Fox Corporation (FOXA): Business Model Canvas [Dec-2025 Updated]

You're digging into the structural blueprint of Fox Corporation, and honestly, what the Business Model Canvas reveals is a media giant that successfully doubled down on live content and digital expansion, driving a record $16.30 billion in revenue for fiscal year 2025. This strategy-anchored by exclusive sports rights and the AVOD platform Tubi-isn't just theoretical; it generated $2.99 billion in free cash flow that same year, showing the model is defintely working. If you want to see exactly how they connect high-cost content acquisition to affiliate fees and digital ad sales, check out the nine building blocks laid out below.

Fox Corporation (FOXA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that secure Fox Corporation's distribution and content value, which drove record fiscal 2025 results. These partnerships are defintely critical for maintaining carriage fees and sports rights leverage.

Cable, Satellite, and vMVPD Distributors

Carriage agreements with cable, satellite, and vMVPD (virtual Multichannel Video Programming Distributor) providers are the bedrock of Fox Corporation's stable revenue base. For the full fiscal year 2025, the Company reported that affiliate fee revenues increased by 5% over the prior year, contributing to total revenues of $16.30 billion.

The Television segment, which relies heavily on these distribution deals for local affiliates, saw its affiliate fee revenues grow by 7% for the full year. On a quarterly basis for the fourth quarter of fiscal 2025, total affiliate fee revenues rose 3%, with the Television segment up 4% and the Cable Network Programming segment up 2%. These figures reflect the ongoing negotiation and renewal of contracts that grant access to Fox's linear channels.

Here's a quick look at the revenue contribution context from the full fiscal year 2025 results:

Metric	Full Year FY 2025 Value	Year-over-Year Change
Total Company Revenue	$16.30 billion	17% increase
Total Affiliate Fee Revenue	Implied from 5% growth on prior year	5% increase
Television Segment Affiliate Fees	Implied from 7% growth on prior year	7% growth
Cable Network Programming Segment Affiliate Fees	Implied from 3% growth on prior year	3% growth

Major Sports Leagues

Exclusive rights to major sports content are a primary driver for both advertising revenue and carriage fee negotiations. Fox Corporation remains a key player in this arena, especially with its long-term agreements.

The partnership structure around the Big Ten Conference football rights, which runs through the 2029-30 athletic year, is a prime example. This seven-year deal with Fox, CBS, and NBC is valued around $7.5 billion in total domestic TV rights. Fox Corporation, through Fox and FS1, is scheduled to broadcast the Big Ten championship game in 2025, 2027, and 2029. The NFL's Thanksgiving 2025 ratings, for instance, shattered records, underscoring why networks commit billions to retain these rights.

Key elements of sports rights partnerships include:

• Securing rights for marquee events like the NFL broadcasts.
• Maintaining primary broadcast partner status for the Big Ten Championship game rotation.
• Obligations related to the MLB schedule, though specific current Fox deal values aren't detailed here.
• The need to continually renew these high-cost contracts, as the failure to do so could cause advertising and affiliate fee revenues to decline significantly.

Content Licensing Partners

Fox Corporation engages with content licensing partners for its linear networks and entertainment studios, securing library content and primetime shows. While specific dollar amounts for deals with partners like Hulu or Warner Bros. aren't itemized in the latest reports, the overall content strategy is evident in the financial filings.

The Company reported that Other revenues increased by 47% for the full fiscal year 2025, primarily due to higher sports sublicensing revenues at the national sports networks. This suggests that the monetization of content rights, including potential sublicensing deals, is a growing component of the partnership ecosystem.

The overall expense structure reflects these deals:

• Full year expenses included higher sports programming rights amortization and production costs.
• Digital content costs also rose, reflecting investment in Tubi's library.

Digital Content Creators and Media Companies (Tubi)

Partnerships with digital creators are central to Fox Corporation's strategy for its ad-supported streaming service, Tubi. This focus is driving significant user engagement.

As of late 2025, Tubi has grown to more than 100 million monthly active users streaming 1 billion hours monthly. To fuel this, Fox Corporation is actively partnering with digital-first talent. The 'Tubi for Creators' initiative launched deals with six popular YouTube creators, bringing over 500 episodes of serialized content to the platform. Furthermore, an expanded collaboration with Kevin Hart's Hartbeat company is set to debut four exclusive creator-driven films in 2026. The creator content category on Tubi now boasts nearly 10,000 titles.

These digital partnerships are directly impacting the bottom line, as continued digital growth led by the Tubi AVOD service was a primary driver for the 26% surge in advertising revenues for the full fiscal year 2025.

Local FOX Affiliates

The relationship with local FOX affiliates, both owned-and-operated stations and third-party affiliates, is vital for nationwide broadcast distribution. The performance of the Television segment is a direct reflection of this partnership strength.

The 7% growth in affiliate fee revenues for the Television segment in fiscal 2025 was driven by higher average rates at the Company's owned and operated stations and increases in fees from third-party FOX affiliates. The FOX Television Stations produce over 1,350 hours of local news programming each week, reinforcing their role as a local news source in the 18 markets they serve.

You can see the direct financial impact here:

• Television segment affiliate fee revenue growth was 7% for the full year 2025.
• The segment's total revenue grew 18% for the year, reaching $9.33 billion.

Fox Corporation (FOXA) - Canvas Business Model: Key Activities

You're looking at the engine room of Fox Corporation, the core actions that drive their financial results as of late 2025. It's all about securing premium content and monetizing it across linear and digital screens. Here's the quick math on what they are actively doing to generate revenue.

Acquiring and amortizing high-value live sports and news programming rights.

Securing exclusive content, especially sports, is a massive capital outlay, reflected in the amortization schedule. The increase in expenses was primarily driven by higher sports programming rights amortization and production costs, including the impact of Super Bowl LIX. Still, this investment pays off in advertising and sublicensing. Sports revenue alone exceeded $2 billion for fiscal year 2025, excluding buys related to the World Cup. Also, other revenues saw a significant jump, increasing by 47% in fiscal year 2025, largely due to higher sports sublicensing revenues.

Key Activity Metric	Financial/Statistical Amount (FY 2025 or Latest)	Period/Context
Total FY 2025 Revenue	$16.30 billion	Full Fiscal Year 2025
Sports Revenue (Excluding World Cup)	Exceeded $2 billion	Fiscal Year 2025
Other Revenues Growth (Driven by Sports Sublicensing)	47% increase	Fiscal Year 2025
Programming Rights Amortization Expense Impact	Cited as a driver of increased expenses	Q3 FY2025

Producing and curating original news, sports, and entertainment content.

Fox Corporation maintains a high-volume news operation, which is a key differentiator. The FOX Television Stations produce over 1,350 hours of local news programming each week. The news division saw strong audience engagement, with Fox News' total day audience increasing by 25% in the quarter ending September 30, 2025. Digital reach is also expanding; Fox News Digital secured over 1.5 billion YouTube views and over 3.7 billion social media video views in that same quarter.

• FOX Television Stations local news production: Over 1,350 hours per week.
• Fox News total day audience growth: 25% increase (Q1 FY2026).
• Fox News Digital YouTube views: Over 1.5 billion (Q1 FY2026).

Managing affiliate relations and negotiating retransmission consent fees.

This is the bedrock revenue stream from distributors. Total affiliate fee revenues for fiscal year 2025 increased by 5%. The Television segment saw a stronger 7% growth in its affiliate fees, while the Cable Network Programming segment grew by 3%. To give you a quarterly snapshot, in fiscal third quarter 2025, total affiliate fee revenue was $2 billion, up from $1.938 billion the prior year. The fees from local TV stations specifically clocked in at $870 million for that quarter, marking a 4.3% increase.

Selling advertising inventory across linear TV and digital platforms (Tubi).

Advertising revenue growth was robust, increasing 26% for the full fiscal year 2025, heavily influenced by major events and digital expansion. The Super Bowl LIX was a major driver, as was political advertising. Tubi, the ad-supported service, is a cornerstone; it generated over $1.1 billion in revenue during fiscal year 2025 and exceeded over 100 million monthly active users. For the quarter ending September 30, 2025, Tubi's revenue was up 27% and viewing time grew 18%. The company reported that Tubi grew its advertising volume more than 35% from the prior year during the 2024 upfront market.

Developing and operating digital streaming platforms (Tubi, FOX One).

Fox Corporation is actively managing its streaming portfolio to capture cord-cutting audiences. Tubi achieved an all-time high of a 2.2% share of total U.S. television viewing in fiscal year 2025. The new direct-to-consumer offering, FOX One, launched on August 21, priced at $19.99/month or $199.99/year. FOX One includes the linear cable channels like FOX News, FS1, FS2, and the Big Ten Network, plus local affiliates. Separately, the Fox Nation service has about 2 million subscribers. You can bundle FOX One and Fox Nation for $24.99 per month.

• Tubi MAUs: Exceeded 100 million.
• Tubi Share of U.S. TV Viewing: Reached 2.2% (FY 2025 high-water mark).
• FOX One Monthly Price: $19.99.
• FOX One/Fox Nation Bundle Price: $24.99/month.
• Fox Nation Subscribers: Approximately 2 million.

Finance: review amortization schedule impact vs. Q1 FY2026 revenue growth by Friday.

Fox Corporation (FOXA) - Canvas Business Model: Key Resources

You're looking at the core assets Fox Corporation (FOXA) relies on to generate revenue and maintain its market position as of late 2025. These aren't just assets; they are the engines driving their financial performance, especially the cash generation we see in the latest filings.

The foundation rests heavily on exclusive, long-term live sports rights. While the specific financial terms of the agreements for the NFL, the upcoming FIFA World Cup 2026, and INDYCAR aren't public, these rights are arguably the most critical, non-replicable resources for attracting massive, live audiences that advertisers pay a premium to reach.

Next up are the iconic, high-reach media brands. FOX News Media remains a powerhouse in the cable news space. For instance, in July 2025, FOX News Channel averaged 2.4 million viewers in primetime, capturing 63% of the cable news share, which is a massive concentration of attention. These brands-FOX News Media, FOX Sports, and the FOX Network-provide the scale necessary for high-value advertising inventory.

Fox Corporation maintains a significant owned and operated footprint through its broadcast assets. FOX Television Stations owns and operates 29 full-power broadcast television stations across the U.S.. These stations are strategically located, covering 14 of the top 15 Designated Market Areas (DMAs) and holding duopolies in 11 of them, including the three largest markets: New York, Los Angeles, and Chicago.

The digital asset, Tubi, is a rapidly appreciating resource. As of May 2025, the ad-supported video-on-demand (AVOD) platform surpassed 100 million Monthly Active Users (MAUs). That same month, viewers consumed over 1 billion hours of content, translating to a 2.2% share of total U.S. TV viewing minutes according to Nielsen's The Gauge. This scale makes it an essential platform for advertisers targeting cord-cutters and younger demographics.

Honestly, the financial strength derived from these resources is what gives management flexibility. The balance sheet is strong, underpinned by record fiscal performance. Here's a quick look at the numbers from the fiscal year ending 2025:

Financial Metric	FY2025 Amount	Context/Action
Free Cash Flow (FCF)	$2.99 Billion	Nearly doubled year-over-year, fueling capital returns
Total Revenue	$16.30 Billion	Represents a 17% increase year-over-year
Net Income	$2.26 Billion	Significant growth, showing operating leverage
Share Repurchase Authorization Increase	$5 Billion	Announced increase, signaling confidence in cash generation
Capital Expenditures (Capex)	Approx. $331 Million	Low relative to operating cash flow

This robust cash generation is being actively deployed for shareholder returns. In FY2025, the company returned capital through approximately $1.0 billion of share repurchases and $277 million in dividends. The commitment to returning capital is further underscored by the announcement of a $5 billion increase to the share repurchase authorization.

The key resources can be summarized by their impact:

• Content Rights: Exclusive access to premium live sports like the NFL.
• Brand Equity: Leading positions in news (FOX News Media) and sports (FOX Sports).
• Distribution Footprint: 29 owned and operated TV stations in top DMAs.
• Digital Scale: Tubi with over 100 million MAUs and 1 billion+ monthly viewing hours.
• Financial Flexibility: FY2025 FCF of $2.99 Billion and a strong balance sheet.

Finance: draft 13-week cash view by Friday.

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.