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

En el panorama dinámico de los medios y el entretenimiento, Fox Corporation (FOXA) surge como una potencia, navegando estratégicamente el complejo terreno de noticias, deportes y contenido digital. Con un sólido modelo de negocio que abarca la transmisión tradicional hasta plataformas digitales de vanguardia, Fox se ha posicionado magistralmente para capturar diversos segmentos de audiencia, desde entusiastas del deporte hasta consumidores de noticias. Al aprovechar estrategias de contenido innovadoras, asociaciones estratégicas y canales de distribución multiplataforma, la compañía continúa redefiniendo el consumo de medios en un ecosistema digital cada vez más fragmentado.

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

Grandes estudios de cine y televisión para la producción de contenido

Fox Corporation mantiene asociaciones estratégicas de producción de contenido con los siguientes estudios:

Estudio	Detalles de la asociación	Volumen de contenido anual
Estudios del siglo XX	Subsidiaria	12-15 largometrajes por año
Fox Entertainment	Producción interna	25-30 series de televisión anualmente

Agencias de publicidad para la generación de marketing y ingresos

Redes de asociación publicitaria clave:

• Grupo omnicom
• WPP PLC
• Publicis groupe

Agencia	Ingresos publicitarios anuales	Duración del contrato
Grupo omnicom	$ 287 millones	Asociación de 3 años

Plataformas tecnológicas para distribución de transmisión digital

Asociaciones de distribución digital:

• Tubi (subsidiaria propiedad)
• TV de YouTube
• Roku

Plataforma	Usuarios activos mensuales	Participación de ingresos
Tubi	51 millones	60/40 división

Ligas deportivas y organizadores de eventos

Asociaciones de transmisión deportiva:

• NFL
• MLB
• NASCAR

Liga	Valor de contrato	Duración del contrato
NFL	$ 2.4 mil millones anualmente	5 años

Redes de distribución de medios internacionales

Asociaciones de distribución global:

• Red de cielo
• Star India
• Canal+ Grupo

Red	Alcance geográfico	Ingresos anuales de distribución
Red de cielo	Reino Unido, Irlanda, Alemania	$ 456 millones

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

Creación de contenido de noticias y entretenimiento

Fox Corporation produce aproximadamente 15,000 horas de contenido original anualmente en sus redes. La compañía opera Fox News, Fox Sports y Fox Entertainment, generando $ 12.8 mil millones en ingresos por producción de contenido en 2023.

Categoría de contenido	Horas anuales producidas	Ingresos estimados
Programación de noticias	5,200 horas	$ 3.6 mil millones
Contenido deportivo	4.800 horas	$ 5.2 mil millones
Programación de entretenimiento	5,000 horas	$ 4 mil millones

Adquisición de derechos de transmisión deportiva

Fox Corporation invierte mucho en derechos de transmisión deportiva, gastando aproximadamente $ 2.7 mil millones anuales en adquisición exclusiva de contenido deportivo.

• Derechos de transmisión de la NFL: $ 1.1 mil millones por año
• Derechos de transmisión de MLB: $ 600 millones por año
• Derechos de transmisión de deportes universitarios: $ 450 millones por año
• Otros derechos de transmisión deportiva: $ 550 millones por año

Gestión de la plataforma de transmisión digital

Fox Corporation administra Tubi, una plataforma de transmisión gratuita con anuncios con anuncios con 64 millones de usuarios activos mensuales a partir de 2023, generando $ 1.2 mil millones en ingresos por publicidad digital.

Métricas de plataforma	2023 datos
Usuarios activos mensuales	64 millones
Ingresos publicitarios digitales	$ 1.2 mil millones
Tamaño de la biblioteca de contenido	40,000+ títulos

Ventas y marketing publicitarios

Fox Corporation genera $ 8.3 mil millones en ingresos por publicidad en sus plataformas de televisión y digital en 2023.

• Publicidad televisiva: $ 6.5 mil millones
• Publicidad digital: $ 1.2 mil millones
• Soluciones de marketing integradas: $ 600 millones

Producción y programación de medios

Fox Corporation produce contenido en múltiples géneros, con un presupuesto de producción total de $ 3.5 mil millones en 2023.

Categoría de producción	Asignación de presupuesto
Programación de noticias	$ 1.2 mil millones
Programación deportiva	$ 1.5 mil millones
Programación de entretenimiento	$ 800 millones

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

Infraestructura de producción de medios fuerte

Fox Corporation opera 29 estaciones de televisión propiedad y operación en los Estados Unidos a partir de 2023. Instalaciones de producción ubicadas en Los Ángeles, Nueva York y Washington D.C.

Ubicación de producción	Tipo de instalación	Pies cuadrados
Los Ángeles	Centro de producción primario	185,000 pies cuadrados
Nueva York	Centro de producción de noticias	120,000 pies cuadrados

Biblioteca de contenido extensa

Fox Corporation posee aproximadamente 20,000 horas de contenido original en plataformas de noticias, deportes y entretenimiento.

Personalidades y periodistas de los medios de comunicación

• Aproximadamente 5,200 empleados a tiempo completo
• Más de 250 personalidades en el aire
• Salario anual promedio para el talento en el aire: $ 187,000

Tecnología de transmisión y transmisión digital

Plataforma de transmisión de Fox Nation con 1,5 millones de suscriptores a partir del cuarto trimestre de 2023.

Activo tecnológico	Especificación	Inversión
Infraestructura de transmisión digital	Plataforma basada en la nube	$ 78 millones
Equipo de transmisión	Capacidades 4K HD	$ 45 millones

Reputación de marca fuerte

Fox News Channel mantiene la posición de la red de noticias por cable #1 con 2.3 millones de espectadores de horario estelar promedio en 2023.

• Valor de marca estimado en $ 4.2 mil millones
• Reconocimiento del mercado en sectores de noticias y entretenimiento

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

Entretenimiento diverso y programación de noticias

Fox Corporation genera ingresos a través de múltiples canales de entretenimiento:

Canal	Ingresos anuales (2023)
Fox News	$ 2.16 mil millones
Fox Sports	$ 1.74 mil millones
Compañía de Broadcasting de Fox	$ 1.28 mil millones

Transmisión de deportes en vivo

Métricas clave de transmisión deportiva:

• Derechos de transmisión de la NFL: $ 2.4 mil millones anuales
• Derechos de transmisión de MLB: $ 728 millones anuales
• Derechos de transmisión de NASCAR: $ 820 millones anuales

Contenido original de alta calidad

Inversiones de producción de contenido:

Categoría de contenido	Inversión anual
Serie original	$ 475 millones
Programación de noticias	$ 612 millones
Documentales deportivos	$ 138 millones

Consumo de medios multiplataforma

Rendimiento de la plataforma digital:

• Suscriptores de Fox Nation: 1.5 millones
• Ingresos de transmisión: $ 342 millones
• Ingresos publicitarios digitales: $ 267 millones

Ofertas de noticias y entretenimiento específicos

Métricas de segmentación de audiencia:

Segmento demográfico	Audiencia promedio
18-34 años	1.2 millones
35-54 años	2.7 millones
55+ años	3.5 millones

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

Recomendaciones de contenido personalizadas

Fox Corporation utiliza análisis de datos avanzados para proporcionar recomendaciones de contenido personalizadas en sus plataformas. A partir de 2024, la Compañía procesa aproximadamente 25 millones de datos de interacción de usuario puntos diariamente para mejorar la orientación de contenido.

Plataforma	Recomendaciones personalizadas diarias	Tasa de participación del usuario
Fox Sports	8.5 millones	42.3%
Fox News	7.2 millones	38.6%
Tubi	9.3 millones	51.7%

Compromiso de las redes sociales

Fox Corporation mantiene interacciones sólidas en las redes sociales en múltiples plataformas.

• Total de seguidores de las redes sociales: 78.4 millones
• Interacciones promedio de redes sociales diarias: 1.2 millones
• Tasa de compromiso de las redes sociales: 3.7%

Modelos de suscripción directos

Fox Corporation ofrece múltiples servicios basados ​​en suscripción con métricas específicas de usuarios.

Servicio	Suscriptores	Tasa de suscripción mensual
Nación zorro	1.6 millones	$5.99
Tubi	51 millones	Gratis con anuncios

Servicios de atención al cliente

Fox Corporation ofrece atención al cliente multicanal con métricas de rendimiento específicas.

• Tiempo de respuesta promedio: 12 minutos
• Tasa de satisfacción del cliente: 88.5%
• Canales de soporte: teléfono, correo electrónico, chat en vivo, redes sociales

Experiencias del espectador interactivo

Fox Corporation implementa tecnologías interactivas para mejorar la participación del espectador.

Característica interactiva	Interacciones diarias del usuario	Satisfacción del usuario
Encuesta en vivo	425,000	76.2%
Comentario en tiempo real	612,000	82.5%

Fox Corporation (FOXA) - Modelo de negocios: canales

Redes de televisión por cable

Fox Corporation opera múltiples redes de televisión por cable con el siguiente alcance:

Red	Espectadores mensuales	Cuota de mercado
Canal de Noticias Fox	2.3 millones de espectadores en horario estelar	24.4% de participación en el mercado de noticias por cable
FS1 (Fox Sports 1)	1.1 millones de espectadores promedio	12.7% de participación en el mercado de la red deportiva

Plataformas digitales de Fox News

Métricas de rendimiento de la plataforma digital:

• FoxNews.com Visitantes únicos mensuales: 87.3 millones
• Ingresos de publicidad digital: $ 342 millones en el cuarto trimestre 2023
• Descargas de aplicaciones móviles: 15.6 millones de instalaciones totales

Aplicaciones de transmisión móvil

Solicitud	Usuarios activos	Horas de transmisión
Aplicación Fox Sports	4.2 millones de usuarios activos mensuales	23.5 millones de horas de transmisión por trimestre
Nación zorro	1.8 millones de suscriptores	12.7 millones de horas de transmisión por trimestre

Sitios web en línea

Métricas de rendimiento del sitio web en línea:

• Total de propiedades digitales de alcance mensual: 124.6 millones de usuarios
• Tiempo promedio dedicado por usuario: 18.3 minutos
• Ingresos de monetización de contenido digital: $ 456 millones en 2023

Televisión de transmisión tradicional

Red	Espectadores de horario estelar	Posición de mercado
Compañía de Broadcasting de Fox	5.6 millones de espectadores promedio	Network de transmisión de 4to clasificación

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

Consumidores de noticias

Fox News Channel alcanza los 2,3 millones de espectadores en horario estelar en el cuarto trimestre de 2023. Audiencia diaria promedio de 1.4 millones de espectadores. Ingresos anuales totales de la programación de noticias: $ 1.87 mil millones.

Demográfico	Porcentaje de audiencia	Rango de edad
Espectadores conservadores	68%	45-65 años
Espectadores masculinos	62%	35-55 años

Entusiastas del deporte

Fox Sports genera $ 3.2 mil millones en ingresos anuales. Los derechos de transmisión de la NFL valorados en $ 2.7 mil millones por año.

• La cobertura de transmisión de la NFL alcanza los 100 millones de espectadores anualmente
• Derechos de transmisión de MLB: $ 1.5 mil millones por contrato
• Aviería del fútbol universitario: 45 millones de espectadores únicos

Espectadores de entretenimiento

Fox Entertainment genera $ 2.1 mil millones en ingresos anuales. La plataforma de transmisión alcanza los 12.5 millones de suscriptores.

Tipo de contenido	Espectadores anuales	Ganancia
Serie animada	25 millones	$ 450 millones
Dramas con guiones	18 millones	$ 350 millones

Audiencias digitales más jóvenes

Las plataformas digitales atraen a 22 millones de usuarios mensuales. Edad promedio: 18-34 años. Ingresos publicitarios digitales: $ 780 millones.

• Compromiso de tiktok: 5.6 millones de seguidores
• Suscriptores de YouTube: 3.2 millones
• Seguidores de Instagram: 4.1 millones

Audiencia de medios conservadores

El segmento de medios conservadores genera $ 2.5 mil millones en ingresos anuales. Las noticias conservadoras de horario estelar muestran un promedio de 2.1 millones de espectadores.

Espectáculo	Espectadores promedio	Alcance demográfico
Tucker Carlson esta noche	3.2 millones	45-65 años, conservador
Maldad	2.9 millones	50-70 años, conservador

Fox Corporation (FOXA) - Modelo de negocios: estructura de costos

Gastos de producción de contenido

Para el año fiscal 2023, Fox Corporation informó costos de producción de contenido de $ 4.2 mil millones, con un desglose de la siguiente manera:

Tipo de contenido	Costo anual
Programación deportiva	$ 1.8 mil millones
Contenido de noticias	$ 650 millones
Programación de entretenimiento	$ 1.75 mil millones

Talento y costos de personal

Los gastos de personal para Fox Corporation en 2023 totalizaron $ 2.6 mil millones:

• Compensación ejecutiva: $ 78.3 millones
• Salarios de talento en el aire: $ 425 millones
• Producción Salarios del personal: $ 650 millones
• Personal administrativo: $ 1.45 mil millones

Mantenimiento de la infraestructura tecnológica

Los costos de tecnología e infraestructura para 2023 fueron de $ 512 millones:

Categoría de infraestructura	Gasto anual
Equipo de transmisión	$ 213 millones
Mantenimiento de la plataforma digital	$ 179 millones
Infraestructura de red	$ 120 millones

Gastos de marketing y publicidad

Los gastos de marketing para Fox Corporation en 2023 alcanzaron $ 580 millones:

• Marketing digital: $ 215 millones
• Publicidad tradicional: $ 265 millones
• Eventos promocionales: $ 100 millones

Adquisiciones de derechos de transmisión

Los costos de los derechos de transmisión para 2023 fueron de $ 2.3 mil millones:

Categoría de derechos de transmisión	Costo anual
Derechos de transmisión de la NFL	$ 1.1 mil millones
Derechos de transmisión de MLB	$ 450 millones
Otros derechos deportivos	$ 750 millones

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

Ingresos publicitarios

Para el año fiscal 2023, Fox Corporation reportó $ 3.89 mil millones en ingresos por publicidad.

Segmento publicitario	Ingresos ($ M)
Publicidad televisiva	2,450
Publicidad digital	1,440

Tarifas de suscripción de cable

Los ingresos por suscripción de cable para Fox Corporation en 2023 totalizaron $ 2.67 mil millones.

• Promedio por tarifa mensual del suscriptor: $ 8.50
• Suscriptores de cable totales: 12.4 millones

Suscripciones de transmisión digital

Los ingresos por transmisión digital alcanzaron los $ 1.23 mil millones en 2023.

Plataforma de transmisión	Suscriptores	Ingresos ($ M)
Tubi	51 millones de usuarios activos mensuales	780
Nación zorro	1.5 millones de suscriptores	450

Licencias de contenido

La licencia de contenido generó $ 1.56 mil millones en ingresos para el año fiscal 2023.

• Licencias de contenido internacional: $ 890 millones
• Licencias de contenido nacional: $ 670 millones

Derechos de transmisión de deportes

Los ingresos de transmisión deportiva totalizaron $ 4.2 mil millones en 2023.

Derechos de transmisión de deportes	Valor del contrato ($ B)
Derechos de la NFL	2.1
Derechos de MLB	1.2
Derechos de fútbol universitario	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.