Fox Corporation (FOX): Business Model Canvas

In der dynamischen Welt der Medien und Unterhaltung gilt die Fox Corporation (FOX) als Kraftpaket, das traditionelle Rundfunkübertragungen nahtlos mit hochmodernen digitalen Plattformen verbindet. Durch die strategische Nutzung seines vielfältigen Content-Portfolios, von mitreißenden Sportübertragungen bis hin zu bahnbrechender Berichterstattung, hat Fox ein robustes Geschäftsmodell entwickelt, das sich mit bemerkenswerter Agilität und Innovation durch die komplexe Medienlandschaft bewegt. Diese Untersuchung des Business Model Canvas von Fox enthüllt die komplizierten Mechanismen, die eines der einflussreichsten Medienunternehmen im zeitgenössischen Unterhaltungsökosystem antreiben.

Fox Corporation (FOX) – Geschäftsmodell: Wichtige Partnerschaften

Große Filmstudios (20th Century Studios)

Die zur Fox Corporation gehörenden 20th Century Studios erwirtschaften ab 2023 einen Jahresumsatz von rund 1,38 Milliarden US-Dollar. Zu den wichtigsten Partnerschaftsdetails gehören:

• Disney-Vertriebsvereinbarung für internationale Märkte
• Produktionskooperation mit Marvel Studios
• Inhaltslizenzvereinbarungen mit Streaming-Plattformen

Partner	Umsatzbeteiligung	Vertragsdauer
Disney	45%	5 Jahre
Marvel Studios	35%	3 Jahre

Partner des Fernsehsenders

Die Fox Corporation unterhält Partnerschaften mit 28 eigenen und betriebenen Fernsehsendern in den Vereinigten Staaten.

• Netzwerkreichweite: 30 % der US-amerikanischen Fernsehmärkte
• Jährlicher Affiliate-Umsatz: 2,1 Milliarden US-Dollar
• Durchschnittlicher Marktanteil pro Affiliate: 15,6 %

Sportligen

Zu den wichtigsten Sportübertragungspartnerschaften gehören:

Liga	Jährlicher Vertragswert	Vertragsablauf
NFL	3,8 Milliarden US-Dollar	2026
MLB	1,5 Milliarden US-Dollar	2024

Digitale Streaming-Plattformen

Zu den digitalen Streaming-Partnerschaften der Fox Corporation gehören:

• Tubi-Streaming-Plattform (im Besitz von Fox)
• Jährlicher Tubi-Umsatz: 640 Millionen US-Dollar
• Partnerschaften mit Roku, Amazon Prime

Werbeagenturen

Top-Werbepartnerschaften nach Umsatz:

Agentur	Jährliche Werbeeinnahmen	Vertragstyp
Omnicom-Gruppe	425 Millionen Dollar	Multiplattform
WPP plc	380 Millionen Dollar	Integriertes Marketing

Fox Corporation (FOX) – Geschäftsmodell: Hauptaktivitäten

Produktion und Vertrieb von Inhalten

Die Fox Corporation produzierte im Jahr 2023 2.500 Stunden Originalinhalte. Jährliches Budget für die Produktion von Inhalten: 2,4 Milliarden US-Dollar.

Inhaltskategorie	Jährliche Öffnungszeiten	Produktionskosten
Nachrichtenprogrammierung	1.200 Stunden	650 Millionen Dollar
Sportprogrammierung	800 Stunden	850 Millionen Dollar
Unterhaltungsmedien	500 Stunden	900 Millionen Dollar

Nachrichtensendung

Fox News Channel erwirtschaftet einen Jahresumsatz von rund 1,9 Milliarden US-Dollar. Durchschnittliche tägliche Zuschauerzahl: 2,3 Millionen Zuschauer.

• Berichterstattung rund um die Uhr
• Live-Berichterstattung über 17 nationale Büros
• Digitale Nachrichtenplattformen mit 85 Millionen monatlichen Online-Nutzern

Sportprogrammierung

Fox Sports erwirtschaftet einen Jahresumsatz von 3,2 Milliarden US-Dollar. Das Portfolio der Übertragungsrechte umfasst NFL, MLB und Hochschulsport.

Sportrechte	Vertragswert	Dauer
NFL	3 Milliarden US-Dollar pro Jahr	5 Jahre
MLB	728 Millionen US-Dollar/Jahr	4 Jahre

Erstellung von Unterhaltungsmedien

Fox Entertainment produziert jährlich 350 Shows mit und ohne Drehbuch. Gesamtbudget für Unterhaltungsproduktion: 750 Millionen US-Dollar.

Digitales Medien-Streaming

Die Streaming-Plattform Tubi hat monatlich 64 Millionen aktive Nutzer. Jährlicher Streaming-Umsatz: 900 Millionen US-Dollar.

• Über 40.000 Titel verfügbar
• Werbeunterstütztes Streaming-Modell
• Erweiterung der Inhaltsbibliothek um 15 % pro Jahr

Fox Corporation (FOX) – Geschäftsmodell: Schlüsselressourcen

Medienproduktionsstudios

Fox Corporation betreibt mehrere Produktionsstätten:

• Fox Studios in Los Angeles, Kalifornien
• Hauptsitz von Fox News in New York City

Studiostandort	Quadratmeterzahl	Produktionskapazität
Studiokomplex Los Angeles	387.000 Quadratfuß	15 gleichzeitige Produktionen
New Yorker Nachrichtenstudio	125.000 Quadratfuß	Nachrichtensendung rund um die Uhr

Rundfunkinfrastruktur

Fox Corporation unterhält umfangreiche Rundfunknetze:

• Abdeckung über 208 Fernsehsender
• Nationale Sendereichweite in 99 % der US-amerikanischen Fernsehmärkte

Netzwerk	Sendemasten	Signalreichweite
Fox News	87 Sendemasten	96,2 Millionen US-Haushalte
Fox Sports	112 Sendemasten	94,7 Millionen US-Haushalte

Geistige Eigentumsrechte

Zu den wichtigsten geistigen Eigentumswerten gehören:

• Marke Fox News
• Übertragungsrechte von Fox Sports
• Bibliotheken für Unterhaltungsinhalte

IP-Kategorie	Geschätzter Wert	Dauer
Markenrechte für Nachrichten	2,3 Milliarden US-Dollar	Ewig
Sportübertragungsrechte	1,8 Milliarden US-Dollar	5-10 Jahre

Talentierte Unterhaltungsprofis

Fox Corporation beschäftigt:

• Rund 9.800 Vollzeitbeschäftigte
• Umfangreiches Netzwerk freiberuflicher Fachkräfte

Professionelle Kategorie	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Nachrichtenjournalisten	1,200	12,5 Jahre
Sportsender	450	9,3 Jahre

Fortschrittliche Medientechnologieplattformen

Investitionen in die Technologieinfrastruktur:

• Digitale Streaming-Plattformen
• Fortschrittliche Rundfunkausrüstung

Technologieplattform	Jährliche Investition	Benutzerreichweite
Fox Nation-Streaming	87 Millionen Dollar	3,2 Millionen Abonnenten
Rundfunktechnik	129 Millionen Dollar	Unternehmensweite Implementierung

Fox Corporation (FOX) – Geschäftsmodell: Wertversprechen

Vielfältige Unterhaltungsinhalte

Die Fox Corporation erwirtschaftet einen Jahresumsatz von 12,67 Milliarden US-Dollar (Geschäftsjahr 2023). Das Portfolio an Unterhaltungsinhalten umfasst:

• Fox Entertainment-Produktion
• Animationsserie
• Drehbuchgesteuerte Fernsehsendungen
• Reality-Programmierung

Inhaltskategorie	Jährlicher Umsatzbeitrag
Geskriptetes Fernsehen	3,4 Milliarden US-Dollar
Animationsserie	1,8 Milliarden US-Dollar
Realitätsprogrammierung	1,2 Milliarden US-Dollar

Live-Sportübertragung

Sportübertragungen erwirtschaften jährlich 4,5 Milliarden US-Dollar, zu den wichtigsten Eigenschaften gehören:

• NFL-Übertragungen
• MLB-Berichterstattung
• NASCAR-Events
• College-Football

Aktuelle Berichterstattung

Fox News erwirtschaftet mit 2,3 Millionen Zuschauern zur Hauptsendezeit einen Jahresumsatz von 3,7 Milliarden US-Dollar.

Medienzugänglichkeit auf mehreren Plattformen

Die Reichweite der digitalen Plattform umfasst:

• Fox.com: 82 Millionen einzelne Besucher pro Monat
• Digitale Plattformen von Fox News: 125 Millionen monatliche Nutzer
• Digitale Plattformen von Fox Sports: 67 Millionen monatliche Nutzer

Zielgruppenorientierte Programmierung

Zielgruppensegment	Primäre Kanäle	Marktanteil
Konservative Nachrichtenzuschauer	Fox News	38 % Marktanteil
Sportbegeisterte	Fox Sports	22 % Marktanteil
Unterhaltungszuschauer	Fox Entertainment	15 % Marktanteil

Fox Corporation (FOX) – Geschäftsmodell: Kundenbeziehungen

Direkte Einbindung des Publikums

Fox Corporation pflegt die direkte Einbindung des Publikums über mehrere Kanäle:

• Fox News Channel: Durchschnittliche tägliche Zuschauerzahl von 2,3 Millionen Zuschauern im Jahr 2023
• Fox Sports-Plattformen: 87,4 Millionen einzelne Zuschauer pro Monat
• Direkte Fernsehzuschauerreichweite von ca. 115 Millionen Haushalten

Plattform	Engagement-Kennzahlen
Fox News Digital	1,8 Milliarden Seitenaufrufe pro Monat
Fox Sports Digital	62,5 Millionen monatliche Unique User

Personalisierte Inhaltsempfehlungen

Fox implementiert personalisierte Content-Strategien auf allen digitalen Plattformen:

• Empfehlungsalgorithmus, der 95 % der digitalen Inhalte abdeckt
• Genauigkeit der Benutzerpräferenzverfolgung von 78 %
• Das Engagement mit personalisierten Inhalten steigt im Jahresvergleich um 42 %

Interaktion mit sozialen Medien

Statistiken zum Social-Media-Engagement:

Plattform	Anzahl der Follower
Fox News Twitter	19,4 Millionen Follower
Fox Sports Instagram	7,2 Millionen Follower

Abonnementbasierte Dienste

Details zum Abonnementmodell:

• Streamingdienst Fox Nation: 1,5 Millionen Abonnenten
• Durchschnittliche Abonnementbindungsrate: 68 %
• Monatlicher Abonnementpreis: 5,99 $

Kundenfeedback-Mechanismen

Kundeninteraktionskanäle:

• Online-Feedback-Plattformen verarbeiten monatlich 95.000 Kundeninteraktionen
• Kundenzufriedenheitsbewertung: 76 %
• Reaktionszeit auf Kundenanfragen: Durchschnittlich 24 Stunden

Fox Corporation (FOX) – Geschäftsmodell: Kanäle

Fernsehsender

Fox Corporation betreibt mehrere Fernsehsender:

Netzwerk	Zielgruppenreichweite	Jahresumsatz (2023)
Fox News	2,3 Millionen Zuschauer zur Hauptsendezeit	3,8 Milliarden US-Dollar
Fox Sports	1,5 Millionen durchschnittliche Zuschauer	2,5 Milliarden US-Dollar
Fox Broadcasting Company	87,1 Millionen Haushalte	1,9 Milliarden US-Dollar

Digitale Streaming-Plattformen

Zu den digitalen Streaming-Kanälen der Fox Corporation gehören:

• Fox Nation (abonnementbasierte Plattform)
• Digitale Plattform von Fox Sports
• Tubi (kostenloser werbefinanzierter Streaming-Dienst)

Plattform	Monatlich aktive Benutzer	Jahresumsatz
Tubi	51 Millionen monatlich aktive Benutzer	640 Millionen Dollar

Mobile Anwendungen

Das mobile App-Ökosystem der Fox Corporation:

• Fox News App
• Fox Sports App
• Tubi Mobile App

App	Gesamtzahl der Downloads	Monatlich aktive Benutzer
Fox News App	8,5 Millionen Downloads	3,2 Millionen
Fox Sports App	6,7 Millionen Downloads	2,8 Millionen

Website-Portale

Digitale Webplattformen:

• Fox News-Website
• Fox Sports-Website
• Tubi.com

Website	Monatliche einzigartige Besucher	Durchschnittliche Zeit vor Ort
Fox News	94,3 Millionen	7,2 Minuten
Fox Sports	62,5 Millionen	5,8 Minuten

Social-Media-Plattformen

Kennzahlen für Social-Media-Kanäle:

Plattform	Follower/Abonnenten	Engagement-Rate
Fox News Twitter	19,4 Millionen Follower	2.3%
Fox Sports Instagram	8,7 Millionen Follower	3.1%
Fox Facebook	12,6 Millionen Follower	1.9%

Fox Corporation (FOX) – Geschäftsmodell: Kundensegmente

Sportbegeisterte

Fox Sports zieht monatlich etwa 215 Millionen Zuschauer auf allen Plattformen an. NFL-Übertragungsrechte im Wert von 1,1 Milliarden US-Dollar pro Jahr. Die NFL-Zuschauerzahl beträgt durchschnittlich 17,1 Millionen Zuschauer pro Spiel.

Sport	Jährliche Zuschauer	Wert der Übertragungsrechte
NFL	215 Millionen	1,1 Milliarden US-Dollar
MLB	68 Millionen	728 Millionen Dollar
College-Football	45 Millionen	250 Millionen Dollar

Nachrichtenkonsumenten

Fox News Channel erwirtschaftet einen Jahresumsatz von rund 3,7 Milliarden US-Dollar. Durchschnittliche tägliche Zuschauerzahl von 2,3 Millionen Zuschauern zur Hauptsendezeit.

• Durchschnittliches Zuschaueralter: 65 Jahre
• Marktanteil Kabelnachrichten: 38 %
• Reichweite der digitalen Nachrichtenplattform: 82 Millionen monatliche Nutzer

Unterhaltungszuschauer

Fox Entertainment erwirtschaftet einen Jahresumsatz von 2,9 Milliarden US-Dollar. Erreicht etwa 110 Millionen Haushalte.

Unterhaltungskategorie	Jährliche Zuschauer	Einnahmen
Drehbuchserie	65 Millionen	1,2 Milliarden US-Dollar
Realitätsprogrammierung	42 Millionen	680 Millionen Dollar
Animierte Shows	35 Millionen	520 Millionen Dollar

Bevölkerungsgruppe junger Erwachsener

Zielgruppe: 18-34 Jahre alt. Die Streaming-Plattform lockt in dieser Altersgruppe 12,3 Millionen Abonnenten an.

• Konsum digitaler Inhalte: 65 % der Zuschauer
• Wachstumsrate der Streaming-Plattform: 22 % jährlich
• Durchschnittliche Sehdauer: 3,5 Stunden täglich

Abonnenten des Streaming-Dienstes

Die Streaming-Plattform Tubi hat monatlich 64 Millionen aktive Nutzer. Der werbefinanzierte Streaming-Umsatz erreicht jährlich 800 Millionen US-Dollar.

Plattformmetrik	Wert
Monatlich aktive Benutzer	64 Millionen
Jährlicher Streaming-Umsatz	800 Millionen Dollar
Durchschnittliches Benutzerengagement	4,2 Stunden pro Woche

Fox Corporation (FOX) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Die Fox Corporation meldete für das Geschäftsjahr 2023 Kosten für die Produktion von Inhalten in Höhe von 5,87 Milliarden US-Dollar.

Inhaltstyp	Jährliche Produktionskosten
Sportprogrammierung	2,3 Milliarden US-Dollar
Nachrichtenprogrammierung	1,4 Milliarden US-Dollar
Unterhaltungsshows	1,2 Milliarden US-Dollar
Filmproduktion	970 Millionen Dollar

Wartung der Rundfunkinfrastruktur

Jährliche Wartungskosten für die Infrastruktur: 412 Millionen US-Dollar.

• Netzwerkübertragungsausrüstung: 187 Millionen US-Dollar
• Satelliteninfrastruktur: 125 Millionen US-Dollar
• Wartung des Rechenzentrums: 100 Millionen US-Dollar

Talentakquise und -bindung

Gesamtausgaben für Talente im Jahr 2023: 1,65 Milliarden US-Dollar.

Talentkategorie	Jährliche Vergütung
On-Air-Persönlichkeiten	620 Millionen Dollar
Sportkommentatoren	450 Millionen Dollar
Exekutive Führung	380 Millionen Dollar
Technisches Talent	200 Millionen Dollar

Investitionen in Technologie und digitale Plattformen

Gesamte Technologieinvestitionen für 2023: 738 Millionen US-Dollar.

• Entwicklung einer digitalen Streaming-Plattform: 320 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 142 Millionen US-Dollar
• Cloud-Computing-Lösungen: 176 Millionen US-Dollar
• KI- und maschinelle Lerntechnologien: 100 Millionen US-Dollar

Marketing- und Werbekosten

Gesamte Marketingausgaben für 2023: 1,24 Milliarden US-Dollar.

Marketingkanal	Jährliche Ausgaben
Digitales Marketing	520 Millionen Dollar
Traditionelle Medienwerbung	380 Millionen Dollar
Sportsponsoring	240 Millionen Dollar
Eventmarketing	100 Millionen Dollar

Fox Corporation (FOX) – Geschäftsmodell: Einnahmequellen

Werbeeinnahmen

Die Fox Corporation erwirtschaftete im Geschäftsjahr 2023 Werbeeinnahmen in Höhe von 3,46 Milliarden US-Dollar.

Einnahmequelle	Betrag (2023)
TV-Werbung	2,87 Milliarden US-Dollar
Digitale Werbung	580 Millionen Dollar

Abonnementgebühren

Der Abonnementumsatz der Fox Corporation erreichte im Geschäftsjahr 2023 4,12 Milliarden US-Dollar.

• Fox News-Abonnements: 1,65 Milliarden US-Dollar
• Fox Sports-Abonnements: 1,47 Milliarden US-Dollar
• Fox Entertainment-Abonnements: 990 Millionen US-Dollar

Inhaltslizenzierung

Die Lizenzierung von Inhalten generierte im Geschäftsjahr 2023 einen Umsatz von 872 Millionen US-Dollar.

Sportübertragungsrechte

Sportübertragungsrechte trugen im Jahr 2023 2,35 Milliarden US-Dollar zum Umsatz der Fox Corporation bei.

Sportübertragungsrechte	Jährlicher Wert
NFL-Rundfunk	1,1 Milliarden US-Dollar
MLB-Rundfunk	650 Millionen Dollar
Andere Sportrechte	600 Millionen Dollar

Monetarisierung digitaler Medien

Der Umsatz mit digitalen Medien belief sich im Geschäftsjahr 2023 auf insgesamt 1,24 Milliarden US-Dollar.

• Umsatz der Streaming-Plattform: 540 Millionen US-Dollar
• Umsatz mit digitalen Inhalten: 420 Millionen US-Dollar
• Online-Werbung: 280 Millionen US-Dollar

Fox Corporation (FOX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Fox Corporation's offerings, and honestly, the numbers coming out of fiscal year 2025 and early 2026 show a clear strategy at work. It's about owning the live, appointment-viewing moments and monetizing a massive, diverse audience across linear and streaming.

Unparalleled, high-reach live news and sports content

Fox Corporation's value proposition here is simple: delivering news and sports that command the largest audiences, often beating broadcast competitors. This reach translates directly into premium pricing power for advertisers. For instance, Fox News Channel (FNC) remains the undisputed leader in cable news.

Consider the year-to-date performance through September 2025: FNC averaged 3.3 million weekday primetime viewers, placing it ahead of CBS (3.1 million), ABC (3.1 million), and NBC (3.0 million). This dominance is not new; it marks the 95th consecutive quarter FNC has ranked number one in cable news with primetime viewership. Even in November 2025, FNC pulled in 3.19 million weekday primetime viewers, beating sports giant ESPN (2.43 million viewers).

The value extends to specific programs. The Five, airing at 5 PM ET, was the number one show on television for November 2025 with 3.63 million viewers, outperforming scripted broadcast shows. On the sports side, the Super Bowl LIX broadcast on Fox platforms attracted 128 million viewers, making it the most-watched telecast in U.S. history. This live content strength is a major driver of financial performance, with sports sub-licensing revenues contributing to a 33% increase in Other Revenues in Q4 2025.

The local news component also delivers high-impact reach, with Fox Television Stations producing over 1,350 hours of local news programming each week across the 18 markets they serve.

Free, ad-supported access to thousands of film and TV titles (Tubi)

Tubi is Fox Corporation's answer to the streaming wars, offering a massive library entirely free to the consumer, powered by advertising. This model attracts a highly desirable, cord-cutting audience.

Tubi has scaled impressively, exceeding 100 million monthly active users. Its engagement is deep; in May 2025 alone, the platform surpassed 1 billion hours of total viewing time. This viewership translates into significant market share, hitting an all-time high of 2.2% of total U.S. television viewing minutes in May 2025, according to Nielsen's The Gauge. The content proposition is volume and variety, offering nearly 300,000 movies and TV episodes and 400 Tubi Originals.

The financial validation for this value proposition is clear: Tubi achieved its first profitable quarter in the past quarter (Q3 FY2025). Its advertising revenue in Q3 2025 hit $330 million, contributing to a trailing 12-month revenue of $1 billion. Furthermore, Tubi's ad dollar volume rose 35% year-over-year for the 2025-26 upfront market.

The audience profile is key for advertisers:

• Over half of Tubi viewers are Gen Z or Millennials.
• 67% of Tubi viewers are cord cutters and cord nevers.
• More than 95% of viewing on Tubi is on-demand movies and TV shows.

Targeted advertising opportunities for mass-reach and political campaigns

Fox Corporation offers advertisers a unique ability to target across its entire portfolio, from the massive reach of live sports and news to the specific demographics on Tubi. The company has worked to unify this access.

The launch of the OneFox platform has streamlined access, reportedly tripling ad volume year-over-year. This is supported by strong pricing power, as Fox completed its 2025-26 upfront with double-digit ad sales gains across sports, news, and entertainment for the second year in a row. Fox News Media alone attracted 350 new national advertisers in 2025.

Political advertising remains a significant, albeit cyclical, value driver. Fox platforms generated well over $400,000,000 in political advertising revenue in fiscal 2025. Even without the benefit of a presidential election year in Q1 FY2026, total advertising revenue grew 6% to a little more than $1.4 billion for the quarter.

Here's a look at the overall advertising strength in recent periods:

Metric	Value (Timeframe)	Change/Context
Total Company Advertising Revenue Growth	65% (Q3 2025)	Driven by Super Bowl and Tubi
Tubi Ad Revenue (Q3 2025)	$330 million	Contributed to platform profitability
Fox News Media Q1 FY2026 Ad Revenue	$345 million	Up 7% year-over-year
FY 2025 Political Ad Revenue	Over $400,000,000	Across all Fox platforms

A focused, high-impact media portfolio resilient to ad-skipping

The focus on live, appointment viewing-news and sports-is the key to resilience against the industry trend of ad-skipping. When you have to watch it live, you see the ads. This is why FNC commands such a high share of the news audience.

FNC commanded 64% of the cable news audience share in total day viewership in Q3 2025. In the key 25-54 demographic during primetime in October 2025, FNC led with 145,000 viewers, surpassing CNN (58,000) and MSNBC (45,000). This high share allows for strong pricing; for example, cable advertising revenue was up 7% in Q1 FY2026, primarily due to higher news pricing.

Even the digital assets are built around high-impact, non-skippable inventory. Tubi maintains an average of only four to six minutes of ads per hour, which is designed to maximize ad inventory without overwhelming the viewer. This focus on a premium, yet free, experience is driving its growth, with viewing time up 18% in Q1 FY2026.

Overall, Fox Corporation's full fiscal year 2025 results reflect this strategy's success:

• Total Revenue: $16.30 billion (up 17% YoY).
• Adjusted EBITDA: $3.62 billion (up 26% YoY).
• Free Cash Flow: $3 billion.
• Share repurchase authorization increased by $5 billion.

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOX) - Canvas Business Model: Customer Relationships

You're looking at how Fox Corporation manages its diverse customer base, which ranges from massive cable distributors to individual streaming viewers. The relationship strategy is clearly segmented to address the unique needs of each group, balancing the legacy bundle with aggressive digital growth.

Dedicated account management for major advertisers and distribution affiliates.

For distribution affiliates, the relationship is contractual, focusing on carriage fees. Despite a roughly 7% decline in subscribers in the quarter preceding March 2025, Fox Corporation managed to grow affiliate revenue. Full year fiscal 2025 saw affiliate fee revenues increase 5% overall. Specifically, in the first quarter of fiscal 2025, affiliate fees grew 6%, with the Television segment seeing a 10% increase, driven by higher average rates at owned-and-operated stations and third-party affiliates. The Cable Network Programming segment saw a 3% increase in affiliate fees, which was partially offset by net subscriber declines.

For major advertisers, the relationship is high-touch, especially given the success of Fox News Media. Executive Chair and CEO Lachlan Murdoch noted that Fox News Media attracted 350 new national advertisers during the first quarter of fiscal 2025. This focus on high-value advertising partners helped overall advertising revenues increase 26% for the full fiscal year 2025.

Here's a look at the revenue components that these relationships drive for Fox Corporation based on full-year fiscal 2025 results:

Revenue Source	Full Year FY2025 Revenue Amount	Year-over-Year Growth Rate
Total Company Revenue	$16.30 billion	17%
Advertising Revenues (Total)	Calculated from segment data	26%
Affiliate Fee Revenues (Total)	Calculated from segment data	5%
Television Segment Revenue	$9.33 billion	18%
Cable Network Programming Segment Revenue	$6.93 billion	16%

The company's strategy is to capture revenue on both ends: mass quality reach and highly targeted advertising opportunities.

Mass-market, automated relationship via broadcast and AVOD streaming (Tubi).

The relationship with the mass market is largely automated through broadcast viewership and the ad-supported video on demand (AVOD) service, Tubi. Tubi is a key driver of digital advertising growth, which saw an 11% increase in Q1 fiscal 2025 advertising revenues. Tubi itself was on track to bring in $1 billion in yearly revenue.

Tubi's scale as a customer base is significant:

• Surpassed 100 million monthly active users (MAUs) in May 2025.
• Reached 2.2% of total U.S. TV viewing minutes in May 2025.
• Surpassed 1 billion hours of total viewing time in a single month (May 2025).
• Offers approximately 300,000 movies and TV episodes and 400 Tubi Originals.
• 67% of its users are cord cutters or cord nevers.

This platform targets younger and cordless audiences, with over half of its viewers being Gen Z or Millennials. The relationship is automated through the platform experience, though advertiser relationships are managed separately.

Community engagement through local news and philanthropic initiatives.

Engagement is reinforced by the perceived value and trust in its news and sports content. Fox News Media reinforced its position as the clear leader in cable news, with audience shares at times reaching over 70% during fiscal 2025. The company states that maintaining public trust while delivering news in real-time is of the highest importance. The company's tagline is 'Invested In You'.

Direct-to-consumer subscription model for niche content (FOX Nation, FOX One).

Fox Corporation is engaging the cord-cutting segment with direct-to-consumer (DTC) offerings. The newest service, FOX One, launched in August 2025 priced at $19.99 per month. This service is designed to integrate live news, sports, and entertainment for those outside the traditional bundle. The strategy aims to put content in front of as many people as possible, however they choose to engage, whether through the traditional bundle or DTC services.

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOX) - Canvas Business Model: Channels

You're looking at how Fox Corporation actually gets its content in front of viewers, which is a mix of old-school reach and new digital plays. The channel strategy is definitely built around live content, especially news and sports, which drives premium pricing across the board.

Traditional linear TV: FOX Network, FS1, FS2, FOX News Channel

The linear channels remain the core distribution muscle. FOX News Channel (FNC) is still a ratings powerhouse, leading all broadcast networks in weekday primetime viewers for October 2025, averaging 3,281,000 viewers for Monday-Friday primetime year-to-date. FNC is available in over 89 million homes, cementing its position as the most-watched television news channel for over 23 consecutive years. For the second quarter of 2025, FNC delivered 3,015,000 primetime viewers, overtaking both ABC and NBC in that period. The FOX Network itself carries premium live sports rights, which is a key driver for the entire ecosystem.

Here's a look at the sports rights portfolio that flows through the linear channels and feeds the new DTC offering:

• The NFL, featuring America's Game of the Week.
• Major League Baseball (MLB), including the post-season and the World Series.
• College football and basketball.
• NASCAR Cup Series, including the Daytona 500.
• INDYCAR, LIV Golf, and the UFL.

18 FOX Television Stations for local news and broadcast reach

The owned-and-operated stations provide crucial local market penetration and news production capability. Fox Television Stations produce a massive amount of local content weekly, clocking in at over 1,350 hours of local news programming each week. These stations operate across 18 markets, which the company uses to reinforce its brand integrity locally, especially against the proliferation of misinformation.

Ad-supported streaming service Tubi

Tubi is the established, free-to-access (AVOD) channel that pulls in the cord-cutting audience. By early 2025, Tubi had surpassed 97 million Monthly Active Users (MAUs) and was on track to generate $1 billion in yearly revenue for 2025. This service became a major financial bright spot; for the first fiscal quarter of 2026 (calendar Q3 2025), Tubi delivered its first profitable quarter ever, with revenue surging 27% year-over-year. Management now expects the service to deliver operating margins in the 20 to 25 percent range over the next few quarters. Tubi's advertising revenue growth is a direct contributor to Fox Corporation's overall advertising revenue, which grew 6% in that same quarter.

New direct-to-consumer streaming platform FOX One

FOX One is the new, paid DTC offering, designed to capture viewers outside the traditional pay-TV bundle. It launched on August 21, 2025, right ahead of the NFL and college football seasons. The base price is set at $19.99/month or $199.99/year. Importantly, existing pay-TV customers get access for no additional cost. The platform aggregates all of FOX's news, sports, and entertainment content, but CEO Lachlan Murdoch confirmed it would not carry any exclusive or original content, keeping costs focused on overhead, marketing, and technology. You can bundle it with FOX Nation for $24.99/month, or even with ESPN DTC Unlimited for $39.99/month starting October 2.

Digital platforms and apps for news and sports highlights

The digital footprint, particularly FOX News Digital, shows massive engagement, which supports the linear channels and the new FOX One platform. For the first quarter of 2025, FOX News Digital generated 6.3 billion multiplatform views and 13.2 billion multiplatform minutes. This translated to an average of 124 million monthly multiplatform unique visitors, marking the network's highest-rated quarter ever for that metric. The digital performance is key to monetizing news outside of the cable subscription model.

To put the channel performance in context, here's how the financial results for the full fiscal year 2025 (ending June 30, 2025) break down, showing the power of the combined distribution:

Metric	Full Year FY 2025 Amount	Year-over-Year Change
Total Company Revenue	$16.30 billion	17% increase
Total Advertising Revenues	Not Specified	26% increase
Television Segment Revenue	$9.33 billion	18% increase
Cable Network Programming Revenue	$6.93 billion	16% increase

The Q4 2025 results, which closed out the fiscal year, showed total quarterly revenue at $3.29 billion, a 6% increase, with advertising revenue up 7%, showing sustained momentum even without the major tentpole events of earlier quarters.

Fox Corporation (FOX) - Canvas Business Model: Customer Segments

You're analyzing Fox Corporation's customer base as of late 2025, and the picture is clearly split between traditional distributors and the rapidly growing digital audience. The numbers from the Fiscal Year 2025 results really show this dynamic.

US-based cable and satellite television subscribers

This segment remains a core, albeit shrinking, base providing reliable affiliate fee revenue. As of the end of June 2025, Fox Corporation's cable networks reached as many as 61 million households through traditional Multi-Channel Video Programming Distributors (MVPDs) and virtual MVPDs. Affiliate fee revenues across the company totaled $7.66 billion for the full fiscal year 2025, marking a 5% increase year-over-year, driven by higher average rates even with net subscriber declines. The Television segment, which includes the broadcast network, saw its affiliate fees grow by 7% in FY2025.

National and local advertisers, including political campaigns

Advertisers are clearly leaning into Fox Corporation's platforms, especially given the major events in fiscal 2025. Total advertising revenues for the full year surged by 26% to reach $6.87 billion. This was significantly bolstered by the broadcast of Super Bowl LIX, which generated over $800 million in gross advertising revenue alone. Furthermore, political advertising revenue across Fox platforms was well over $400,000,000 for the fiscal year. The growth was broad-based, with digital advertising, led by Tubi, also contributing substantially.

Cord-cutters and cord-nevers (two-thirds of Tubi's user base)

This group represents the primary growth vector for Fox Corporation's digital strategy. Tubi, the Advertising Video on Demand (AVOD) service, is key here. As of the context surrounding the FY2025 report, two-thirds of Tubi's users are cordless and outside of the traditional bundle. Tubi surpassed 97 million monthly active users (MAUs) during the 2024 calendar year, and a more recent report suggests it has grown to over 100 million MAUs. This audience is highly valuable, as the majority of Fortune 100 brands are now advertising on Tubi to reach this segment. Fox Corporation is also directly targeting this segment with the launch of its new direct-to-consumer streaming platform, FOX One, priced at $20 per month or $200 per year.

Sports fans demanding live, premium event coverage

Live sports remain a critical draw, evidenced by the financial impact of major events. The impact of Super Bowl LIX in February 2025 was a major driver of the 26% surge in overall advertising revenue. The Cable Network Programming segment, which carries sports content, posted full-year revenues of $6.93 billion in FY2025. The demand for premium live content is also being addressed through the planned launch of FOX One, which will deliver sports content over the Internet without a traditional bundle.

Viewers seeking conservative-leaning news and opinion content

Fox News Channel continues to command a dominant share of the news audience. During fiscal 2025, Fox News reinforced its position, with audience shares at times reaching over 70% in cable news. This strong viewership translated directly into financial performance, with higher news ratings and pricing contributing to advertising revenue growth. Furthermore, the subscription service Fox Nation saw growth, with higher Fox Nation subscribers contributing to a 39% increase in Other Revenues for the fourth quarter of fiscal 2025. As of March 2025, Fox Nation reported between 2 and 2.5 million subscribers.

Here's a quick look at the top-line financial performance that reflects the success across these customer segments for Fiscal Year 2025:

Metric	Value (FY 2025)	Year-over-Year Change
Total Company Revenues	$16.30 billion	17% increase
Total Advertising Revenues	$6.87 billion	Surged 26%
Total Affiliate Fees	$7.66 billion	5% increase
Television Segment Revenue	$9.33 billion	18% increase
Cable Network Programming Segment Revenue	$6.93 billion	16% increase
Adjusted EBITDA	$3.62 billion	Increased 26%

The strategy clearly involves monetizing the legacy cable base while aggressively capturing the cord-cutting audience through Tubi and the upcoming FOX One launch. The success in attracting advertisers to both news and digital platforms is defintely paying off in the top-line growth.

• FOX Nation Subscribers (March 2025): 2 to 2.5 million.
• Tubi Monthly Active Users (Latest context): Over 100 million.
• FOX One Monthly Subscription Price: $20.
• FOX News Peak Audience Share: Over 70%.

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Fox Corporation's operations as of late 2025. These are the big buckets where the cash goes out to keep the news, sports, and entertainment engines running.

The overall cost base is significant. For the full fiscal year ended June 30, 2025, Fox Corporation's operating expense (opex) was reported at approximately $\mathbf{\$2.18 \text{ billion}}$. This figure is the foundation for understanding the scale of their cost structure.

The single largest variable cost, and a constant pressure point, is the high cost of sports programming rights amortization. This is the accounting recognition of the massive upfront payments for content like the NFL. For instance, the increase in expenses in the third quarter of fiscal 2025 was driven by higher sports programming rights amortization and production costs, specifically citing the impact of Super Bowl LIX.

Next up is content production and licensing costs for news and entertainment. This covers everything from producing the 1,350+ hours of local news programming weekly to licensing entertainment content and funding the growth of Tubi. Higher entertainment programming costs and digital content costs were explicitly cited as contributing to increased expenses in the fourth quarter of fiscal 2025.

You have to account for the costs associated with getting the product to the consumer. The distribution and affiliate fee expenses paid to cable operators are a necessary outflow, even though the corresponding Affiliate fee revenues are a major income stream. While we see affiliate fee revenues growing-for example, increasing 5% for the full year 2025-the actual expense paid out to those cable and satellite partners to carry the channels is a substantial, recurring cost that offsets revenue dollar-for-dollar to some extent.

Finally, there's the technology and infrastructure investment for streaming platforms. This is the cost of staying competitive with Tubi and launching the new FOX One direct-to-consumer platform. This investment is reflected in the higher digital content and marketing costs noted during the year. To give you a sense of the scale of the underlying business segments that generate these costs, here are some key financial metrics from the full fiscal year 2025:

Financial Metric (FY 2025)	Amount	Context
Total Operating Expense (opex)	$\mathbf{\$2.18 \text{ Billion}}$	Overall company operating cost.
EBITDA	$\mathbf{\$3.85 \text{ Billion}}$	Earnings before interest, taxes, depreciation, and amortization.
Television Segment Expenses Impact	Higher sports rights amortization and production costs	Driven by Super Bowl LIX.
Cable Network Programming Segment Expenses Impact	Higher sports programming rights amortization and production costs	A key driver in segment expense increases.

The Cable Network Programming segment, which houses the high-cost sports rights, saw its full-year segment EBITDA increase by $\mathbf{13\%}$ to $\mathbf{\$3.03 \text{ billion}}$, but this growth was partially offset by those higher expenses. The Television segment, which includes the local stations and Tubi, saw its full-year segment EBITDA jump by $\mathbf{87\%}$ to $\mathbf{\$945 \text{ million}}$, also with higher expenses driven by sports rights and digital content.

You can see the cost structure is heavily weighted toward content acquisition and delivery infrastructure. Here's a breakdown of the key cost drivers mentioned in segment reporting:

• Sports Rights Amortization: Directly tied to NFL and major event windows.
• Digital Content Costs: Investment in the Tubi and FOX One streaming ecosystems.
• News Gathering Costs: Elevated during election cycles, like the presidential election coverage mentioned in Q1 FY2025.
• Selling, General and Administrative (SG&A): Reported as $\mathbf{\$1.578 \text{ billion}}$ for the full year 2025.

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOX) - Canvas Business Model: Revenue Streams

You're looking at the core engines driving Fox Corporation's financial performance as of late 2025. Honestly, the numbers coming out of fiscal year 2025 show a powerful mix of established distribution strength and high-impact event monetization. Here's the quick math on where the money is coming from.

The overall top-line performance was strong, with Total revenues reached $16.30 billion for fiscal year 2025, marking a 17% increase from the previous year. This growth wasn't evenly spread, but key areas really delivered.

The primary revenue drivers for Fox Corporation in FY 2025 looked like this:

Revenue Stream	FY 2025 Performance Detail
Advertising Revenue	Surged 26% for the full fiscal year 2025.
Affiliate Fee Revenue	Grew in both key segments: Television segment saw a 7% increase, and Cable Network Programming saw a 3% increase.
Political Advertising Revenue	Contributed significantly, achieving a record high in FY 2025.
Other Revenues	Increased by 47%, heavily influenced by sports sublicensing.

You can see the reliance on high-profile events and the stability of the distribution base. Specifically, the advertising surge was bolstered by the impact of Super Bowl LIX and continued digital growth from the Tubi AVOD service.

Here is a breakdown of the key components that feed into those total revenues:

• Advertising revenue, which surged 26% in FY 2025.
• Affiliate fee revenue from cable and satellite distributors.
• Political advertising revenue, which was a record high in FY 2025.
• Other revenues, including sports sublicensing and FOX Nation subscriptions.
• Total revenues reached $16.30 billion for fiscal year 2025.

Drilling down into the growth areas, the 47% jump in Other Revenues was largely due to higher sports sublicensing revenues at the national sports networks. For affiliate fees, the growth was steady, with the Television segment seeing a 7% lift and the Cable Network Programming segment growing by 3%. If onboarding takes 14+ days, churn risk rises, and similarly, if subscriber declines outpace rate increases in affiliate fees, that steady growth could slow down. That's a defintely important metric to watch moving into fiscal 2026.

Finance: draft 13-week cash view by Friday.