Fox Corporation (Fox): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des médias et du divertissement, Fox Corporation (Fox) est une puissance qui mélange de manière transparente la diffusion traditionnelle avec des plateformes numériques de pointe. En tirant stratégiquement son portefeuille de contenu diversifié, des émissions sportives électrisantes à une couverture d'information révolutionnaire, Fox a conçu un modèle commercial robuste qui navigue dans le paysage médiatique complexe avec une agilité et une innovation remarquables. Cette exploration de la toile du modèle commercial de Fox révèle les mécanismes complexes qui conduisent l'une des entreprises médiatiques les plus influentes de l'écosystème de divertissement contemporain.

Fox Corporation (Fox) - Modèle d'entreprise: partenariats clés

Major Studios de cinéma (studios du 20e siècle)

Les studios du 20e siècle appartenant à Fox Corporation génèrent environ 1,38 milliard de dollars de revenus annuels à partir de 2023. Les détails clés du partenariat comprennent:

• Contrat de distribution Disney pour les marchés internationaux
• Collaboration de production avec Marvel Studios
• Contenu Accords de licence avec plateformes de streaming

Partenaire	Part des revenus	Durée du contrat
Disney	45%	5 ans
Studios Marvel	35%	3 ans

Affiliés de la réseau de télévision

Fox Corporation maintient des partenariats avec 28 stations de télévision détenues et exploitées à travers les États-Unis.

• Réseau de réseau: 30% des marchés télévisés américains
• Revenus affiliés annuels: 2,1 milliards de dollars
• Part de marché moyen par affilié: 15,6%

Ligues sportives

Les principaux partenariats de diffusion sportive comprennent:

Ligue	Valeur du contrat annuel	Expiration du contrat
NFL	3,8 milliards de dollars	2026
MLB	1,5 milliard de dollars	2024

Plateformes de streaming numérique

Les partenariats de streaming numérique de Fox Corporation comprennent:

• Plateforme de streaming Tubi (détenue par Fox)
• Revenus annuels du Tubi: 640 millions de dollars
• Partenariats avec Roku, Amazon Prime

Agences de publicité

Top Partnerships de publicité par revenus:

Agence	Revenus publicitaires annuels	Type de contrat
Groupe omnicom	425 millions de dollars	Multiplateforme
WPP PLC	380 millions de dollars	Marketing intégré

Fox Corporation (Fox) - Modèle d'entreprise: activités clés

Production et distribution de contenu

Fox Corporation a produit 2 500 heures de contenu original en 2023. Budget de production de contenu annuel: 2,4 milliards de dollars.

Catégorie de contenu	Heures annuelles	Coût de production
Programmation de nouvelles	1 200 heures	650 millions de dollars
Programmation sportive	800 heures	850 millions de dollars
Médias de divertissement	500 heures	900 millions de dollars

News diffusant

Fox News Channel génère environ 1,9 milliard de dollars de revenus annuels. Le nombre de téléspectateurs quotidiens moyens: 2,3 millions de téléspectateurs.

• Couverture d'information 24/7
• Reportage en direct sur 17 bureaux nationaux
• Plateformes d'information numériques avec 85 millions d'utilisateurs en ligne mensuels

Programmation sportive

Fox Sports génère 3,2 milliards de dollars de revenus annuels. Le portefeuille des droits de radiodiffusion comprend la NFL, la MLB et les sports universitaires.

Droits sportifs	Valeur du contrat	Durée
NFL	3 milliards de dollars / an	5 ans
MLB	728 millions de dollars / an	4 ans

Création des médias de divertissement

Fox Entertainment produit chaque année 350 spectacles scénarisés et non scénarisés. Budget total de production de divertissement: 750 millions de dollars.

Streaming médiatique numérique

La plate-forme de streaming Tubi compte 64 millions d'utilisateurs actifs mensuels. Revenus de streaming annuels: 900 millions de dollars.

• Plus de 40 000 titres disponibles
• Modèle de streaming soutenu par la publicité
• Extension de la bibliothèque de contenu de 15% par an

Fox Corporation (Fox) - Modèle d'entreprise: Ressources clés

Studios de production des médias

Fox Corporation exploite plusieurs installations de production:

• Fox Studios à Los Angeles, Californie
• Le siège social de Fox News à New York

Emplacement du studio	En pieds carrés	Capacité de production
Complexe de studio de Los Angeles	387 000 pieds carrés	15 productions simultanées
Studio de New York News	125 000 pieds carrés	Bradiodiffusion de nouvelles 24/7

Infrastructure de diffusion

Fox Corporation maintient de vastes réseaux de diffusion:

• Couverture dans 208 stations de télévision
• Rédiction nationale sur 99% des marchés télévisés américains

Réseau	Tours de transmission	Portée du signal
Fox News	87 tours de transmission	96,2 millions de ménages américains
Sports de renard	112 tours de transmission	94,7 millions de ménages américains

Droits de propriété intellectuelle

Les actifs clés de la propriété intellectuelle comprennent:

• Marque de nouvelles Fox
• Droits de diffusion sportive Fox
• Bibliothèques de contenu de divertissement

Catégorie IP	Valeur estimée	Durée
Droits de marque	2,3 milliards de dollars	Perpétuel
Droits de diffusion sportive	1,8 milliard de dollars	5-10 ans

Professionnels du divertissement talentueux

Fox Corporation emploie:

• Environ 9 800 employés à temps plein
• Réseau étendu de professionnels indépendants

Catégorie professionnelle	Nombre d'employés	Expérience moyenne
Journalistes de nouvelles	1,200	12,5 ans
Diffuseurs sportifs	450	9.3 ans

Plateformes de technologie des médias avancés

Investissements infrastructures technologiques:

• Plateformes de streaming numérique
• Équipement de diffusion avancée

Plate-forme technologique	Investissement annuel	Réalisation de l'utilisateur
Fox Nation Streaming	87 millions de dollars	3,2 millions d'abonnés
Technologie de diffusion	129 millions de dollars	Implémentation à l'échelle de l'entreprise

Fox Corporation (Fox) - Modèle d'entreprise: propositions de valeur

Contenu de divertissement diversifié

Fox Corporation génère 12,67 milliards de dollars de revenus annuels (2023 exercice). Le portefeuille de contenu de divertissement comprend:

• Production de divertissement Fox
• Série d'animation
• Émissions de télévision scénarisées
• Programmation de réalité

Catégorie de contenu	Contribution annuelle des revenus
Télévision scénarisée	3,4 milliards de dollars
Série d'animation	1,8 milliard de dollars
Programmation de réalité	1,2 milliard de dollars

Diffusion sportive en direct

La diffusion sportive génère 4,5 milliards de dollars par an, avec des propriétés clés, notamment:

• Diffusion de la NFL
• Couverture MLB
• Événements NASCAR
• Football universitaire

Couverture des nouvelles de rupture

Fox News génère 3,7 milliards de dollars de revenus annuels avec 2,3 millions de téléspectateurs aux heures de grande écoute.

Accessibilité des médias multiplateformes

La portée de la plate-forme numérique comprend:

• Fox.com: 82 millions de visiteurs uniques mensuels
• Fox News Digital Plateformes: 125 millions d'utilisateurs mensuels
• Fox Sports Digital Plateformes: 67 millions d'utilisateurs mensuels

Programmation d'audience ciblée

Segment d'audience	Canaux primaires	Part de marché
Téléspectateurs de nouvelles conservatrices	Fox News	Part de marché de 38%
Passionnés de sport	Sports de renard	22% de part de marché
Téléspectateurs de divertissement	Divertissement de renard	15% de part de marché

Fox Corporation (FOX) - Modèle d'entreprise: relations clients

Engagement direct du public

Fox Corporation maintient l'engagement direct du public via plusieurs canaux:

• Fox News Channel: Autonomie quotidienne moyenne de 2,3 millions de téléspectateurs en 2023
• Fox Sports Plateformes: 87,4 millions de téléspectateurs uniques mensuels
• Direct télévision auprès d'environ 115 millions de ménages

Plate-forme	Métriques d'engagement
Fox News numérique	1,8 milliard de pages vues par mois
Fox Sports numérique	62,5 millions d'utilisateurs uniques mensuels

Recommandations de contenu personnalisés

Fox met en œuvre des stratégies de contenu personnalisées sur les plates-formes numériques:

• Algorithme de recommandation couvrant 95% du contenu numérique
• Précision de suivi des préférences de l'utilisateur de 78%
• Engagement de contenu personnalisé augmentant de 42% d'une année à l'autre

Interaction des médias sociaux

Statistiques d'engagement des médias sociaux:

Plate-forme	Nombre de suiveurs
Fox News Twitter	19,4 millions de followers
Fox Sports Instagram	7,2 millions de followers

Services basés sur l'abonnement

Détails du modèle d'abonnement:

• Service de streaming Fox Nation: 1,5 million d'abonnés
• Taux de rétention de l'abonnement moyen: 68%
• Prix ​​d'abonnement mensuel: 5,99 $

Mécanismes de rétroaction des clients

Canaux d'interaction client:

• Plates-formes de rétroaction en ligne traitant 95 000 interactions clients mensuellement
• Évaluation de satisfaction du client: 76%
• Temps de réponse aux demandes des clients: moyenne 24 heures

Fox Corporation (Fox) - Modèle d'entreprise: canaux

Réseaux de télévision

Fox Corporation exploite plusieurs réseaux de télévision:

Réseau	Poutenir	Revenus annuels (2023)
Fox News	2,3 millions de téléspectateurs aux heures de grande écoute	3,8 milliards de dollars
Sports de renard	1,5 million de téléspectateurs moyens	2,5 milliards de dollars
Fox Broadcasting Company	87,1 millions de ménages	1,9 milliard de dollars

Plateformes de streaming numérique

Les canaux de streaming numériques de Fox Corporation comprennent:

• Fox Nation (plate-forme basée sur l'abonnement)
• Fox Sports Digital Platform
• Tubi (service de streaming gratuit sur l'annonce)

Plate-forme	Utilisateurs actifs mensuels	Revenus annuels
Tube	51 millions d'utilisateurs actifs mensuels	640 millions de dollars

Applications mobiles

Écosystème de l'application mobile de Fox Corporation:

• Application de news de Fox
• Fox Sports App
• Application mobile Tubi

Appliquer	Téléchargements totaux	Utilisateurs actifs mensuels
Application de news de Fox	8,5 millions de téléchargements	3,2 millions
Fox Sports App	6,7 millions de téléchargements	2,8 millions

Portails de sites Web

Plates-formes Web numériques:

• Site Web de Fox News
• Site Web de Fox Sports
• Tubi.com

Site web	Visiteurs uniques mensuels	Temps moyen sur place
Fox News	94,3 millions	7,2 minutes
Sports de renard	62,5 millions	5,8 minutes

Plateformes de médias sociaux

Métriques des canaux de médias sociaux:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Fox News Twitter	19,4 millions de followers	2.3%
Fox Sports Instagram	8,7 millions de followers	3.1%
Fox Facebook	12,6 millions d'adeptes	1.9%

Fox Corporation (Fox) - Modèle d'entreprise: segments de clients

Passionnés de sport

Fox Sports attire environ 215 millions de téléspectateurs mensuels sur des plateformes. Les droits de diffusion de la NFL évalués à 1,1 milliard de dollars par an. L'autre NFL en moyenne 17,1 millions de téléspectateurs par match.

Sport	Téléspectateurs annuels	Valeur des droits de diffusion
NFL	215 millions	1,1 milliard de dollars
MLB	68 millions	728 millions de dollars
Football universitaire	45 millions	250 millions de dollars

Consommateurs de nouvelles

Fox News Channel génère environ 3,7 milliards de dollars de revenus annuels. Audience quotidienne moyenne de 2,3 millions de téléspectateurs à des heures de grande écoute.

• Âge moyen du spectateur: 65 ans
• Part de marché du câble: 38%
• Plateforme d'information numérique Reach: 82 millions d'utilisateurs mensuels

Téléspectateurs de divertissement

Fox Entertainment génère 2,9 milliards de dollars de revenus annuels. Atteint environ 110 millions de ménages.

Catégorie de divertissement	Téléspectateurs annuels	Revenu
Série scénarisée	65 millions	1,2 milliard de dollars
Programmation de réalité	42 millions	680 millions de dollars
Spectacles animés	35 millions	520 millions de dollars

Jeune adulte démographique

Target démographique: 18-34 ans. La plate-forme de streaming attire 12,3 millions d'abonnés dans ce groupe d'âge.

• Consommation de contenu numérique: 65% des téléspectateurs
• Taux de croissance de la plate-forme de streaming: 22% par an
• Temps de vision moyen: 3,5 heures par jour

Streaming Service abonnés

La plate-forme de streaming Tubi compte 64 millions d'utilisateurs actifs mensuels. Les revenus de streaming soutenus par la publicité atteignent 800 millions de dollars par an.

Métrique de la plate-forme	Valeur
Utilisateurs actifs mensuels	64 millions
Revenus de streaming annuels	800 millions de dollars
Engagement moyen des utilisateurs	4,2 heures par semaine

Fox Corporation (Fox) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Fox Corporation a déclaré des coûts de production de contenu de 5,87 milliards de dollars pour l'exercice 2023.

Type de contenu	Coût de production annuel
Programmation sportive	2,3 milliards de dollars
Programmation de nouvelles	1,4 milliard de dollars
Spectacles de divertissement	1,2 milliard de dollars
Production de films	970 millions de dollars

Maintenance d'infrastructure de diffusion

Coûts annuels de maintenance des infrastructures: 412 millions de dollars.

• Équipement de transmission du réseau: 187 millions de dollars
• Infrastructure satellite: 125 millions de dollars
• Maintenance du centre de données: 100 millions de dollars

Acquisition et rétention de talents

Total des dépenses liées aux talents pour 2023: 1,65 milliard de dollars.

Catégorie de talents	Compensation annuelle
Personnalités à l'antenne	620 millions de dollars
Commentateurs sportifs	450 millions de dollars
Leadership exécutif	380 millions de dollars
Talent technique	200 millions de dollars

Investissements technologiques et plate-forme numérique

Investissement technologique total pour 2023: 738 millions de dollars.

• Développement de la plate-forme de streaming numérique: 320 millions de dollars
• Infrastructure de cybersécurité: 142 millions de dollars
• Solutions de cloud computing: 176 millions de dollars
• IA et technologies d'apprentissage automatique: 100 millions de dollars

Coûts de marketing et de publicité

Total des dépenses de marketing pour 2023: 1,24 milliard de dollars.

Canal de marketing	Dépenses annuelles
Marketing numérique	520 millions de dollars
Publicité médiatique traditionnelle	380 millions de dollars
Sportives sportives	240 millions de dollars
Marketing d'événement	100 millions de dollars

Fox Corporation (FOX) - Modèle d'entreprise: sources de revenus

Revenus publicitaires

Fox Corporation a généré 3,46 milliards de dollars de revenus publicitaires pour l'exercice 2023.

Source de revenus	Montant (2023)
Publicité télévisée	2,87 milliards de dollars
Publicité numérique	580 millions de dollars

Frais d'abonnement

Le chiffre d'affaires de l'abonnement pour Fox Corporation a atteint 4,12 milliards de dollars au cours de l'exercice 2023.

• Fox Newsuscriptions: 1,65 milliard de dollars
• Abonnements à Fox Sports: 1,47 milliard de dollars
• Abonnements Fox Entertainment: 990 millions de dollars

Licence de contenu

Les licences de contenu ont généré 872 millions de dollars de revenus pour l'exercice 2023.

Droits de diffusion sportive

Les droits de radiodiffusion sportive ont contribué 2,35 milliards de dollars aux revenus de Fox Corporation en 2023.

Droits de diffusion sportive	Valeur annuelle
NFL Broadcasting	1,1 milliard de dollars
Diffusion MLB	650 millions de dollars
Autres droits sportifs	600 millions de dollars

Monétisation des médias numériques

Les revenus des médias numériques ont totalisé 1,24 milliard de dollars au cours de l'exercice 2023.

• Revenus de plate-forme de streaming: 540 millions de dollars
• Ventes de contenu numérique: 420 millions de dollars
• Publicité en ligne: 280 millions de dollars

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.