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    FOX REPORTS SECOND QUARTER FISCAL 2025 REVENUES OF $5.08 BILLION, NET INCOME OF $388 MILLION, AND ADJUSTED EBITDA OF $781 MILLION

    2/4/25 8:00:00 AM ET
    $FOX
    $FOXA
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    Industrials
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    Get the next $FOX alert in real time by email

    NEW YORK, Feb. 4, 2025 /PRNewswire/ -- Fox Corporation (NASDAQ:FOXA, FOX, ", FOX", or the ", Company", )) today reported financial results for the three months ended December 31, 2024.

    The Company reported total quarterly revenues of $5.08 billion, an increase of $844 million or 20% from the amount reported in the prior year quarter. Affiliate fee revenues increased 6%, driven by 9% growth at the Television segment and 4% growth at the Cable Network Programming segment. Advertising revenues increased 21%, primarily due to higher political advertising revenues, the impact of higher MLB postseason ratings and NFL pricing, continued digital growth led by the Tubi AVOD service, and stronger news ratings and pricing. Other revenues increased 70%, primarily due to higher sports sublicensing revenues.

    The Company reported quarterly net income of $388 million as compared to the $115 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $373 million ($0.81 per share) as compared to the $109 million ($0.23 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $442 million ($0.96 per share) as compared to the $165 million ($0.34 per share) reported in the prior year quarter.

    Quarterly Adjusted EBITDA2 was $781 million, an increase of $431 million or 123% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was primarily driven by higher sports programming rights amortization and production costs, and higher digital costs.

    Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

    "A compelling fall sports schedule combined with a record-breaking presidential election news cycle resulted in second quarter results that reflect the strength and breadth of FOX. Whether measured in terms of engagement, monetization or profitability, our focused strategy of live news and sports programming, coupled with our growing digital initiatives, continues to deliver. We remain committed to sustained long-term value creation for our shareholders through our thoughtful and disciplined strategy for growth."

    REVIEW OF OPERATING RESULTS



    Three Months Ended

    December 31,



    Six Months Ended

    December 31,



    2024



    2023



    2024



    2023



    $ Millions

    Revenues by Component:































    Affiliate fee

    $     1,900



    $     1,787



    $     3,743



    $     3,527

    Advertising

    2,422



    2,002



    3,751



    3,202

    Other

    756



    445



    1,148



    712

    Total revenues

    $     5,078



    $     4,234



    $     8,642



    $     7,441

















    Segment 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

















    Adjusted EBITDA:































    Cable Network Programming

    $        657



    $        564



    $     1,405



    $     1,171

    Television

    205



    (138)



    577



    213

    Corporate and Other

    (81)



    (76)



    (153)



    (165)

    Adjusted EBITDA3

    $        781



    $        350



    $     1,829



    $     1,219

















    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

    CABLE NETWORK PROGRAMMING



    Three Months Ended

    December 31,



    Six Months Ended

    December 31,



    2024



    2023



    2024



    2023



    $ Millions

    Revenues















    Affiliate fee

    $     1,076



    $     1,031



    $     2,113



    $     2,036

    Advertising

    460



    348



    781



    638

    Other

    629



    279



    868



    371

    Total revenues

    2,165



    1,658



    3,762



    3,045

    Operating expenses

    (1,354)



    (942)



    (2,056)



    (1,591)

    Selling, general and administrative

    (158)



    (156)



    (309)



    (291)

    Amortization of cable distribution investments

    4



    4



    8



    8

    Segment EBITDA

    $        657



    $        564



    $     1,405



    $     1,171

    Cable Network Programming reported quarterly segment revenues of $2.17 billion, an increase of $507 million or 31% from the amount reported in the prior year quarter. Affiliate fee revenues increased $45 million or 4% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $112 million or 32%, primarily due to higher news ratings, pricing and digital advertising revenues, and higher MLB postseason ratings. Other revenues increased $350 million, primarily due to higher sports sublicensing revenues.

    Cable Network Programming reported quarterly segment EBITDA of $657 million, an increase of $93 million or 16% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization and production costs.

    TELEVISION



    Three Months Ended

    December 31,



    Six Months Ended

    December 31,



    2024



    2023



    2024



    2023



    $ Millions

    Revenues















    Advertising

    $     1,962



    $     1,654



    $     2,970



    $     2,564

    Affiliate fee

    824



    756



    1,630



    1,491

    Other

    175



    132



    314



    267

    Total revenues

    2,961



    2,542



    4,914



    4,322

    Operating expenses

    (2,499)



    (2,440)



    (3,832)



    (3,638)

    Selling, general and administrative

    (257)



    (240)



    (505)



    (471)

    Segment EBITDA

    $        205



    $      (138)



    $        577



    $        213

    Television reported quarterly segment revenues of $2.96 billion, an increase of $419 million or 16% from the amount reported in the prior year quarter. Advertising revenues increased $308 million or 19%, primarily due to higher political advertising revenues, the impact of higher MLB postseason ratings and NFL pricing, and continued digital growth led by the Tubi AVOD service. Affiliate fee revenues increased $68 million or 9%, driven by higher average rates at the Company's owned and operated television stations and increases in fees from third-party FOX affiliates. Other revenues increased $43 million or 33%, primarily due to higher content revenues.

    Television reported quarterly segment EBITDA of $205 million, an increase of $343 million, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher digital costs.

    DIVIDEND

    The Company has declared a dividend of $0.27 per Class A and Class B share. This dividend is payable on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025.

    SHARE REPURCHASE PROGRAM

    As of December 31, 2024, the Company has repurchased approximately $5.1 billion of its Class A common stock and approximately $1 billion of its Class B common stock, with a remaining authorization of $900 million. During the quarter, the Company repurchased approximately $250 million of its Class A common stock.

    CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company's businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

    Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law.

    To access a copy of this press release through the Internet, access Fox Corporation's corporate website located at http://www.foxcorporation.com. 

    CONSOLIDATED STATEMENTS OF OPERATIONS



    Three Months Ended

    December 31,



    Six Months Ended

    December 31,



    2024



    2023



    2024



    2023



    $ Millions, except per share amounts

















    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

    (15)



    (6)



    (20)



    (14)

    Net income attributable to Fox Corporation stockholders

    $        373



    $        109



    $     1,200



    $        516

































    Weighted average shares:

    462



    482



    463



    488

















    Net income attributable to Fox Corporation stockholders per share:

    $       0.81



    $       0.23



    $       2.59



    $       1.06

    CONSOLIDATED BALANCE SHEETS



    December 31,

    2024



    June 30,

    2024



    $ Millions

    Assets:







    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









    Liabilities and Equity:







    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:







    Class A common stock, $0.01 par value

    2



    2

    Class B common stock, $0.01 par value

    2



    2

    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

    CONSOLIDATED STATEMENTS OF CASH FLOWS 



    Six Months Ended

    December 31,



    2024



    2023



    $ Millions

    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



    —

    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

    —



    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

    NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS

    The Company uses net income attributable to Fox Corporation stockholders and earnings per share ("EPS") attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest ("Adjusted Net Income" and "Adjusted EPS" respectively) to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period.

    Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company's historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company's performance relative to prior periods and the Company's competitors.

    The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended December 31, 2024 and 2023:



    Three Months Ended



    December 31, 2024



    December 31, 2023



    Income



    EPS



    Income



    EPS



    $ Millions, except per share data

    Net income attributable to Fox Corporation stockholders

    $        373



    $       0.81



    $        109



    $       0.23

















    Restructuring, impairment and other corporate matters

    170



    0.37



    18



    0.04

















    Non-operating other, net

    (81)



    (0.18)



    29



    0.06

















    Tax provision

    (20)



    (0.04)



    9



    0.02

















    Rounding

    —



    —



    —



    (0.01)

















    As adjusted

    $        442



    $       0.96



    $        165



    $       0.34

    NOTE 2 – ADJUSTED EBITDA

    Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted 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 information about Adjusted EBITDA assists all users of the Company's Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company's business and its enterprise value against historical data and competitors' data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

    Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company's financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

    The following table reconciles net income to Adjusted EBITDA for the three and six months ended December 31, 2024 and 2023:



    Three Months Ended

    December 31,



    Six Months Ended

    December 31,



    2024



    2023



    2024



    2023



    $ Millions

    Net income

    $        388



    $        115



    $     1,220



    $        530

    Add:















    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 tax expense

    127



    16



    408



    162

    Adjusted EBITDA

    $        781



    $        350



    $     1,829



    $     1,219





    1

    Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.

    2

    Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

    3

    Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

     

    (PRNewsfoto/Twenty-First Century Fox, Inc.) (PRNewsfoto/Twenty-First Century Fox, Inc.)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fox-reports-second-quarter-fiscal-2025-revenues-of-5-08-billion-net-income-of-388-million-and-adjusted-ebitda-of-781-million-302367455.html

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      LOS ANGELES, Feb. 10, 2025 /PRNewswire/ -- Fox Corporation ("FOX" or the "Company") (NASDAQ:FOXA, FOX)) today announced its acquisition of Red Seat Ventures, a leading business in the creator economy that powers talent across a range of genres as they build their direct-to-consumer media businesses. Red Seat Ventures will operate as a standalone entity within FOX's Tubi Media Group. Paul Cheesbrough, CEO of Tubi Media Group, assumes the role of Chairman, Red Seat Ventures. The Red Seat Ventures executive team, led by founding partners Chris Balfe and Kevin Balfe, will continue to lead and operate the business. "The creator economy is one of the fastest growing media categories worldwide by m

      2/10/25 9:06:00 AM ET
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      Broadcasting
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    • FOX REPORTS SECOND QUARTER FISCAL 2025 REVENUES OF $5.08 BILLION, NET INCOME OF $388 MILLION, AND ADJUSTED EBITDA OF $781 MILLION

      NEW YORK, Feb. 4, 2025 /PRNewswire/ -- Fox Corporation (NASDAQ:FOXA, FOX, ", FOX", or the ", Company", )) today reported financial results for the three months ended December 31, 2024. The Company reported total quarterly revenues of $5.08 billion, an increase of $844 million or 20% from the amount reported in the prior year quarter. Affiliate fee revenues increased 6%, driven by 9% growth at the Television segment and 4% growth at the Cable Network Programming segment. Advertising revenues increased 21%, primarily due to higher political advertising revenues, the impact of higher MLB postseason ratings and NFL pricing, continued digital growth led by the Tubi AVOD service, and stronger news

      2/4/25 8:00:00 AM ET
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    • FOX REPORTS FIRST QUARTER FISCAL 2025 REVENUES OF $3.56 BILLION, NET INCOME OF $832 MILLION, AND ADJUSTED EBITDA OF $1.05 BILLION

      NEW YORK, Nov. 4, 2024 /PRNewswire/ -- Fox Corporation (NASDAQ:FOXA, FOX, ", FOX", or the ", Company", )) today reported financial results for the three months ended September 30, 2024. The Company reported total quarterly revenues of $3.56 billion, an increase of $357 million or 11% from the amount reported in the prior year quarter. Affiliate fee revenues increased 6%, driven by 10% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 11%, primarily due to higher political advertising revenues at the FOX Television Stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at FO

      11/4/24 8:00:00 AM ET
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    Leadership Updates

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    • SiriusXM Announces Appointment of Anjali Sud to Board of Directors

      Vice Chairman James E. Meyer to Step Down from Board NEW YORK, March 20, 2025 /PRNewswire/ -- Sirius XM Holdings Inc. (NASDAQ:SIRI) today announced the appointment of a new independent director, Anjali Sud, to the company's Board of Directors. Sud is an accomplished executive at the intersection of media, technology, and entertainment. She currently serves as Chief Executive Officer for Tubi (www.tubi.tv), Fox Corporation's (NASDAQ:FOXA, FOX)) free ad-supported streaming service. Prior to joining Tubi, Sud served as Chief Executive Officer of Vimeo, a global online video platf

      3/20/25 4:10:00 PM ET
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      Consumer Discretionary
    • FOX Weather Hires Veteran Meteorologist Mike Seidel After More Than 30-Year Stint at The Weather Channel

      The Weather Channel App's Ari Sarsalari Also Joins FOX Weather Team FOX Weather, FOX News Media's free ad-supported streaming television "FAST" weather service, has signed Mike Seidel as a meteorologist and storm specialist, announced its president, Sharri Berg. Seidel, who was most recently at The Weather Channel, made his FOX Weather debut over the weekend in Florida covering the start of now Hurricane Debby and continued live coverage through the overnight hours when it made landfall. Additionally, Ari Sarsalari has departed The Weather Channel App to join the FOX Weather team effective today. In making the announcement, Berg said, "We are thrilled to add Mike to our outstanding line

      8/5/24 10:06:00 AM ET
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    • Katherine Moran Meeks Named General Counsel of FOX News Media

      Katherine Moran Meeks has been named General Counsel of FOX News Media, announced Suzanne Scott, its CEO. Meeks will begin her new role on August 19th, while Bernard T. Gugar has stepped down from his position as General Counsel and Executive Vice President of Corporate Development. Meeks will report directly to Scott with further reporting responsibilities to Fox Corporation's Chief Legal and Policy Officer Adam Ciongoli. In making the announcement, Scott said, "We are delighted to welcome Kate to FOX News Media and look forward to her tackling the legal intricacies of the ever-evolving media landscape. We thank Bernard for his incredibly hard work and extensive contributions over the la

      7/24/24 6:00:00 PM ET
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    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Fox Corporation

      SC 13G/A - Fox Corp (0001754301) (Subject)

      11/14/24 7:57:06 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Fox Corporation

      SC 13G/A - Fox Corp (0001754301) (Subject)

      11/13/24 4:21:57 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Fox Corporation

      SC 13G/A - Fox Corp (0001754301) (Subject)

      10/16/24 9:55:17 AM ET
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    Insider Trading

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    • SEC Form 4 filed by Director Abbott Anthony J

      4 - Fox Corp (0001754301) (Issuer)

      3/27/25 5:39:41 PM ET
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    • SEC Form 4 filed by Director Burck William A

      4 - Fox Corp (0001754301) (Issuer)

      3/27/25 5:38:38 PM ET
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    • SEC Form 4 filed by Director Carey Chase

      4 - Fox Corp (0001754301) (Issuer)

      3/27/25 5:37:40 PM ET
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    Insider Purchases

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    • Executive Chair, CEO Murdoch Lachlan K covered exercise/tax liability with 22,056 units of Class A Common Stock, converted options into 160,956 shares, covered exercise/tax liability with 70,279 shares, sold $4,675,677 worth of Class A Common Stock (119,705 units at $39.06), bought $4,675,677 worth of shares (119,705 units at $39.06) and converted options into 51,084 units of Class A Common Stock (SEC Form 4)

      4 - Fox Corp (0001754301) (Issuer)

      8/16/24 5:45:10 PM ET
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