Fox Corporation (FOX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los medios y el entretenimiento, Fox Corporation (Fox) se erige como una potencia que combina sin problemas la transmisión tradicional con plataformas digitales de vanguardia. Al aprovechar estratégicamente su cartera de contenido diversa, desde transmisiones deportivas electrizantes hasta una cobertura de noticias innovadora, Fox ha creado un modelo de negocio robusto que navega por el complejo panorama de los medios con una notable agilidad e innovación. Esta exploración del lienzo de modelo de negocio de Fox revela los intrincados mecanismos que impulsan una de las empresas de medios más influyentes en el ecosistema de entretenimiento contemporáneo.

Fox Corporation (FOX) - Modelo de negocios: asociaciones clave

Major Studios de cine (Studios del siglo 20)

Los estudios del siglo 20 propiedad de Fox Corporation genera aproximadamente $ 1.38 mil millones en ingresos anuales a partir de 2023. Los detalles clave de la asociación incluyen:

• Acuerdo de distribución de Disney para mercados internacionales
• Colaboración de producción con Marvel Studios
• Acuerdos de licencia de contenido con plataformas de transmisión

Pareja	Participación de ingresos	Duración del contrato
Disney	45%	5 años
Marvel Studios	35%	3 años

Afiliados de la red de televisión

Fox Corporation mantiene asociaciones con 28 estaciones de televisión propiedad y operadas en todo Estados Unidos.

• Alcance de la red: 30% de los mercados de televisión estadounidenses
• Ingresos anuales de afiliados: $ 2.1 mil millones
• Cuota de mercado promedio por afiliado: 15.6%

Ligas deportivas

Las principales asociaciones de transmisión deportiva incluyen:

Liga	Valor anual del contrato	Expiración por contrato
NFL	$ 3.8 mil millones	2026
MLB	$ 1.5 mil millones	2024

Plataformas de transmisión digital

Las asociaciones de transmisión digital de Fox Corporation incluyen:

• Plataforma de transmisión Tubi (propiedad de Fox)
• Ingresos anuales de TUBI: $ 640 millones
• Asociaciones con Roku, Amazon Prime

Agencias de publicidad

Las principales asociaciones publicitarias por ingresos:

Agencia	Ingresos publicitarios anuales	Tipo de contrato
Grupo omnicom	$ 425 millones	Multiplataforma
WPP PLC	$ 380 millones	Marketing integrado

Fox Corporation (Fox) - Modelo de negocios: actividades clave

Producción y distribución de contenido

Fox Corporation produjo 2.500 horas de contenido original en 2023. Presupuesto de producción anual de contenido: $ 2.4 mil millones.

Categoría de contenido	Horas anuales	Costo de producción
Programación de noticias	1.200 horas	$ 650 millones
Programación deportiva	800 horas	$ 850 millones
Medios de entretenimiento	500 horas	$ 900 millones

Transmisión de noticias

Fox News Channel genera aproximadamente $ 1.9 mil millones en ingresos anuales. Avierte diaria promedio: 2.3 millones de espectadores.

• Cobertura de noticias 24/7
• Informes en vivo en 17 oficinas nacionales
• Plataformas de noticias digitales con 85 millones de usuarios en línea mensuales

Programación deportiva

Fox Sports genera $ 3.2 mil millones en ingresos anuales. La cartera de derechos de transmisión incluye NFL, MLB y Sports College.

Derechos deportivos	Valor de contrato	Duración
NFL	$ 3 mil millones/año	5 años
MLB	$ 728 millones/año	4 años

Creación de medios de entretenimiento

Fox Entertainment produce 350 espectáculos con guiones y sin guión anualmente. Presupuesto de producción total de entretenimiento: $ 750 millones.

Transmisión de medios digitales

La plataforma de transmisión Tubi tiene 64 millones de usuarios activos mensuales. Ingresos de transmisión anuales: $ 900 millones.

• Más de 40,000 títulos disponibles
• Modelo de transmisión respaldado por anuncios
• Expandir la biblioteca de contenido en un 15% anual

Fox Corporation (Fox) - Modelo de negocios: recursos clave

Estudios de producción de medios

Fox Corporation opera múltiples instalaciones de producción:

• Fox Studios en Los Ángeles, California
• Sede de Fox News en la ciudad de Nueva York

Ubicación de estudio	Pies cuadrados	Capacidad de producción
Complejo de estudio de Los Ángeles	387,000 pies cuadrados	15 producciones simultáneas
Estudio de noticias de Nueva York	125,000 pies cuadrados	Transmisión de noticias 24/7

Infraestructura de transmisión

Fox Corporation mantiene extensas redes de transmisión:

• Cobertura en 208 estaciones de televisión
• Alcance de transmisión nacional en el 99% de los mercados de televisión estadounidenses

Red	Torres de transmisión	Alcance de la señal
Fox News	87 Torres de transmisión	96,2 millones de hogares estadounidenses
Fox Sports	112 Torres de transmisión	94.7 millones de hogares estadounidenses

Derechos de propiedad intelectual

Los activos clave de la propiedad intelectual incluyen:

• Marca Fox News
• Derechos de transmisión de Fox Sports
• Bibliotecas de contenido de entretenimiento

Categoría de IP	Valor estimado	Duración
Derechos de la marca de noticias	$ 2.3 mil millones	Perpetuo
Derechos de transmisión de deportes	$ 1.8 mil millones	5-10 años

Profesionales del entretenimiento talentoso

Fox Corporation emplea:

• Aproximadamente 9.800 empleados a tiempo completo
• Extensa red de profesionales independientes

Categoría profesional	Número de empleados	Experiencia promedio
Periodistas de noticias	1,200	12.5 años
Emisoras deportivas	450	9.3 años

Plataformas de tecnología de medios avanzadas

Inversiones de infraestructura tecnológica:

• Plataformas de transmisión digital
• Equipo de transmisión avanzado

Plataforma tecnológica	Inversión anual	Alcance del usuario
Transmisión de Fox Nation	$ 87 millones	3.2 millones de suscriptores
Tecnología de transmisión	$ 129 millones	Implementación de toda la empresa

Fox Corporation (FOX) - Modelo de negocio: propuestas de valor

Contenido de entretenimiento diverso

Fox Corporation genera $ 12.67 mil millones en ingresos anuales (año fiscal 2023). La cartera de contenido de entretenimiento incluye:

• Producción de Fox Entertainment
• Serie de animación
• Programas de televisión con guiones
• Programación de la realidad

Categoría de contenido	Contribución anual de ingresos
Televisión con guión	$ 3.4 mil millones
Serie de animación	$ 1.8 mil millones
Programación de la realidad	$ 1.2 mil millones

Transmisión de deportes en vivo

La transmisión deportiva genera $ 4.5 mil millones anuales, con propiedades clave que incluyen:

• Transmisiones de la NFL
• Cobertura de MLB
• Eventos de NASCAR
• Fútbol americano universitario

Cobertura de noticias de última hora

Fox News genera $ 3.7 mil millones en ingresos anuales con 2.3 millones de espectadores en horario estelar.

Accesibilidad a medios multiplataforma

El alcance de la plataforma digital incluye:

• Fox.com: 82 millones de visitantes únicos mensuales
• Plataformas digitales de Fox News: 125 millones de usuarios mensuales
• Plataformas digitales de Fox Sports: 67 millones de usuarios mensuales

Programación del público objetivo

Segmento de audiencia	Canales primarios	Cuota de mercado
Espectadores de noticias conservadoras	Fox News	38% de participación de mercado
Entusiastas del deporte	Fox Sports	Cuota de mercado del 22%
Espectadores de entretenimiento	Fox Entertainment	15% de participación de mercado

Fox Corporation (Fox) - Modelo de negocios: relaciones con los clientes

Compromiso de la audiencia directa

Fox Corporation mantiene la participación directa de la audiencia a través de múltiples canales:

• Fox News Channel: audiencia diaria promedio de 2.3 millones de espectadores en 2023
• Plataformas deportivas de Fox: 87.4 millones de espectadores únicos mensuales
• Alcance directo de audiencia televisiva de aproximadamente 115 millones de hogares

Plataforma	Métricas de compromiso
Fox News Digital	1.8 mil millones de visitas a la página por mes
Fox Sports Digital	62.5 millones de usuarios únicos mensuales

Recomendaciones de contenido personalizadas

Fox implementa estrategias de contenido personalizadas en plataformas digitales:

• Algoritmo de recomendación que cubre el 95% del contenido digital
• Precisión de seguimiento de preferencias de usuario del 78%
• El compromiso de contenido personalizado aumenta el 42% año tras año

Interacción en las redes sociales

Estadísticas de compromiso de las redes sociales:

Plataforma	Recuento de seguidores
Fox News Twitter	19.4 millones de seguidores
Fox Sports Instagram	7.2 millones de seguidores

Servicios basados ​​en suscripción

Detalles del modelo de suscripción:

• Servicio de transmisión de Fox Nation: 1.5 millones de suscriptores
• Tasa de retención de suscripción promedio: 68%
• Precio de suscripción mensual: $ 5.99

Mecanismos de comentarios de los clientes

Canales de interacción con el cliente:

• Plataformas de comentarios en línea Procesamiento 95,000 interacciones con el cliente mensualmente
• Clasificación de satisfacción del cliente: 76%
• Tiempo de respuesta a las consultas de los clientes: promedio de 24 horas

Fox Corporation (Fox) - Modelo de negocios: canales

Redes de televisión

Fox Corporation opera múltiples redes de televisión:

Red	Alcance de la audiencia	Ingresos anuales (2023)
Fox News	2.3 millones de espectadores en horario primo	$ 3.8 mil millones
Fox Sports	1.5 millones de espectadores promedio	$ 2.5 mil millones
Compañía de Broadcasting de Fox	87.1 millones de hogares	$ 1.9 mil millones

Plataformas de transmisión digital

Los canales de transmisión digital de Fox Corporation incluyen:

• Fox Nation (plataforma basada en suscripción)
• Plataforma digital de Fox Sports
• TUBI (servicio de transmisión gratuito de anuncios)

Plataforma	Usuarios activos mensuales	Ingresos anuales
Tubi	51 millones de usuarios activos mensuales	$ 640 millones

Aplicaciones móviles

Ecosistema de aplicaciones móviles de Fox Corporation:

• Aplicación Fox News
• Aplicación Fox Sports
• Aplicación móvil Tubi

Aplicación	Descargas totales	Usuarios activos mensuales
Aplicación Fox News	8.5 millones de descargas	3.2 millones
Aplicación Fox Sports	6.7 millones de descargas	2.8 millones

Portales de sitios web

Plataformas web digitales:

• Sitio web de Fox News
• Sitio web de Fox Sports
• Tubi.com

Sitio web	Visitantes únicos mensuales	Tiempo promedio en el sitio
Fox News	94.3 millones	7.2 minutos
Fox Sports	62.5 millones	5.8 minutos

Plataformas de redes sociales

Métricas del canal de redes sociales:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Fox News Twitter	19.4 millones de seguidores	2.3%
Fox Sports Instagram	8.7 millones de seguidores	3.1%
Facebook de Fox Fox	12.6 millones de seguidores	1.9%

Fox Corporation (Fox) - Modelo de negocios: segmentos de clientes

Entusiastas del deporte

Fox Sports atrae a aproximadamente 215 millones de espectadores mensuales en todas las plataformas. Los derechos de transmisión de la NFL valorados en $ 1.1 mil millones anuales. La audiencia de la NFL promedia 17.1 millones de espectadores por juego.

Deporte	Espectadores anuales	Valor de derechos de transmisión
NFL	215 millones	$ 1.1 mil millones
MLB	68 millones	$ 728 millones
Fútbol americano universitario	45 millones	$ 250 millones

Consumidores de noticias

Fox News Channel genera aproximadamente $ 3.7 mil millones en ingresos anuales. Avance diario promedio de 2.3 millones de espectadores en horario estelar.

• Edad promedio del espectador: 65 años
• Cuota de mercado de noticias por cable: 38%
• Reach de plataforma de noticias digitales: 82 millones de usuarios mensuales

Espectadores de entretenimiento

Fox Entertainment genera $ 2.9 mil millones en ingresos anuales. Alcanza aproximadamente 110 millones de hogares.

Categoría de entretenimiento	Espectadores anuales	Ganancia
Serie	65 millones	$ 1.2 mil millones
Programación de la realidad	42 millones	$ 680 millones
Programas animados	35 millones	$ 520 millones

Demográfico de adultos jóvenes

Demográfico objetivo: 18-34 años. La plataforma de transmisión atrae a 12.3 millones de suscriptores en este grupo de edad.

• Consumo de contenido digital: 65% de los espectadores
• Tasa de crecimiento de la plataforma de transmisión: 22% anual
• Tiempo de visualización promedio: 3.5 horas diarias

Suscriptores de servicio de transmisión

La plataforma de transmisión Tubi tiene 64 millones de usuarios activos mensuales. Los ingresos por transmisión con anuncios alcanzan $ 800 millones anuales.

Métrica de plataforma	Valor
Usuarios activos mensuales	64 millones
Ingresos de transmisión anuales	$ 800 millones
Participación promedio del usuario	4.2 horas por semana

Fox Corporation (Fox) - Modelo de negocio: Estructura de costos

Gastos de producción de contenido

Fox Corporation informó costos de producción de contenido de $ 5.87 mil millones para el año fiscal 2023.

Tipo de contenido	Costo de producción anual
Programación deportiva	$ 2.3 mil millones
Programación de noticias	$ 1.4 mil millones
Espectáculos de entretenimiento	$ 1.2 mil millones
Producción de películas	$ 970 millones

Mantenimiento de infraestructura de transmisión

Costos anuales de mantenimiento de la infraestructura: $ 412 millones.

• Equipo de transmisión de red: $ 187 millones
• Infraestructura satelital: $ 125 millones
• Mantenimiento del centro de datos: $ 100 millones

Adquisición y retención de talentos

Gastos totales relacionados con el talento para 2023: $ 1.65 mil millones.

Categoría de talento	Compensación anual
Personalidades en el aire	$ 620 millones
Comentaristas deportivos	$ 450 millones
Liderazgo ejecutivo	$ 380 millones
Talento técnico	$ 200 millones

Inversiones en tecnología e plataforma digital

Inversión de tecnología total para 2023: $ 738 millones.

• Desarrollo de la plataforma de transmisión digital: $ 320 millones
• Infraestructura de ciberseguridad: $ 142 millones
• Soluciones de computación en la nube: $ 176 millones
• AI y tecnologías de aprendizaje automático: $ 100 millones

Costos de marketing y publicidad

Gastos totales de marketing para 2023: $ 1.24 mil millones.

Canal de marketing	Gasto anual
Marketing digital	$ 520 millones
Publicidad de medios tradicional	$ 380 millones
Patrocinios deportivos	$ 240 millones
Marketing de eventos	$ 100 millones

Fox Corporation (Fox) - Modelo de negocios: flujos de ingresos

Ingresos publicitarios

Fox Corporation generó $ 3.46 mil millones en ingresos por publicidad para el año fiscal 2023.

Fuente de ingresos	Cantidad (2023)
Publicidad televisiva	$ 2.87 mil millones
Publicidad digital	$ 580 millones

Tarifas de suscripción

Los ingresos por suscripción para Fox Corporation alcanzaron $ 4.12 mil millones en el año fiscal 2023.

• Fox Newssubscriptions: $ 1.65 mil millones
• Suscripciones de Fox Sports: $ 1.47 mil millones
• Suscripciones de Fox Entertainment: $ 990 millones

Licencias de contenido

La licencia de contenido generó $ 872 millones en ingresos para el año fiscal 2023.

Derechos de transmisión de deportes

Los derechos de transmisión deportiva contribuyeron con $ 2.35 mil millones a los ingresos de Fox Corporation en 2023.

Derechos de transmisión de deportes	Valor anual
Transmisión de la NFL	$ 1.1 mil millones
Transmisión de MLB	$ 650 millones
Otros derechos deportivos	$ 600 millones

Monetización de medios digitales

Los ingresos por medios digitales totalizaron $ 1.24 mil millones en el año fiscal 2023.

• Ingresos de la plataforma de transmisión: $ 540 millones
• Ventas de contenido digital: $ 420 millones
• Publicidad en línea: $ 280 millones

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.