Fox Corp

FOX Corporation

Overview

• FOX is a news, sports and entertainment company organized into four operating segments: Cable Network Programming, Television, Credible, and the FOX Studio Lot. Two reportable segments are Cable Network Programming and Television; Credible and the FOX Studio Lot are additional segments.
• Brands and platforms include FOX News Media, FOX Sports, Tubi, FOX Entertainment, FOX Television Stations, FOX One (direct-to-consumer streaming), and Studio Ramsay Global production activities. The company also holds minority investments in Flutter (FanDuel) and a stake in the United Football League (UFL).
• In June 2026, FOX announced a transaction to acquire Roku; completion is subject to customary closing conditions and regulatory approvals.

Key employees and workforce

• Approximately 10,550 full-time employees as of June 30, 2026.
• A portion of the workforce is unionized.
• The company also employs freelance and temporary workers to support production and broadcasting activities.

Cash, capital allocation and liquidity

• Approximately $4.2 billion in cash and cash equivalents at June 30, 2026.
• Returned about $2.3 billion to stockholders through cash dividends and share repurchases, including a $1.5 billion accelerated share repurchase in fiscal 2026.
• Holds an equity stake in Flutter (approximately 2.5% as of June 30, 2026) and maintains a call option to acquire 18.6% of FanDuel, exercisable under certain conditions, with an exercise price around $4.7 billion.
• Owns the FOX Studio Lot in Los Angeles (over 50 acres, roughly 1.8 million square feet of space, 15 sound stages, and related facilities).

Cable Network Programming

• Core assets: FOX News Media (FOX News, FOX Business) and FOX Sports networks (FS1, FS2, Big Ten Network, FOX Deportes), plus distribution through FOX One, online properties and Tubi.
• Nielsen-estimated subscribers (as of June 30, 2026):
  • FOX News: 55 million
  • FOX Business: 52 million
  • FS1: 55 million
  • FS2: 39 million
  • The Big Ten Network: 38 million
  • FOX Deportes: 7 million
  • Total reach: 38.7% of U.S. television households (per Nielsen, January 2026)
• Distribution and platforms: FOX One (standalone and bundled with distributors), FOX-branded websites/apps, content licensed to MVPDs’ websites/apps; Tubi (AVOD) also distributes Cable Network Programming content. FOX News Digital, FOX Nation, FOX Weather, LiveNOW from FOX, and FOX Local Streams support the digital strategy.
• Market presence: FOX News is a top-rated cable news channel; FS1 and Big Ten Network compete in national sports and entertainment programming. FOX owns 61% of the Big Ten Network.
• Local TV footprint: 29 full-power FOX Television Stations (18 FOX Network affiliates, 11 MyNetworkTV). FOX stations produce over 1,500 hours per week of local news across the portfolio.

Television

• The FOX Network is a national broadcast network with broad distribution and a mix of sports and entertainment programming.
• FOX Sports and FOX Entertainment provide live sports and primetime entertainment. Sports rights include NFL, FIFA World Cup, MLB, college football and basketball, MLS, NASCAR, INDYCAR, and other properties under long-term contracts.
• Tubi (AVOD) offers a catalog of more than 350,000 movies and episodes, recorded over 13 billion hours of total view time in fiscal 2026. Tubi includes many FOX programs, live/sports content and has over 340 linear channels.
• FOX Television Stations distribute content via FOX One, FOX Local Streams, LiveNOW from FOX, and FOX Soul FAST; local news content is produced across the 29 owned stations.
• FOX One (launched August 2025) is a direct-to-consumer subscription service providing access to FOX brands and bundles (standalone and bundled with distributors), including authenticated access for MVPD subscribers.
• Digital distribution and monetization follow a multiplatform approach: linear, streaming, AVOD, FAST, and authenticated streaming.

Other strategic assets and investments

• Credible Labs Inc. (Credible): consumer finance and insurance marketplaces in the U.S.
• Flutter investment: approximately 4.3 million Flutter ordinary shares (about 2.5% of Flutter as of June 30, 2026). FOX Sports holds a 10-year call option to acquire 18.6% of FanDuel, exercisable until December 2030; exercise price is approximately $4.7 billion.
• United Football League (UFL): FOX Sports and Disney/ESPN are domestic distribution partners; FOX owns about 32.2% of the UFL as of June 30, 2026.
• FOX Entertainment Global: FOX’s wholly owned sales and distribution arm for scripted and unscripted content, licensing, and distribution of content owned or controlled by FOX and third parties.

Regulatory and security context

• The company operates under U.S. and international regulatory frameworks, including FCC rules, privacy and data protection laws, and advertising and consumer protection requirements.
• FOX maintains a cybersecurity program aligned with NIST standards, including regular testing, incident response, third-party assessments, and executive oversight (Audit Committee and CISO leadership).
• The Roku transaction and related antitrust and regulatory considerations are material risk factors.

Operational scale indicators

• FOX operates 29 full-power broadcast stations with substantial market coverage (18 major DMAs for the FOX Network and 11 for MyNetworkTV).
• The Big Ten Network represents a major element of the Cable Network Programming portfolio, with 61% ownership by FOX.
• Tubi offers more than 340 streaming channels in addition to its on-demand library and FOX content integration.
• FOX News Media, FS1 and the Big Ten Network contribute to a wide audience reach across traditional and digital platforms.