Fox Corporation (FOXA): Business Model Canvas

In der dynamischen Medien- und Unterhaltungslandschaft erweist sich Fox Corporation (FOXA) als Kraftpaket, das sich strategisch durch das komplexe Terrain von Nachrichten, Sport und digitalen Inhalten bewegt. Mit einem robusten Geschäftsmodell, das traditionelle Rundfunkübertragungen bis hin zu hochmodernen digitalen Plattformen umfasst, hat sich Fox meisterhaft positioniert, um unterschiedliche Zielgruppensegmente anzusprechen, von Sportbegeisterten bis hin zu Nachrichtenkonsumenten. Durch die Nutzung innovativer Content-Strategien, strategischer Partnerschaften und plattformübergreifender Vertriebskanäle definiert das Unternehmen den Medienkonsum in einem zunehmend fragmentierten digitalen Ökosystem weiterhin neu.

Fox Corporation (FOXA) – Geschäftsmodell: Wichtige Partnerschaften

Große Film- und Fernsehstudios für die Produktion von Inhalten

Fox Corporation unterhält strategische Partnerschaften zur Produktion von Inhalten mit den folgenden Studios:

Studio	Einzelheiten zur Partnerschaft	Jährliches Inhaltsvolumen
Studios des 20. Jahrhunderts	Eigene Tochtergesellschaft	12-15 Spielfilme pro Jahr
Fox Entertainment	Eigene Produktion	25–30 Fernsehserien pro Jahr

Werbeagenturen für Marketing und Umsatzgenerierung

Wichtige Netzwerke für Werbepartnerschaften:

• Omnicom-Gruppe
• WPP plc
• Publicis Groupe

Agentur	Jährliche Werbeeinnahmen	Vertragsdauer
Omnicom-Gruppe	287 Millionen Dollar	3-jährige Partnerschaft

Technologieplattformen für die digitale Streaming-Verbreitung

Digitale Vertriebspartnerschaften:

• Tubi (eigene Tochtergesellschaft)
• YouTube-TV
• Roku

Plattform	Monatlich aktive Benutzer	Umsatzbeteiligung
Tubi	51 Millionen	60/40-Aufteilung

Sportligen und Eventveranstalter

Sportübertragungspartnerschaften:

• NFL
• MLB
• NASCAR

Liga	Vertragswert	Vertragsdauer
NFL	2,4 Milliarden US-Dollar pro Jahr	5 Jahre

Internationale Medienvertriebsnetzwerke

Globale Vertriebspartnerschaften:

• Sky-Netzwerk
• Stern Indien
• Canal+-Gruppe

Netzwerk	Geografische Reichweite	Jährliche Vertriebseinnahmen
Sky-Netzwerk	Vereinigtes Königreich, Irland, Deutschland	456 Millionen US-Dollar

Fox Corporation (FOXA) – Geschäftsmodell: Hauptaktivitäten

Erstellung von Nachrichten- und Unterhaltungsinhalten

Die Fox Corporation produziert in ihren Netzwerken jährlich etwa 15.000 Stunden Originalinhalte. Das Unternehmen betreibt Fox News, Fox Sports und Fox Entertainment und erwirtschaftet im Jahr 2023 Einnahmen aus der Produktion von Inhalten in Höhe von 12,8 Milliarden US-Dollar.

Inhaltskategorie	Jährliche produzierte Stunden	Geschätzter Umsatz
Nachrichtenprogrammierung	5.200 Stunden	3,6 Milliarden US-Dollar
Sportinhalte	4.800 Stunden	5,2 Milliarden US-Dollar
Unterhaltungsprogrammierung	5.000 Stunden	4 Milliarden Dollar

Erwerb von Sportübertragungsrechten

Die Fox Corporation investiert stark in Sportübertragungsrechte und gibt jährlich etwa 2,7 Milliarden US-Dollar für den Erwerb exklusiver Sportinhalte aus.

• NFL-Übertragungsrechte: 1,1 Milliarden US-Dollar pro Jahr
• MLB-Übertragungsrechte: 600 Millionen US-Dollar pro Jahr
• Übertragungsrechte für Hochschulsport: 450 Millionen US-Dollar pro Jahr
• Andere Sportübertragungsrechte: 550 Millionen US-Dollar pro Jahr

Verwaltung digitaler Streaming-Plattformen

Fox Corporation verwaltet Tubi, eine kostenlose werbefinanzierte Streaming-Plattform mit 64 Millionen monatlich aktiven Nutzern (Stand 2023), die 1,2 Milliarden US-Dollar an digitalen Werbeeinnahmen generiert.

Plattformmetriken	Daten für 2023
Monatlich aktive Benutzer	64 Millionen
Einnahmen aus digitaler Werbung	1,2 Milliarden US-Dollar
Größe der Inhaltsbibliothek	Über 40.000 Titel

Werbeverkauf und Marketing

Die Fox Corporation erwirtschaftet im Jahr 2023 auf ihren Fernseh- und Digitalplattformen Werbeeinnahmen in Höhe von 8,3 Milliarden US-Dollar.

• Fernsehwerbung: 6,5 Milliarden US-Dollar
• Digitale Werbung: 1,2 Milliarden US-Dollar
• Integrierte Marketinglösungen: 600 Millionen US-Dollar

Medienproduktion und Programmierung

Die Fox Corporation produziert Inhalte verschiedener Genres mit einem Gesamtproduktionsbudget von 3,5 Milliarden US-Dollar im Jahr 2023.

Produktionskategorie	Budgetzuweisung
Nachrichtenprogrammierung	1,2 Milliarden US-Dollar
Sportprogrammierung	1,5 Milliarden US-Dollar
Unterhaltungsprogrammierung	800 Millionen Dollar

Fox Corporation (FOXA) – Geschäftsmodell: Schlüsselressourcen

Starke Infrastruktur für die Medienproduktion

Fox Corporation betreibt ab 2023 29 eigene und betriebene Fernsehsender in den Vereinigten Staaten. Produktionsstätten befinden sich in Los Angeles, New York und Washington D.C.

Produktionsstandort	Einrichtungstyp	Quadratmeterzahl
Los Angeles	Primärer Produktionsstandort	185.000 Quadratfuß
New York	Nachrichtenproduktionszentrum	120.000 Quadratfuß

Umfangreiche Inhaltsbibliothek

Fox Corporation besitzt etwa 20.000 Stunden Originalinhalte auf Nachrichten-, Sport- und Unterhaltungsplattformen.

Talentierte Medienpersönlichkeiten und Journalisten

• Ungefähr 5.200 Vollzeitmitarbeiter
• Über 250 On-Air-Persönlichkeiten
• Durchschnittliches Jahresgehalt für On-Air-Talente: 187.000 US-Dollar

Rundfunk- und digitale Streaming-Technologie

Streaming-Plattform Fox Nation mit 1,5 Millionen Abonnenten im vierten Quartal 2023.

Technologie-Asset	Spezifikation	Investition
Digitale Streaming-Infrastruktur	Cloudbasierte Plattform	78 Millionen Dollar
Rundfunkausrüstung	4K HD-Fähigkeiten	45 Millionen Dollar

Starker Markenruf

Fox News Channel bleibt mit durchschnittlich 2,3 Millionen Zuschauern zur Hauptsendezeit im Jahr 2023 die Nummer 1 im Kabelnachrichtensender.

• Der Markenwert wird auf 4,2 Milliarden US-Dollar geschätzt
• Marktbekanntheit in den Bereichen Nachrichten und Unterhaltung

Fox Corporation (FOXA) – Geschäftsmodell: Wertversprechen

Vielfältige Unterhaltungs- und Nachrichtenprogramme

Fox Corporation generiert Einnahmen über mehrere Unterhaltungskanäle:

Kanal	Jahresumsatz (2023)
Fox News	2,16 Milliarden US-Dollar
Fox Sports	1,74 Milliarden US-Dollar
Fox Broadcasting Company	1,28 Milliarden US-Dollar

Live-Sportübertragung

Wichtige Kennzahlen für Sportübertragungen:

• NFL-Übertragungsrechte: 2,4 Milliarden US-Dollar pro Jahr
• MLB-Übertragungsrechte: 728 Millionen US-Dollar pro Jahr
• NASCAR-Übertragungsrechte: 820 Millionen US-Dollar pro Jahr

Hochwertiger Originalinhalt

Investitionen in die Content-Produktion:

Inhaltskategorie	Jährliche Investition
Originalserie	475 Millionen Dollar
Nachrichtenprogrammierung	612 Millionen Dollar
Sportdokumentationen	138 Millionen Dollar

Medienkonsum auf mehreren Plattformen

Leistung der digitalen Plattform:

• Fox Nation-Abonnenten: 1,5 Millionen
• Streaming-Einnahmen: 342 Millionen US-Dollar
• Einnahmen aus digitaler Werbung: 267 Millionen US-Dollar

Gezielte Nachrichten- und Unterhaltungsangebote

Kennzahlen zur Zielgruppensegmentierung:

Demografisches Segment	Durchschnittliche Zuschauerzahl
18-34 Jahre	1,2 Millionen
35-54 Jahre	2,7 Millionen
55+ Jahre	3,5 Millionen

Fox Corporation (FOXA) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Inhaltsempfehlungen

Fox Corporation nutzt fortschrittliche Datenanalysen, um auf seinen Plattformen personalisierte Inhaltsempfehlungen bereitzustellen. Ab 2024 verarbeitet das Unternehmen täglich etwa 25 Millionen Benutzerinteraktionsdatenpunkte, um das Content-Targeting zu verbessern.

Plattform	Täglich personalisierte Empfehlungen	Benutzer-Engagement-Rate
Fox Sports	8,5 Millionen	42.3%
Fox News	7,2 Millionen	38.6%
Tubi	9,3 Millionen	51.7%

Social-Media-Engagement

Fox Corporation unterhält robuste Social-Media-Interaktionen auf mehreren Plattformen.

• Gesamtzahl der Social-Media-Follower: 78,4 Millionen
• Durchschnittliche tägliche Social-Media-Interaktionen: 1,2 Millionen
• Social-Media-Engagement-Rate: 3,7 %

Direktabonnementmodelle

Fox Corporation bietet mehrere abonnementbasierte Dienste mit spezifischen Benutzermetriken an.

Service	Abonnenten	Monatlicher Abonnementpreis
Fox Nation	1,6 Millionen	$5.99
Tubi	51 Millionen	Kostenlos mit Werbung

Kundensupportdienste

Fox Corporation bietet Multi-Channel-Kundensupport mit spezifischen Leistungskennzahlen.

• Durchschnittliche Antwortzeit: 12 Minuten
• Kundenzufriedenheitsrate: 88,5 %
• Supportkanäle: Telefon, E-Mail, Live-Chat, soziale Medien

Interaktive Zuschauererlebnisse

Fox Corporation implementiert interaktive Technologien, um die Einbindung der Zuschauer zu verbessern.

Interaktive Funktion	Tägliche Benutzerinteraktionen	Benutzerzufriedenheit
Live-Umfrage	425,000	76.2%
Echtzeitkommentar	612,000	82.5%

Fox Corporation (FOXA) – Geschäftsmodell: Kanäle

Kabelfernsehnetze

Fox Corporation betreibt mehrere Kabelfernsehnetze mit folgender Reichweite:

Netzwerk	Monatliche Zuschauer	Marktanteil
Fox News Channel	2,3 Millionen Zuschauer zur Hauptsendezeit	24,4 % Marktanteil bei Kabelnachrichten
FS1 (Fox Sports 1)	1,1 Millionen durchschnittliche Zuschauer	12,7 % Marktanteil im Sportnetzwerk

Digitale Plattformen von Fox News

Leistungskennzahlen für digitale Plattformen:

• Monatliche Einzelbesucher von FoxNews.com: 87,3 Millionen
• Einnahmen aus digitaler Werbung: 342 Millionen US-Dollar im vierten Quartal 2023
• Downloads mobiler Apps: 15,6 Millionen Gesamtinstallationen

Mobile Streaming-Anwendungen

Bewerbung	Aktive Benutzer	Streaming-Stunden
Fox Sports App	4,2 Millionen monatlich aktive Benutzer	23,5 Millionen Streaming-Stunden pro Quartal
Fox Nation	1,8 Millionen Abonnenten	12,7 Millionen Streaming-Stunden pro Quartal

Online-Websites

Leistungskennzahlen für Online-Websites:

• Monatliche Gesamtreichweite digitaler Immobilien: 124,6 Millionen Nutzer
• Durchschnittlicher Zeitaufwand pro Benutzer: 18,3 Minuten
• Einnahmen aus der Monetarisierung digitaler Inhalte: 456 Millionen US-Dollar im Jahr 2023

Traditionelles Rundfunkfernsehen

Netzwerk	Primetime-Zuschauer	Marktposition
Fox Broadcasting Company	5,6 Millionen durchschnittliche Zuschauer	Rundfunksender auf Platz 4

Fox Corporation (FOXA) – Geschäftsmodell: Kundensegmente

Nachrichtenkonsumenten

Der Fox News Channel erreicht im vierten Quartal 2023 2,3 Millionen Zuschauer zur Hauptsendezeit. Durchschnittliches tägliches Publikum von 1,4 Millionen Zuschauern. Jährlicher Gesamtumsatz aus Nachrichtenprogrammen: 1,87 Milliarden US-Dollar.

Demographisch	Zuschauerprozentsatz	Altersspanne
Konservative Zuschauer	68%	45-65 Jahre
Männliche Zuschauer	62%	35-55 Jahre

Sportbegeisterte

Fox Sports erwirtschaftet einen Jahresumsatz von 3,2 Milliarden US-Dollar. NFL-Übertragungsrechte im Wert von 2,7 Milliarden US-Dollar pro Jahr.

• Die NFL-Berichterstattung erreicht jährlich 100 Millionen Zuschauer
• MLB-Übertragungsrechte: 1,5 Milliarden US-Dollar pro Vertrag
• Zuschauerzahl im College-Football: 45 Millionen Einzelzuschauer

Unterhaltungszuschauer

Fox Entertainment erwirtschaftet einen Jahresumsatz von 2,1 Milliarden US-Dollar. Streaming-Plattform erreicht 12,5 Millionen Abonnenten.

Inhaltstyp	Jährliche Zuschauer	Einnahmen
Zeichentrickserie	25 Millionen	450 Millionen Dollar
Drehbuchdramen	18 Millionen	350 Millionen Dollar

Jüngeres Digital-First-Publikum

Digitale Plattformen ziehen monatlich 22 Millionen Nutzer an. Durchschnittsalter: 18-34 Jahre. Einnahmen aus digitaler Werbung: 780 Millionen US-Dollar.

• TikTok-Engagement: 5,6 Millionen Follower
• YouTube-Abonnenten: 3,2 Millionen
• Instagram-Follower: 4,1 Millionen

Konservatives Medienpublikum

Das konservative Mediensegment erwirtschaftet einen Jahresumsatz von 2,5 Milliarden US-Dollar. Konservative Nachrichtensendungen zur Hauptsendezeit erreichen durchschnittlich 2,1 Millionen Zuschauer.

Zeigen	Durchschnittliche Zuschauer	Demografische Reichweite
Tucker Carlson heute Abend	3,2 Millionen	45-65 Jahre, konservativ
Hannity	2,9 Millionen	50-70 Jahre, konservativ

Fox Corporation (FOXA) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Für das Geschäftsjahr 2023 meldete die Fox Corporation Produktionskosten für Inhalte in Höhe von 4,2 Milliarden US-Dollar, die sich wie folgt aufschlüsseln:

Inhaltstyp	Jährliche Kosten
Sportprogrammierung	1,8 Milliarden US-Dollar
Nachrichteninhalte	650 Millionen Dollar
Unterhaltungsprogrammierung	1,75 Milliarden US-Dollar

Talent- und Personalkosten

Die Personalkosten der Fox Corporation beliefen sich im Jahr 2023 auf insgesamt 2,6 Milliarden US-Dollar:

• Vergütung der Führungskräfte: 78,3 Millionen US-Dollar
• Gehälter für On-Air-Talente: 425 Millionen US-Dollar
• Löhne des Produktionspersonals: 650 Millionen US-Dollar
• Verwaltungspersonal: 1,45 Milliarden US-Dollar

Wartung der Technologieinfrastruktur

Die Technologie- und Infrastrukturkosten für 2023 beliefen sich auf 512 Millionen US-Dollar:

Kategorie „Infrastruktur“.	Jährliche Ausgaben
Rundfunkausrüstung	213 Millionen Dollar
Wartung der digitalen Plattform	179 Millionen Dollar
Netzwerkinfrastruktur	120 Millionen Dollar

Marketing- und Werbeausgaben

Die Marketingausgaben der Fox Corporation beliefen sich im Jahr 2023 auf 580 Millionen US-Dollar:

• Digitales Marketing: 215 Millionen US-Dollar
• Traditionelle Werbung: 265 Millionen US-Dollar
• Werbeveranstaltungen: 100 Millionen US-Dollar

Erwerb von Rundfunkrechten

Die Kosten für Rundfunkrechte beliefen sich im Jahr 2023 auf 2,3 Milliarden US-Dollar:

Kategorie „Übertragungsrechte“.	Jährliche Kosten
NFL-Übertragungsrechte	1,1 Milliarden US-Dollar
MLB-Übertragungsrechte	450 Millionen Dollar
Andere Sportrechte	750 Millionen Dollar

Fox Corporation (FOXA) – Geschäftsmodell: Einnahmequellen

Werbeeinnahmen

Für das Geschäftsjahr 2023 meldete die Fox Corporation Werbeeinnahmen in Höhe von 3,89 Milliarden US-Dollar.

Werbesegment	Umsatz (Mio. USD)
Fernsehwerbung	2,450
Digitale Werbung	1,440

Gebühren für Kabelabonnements

Der Kabelabonnementumsatz der Fox Corporation belief sich im Jahr 2023 auf insgesamt 2,67 Milliarden US-Dollar.

• Durchschnittliche monatliche Gebühr pro Abonnent: 8,50 $
• Gesamtzahl der Kabelabonnenten: 12,4 Millionen

Digitale Streaming-Abonnements

Der Umsatz mit digitalem Streaming erreichte im Jahr 2023 1,23 Milliarden US-Dollar.

Streaming-Plattform	Abonnenten	Umsatz (Mio. USD)
Tubi	51 Millionen monatlich aktive Benutzer	780
Fox Nation	1,5 Millionen Abonnenten	450

Inhaltslizenzierung

Die Lizenzierung von Inhalten generierte im Geschäftsjahr 2023 einen Umsatz von 1,56 Milliarden US-Dollar.

• Internationale Lizenzierung von Inhalten: 890 Millionen US-Dollar
• Lizenzierung inländischer Inhalte: 670 Millionen US-Dollar

Sportübertragungsrechte

Die Einnahmen aus Sportübertragungen beliefen sich im Jahr 2023 auf insgesamt 4,2 Milliarden US-Dollar.

Sportübertragungsrechte	Vertragswert ($B)
NFL-Rechte	2.1
MLB-Rechte	1.2
College-Football-Rechte	0.9

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

For Viewers: Irreplaceable, high-engagement live content (news and sports).

Fox Corporation delivers must-see live programming that captures massive audiences. The live sports portfolio, anchored by agreements with the NFL, MLB, and college football, drives significant engagement. For instance, Super Bowl LIX, aired on the network, generated over $800 million in gross advertising revenue and was the most-watched telecast in U.S. history. In news, FOX News Channel (FNC) reinforced its leadership, ranking as the most watched channel in all of television year-to-date in Q3 2025. FNC saw a 40% increase in total viewership in January 2025 year-over-year. During Q3 2025, FNC delivered 14 of the top 15 shows in cable news with total viewers.

The value proposition for viewers is also supported by local commitment:

• FOX Television Stations produce over 1,350 hours of local news programming each week.
• FOX Television Stations are the #1 local news source according to Comscore.

For Advertisers: Mass-reach audience for live events and targeted digital reach via Tubi.

Advertisers gain access to both massive linear reach and growing digital scale. Linear advertising revenue, which includes the Fox broadcast network and local stations, rose 6% to $1.07 billion in the first fiscal quarter of 2026. Cable network advertising, which includes FOX News Media, rose 7% to $345 million in the same quarter. The digital component, Tubi, provides targeted reach, with 67% of its viewers being cord cutters and cord nevers. Tubi's revenue rose 27% year-over-year in Q1 FY2026.

Here's a look at the scale for advertisers:

Metric	Value (As of Late 2025)	Source Context
Tubi Monthly Active Users	Exceeded 100 million	May 2025
Tubi Total TV Viewing Share	2.2% (All-time high)	May 2025
FOX News Cable Share (Times)	Over 70%	During the fiscal year
Total Advertising Revenue (FY 2024)	$5.4 billion	Fiscal year ending June 2024

For Cord-Cutters: Free, extensive library content via Tubi's AVOD model.

Tubi delivers a completely free, ad-supported streaming service (AVOD) that is gaining significant traction. The platform surpassed 1 billion hours of total viewing time in May 2025. Tubi achieved its first profitable quarter, with expected operating margins between 20 to 25% over the next few quarters. The content library is deep, offering nearly 300,000 movies and TV episodes, plus nearly 400 exclusive originals.

Tubi's growth metrics show its appeal:

• Viewing time grew 18% in Q1 FY2026 (calendar Q3 2025) year-over-year.
• Tubi reached $1 billion in revenue for the trailing 12 months (as of early May 2025).
• Over half of Tubi viewers are Gen Z or Millennials.

For Premium Cord-Nevers: Curated bundle of FOX brands via the new FOX One DTC service.

FOX One, the new direct-to-consumer (DTC) service, targets those outside the traditional pay-TV ecosystem by bundling premium content. The service launched on August 21, 2025, and had accumulated 1.1 million signups through September 30, 2025. The offering includes live access to the FOX Network, FOX News Channel, FOX Sports, FS1, FS2, and the Big 10 Network.

The pricing structure is designed to be competitive:

• Base monthly price is $19.99 per month.
• The annual plan is priced at $199.99.
• A bundle including FOX One and FOX Nation costs $24.99 per month.

For Affiliates: High-rated network programming that drives local ad sales.

Affiliates receive high-rated, proven network programming that supports their local advertising efforts. Affiliate Fee Revenues increased by 6% in Q1 FY2025. This growth was supported by a 10% increase in the Television segment's affiliate fees. The national programming, especially live sports and news, provides the necessary audience draw for local stations to monetize their airtime effectively.

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

You're looking at how Fox Corporation manages its diverse audience and business partners as of late 2025. The relationships span from automated digital interactions to high-stakes, personal negotiations. It's a mix of scale and direct engagement.

Automated: Tubi's self-service, ad-supported streaming model

Tubi represents the fully automated, high-scale relationship with the consumer. This is a self-service model where the relationship is driven by content availability, user interface, and the ad load experience. The scale here is significant, making the relationship highly transactional and data-driven.

For fiscal year 2025, Tubi exceeded over 100 million monthly active users. The service generated over $1.1 billion in revenue during that same fiscal year. Furthermore, Tubi captured an all-time high of 2.2% share of total U.S. television viewers. The volume of upfront ad dollars committed to Tubi grew by 35% year-over-year during the 2025 upfront season. Honestly, the fact that Tubi became profitable in the quarter ending September 30, 2025, faster than anticipated, shows the efficiency of this automated customer relationship.

Key Automated Relationship Metrics for Tubi (FY 2025 Data):

Metric	Value
Monthly Active Users (MAU)	Over 100 million
Fiscal Year 2025 Revenue	Over $1.1 billion
U.S. TV Viewing Share	2.2% (All-time high)
Upfront Ad Dollar Growth (YoY)	35%

Dedicated: High-touch negotiations with MVPDs for carriage agreements

The relationship with Multi-Channel Video Programming Distributors (MVPDs)-your cable, satellite, and vMVPD partners-is definitely a dedicated, high-touch one. These are complex, long-term business-to-business relationships centered on securing distribution and setting affiliate fees.

The success in this area is reflected in the financial results. For the full fiscal year 2025, affiliate fee revenues increased by 5%. This growth was driven by a 7% increase at the Television segment and a 3% increase at the Cable Network Programming segment, largely due to higher average rates. The traditional cable bundle remains the favored distribution channel for Fox Corporation.

Key Affiliate Fee Drivers (FY 2025):

• Affiliate fee revenues: Up 5% overall.
• Television segment affiliate fee growth: 7%.
• Cable Network Programming segment fee growth: 3%.

Personal Assistance: Sales teams managing major national advertising accounts

This relationship involves direct engagement through sales teams, managing massive national advertising buys across linear and digital properties. It requires deep account management, especially around tentpole events.

The effectiveness of these sales teams was evident in the advertising revenue surge. Total advertising revenues for the full fiscal year 2025 increased by 26%. This was fueled by the Super Bowl LIX broadcast, political advertising, and stronger news pricing. The record political advertising revenue across all Fox platforms for the year was well over $400,000,000. For the third quarter of fiscal 2025, advertising revenues specifically increased by 65%, heavily impacted by the Super Bowl LIX broadcast.

Advertising Revenue Highlights (FY 2025):

• Total Advertising Revenue Growth (Annual): 26%.
• Q3 Fiscal 2025 Advertising Revenue Growth: 65%.
• Record Political Ad Revenue: Over $400,000,000.

Community: Local news and community engagement via owned-and-operated stations

The local stations maintain a crucial community relationship, which is the bedrock for local news ratings and political advertising revenue. This is about being the trusted, local information source.

Fox Television Stations produce over 1,350 hours of local news programming each week across the 18 markets they serve. The integrity of this reporting is what distinguishes them. The television segment saw its affiliate fee revenues grow by 4%, driven by higher average rates at these owned and operated stations.

Direct-to-Consumer: Subscription management for FOX Nation and FOX One

This segment involves managing two distinct direct-to-consumer relationships: the established subscription service, FOX Nation, and the newer, premium offering, FOX One.

For FOX Nation, the CEO indicated subscriber totals were between 2 million to 2.5 million as of March 2025. FOX One, which launched in May 2025, is priced at $19.99 a month. The strategy here is to engage viewers wherever suits them best, addressing the segment wanting a premium, targeted offering outside the traditional bundle.

Direct-to-Consumer Relationship Snapshot (as of late 2025):

Service	Relationship Type	Key Metric/Price
FOX Nation	Subscription (SVOD)	2 million to 2.5 million Subscribers (as of March 2025)
FOX One	Premium DTC Subscription	Priced at $19.99 per month

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOXA) - Canvas Business Model: Channels

You're looking at how Fox Corporation gets its content-news, sports, and entertainment-out to the audience as of late 2025. It's a multi-pronged approach, balancing the legacy infrastructure with aggressive digital expansion. The traditional bundle is still key, but the growth story is clearly digital, so let's break down the delivery mechanisms.

Traditional Cable and Satellite TV (MVPDs) for linear distribution

The traditional Multichannel Video Programming Distributor (MVPD) bundle remains Fox Corporation's favored distribution channel, providing what management views as exceptional value to consumers. However, this channel is facing significant headwinds from cord-cutting. Industry-wide subscriber declines are expected to continue, which negatively affects affiliate fee and advertising revenues tied to audience size. In the first quarter of 2025 alone, cable TV networks lost an estimated 1,661,000 subscribers. Analysts projected that if the pace continued, cable TV networks could lose nearly 7 million subscribers by the end of 2025.

The financial results reflect this dynamic:

• Cable Network Programming segment affiliate fee revenues increased 3% for the full fiscal year 2025, driven by contractual price increases, partially offset by net subscriber declines.
• The Television segment affiliate fee revenues grew 7% for the full fiscal year 2025, driven by higher average rates at owned and operated stations and increases from third-party FOX affiliates.

Owned and Operated (O&O) FOX Television Stations for local broadcast

The local broadcast stations are a critical component, especially for news delivery. Fox Corporation's O&O stations produce over 1,350 hours of local news programming every week across the 18 markets they serve. This local presence is positioned as a differentiator against misinformation. According to Comscore data, the FOX Television Stations are the #1 local news source.

Digital Streaming Platforms: Tubi (AVOD) and FOX One (DTC subscription)

This is where Fox Corporation is placing significant investment for future growth. Tubi, the ad-supported video on demand (AVOD) service, has achieved massive scale. As of May 2025, Tubi surpassed 100 million monthly active users and streamed over 1 billion hours of content that month. Its reach in the broader TV landscape is notable, 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 library on Tubi includes nearly 300,000 movies and TV episodes, plus 400 Tubi Originals. The audience skews young and cordless; over half of its viewers are Gen Z or Millennials, and 67% are cord cutters or cord nevers. More than 95% of viewing on Tubi is on-demand content.

The company is also launching its first significant direct-to-consumer (DTC) subscription offering, FOX One. This service is scheduled to launch on August 21, priced at US$19.99 per month or US$199.99 annually. FOX One is designed to encompass all of Fox Corporation's news, sports, and entertainment brands in a cordless ecosystem.

Virtual MVPDs (vMVPDs) like YouTube TV and Hulu + Live TV

While specific subscriber numbers for Fox Corporation's channels on individual vMVPDs aren't broken out, these platforms are implicitly included in the affiliate fee revenue stream from MVPDs. The overall industry trend of subscriber decline impacts these digital distributors as well. Fox Corporation's strategy is to maintain carriage agreements with these services, which are part of the overall distribution ecosystem that provides access to the largest audience possible.

Fox Sports and Fox News digital apps and websites

Digital platforms for news and sports are driving significant advertising revenue growth. FOX News Digital marked its best quarter in history in Q2 2025. For that quarter, FOX News Digital averaged 138 million monthly total digital multiplatform unique visitors. FOXBusiness.com specifically delivered 718 million multiplatform minutes and 22.2 million average multiplatform unique visitors in Q2 2025.

The strength of the linear news product directly translates to digital engagement. FOX News Channel remains the most watched channel in all of television, with audience shares at times reaching over 70% during fiscal 2025. FOX News Media reaches nearly 200 million people each month.

Here is a look at the key financial results that reflect the performance across these channel segments for the full fiscal year ending June 30, 2025:

Metric	Full Fiscal Year 2025 Amount	Year-over-Year Change
Total Company Revenue	$16.30 billion	17% increase
Total Advertising Revenue	Not Specified	26% increase
Television Segment Revenue	$9.33 billion	18% increase
Cable Network Programming Segment Revenue	$6.93 billion	16% increase
Total Company Affiliate Fee Revenue	Not Specified	5% increase

The advertising revenue surge of 26% for the full year was explicitly bolstered by Super Bowl LIX, higher political advertising, and continued digital growth led by the Tubi AVOD service. The Television segment, which includes the broadcast network and Tubi, saw its advertising revenue increase by 28% for the full year.

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

You're looking at the core groups Fox Corporation (FOXA) serves as of late 2025, based on their recent fiscal performance. This isn't about what they plan to do, but who is paying the bills right now.

Traditional Pay-TV Subscribers

This group pays the carriage fees that underpin the Cable Network Programming segment. While the bundle remains favored, there are clear subscriber pressures. For the full fiscal year 2025, affiliate fee revenues for the Cable Network Programming segment grew by 3%, a figure that was achieved despite net subscriber declines. Contractual price increases were necessary to offset these subscriber losses. The Television segment, which includes the broadcast network, saw a stronger 7% growth in its affiliate fee revenues for the full year 2025.

• Cable Network Programming Affiliate Fee Revenue Growth (FY 2025): 3%
• Television Segment Affiliate Fee Revenue Growth (FY 2025): 7%
• FOX Television Stations produce over 1,350 hours of local news programming weekly across 18 markets

National and Political Advertisers

Advertisers are clearly focused on live, high-impact events and news, which drove significant revenue increases. Total advertising revenues for the full fiscal year 2025 increased by 26% year-over-year. This surge was heavily influenced by the impact of Super Bowl LIX and higher political advertising revenues. For the fourth quarter of fiscal 2025, advertising revenues grew by 7%. FOX News Media reinforced its position, with audience shares at times reaching over 70% during the fiscal year.

Cord-Cutters/Cord-Nevers

This segment is primarily served by the free, ad-supported video-on-demand (AVOD) service, Tubi, and the newly launched direct-to-consumer (D2C) platform, FOX One. Tubi is a massive audience draw, reporting 100 million monthly active users. For the full fiscal year 2025, Tubi was expected to surpass $1 billion in revenue. In the third quarter of fiscal 2025 alone, Tubi generated $330 million in advertising revenue. FOX One, launched on August 21, 2025, targets this group with a price point of $19.99 per month.

• Tubi Monthly Active Users: 100 million
• Tubi Trailing 12-Month Revenue (FY 2025 estimate): $1 billion
• Tubi Q3 2025 Ad Revenue: $330 million
• FOX One Monthly Subscription Price: $19.99

Third-Party FOX Affiliates

These local broadcasters license network programming and contribute directly to the Television segment's affiliate fee revenue. The growth in fees from these third-party affiliates was a specific driver for the 7% increase in the Television segment's full-year 2025 affiliate fee revenue.

Retail Investors and Shareholders

This segment is focused on capital returns and financial health, which management addressed directly following the fiscal year 2025 results. The company announced a $5 billion increase to its share repurchase authorization. Furthermore, the Board authorized an increase in the semi-annual dividend to $0.28 per share. The full fiscal year 2025 saw total revenues of $16.30 billion, up 17% from the prior year.

Here is a quick look at the top-line financial performance that underpins these customer relationships for the full fiscal year 2025:

Financial Metric	Amount (FY 2025)	Change YoY
Total Revenues	$16.30 billion	17% increase
Advertising Revenues	Not explicitly stated, but growth was 26%	26% increase
Adjusted EBITDA	$3.62 billion	26% increase
Net Income Attributable to Stockholders	$2.26 billion	Increase from $1.50 billion

The Television segment reported full-year segment revenues of $9.33 billion for fiscal 2025.

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

You're looking at the cost side of Fox Corporation's business as of late 2025. Honestly, for a media giant built on live content, the cost structure is dominated by what they pay for that content. It's a high fixed-cost model, especially when you factor in the big sports rights deals.

High fixed costs for sports programming rights amortization.

The biggest chunk of variable, yet recurring, expense is the amortization of sports programming rights. This is the cost of the rights spread out over the life of the contract. The broadcast of Super Bowl LIX in February 2025 was a major driver here. For the full fiscal year 2025, operating expenses increased by $936 million or 15%, largely due to higher sports programming rights amortization and production costs, including those NFL costs. You see the swing in the following quarter, Q1 Fiscal 2026, where operating expenses were up only 3% ($66 million) because those major sports costs were lower compared to the prior year period, which lacked the Super Bowl.

Significant content production and acquisition costs for news and entertainment.

Beyond sports, content acquisition for entertainment and news is substantial. In the third quarter of fiscal 2025, expense increases were driven by higher entertainment programming costs and digital content costs. For the full fiscal year 2025, operating expenses also reflected higher digital content costs and entertainment programming rights amortization.

The scale of these content-related operating expenses is best seen by looking at the total operating expense movement:

• Fiscal 2025 Operating Expenses increased 15% ($936 million) over Fiscal 2024.
• Q3 Fiscal 2025 Operating Expenses increased 3% ($66 million) over the prior year period.
• Q1 Fiscal 2026 Operating Expenses increased 3% ($66 million) over the corresponding period of fiscal 2025.

Retransmission and affiliate fee payments to third-party affiliates.

While Fox Corporation receives significant affiliate fee revenue-totaling $7.66 billion for fiscal 2025-this revenue stream is directly tied to the cost of maintaining and negotiating carriage agreements, which includes fees paid to third-party affiliates and retransmission consent fees paid to MVPDs (multichannel video programming distributors). The strength of their content, like the NFL, is what allows them to command higher rates, but the underlying cost of securing those distribution agreements is a key component of their operating cost base, even if the exact payment amount isn't itemized separately from other operating costs in the same way amortization is.

Technology and infrastructure costs for digital platforms (Tubi, FOX One).

The growth of Tubi, which generated over $1.1 billion in revenue in fiscal 2025, necessitates ongoing investment in technology and infrastructure. These costs are captured in the operating expenses, specifically noted as higher digital content costs. For instance, in Q3 Fiscal 2025, higher digital content and marketing costs contributed to the expense increase.

Here's a look at the financial scale around the key revenue drivers that necessitate these digital costs:

Metric (Fiscal Year Ended June 30, 2025)	Amount (USD)	Context
Total Company Revenues	$16.30 billion	Overall top-line performance.
Television Segment Revenues	$9.33 billion	Includes O&O stations and advertising/affiliate fees.
Cable Network Programming Segment Revenues	$6.93 billion	Includes Fox News Channel, FBN, FS1, FS2 carriage fees.
Tubi FY2025 Revenue	Over $1,100,000,000	Directly tied to digital content and infrastructure spend.

Selling, General, and Administrative (SG&A) expenses, including sales commissions.

SG&A covers the overhead of running the corporation, from executive salaries to marketing. For the three months ended September 30, 2025, SG&A expenses increased by $87 million or 17% compared to the corresponding period in the prior year. This recent jump was primarily attributed to costs related to the marketing launch of FOX One and generally higher employee costs.

For the full fiscal year 2025, SG&A expenses increased by $75 million or 8%, also driven by higher employee costs.

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard numbers for how Fox Corporation actually brings in its money for the fiscal year ending June 30, 2025. It's not just one stream; it's a few major rivers feeding the total. For FY2025, Fox Corporation posted total revenues of $16.30 billion, which was a 17% jump from the year before.

Here's the quick math on the main buckets:

Revenue Stream Component	FY2025 Full Year Amount	FY2025 Year-over-Year Growth
Total Affiliate Fee Revenue	$7.66 billion	5%
Total Advertising Revenue	$6.87 billion	26%
Total Other Revenues	$1.78 billion	47%

The structure of these streams shows where the focus is right now. Affiliate fees are the bedrock, but advertising is the engine showing the fastest growth.

Affiliate Fee Revenue

This is the money Fox Corporation gets from cable, satellite, and telco distributors (MVPDs) just for carrying the channels. For the full fiscal year 2025, this revenue totaled $7.66 billion, marking a 5% increase. This growth came from a 7% increase in the Television segment and a 3% increase in the Cable Network Programming segment.

Retransmission Consent Fees are a key part of this, representing the payments distributors make to carry the local broadcast signals. While the specific dollar amount for retransmission fees isn't broken out separately from the total affiliate fees, the overall segment growth reflects the success of those renewal negotiations. The company noted that all affiliate renewals impacting FY2025 were successfully completed.

Advertising Revenue

Advertising revenue saw a massive surge in FY2025, climbing 26% to reach $6.87 billion. This was fueled by several big events and platform strength:

• The impact of Super Bowl LIX.
• Higher political advertising revenues, with first-half FY2025 political revenue hitting a record of over $400 million.
• Stronger news pricing and ratings across the portfolio.

Digital Advertising: Revenue from Tubi's AVOD service, a key growth driver

The growth in advertising is heavily weighted toward digital. Tubi, Fox Corporation's ad-supported video-on-demand (AVOD) service, is explicitly called out as a primary driver. For the second quarter of FY2025 (ending December 31, 2024), Tubi's monthly active user base grew 30% to 45 million users. By the third quarter, Tubi's advertising dollar volume was up 35% year-over-year. This digital momentum helped the overall advertising revenue increase by 26% for the full year.

Other Revenues: Including sports sublicensing and content licensing

This category showed the highest growth rate, increasing 47% year-over-year to $1.78 billion in FY2025. The primary driver here was higher sports sublicensing revenues at the national sports networks. For the Cable Network Programming segment specifically, Other Revenues increased by $578 million, led by these sports sublicensing deals.

You should keep an eye on the Q3 FY2025 results, which showed Cable Advertising Revenue up 26% and Cable Other Revenue up 79%, showing the strength in that segment's ad and sublicensing mix.