $ 2,467 $ 3,888 $ 3,462

Fair Value

Fair Value	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis: Fair value measurements As of December 31, 2024 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 1,132 $ 1,132 (a) $ — $ — Redeemable noncontrolling interests (200) — — (200) (b) Total $ 932 $ 1,132 $ — $ (200) Fair value measurements As of June 30, 2024 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 797 $ 797 (a) $ — $ — Redeemable noncontrolling interests (242) — — (242) (b) Total $ 555 $ 797 $ — $ (242) (a) The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value. (b) The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates. Redeemable Noncontrolling Interests The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company. The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Beginning of period $ (202) $ (228) $ (242) $ (213) Net (income) loss (1) 4 1 4 Accretion and redemption value adjustments 3 (19) 41 (34) End of period $ (200) $ (243) $ (200) $ (243) The put right held by the Credible minority interest shareholder was fully exercised in December 2024. The Company and the Credible minority interest shareholder will determine the value of the redeemable noncontrolling interest as part of a predetermined fair market value process. 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 $ 7,081 $ 7,017 Carrying value $ 7,200 $ 7,197 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Borrowings	BORROWINGS Borrowings include senior notes (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Public Debt – Senior Notes Issued”) of which $600 million of 3.050% senior notes are due in April 2025. In addition, the Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of June 2028 (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Revolving Credit Agreement”). As of December 31, 2024, there were no borrowings outstanding under the revolving credit agreement.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Stock Repurchase Program The Company’s Board of Directors has authorized a stock repurchase program under which the Company can repurchase $7 billion of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”) . The program has no time limit and may be modified, suspended or discontinued at any time. In total, the Company repurchased approximately 12 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2024. Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings. As of December 31, 2024, the Company’s remaining stock repurchase authorization was approximately $900 million. Subsequent to December 31, 2024, the Company repurchased approximately 1 million shares of Class A Common Stock for approximately $50 million. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 Cash dividend per share $ — $ — $ 0.27 $ 0.26 Subsequent to December 31, 2024 the Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	EQUITY-BASED COMPENSATION The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2024 Form 10-K). The following table summarizes the Company’s equity-based compensation: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Equity-based compensation $ 34 $ 24 $ 68 $ 48 Intrinsic value of all settled equity-based awards $ 25 $ 7 $ 103 $ 72 Tax benefit on settled equity-based awards $ 2 $ 1 $ 17 $ 11 The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $165 million and is expected to be recognized over a weighted average period between two The computation of diluted earnings per share did not include stock options or performance-based stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented. Awards Vested, Granted and Exercised Restricted Stock Units During the six months ended December 31, 2024 and 2023 , a pproximately 1.5 million and 1.9 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 2.0 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, 2024 and 2023, approximately 2.5 million and 0.4 million performance-based stock options were exercised and approximately 3.4 million and 4.0 million were granted, respectively, which will vest in full at the end of a three-year performance period as the market condition has been met and have a term of seven years thereafter.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of December 31, 2024 and June 30, 2024 were approximately $36 billion and $38 billion, respectively. The decrease from June 30, 2024 was primarily due to sports programming rights payments. Contingencies The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed below for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. FOX News The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. U.K. Newspaper Matters Indemnity In connection with the separation of 21CF and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $65 million as of June 30, 2024 and approximately $70 million as of December 31, 2024. Defamation and Disparagement Claims From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023. The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. Discovery in the Smartmatic case is ongoing, following a stay by operation of New York law due to the death of Lou Dobbs. At this time, a trial in the Smartmatic lawsuit is not expected to commence until mid-to-late 2025 at the earliest. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits in the Delaware Court of Chancery (the “Chancery Court”) against certain directors of the Company, which the Chancery Court subsequently consolidated into one matter captioned In re Fox Corporation Deriv. Litig., C.A. No. 2023-0418 (Del.Ch.) . Two additional derivative lawsuits were subsequently filed by the Company’s stockholders in the Chancery Court on September 12, 2023 against certain directors and officers of the Company and are part of the consolidated lawsuit. Each of the lawsuits names the Company as a nominal defendant. On April 26, 2024, the lead plaintiffs filed an amended complaint that alleges that certain directors and officers, as applicable, breached their fiduciary duties by allowing the Company’s news channel to air allegations regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation litigation. The amended complaint seeks orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. On December 27, 2024, the Chancery Court denied the defendants’ motion to dismiss the amended complaint. The Company intends to continue to vigorously defend against these claims. Actions and Claims Arising from Alleged Misuse of Personal Information The Company and its subsidiaries, including Tubi, Inc. (“Tubi”), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information. In June 2023, a putative class action lawsuit titled Campos v. Tubi was filed with the U.S. District Court for the Northern District of Illinois, Eastern Division (the “District Court”), alleging that Tubi shared viewer information with third parties in violation of the privacy protection provisions of the federal Video Privacy Protection Act. After a determination that Campos lacked standing to sue Tubi, plaintiff’s counsel filed a new putative class action titled Gregory v. Tubi with the 17th Judicial Circuit Court in Winnebago County, Illinois (the “Illinois State Court”). On July 26, 2024 the parties entered into a Settlement and Release Agreement to resolve all claims, which includes the dismissal of the Campos lawsuit and settlement of the Gregory lawsuit. On January 24, 2025, the Illinois State Court entered a final order approving the Settlement and Release Agreement. The settlement will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. The Company intends to vigorously defend against any other actions and arbitration claims arising from the alleged misuse of personal information that have not been settled or resolved by the Gregory settlement. The Company is unable to predict the final outcome of these other actions and arbitration claims and has determined that a loss in these matters is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Venu Sports In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of Disney, and WBD to form a digital distribution platform focused on sports called Venu Sports. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc (collectively, “Fubo”) filed a lawsuit against Disney, ESPN, Inc., ESPN Enterprises, Inc., HULU, LLC, FOX and WBD in the U.S. District Court for the Southern District of New York (the “NY District Court”) alleging claims under federal and New York antitrust laws. The claims were based on theories that (i) Venu Sports will harm competition in alleged markets for the licensing of networks that offer live sports content and for streaming live pay tv, (ii) certain alleged practices by which FOX and Disney (including its ESPN affiliates) license their networks to virtual multi-channel video programming distributors (“virtual MVPDs”) as a bundle increase prices and reduce output for services offered by virtual MVPDs, and (iii) certain alleged pricing provisions in the defendants’ carriage agreements with certain virtual MVPDs increase prices for services offered by virtual MVPDs. Fubo subsequently filed an amended complaint that added allegations relating to a purported market for “skinny sports bundles” that Fubo claimed Venu Sports will monopolize. Fubo sought compensatory damages, treble damages and an injunction to prevent the formation of the joint venture. Following a hearing on Fubo’s motion for a preliminary injunction, the NY District Court preliminarily enjoined the launch of Venu Sports on August 16, 2024. The defendants filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit (the “Appeals Court”) from the preliminary injunction order on August 19, 2024, and the Appeals Court granted defendants’ motion for an expedited appeal on August 27, 2024. On September 26, 2024, the Company filed with the NY District Court a motion to dismiss Fubo’s claims brought under federal and New York antitrust law, unrelated to the joint venture, which the NY District Court denied on December 13, 2024. On January 6, 2025, Disney and Fubo announced that they have entered into an agreement to combine the Hulu + Live TV business with Fubo, forming a combined virtual MVPD company (the “Disney/Fubo Transaction”). In conjunction with the Disney/Fubo Transaction, Fubo and the defendants settled the Venu Sports lawsuit and the defendants made an aggregate $220 million settlement payment to Fubo, of which approximately $80 million was the Company’s portion, which was recorded in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024. On January 10, 2025, the defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately, and as a result the Company expensed the costs that were previously capitalized in anticipation of the launch. Under certain circumstances, including if the Disney/Fubo Transaction does not close due to the failure to obtain certain regulatory approvals, a termination fee of $130 million will be payable to Fubo. Concurrently with the Disney/Fubo transaction, Disney has committed to provide Fubo a senior unsecured term loan of up to $145 million in January 2026. If any such payment is required for the termination fee or senior unsecured term loan, it will be paid by FOX, Disney and WBD. Other The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Transaction (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”) requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the IRS in amounts that the Company cannot quantify.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	PENSION AND OTHER POSTRETIREMENT BENEFITS The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $8 million and $14 million for the three months ended December 31, 2024 and 2023, respectively, and $17 million and $27 million for the six months ended December 31, 2024 and 2023, respectively.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments: • Cable Network Programming , which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors and other digital platforms, primarily in the U.S. • Television , which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties. The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses. The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other. For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Revenues Cable Network Programming $ 2,165 $ 1,658 $ 3,762 $ 3,045 Television 2,961 2,542 4,914 4,322 Corporate and Other 58 49 123 103 Eliminations (106) (15) (157) (29) Total revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441 Segment EBITDA Cable Network Programming $ 657 $ 564 $ 1,405 $ 1,171 Television 205 (138) 577 213 Corporate and Other (81) (76) (153) (165) Amortization of cable distribution investments (4) (4) (8) (8) Depreciation and amortization (97) (97) (188) (193) Restructuring, impairment and other corporate matters (170) (18) (196) (9) Equity earnings of affiliates 4 1 7 2 Interest expense, net (80) (72) (130) (114) Non-operating other, net 81 (29) 314 (205) Income before income tax expense 515 131 1,628 692 Income tax expense (127) (16) (408) (162) Net income 388 115 1,220 530 Less: Net income attributable to noncontrolling interests (15) (6) (20) (14) Net income attributable to Fox Corporation stockholders $ 373 $ 109 $ 1,200 $ 516 For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Revenues by Segment by Component Cable Network Programming Affiliate fee $ 1,076 $ 1,031 $ 2,113 $ 2,036 Advertising 460 348 781 638 Other 629 279 868 371 Total Cable Network Programming revenues 2,165 1,658 3,762 3,045 Television Advertising 1,962 1,654 2,970 2,564 Affiliate fee 824 756 1,630 1,491 Other 175 132 314 267 Total Television revenues 2,961 2,542 4,914 4,322 Corporate and Other 58 49 123 103 Eliminations (106) (15) (157) (29) Total revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441 For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Depreciation and amortization Cable Network Programming $ 25 $ 19 $ 45 $ 37 Television 30 28 59 57 Corporate and Other 42 50 84 99 Total depreciation and amortization $ 97 $ 97 $ 188 $ 193 As of December 31, As of June 30, (in millions) Assets Cable Network Programming $ 3,105 $ 2,792 Television 9,536 7,961 Corporate and Other 8,864 10,090 Investments 1,517 1,129 Total assets $ 23,022 $ 21,972

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	ADDITIONAL FINANCIAL INFORMATION Restructuring, Impairment and Other Corporate Matters The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Restructuring charges $ (3) $ — $ (11) $ — Other corporate matters Legal settlement costs (a) (90) (4) (97) (4) U.K. Newspaper Matters Indemnity (b) (13) (7) (19) (12) Other (a) (64) (7) (69) 7 Total restructuring, impairment and other corporate matters $ (170) $ (18) $ (196) $ (9) (a) Primarily related to Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports"). (b) See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity." Interest Expense, net The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Interest expense $ (117) $ (119) $ (219) $ (210) Interest income 37 47 89 96 Total interest expense, net $ (80) $ (72) $ (130) $ (114) Non-Operating Other, net The following table sets forth the components of Non-operating other, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Net gains (losses) on investments in equity securities (a) $ 83 $ (22) $ 319 $ (193) Other (2) (7) (5) (12) Total non-operating other, net $ 81 $ (29) $ 314 $ (205) (a) Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform. 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) Investments (a) $ 1,517 $ 1,129 Inventories, net 894 712 Operating lease assets 872 904 Grantor Trust 233 247 Other 306 323 Total other non-current assets $ 3,822 $ 3,315 (a) Includes investments accounted for at fair value on a recurring basis of $1.13 billion and $797 million as of December 31, 2024 and June 30, 2024, respectively (See Note 4—Fair Value). Accounts Payable, Accrued Expenses and Other Current Liabilities The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Programming payable $ 983 $ 683 Accrued expenses 974 1,006 Deferred revenue 236 180 Operating lease liabilities 70 76 Other current liabilities 434 408 Total accounts payable, accrued expenses and other current liabilities $ 2,697 $ 2,353 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 $ 852 $ 879 Accrued non-current pension/postretirement liabilities 259 276 Other non-current liabilities 203 211 Total other liabilities $ 1,314 $ 1,366 Future Performance Obligations As of December 31, 2024, approximately $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, content licensing contracts with fixed fees and sports advertising contracts. 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, 2024 2023 (in millions) Supplemental cash flows information Cash paid for interest $ (217) $ (187) Cash paid for income taxes $ (222) $ (91)

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
Reclassifications and Adjustments	The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2024 amounts have been reclassified to conform to the fiscal 2025 presentation.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Dec. 31, 2024
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 $ 1,448 $ 841 Owned programming 617 497 Total inventories, net 2,065 1,338 Less: current portion of inventories, net (1,171) (626) Total non-current inventories, net $ 894 $ 712 Owned programming Released $ 269 $ 238 In-process or other 348 259 Total $ 617 $ 497
Schedule of Inventories Aggregate Amortization Expense	The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Total amortization expense $ 2,758 $ 2,467 $ 3,888 $ 3,462

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them	The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis: Fair value measurements As of December 31, 2024 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 1,132 $ 1,132 (a) $ — $ — Redeemable noncontrolling interests (200) — — (200) (b) Total $ 932 $ 1,132 $ — $ (200) Fair value measurements As of June 30, 2024 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 797 $ 797 (a) $ — $ — Redeemable noncontrolling interests (242) — — (242) (b) Total $ 555 $ 797 $ — $ (242) (a) The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value. (b) The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Schedule of Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3	The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Beginning of period $ (202) $ (228) $ (242) $ (213) Net (income) loss (1) 4 1 4 Accretion and redemption value adjustments 3 (19) 41 (34) End of period $ (200) $ (243) $ (200) $ (243)
Schedule of Fair Value and Carrying Value of Borrowings	As of December 31, As of June 30, (in millions) Borrowings Fair value $ 7,081 $ 7,017 Carrying value $ 7,200 $ 7,197

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Dividends Declared	The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 Cash dividend per share $ — $ — $ 0.27 $ 0.26

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation	The following table summarizes the Company’s equity-based compensation: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Equity-based compensation $ 34 $ 24 $ 68 $ 48 Intrinsic value of all settled equity-based awards $ 25 $ 7 $ 103 $ 72 Tax benefit on settled equity-based awards $ 2 $ 1 $ 17 $ 11

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated	For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Revenues Cable Network Programming $ 2,165 $ 1,658 $ 3,762 $ 3,045 Television 2,961 2,542 4,914 4,322 Corporate and Other 58 49 123 103 Eliminations (106) (15) (157) (29) Total revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441 Segment EBITDA Cable Network Programming $ 657 $ 564 $ 1,405 $ 1,171 Television 205 (138) 577 213 Corporate and Other (81) (76) (153) (165) Amortization of cable distribution investments (4) (4) (8) (8) Depreciation and amortization (97) (97) (188) (193) Restructuring, impairment and other corporate matters (170) (18) (196) (9) Equity earnings of affiliates 4 1 7 2 Interest expense, net (80) (72) (130) (114) Non-operating other, net 81 (29) 314 (205) Income before income tax expense 515 131 1,628 692 Income tax expense (127) (16) (408) (162) Net income 388 115 1,220 530 Less: Net income attributable to noncontrolling interests (15) (6) (20) (14) Net income attributable to Fox Corporation stockholders $ 373 $ 109 $ 1,200 $ 516
Schedule of Revenues by Segment by Component to Consolidated	For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Revenues by Segment by Component Cable Network Programming Affiliate fee $ 1,076 $ 1,031 $ 2,113 $ 2,036 Advertising 460 348 781 638 Other 629 279 868 371 Total Cable Network Programming revenues 2,165 1,658 3,762 3,045 Television Advertising 1,962 1,654 2,970 2,564 Affiliate fee 824 756 1,630 1,491 Other 175 132 314 267 Total Television revenues 2,961 2,542 4,914 4,322 Corporate and Other 58 49 123 103 Eliminations (106) (15) (157) (29) Total revenues $ 5,078 $ 4,234 $ 8,642 $ 7,441
Schedule of Reconciliation of Depreciation and Amortization from Segments to Consolidated	For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Depreciation and amortization Cable Network Programming $ 25 $ 19 $ 45 $ 37 Television 30 28 59 57 Corporate and Other 42 50 84 99 Total depreciation and amortization $ 97 $ 97 $ 188 $ 193
Schedule of Reconciliation of Assets from Segments to Consolidated	As of December 31, As of June 30, (in millions) Assets Cable Network Programming $ 3,105 $ 2,792 Television 9,536 7,961 Corporate and Other 8,864 10,090 Investments 1,517 1,129 Total assets $ 23,022 $ 21,972

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Restructuring, Impairment and Other Corporate Matters	The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Restructuring charges $ (3) $ — $ (11) $ — Other corporate matters Legal settlement costs (a) (90) (4) (97) (4) U.K. Newspaper Matters Indemnity (b) (13) (7) (19) (12) Other (a) (64) (7) (69) 7 Total restructuring, impairment and other corporate matters $ (170) $ (18) $ (196) $ (9) (a) Primarily related to Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports"). (b) See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."
Schedule of Interest Income and Interest Expense Disclosure	The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Interest expense $ (117) $ (119) $ (219) $ (210) Interest income 37 47 89 96 Total interest expense, net $ (80) $ (72) $ (130) $ (114)
Schedule of Components of Non-Operating Other, Net	The following table sets forth the components of Non-operating other, net included in the Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Net gains (losses) on investments in equity securities (a) $ 83 $ (22) $ 319 $ (193) Other (2) (7) (5) (12) Total non-operating other, net $ 81 $ (29) $ 314 $ (205) (a) Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the three and six months ended December 31, 2023, the losses related to the Company’s investment in a live streaming mobile platform.
Schedule of Components of Other Non-current Assets	The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of December 31, As of June 30, (in millions) Investments (a) $ 1,517 $ 1,129 Inventories, net 894 712 Operating lease assets 872 904 Grantor Trust 233 247 Other 306 323 Total other non-current assets $ 3,822 $ 3,315 (a) Includes investments accounted for at fair value on a recurring basis of $1.13 billion and $797 million as of December 31, 2024 and June 30, 2024, respectively (See Note 4—Fair Value).
Schedule of Components of Accounts Payable, Accrued Expenses and Other Current Liabilities	The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Programming payable $ 983 $ 683 Accrued expenses 974 1,006 Deferred revenue 236 180 Operating lease liabilities 70 76 Other current liabilities 434 408 Total accounts payable, accrued expenses and other current liabilities $ 2,697 $ 2,353
Schedule of Components of Other Liabilities	The following table sets forth the components of Other liabilities included in the Balance Sheets: As of December 31, As of June 30, (in millions) Non-current operating lease liabilities $ 852 $ 879 Accrued non-current pension/postretirement liabilities 259 276 Other non-current liabilities 203 211 Total other liabilities $ 1,314 $ 1,366
Schedule of Supplemental Information	For the six months ended December 31, 2024 2023 (in millions) Supplemental cash flows information Cash paid for interest $ (217) $ (187) Cash paid for income taxes $ (222) $ (91)

Acquisitions, Disposals and O_2

Acquisitions, Disposals and Other Transactions (Detail) - business	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Number of businesses acquired	0	0

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Inventory [Line Items]
Licensed programming, including prepaid sports rights	$ 1,448	$ 841
Owned programming	617	497
Total inventories, net	2,065	1,338
Less: current portion of inventories, net	(1,171)	(626)
Total non-current inventories, net	894	712
Owned programming
Total	617	497
Released
Owned programming
Released	269	238
In-process or other
Owned programming
In-process or other	$ 348	$ 259

Inventories, Net - Schedule o_2

Inventories, Net - Schedule of Amortization (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Total amortization expense	$ 2,758	$ 2,467	$ 3,888	$ 3,462

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, 2024	Jun. 30, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	$ 1,130	$ 797
Redeemable noncontrolling interests	(200)	(242)
Fair value measurements recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	1,132	797
Redeemable noncontrolling interests	(200)	(242)
Total	932	555
Fair value measurements recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	1,132	797
Redeemable noncontrolling interests	0	0
Total	1,132	797
Fair value measurements recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	0	0
Total	0	0
Fair value measurements recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	(200)	(242)
Total	$ (200)	$ (242)

Fair Value - Schedule of Liabil

Fair Value - Schedule of Liabilities Measured on Recurring Basis (Detail) - Redeemable Noncontrolling Interests - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ (202)	$ (228)	$ (242)	$ (213)
Net (income) loss	(1)	4	1	4
Accretion and redemption value adjustments	3	(19)	41	(34)
End of period	$ (200)	$ (243)	$ (200)	$ (243)

Fair Value - Schedule of Borrow

Fair Value - Schedule of Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value	$ 7,081	$ 7,017
Carrying value	$ 7,200	$ 7,197

Borrowings (Details)

Borrowings (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Borrowings	$ 600,000,000	$ 599,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility	1,000,000,000
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility	150,000,000
Borrowings outstanding	0
Senior Notes | Three Point Zero Five Percentage Due Two Thousand Twenty Five
Debt Instrument [Line Items]
Borrowings	$ 600,000,000
Debt instrument interest rate	3.05%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 04, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Stockholders Equity [Line Items]
Shares repurchased		$ 252,000,000	$ 253,000,000	$ 505,000,000	$ 505,000,000
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount		7,000,000,000		7,000,000,000
Remaining buyback authorization amount		$ 900,000,000		$ 900,000,000
Class A Common Stock
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Shares repurchased (in shares)				12
Shares repurchased				$ 500,000,000
Cash dividend per share (in dollars per share)		0	$ 0	$ 0.27	$ 0.26
Class A Common Stock | Subsequent Event
Stockholders Equity [Line Items]
Shares repurchased (in shares)	1
Shares repurchased	$ 50,000,000
Cash dividend per share (in dollars per share)	$ 0.27
Class B Common Stock
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)		0.01		0.01		$ 0.01
Cash dividend per share (in dollars per share)		$ 0	$ 0	$ 0.27	$ 0.26
Class B Common Stock | Subsequent Event
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)	$ 0.27

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.27	$ 0.26
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0	$ 0	$ 0.27	$ 0.26

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Equity-Based Compensation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	$ 34	$ 24	$ 68	$ 48
Intrinsic value of all settled equity-based awards	25	7	103	72
Tax benefit on settled equity-based awards	$ 2	$ 1	$ 17	$ 11

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total estimated compensation cost, not yet recognized, related to non-vested equity awards	$ 165
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested (in shares)	1.5	1.9
Stock units granted (in shares)	1.7	2
Vesting period (as year)	3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (as year)	3 years
Stock options exercised (in shares)	2.5	0.4
Stock options granted (in shares)	3.4	4
Stock options expiration period	7 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	2 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	3 years

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions			1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 06, 2025 USD ($)	Sep. 12, 2023 claim	Apr. 30, 2023 USD ($)	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 10, 2025 USD ($)	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Total firm commitments and future debt payments						$ 36,000		$ 36,000			$ 38,000
Legal settlement costs						90	$ 4	97	$ 4
Smartmatic
Loss Contingencies [Line Items]
Loss contingency, damages sought, value					$ 2,700
Dominion
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				$ 1,600
Legal settlement costs			$ 800
Loss contingency, new claims filed, number | claim		2
Fubo Lawsuit | Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements	$ 80
Fubo Lawsuit | Subsequent Event | Defendants
Loss Contingencies [Line Items]
Payments for legal settlements	$ 220
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity						$ 70		$ 70			$ 65
Termination Fee | Fubo Lawsuit | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss										$ 130
Term Loan Financing | Fubo Lawsuit | Subsequent Event | Disney
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss										$ 145

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Net periodic benefit cost	$ 8	$ 14	$ 17	$ 27

Segment Information - Narrative

Segment Information - Narrative (Detail)	6 Months Ended
	Dec. 31, 2024 tvStation segment duopoly
Segment Reporting Information [Line Items]
Number of operating segments | segment	4
Number of reportable segments | segment	2
Television | US
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies | duopoly	11
Television | US | FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
Television | US | MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Television | US | Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues		$ 5,078	$ 4,234	$ 8,642	$ 7,441
Amortization of cable distribution investments		(4)	(4)	(8)	(8)
Depreciation and amortization		(97)	(97)	(188)	(193)
Restructuring, impairment and other corporate matters		(170)	(18)	(196)	(9)
Equity earnings of affiliates		4	1	7	2
Interest expense, net		(80)	(72)	(130)	(114)
Non-operating other, net		81	(29)	314	(205)
Income before income tax expense		515	131	1,628	692
Income tax expense		(127)	(16)	(408)	(162)
Net income		388	115	1,220	530
Less: Net income attributable to noncontrolling interests	[1]	(15)	(6)	(20)	(14)
Net income attributable to Fox Corporation stockholders		373	109	1,200	516
Corporate and Other
Segment Reporting Information [Line Items]
Revenues		58	49	123	103
Segment EBITDA		(81)	(76)	(153)	(165)
Depreciation and amortization		(42)	(50)	(84)	(99)
Eliminations
Segment Reporting Information [Line Items]
Revenues		(106)	(15)	(157)	(29)
Cable Network Programming | Operating Segments
Segment Reporting Information [Line Items]
Revenues		2,165	1,658	3,762	3,045
Segment EBITDA		657	564	1,405	1,171
Depreciation and amortization		(25)	(19)	(45)	(37)
Television | Operating Segments
Segment Reporting Information [Line Items]
Revenues		2,961	2,542	4,914	4,322
Segment EBITDA		205	(138)	577	213
Depreciation and amortization		$ (30)	$ (28)	$ (59)	$ (57)
[1] Net income attributable to noncontrolling interests includes $1 million and $(4) million for the three months ended December 31, 2024 and 2023, respectively, and $(1) million and $(4) million for the six months ended December 31, 2024 and 2023, respectively, relating to redeemable noncontrolling interests.

Segment Information - Schedul_2

Segment Information - Schedule of Revenues by Segment by Component to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenues	$ 5,078	$ 4,234	$ 8,642	$ 7,441
Corporate and Other
Disaggregation Of Revenue [Line Items]
Revenues	58	49	123	103
Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	(106)	(15)	(157)	(29)
Cable Network Programming | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	2,165	1,658	3,762	3,045
Cable Network Programming | Affiliate fee | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	1,076	1,031	2,113	2,036
Cable Network Programming | Advertising | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	460	348	781	638
Cable Network Programming | Other | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	629	279	868	371
Television | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	2,961	2,542	4,914	4,322
Television | Affiliate fee | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	824	756	1,630	1,491
Television | Advertising | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	1,962	1,654	2,970	2,564
Television | Other | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 175	$ 132	$ 314	$ 267

Segment Information - Schedul_3

Segment Information - Schedule of Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 97	$ 97	$ 188	$ 193
Corporate and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	42	50	84	99
Cable Network Programming | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	25	19	45	37
Television | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 30	$ 28	$ 59	$ 57

Segment Information - Schedul_4

Segment Information - Schedule of Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Segment Reporting Information [Line Items]
Total assets	$ 23,022	$ 21,972
Investments	1,517	1,129
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	8,864	10,090
Cable Network Programming | Operating Segments
Segment Reporting Information [Line Items]
Total assets	3,105	2,792
Television | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 9,536	$ 7,961

Additional Financial Informat_3

Additional Financial Information - Schedule of Components of Restructuring Impairment and Other Corporate Matters (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restructuring charges	$ (3)	$ 0	$ (11)	$ 0
Other corporate matters
Legal settlement costs	(90)	(4)	(97)	(4)
U.K. Newspaper Matters Indemnity	(13)	(7)	(19)	(12)
Other	(64)	(7)	(69)	7
Total restructuring, impairment and other corporate matters	$ (170)	$ (18)	$ (196)	$ (9)

Additional Financial Informat_4

Additional Financial Information - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (117)	$ (119)	$ (219)	$ (210)
Interest income	37	47	89	96
Total interest expense, net	$ (80)	$ (72)	$ (130)	$ (114)

Additional Financial Informat_5

Additional Financial Information - Schedule of Components of Non-Operating Other, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net (losses) gains on investments in equity securities	$ 83	$ (22)	$ 319	$ (193)
Other	(2)	(7)	(5)	(12)
Total non-operating other, net	$ 81	$ (29)	$ 314	$ (205)

Additional Financial Informat_6

Additional Financial Information - Schedule of Components of Other Non-current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments	$ 1,517	$ 1,129
Inventories, net	894	712
Operating lease assets	$ 872	$ 904
Operating lease, right-of-use asset, statement of financial position	Total other non-current assets	Total other non-current assets
Grantor Trust	$ 233	$ 247
Other	306	323
Total other non-current assets	3,822	3,315
Investments, fair value	$ 1,130	$ 797

Additional Financial Informat_7

Additional Financial Information - Schedule of Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Programming payable	$ 983	$ 683
Accrued expenses	974	1,006
Deferred revenue	236	180
Operating lease liabilities	70	76
Other current liabilities	434	408
Total accounts payable, accrued expenses and other current liabilities	$ 2,697	$ 2,353

Additional Financial Informat_8

Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current operating lease liabilities	$ 852	$ 879
Accrued non-current pension/postretirement liabilities	259	276
Other non-current liabilities	203	211
Total other liabilities	$ 1,314	$ 1,366

Additional Financial Informat_9

Additional Financial Information - Narrative (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 $ in Billions	Dec. 31, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount	$ 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 Informa_10

Additional Financial Information - Schedule of Supplemental Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Supplemental cash flows information
Cash paid for interest	$ (217)	$ (187)
Cash paid for income taxes	$ (222)	$ (91)