Exhibit 12.3 Fox Entertainment Group, Inc. Computation of Ratio of Earnings to Fixed Charges For the nine months ended March 31, For the years ended June 30, ------------ ------------ ------------ ------------ ------------ ----------- 2003 2002 2001 2000 1999 1998 ------------ ------------ ------------ ------------ ------------ ----------- (US$ in millions) Earnings: Income before provision for income tax expense and cumulative effect of accounting change 1,194 1,015 391 265 347 311 Addback: Fixed charges less capitalized interest 164 329 398 341 256 295 ------------ ------------ ------------ ------------ ------------ ----------- Subtotal Earnings 1,358 1,344 789 606 603 606 Less: Undistributed losses of equity affiliates (23) (166) (165) (102) (147) (81) Minority interest (4) (5) (3) (4) - - ------------ ------------ ------------ ------------ ------------ ----------- Earnings available for Fixed Charges 1,385 1,515 957 712 750 687 ============ ============ ============ ============ ============ =========== Fixed Charges: Interest on debt and capitalized leases (including capitalized interest) 164 319 404 359 258 303 Interest element of rentals 19 32 23 25 17 18 ------------ ------------ ------------ ------------ ------------ ----------- Total Fixed Charges 183 351 427 384 275 321 ============ ============ ============ ============ ============ =========== Ratio of Earnings to Fixed Charges 7.6 4.3 2.2 1.9 2.7 2.1 ============ ============ ============ ============ ============ ===========