Fox Corporation (Fox): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mídia e do entretenimento, a Fox Corporation (Fox) é uma potência que combina perfeitamente a transmissão tradicional com plataformas digitais de ponta. Ao aproveitar estrategicamente seu diverso portfólio de conteúdo, desde transmissões esportivas eletrizantes até cobertura inovadora de notícias, a Fox criou um modelo de negócios robusto que navega no cenário complexo da mídia com notável agilidade e inovação. Essa exploração do modelo de negócios da Fox Canvas revela os intrincados mecanismos que impulsionam uma das empresas de mídia mais influentes do ecossistema de entretenimento contemporâneo.

Fox Corporation (Fox) - Modelo de Negócios: Principais Parcerias

Principais estúdios de cinema (estúdios do século XX)

Os estúdios do século XX de propriedade da Fox Corporation gera aproximadamente US $ 1,38 bilhão em receita anual a partir de 2023. Os principais detalhes da parceria incluem:

• Contrato de distribuição da Disney para mercados internacionais
• Colaboração de produção com a Marvel Studios
• Acordos de licenciamento de conteúdo com plataformas de streaming

Parceiro	Participação de receita	Duração do contrato
Disney	45%	5 anos
Marvel Studios	35%	3 anos

Afiliados da rede de televisão

A Fox Corporation mantém parcerias com 28 estações de televisão de propriedade e operação nos Estados Unidos.

• Alcance da rede: 30% dos mercados de televisão dos EUA
• Receita anual de afiliados: US $ 2,1 bilhões
• Participação de mercado médio por afiliada: 15,6%

Ligas esportivas

As principais parcerias de transmissão esportiva incluem:

Liga	Valor anual do contrato	Expiração do contrato
NFL	US $ 3,8 bilhões	2026
Mlb	US $ 1,5 bilhão	2024

Plataformas de streaming digital

As parcerias de streaming digital da Fox Corporation incluem:

• Plataforma de streaming de tubi (de propriedade da Fox)
• Receita anual de tubi: US $ 640 milhões
• Parcerias com Roku, Amazon Prime

Agências de publicidade

Principais parcerias de publicidade por receita:

Agência	Receita anual de anúncios	Tipo de contrato
Omnicom Group	US $ 425 milhões	Multi-plataforma
WPP plc	US $ 380 milhões	Marketing integrado

Fox Corporation (Fox) - Modelo de Negócios: Atividades -chave

Produção e distribuição de conteúdo

A Fox Corporation produziu 2.500 horas de conteúdo original em 2023. Orçamento anual de produção de conteúdo: US $ 2,4 bilhões.

Categoria de conteúdo	Horário anual	Custo de produção
Programação de notícias	1.200 horas	US $ 650 milhões
Programação esportiva	800 horas	US $ 850 milhões
Media de entretenimento	500 horas	US $ 900 milhões

Transmissão de notícias

O Fox News Channel gera aproximadamente US $ 1,9 bilhão em receita anual. Exigência diária média: 2,3 milhões de espectadores.

• Cobertura de notícias 24/7
• Reportagem ao vivo em 17 agências nacionais
• Plataformas de notícias digitais com 85 milhões de usuários online mensais

Programação esportiva

A Fox Sports gera US $ 3,2 bilhões em receita anual. O portfólio de direitos de transmissão inclui NFL, MLB e esportes universitários.

Direitos esportivos	Valor do contrato	Duração
NFL	US $ 3 bilhões/ano	5 anos
Mlb	US $ 728 milhões/ano	4 anos

Criação da mídia de entretenimento

A Fox Entertainment produz 350 programas roteirizados e sem escritos anualmente. Orçamento total da produção de entretenimento: US $ 750 milhões.

Streaming de mídia digital

A Plataforma de Streaming Tubi possui 64 milhões de usuários ativos mensais. Receita anual de streaming: US $ 900 milhões.

• Mais de 40.000 títulos disponíveis
• Modelo de streaming suportado por anúncios
• Expandindo a biblioteca de conteúdo em 15% anualmente

Fox Corporation (Fox) - Modelo de Negócios: Recursos -Principais

Media Production Studios

A Fox Corporation opera várias instalações de produção:

• Fox Studios em Los Angeles, Califórnia
• Sede da Fox News na cidade de Nova York

Localização do estúdio	Metragem quadrada	Capacidade de produção
Complexo de Studio de Los Angeles	387.000 pés quadrados	15 produções simultâneas
New York News Studio	125.000 pés quadrados	24/7 de transmissão de notícias

Infraestrutura de transmissão

A Fox Corporation mantém extensas redes de transmissão:

• Cobertura em 208 estações de televisão
• Alcance nacional de transmissão em 99% dos mercados de televisão dos EUA

Rede	Torres de transmissão	Alcance do sinal
Fox News	87 torres de transmissão	96,2 milhões de famílias americanas
Fox Sports	112 Torres de transmissão	94,7 milhões de famílias americanas

Direitos de Propriedade Intelectual

Os principais ativos de propriedade intelectual incluem:

• Marca de notícias da Fox
• Direitos de transmissão esportiva da Fox
• Bibliotecas de conteúdo de entretenimento

Categoria IP	Valor estimado	Duração
Direitos da marca de notícias	US $ 2,3 bilhões	Perpétuo
Direitos de transmissão esportiva	US $ 1,8 bilhão	5-10 anos

Profissionais talentosos de entretenimento

A Fox Corporation emprega:

• Aproximadamente 9.800 funcionários em período integral
• Extensa rede de profissionais freelancers

Categoria profissional	Número de funcionários	Experiência média
Jornalistas de notícias	1,200	12,5 anos
Emissoras esportivas	450	9,3 anos

Plataformas avançadas de tecnologia de mídia

Investimentos de infraestrutura de tecnologia:

• Plataformas de streaming digital
• Equipamento avançado de transmissão

Plataforma de tecnologia	Investimento anual	Alcance do usuário
Streaming da Fox Nation	US $ 87 milhões	3,2 milhões de assinantes
Tecnologia de transmissão	US $ 129 milhões	Implementação em toda a empresa

Fox Corporation (Fox) - Modelo de Negócios: Proposições de Valor

Conteúdo diversificado de entretenimento

A Fox Corporation gera US $ 12,67 bilhões em receita anual (2023 ano fiscal). O portfólio de conteúdo de entretenimento inclui:

• Fox Entertainment Production
• Série de animação
• Programas de televisão com roteiro
• Programação da realidade

Categoria de conteúdo	Contribuição anual da receita
Televisão com roteiro	US $ 3,4 bilhões
Série de animação	US $ 1,8 bilhão
Programação da realidade	US $ 1,2 bilhão

Radiodifusão de esportes ao vivo

A transmissão esportiva gera US $ 4,5 bilhões anualmente, com as principais propriedades, incluindo:

• Transmissões da NFL
• Cobertura da MLB
• Eventos da NASCAR
• Futebol universitário

Cobertura de notícias de última hora

A Fox News gera US $ 3,7 bilhões em receita anual com 2,3 milhões de espectadores no horário nobre.

Acessibilidade à mídia de várias plataformas

O alcance da plataforma digital inclui:

• Fox.com: 82 milhões de visitantes únicos mensais
• Plataformas digitais da Fox News: 125 milhões de usuários mensais
• Fox Sports Digital Platformas: 67 milhões de usuários mensais

Programação de público -alvo

Segmento de público	Canais primários	Quota de mercado
Espectadores de notícias conservadores	Fox News	38% de participação de mercado
Entusiastas do esporte	Fox Sports	22% de participação de mercado
Espectadores de entretenimento	Fox Entertainment	15% de participação de mercado

Fox Corporation (Fox) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto do público

A Fox Corporation mantém o envolvimento direto do público por meio de vários canais:

• Channel da Fox News: audiência diária média de 2,3 milhões de espectadores em 2023
• Plataformas de esportes da Fox: 87,4 milhões de espectadores exclusivos mensais
• Alcance direto do público -alvo de aproximadamente 115 milhões de famílias

Plataforma	Métricas de engajamento
Fox News Digital	1,8 bilhão de visualizações de página por mês
Fox Sports Digital	62,5 milhões de usuários únicos mensais

Recomendações de conteúdo personalizado

A Fox implementa estratégias de conteúdo personalizadas em plataformas digitais:

• Algoritmo de recomendação cobrindo 95% do conteúdo digital
• Preferência de preferência de usuário Precisão de 78%
• Engajamento personalizado de conteúdo aumentando em 42% ano a ano

Interação da mídia social

Estatísticas de engajamento de mídia social:

Plataforma	Contagem de seguidores
Fox News Twitter	19,4 milhões de seguidores
Fox Sports Instagram	7,2 milhões de seguidores

Serviços baseados em assinatura

Detalhes do modelo de assinatura:

• Serviço de streaming da Fox Nation: 1,5 milhão de assinantes
• Taxa média de retenção de assinatura: 68%
• Preço mensal de assinatura: US $ 5,99

Mecanismos de feedback do cliente

Canais de interação do cliente:

• Plataformas de feedback on -line processando 95.000 interações com o cliente mensalmente
• Classificação de satisfação do cliente: 76%
• Tempo de resposta às consultas do cliente: média de 24 horas

Fox Corporation (Fox) - Modelo de Negócios: Canais

Redes de televisão

A Fox Corporation opera várias redes de televisão:

Rede	Alcance do público	Receita anual (2023)
Fox News	2,3 milhões de espectadores no horário nobre	US $ 3,8 bilhões
Fox Sports	1,5 milhão de espectadores médios	US $ 2,5 bilhões
FOX Broadcasting Company	87,1 milhões de famílias	US $ 1,9 bilhão

Plataformas de streaming digital

Os canais de streaming digital da Fox Corporation incluem:

• Fox Nation (plataforma baseada em assinatura)
• Plataforma digital da Fox Sports
• Tubi (serviço de streaming gratuito suportado por anúncios)

Plataforma	Usuários ativos mensais	Receita anual
Tubi	51 milhões de usuários ativos mensais	US $ 640 milhões

Aplicativos móveis

O ecossistema de aplicativos móveis da Fox Corporation:

• Aplicativo da Fox News
• Fox Sports App
• Tubi Mobile App

App	Downloads totais	Usuários ativos mensais
Aplicativo da Fox News	8,5 milhões de downloads	3,2 milhões
Fox Sports App	6,7 milhões de downloads	2,8 milhões

Portais do site

Plataformas da Web digital:

• Site da Fox News
• Site da Fox Sports
• Tubi.com

Site	Visitantes únicos mensais	Tempo médio no local
Fox News	94,3 milhões	7,2 minutos
Fox Sports	62,5 milhões	5,8 minutos

Plataformas de mídia social

Métricas de canal de mídia social:

Plataforma	Seguidores/assinantes	Taxa de engajamento
Fox News Twitter	19,4 milhões de seguidores	2.3%
Fox Sports Instagram	8,7 milhões de seguidores	3.1%
Fox Facebook	12,6 milhões de seguidores	1.9%

Fox Corporation (Fox) - Modelo de Negócios: Segmentos de Clientes

Entusiastas do esporte

A Fox Sports atrai aproximadamente 215 milhões de espectadores mensais em plataformas. Os direitos de transmissão da NFL avaliados em US $ 1,1 bilhão anualmente. A NFL auditiva em média de 17,1 milhões de espectadores por jogo.

Esporte	Espectadores anuais	Valor de direitos de transmissão
NFL	215 milhões	US $ 1,1 bilhão
Mlb	68 milhões	US $ 728 milhões
Futebol universitário	45 milhões	US $ 250 milhões

Consumidores de notícias

O Fox News Channel gera aproximadamente US $ 3,7 bilhões em receita anual. Execução diária média de 2,3 milhões de espectadores no horário nobre.

• Idade média do espectador: 65 anos
• Participação de mercado de notícias a cabo: 38%
• Plataforma de notícias digital Alcance: 82 milhões de usuários mensais

Espectadores de entretenimento

A Fox Entertainment gera US $ 2,9 bilhões em receita anual. Atinge aproximadamente 110 milhões de famílias.

Categoria de entretenimento	Espectadores anuais	Receita
Série Script	65 milhões	US $ 1,2 bilhão
Programação da realidade	42 milhões	US $ 680 milhões
Programas animados	35 milhões	US $ 520 milhões

Jovens adultos demográficos

Demográfico-alvo: 18-34 anos. A plataforma de streaming atrai 12,3 milhões de assinantes nessa faixa etária.

• Consumo de conteúdo digital: 65% dos espectadores
• Taxa de crescimento da plataforma de streaming: 22% anualmente
• Tempo médio de visualização: 3,5 horas por dia

Assinantes de serviço de streaming

A Plataforma de Streaming Tubi possui 64 milhões de usuários ativos mensais. A receita de streaming suportada por anúncios atinge US $ 800 milhões anualmente.

Métrica da plataforma	Valor
Usuários ativos mensais	64 milhões
Receita anual de streaming	US $ 800 milhões
Engajamento médio do usuário	4,2 horas por semana

Fox Corporation (Fox) - Modelo de Negócios: Estrutura de Custo

Despesas de produção de conteúdo

A Fox Corporation registrou custos de produção de conteúdo de US $ 5,87 bilhões no ano fiscal de 2023.

Tipo de conteúdo	Custo anual de produção
Programação esportiva	US $ 2,3 bilhões
Programação de notícias	US $ 1,4 bilhão
Shows de entretenimento	US $ 1,2 bilhão
Produção de filmes	US $ 970 milhões

Manutenção de infraestrutura de transmissão

Custos anuais de manutenção de infraestrutura: US $ 412 milhões.

• Equipamento de transmissão de rede: US $ 187 milhões
• Infraestrutura de satélite: US $ 125 milhões
• Manutenção do data center: US $ 100 milhões

Aquisição e retenção de talentos

Despesas totais relacionadas ao talento para 2023: US $ 1,65 bilhão.

Categoria de talento	Remuneração anual
Personalidades no ar	US $ 620 milhões
Comentaristas esportivos	US $ 450 milhões
Liderança executiva	US $ 380 milhões
Talento técnico	US $ 200 milhões

Investimentos de tecnologia e plataforma digital

Investimento total em tecnologia para 2023: US $ 738 milhões.

• Desenvolvimento da plataforma de streaming digital: US $ 320 milhões
• Infraestrutura de segurança cibernética: US $ 142 milhões
• Soluções de computação em nuvem: US $ 176 milhões
• AI e tecnologias de aprendizado de máquina: US $ 100 milhões

Custos de marketing e publicidade

Despesas totais de marketing para 2023: US $ 1,24 bilhão.

Canal de marketing	Gastos anuais
Marketing digital	US $ 520 milhões
Publicidade tradicional da mídia	US $ 380 milhões
Patrocínio de esportes	US $ 240 milhões
Marketing de eventos	US $ 100 milhões

Fox Corporation (Fox) - Modelo de Negócios: Fluxos de Receita

Receita de publicidade

A Fox Corporation gerou US $ 3,46 bilhões em receita de publicidade para o ano fiscal de 2023.

Fonte de receita	Valor (2023)
Publicidade na TV	US $ 2,87 bilhões
Publicidade digital	US $ 580 milhões

Taxas de assinatura

A receita de assinatura da Fox Corporation atingiu US $ 4,12 bilhões no ano fiscal de 2023.

• Fox NewsSubscriptions: US $ 1,65 bilhão
• Assinaturas esportivas da FOX: US $ 1,47 bilhão
• Assinaturas de entretenimento da Fox: US $ 990 milhões

Licenciamento de conteúdo

O licenciamento de conteúdo gerou US $ 872 milhões em receita para o ano fiscal de 2023.

Direitos de transmissão esportiva

Os direitos de transmissão esportiva contribuíram com US $ 2,35 bilhões para a receita da Fox Corporation em 2023.

Direitos de transmissão esportiva	Valor anual
NFL Broadcasting	US $ 1,1 bilhão
MLB Broadcasting	US $ 650 milhões
Outros direitos esportivos	US $ 600 milhões

Monetização da mídia digital

A receita da mídia digital totalizou US $ 1,24 bilhão no ano fiscal de 2023.

• Receita da plataforma de streaming: US $ 540 milhões
• Vendas de conteúdo digital: US $ 420 milhões
• Publicidade online: US $ 280 milhões

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.