EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2024

FOX REPORTS FOURTH QUARTER FISCAL 2024

REVENUES OF $3.09 BILLION
NET INCOME OF $320 MILLION, AND
ADJUSTED EBITDA OF $773 MILLION

FOX REPORTS FULL YEAR FISCAL 2024

REVENUES OF $13.98 BILLION
NET INCOME OF $1.55 BILLION, AND
ADJUSTED EBITDA OF $2.88 BILLION

NEW YORK, NY, August 6, 2024 – Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial
results for the three and twelve months ended June 30, 2024.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

“Fiscal 2024 was another successful year for FOX with very clear achievements across our portfolio, including
delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi’s
position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated
ratings and share growth at FOX News. We now carry this momentum into another major event cycle with fiscal 2025
featuring the Presidential Election and Super Bowl. The soundness of our strategy, the consistency of our delivery
and the strength of our financial position have never distinguished us more and underpin our confidence in the future
at FOX and in delivering shareholder value."

FOURTH QUARTER COMPANY RESULTS

The Company reported total quarterly revenues of $3.09 billion, an increase of $60 million or 2% from the amount reported in
the prior year quarter. Affiliate fee revenues increased 5%, driven by 9% growth at the Television segment and 2% growth at
the Cable Network Programming segment. Advertising revenues were consistent with the prior year quarter, as FOX Sports'
"Summer of Soccer", including the broadcasts of the UEFA European Championship and CONMEBOL Copa América, along
with continued growth at Tubi were offset by lower ratings and pricing at the FOX Network. Other revenues were $226 million
as compared to the $253 million reported in the prior year quarter, primarily due to a lower volume of third-party content sales
in the current year quarter.

The Company reported quarterly net income of $320 million as compared to the $369 million reported in the prior year quarter.
The variance includes the change in fair value of the Company's investments recognized in Non-operating other, net. Net
income attributable to Fox Corporation stockholders was $319 million ($0.68 per share) as compared to the $375 million
($0.74 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was
$423 million ($0.90 per share) as compared to the $443 million ($0.88 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $773 million, an increase of $38 million or 5% from the prior year quarter, primarily due to the
revenue increases noted above, partially offset by higher expenses. The increase in expenses was driven by the broadcasts of
the UEFA European Championship and CONMEBOL Copa América along with increased digital investment at Tubi, partially
offset by the deconsolidation of the USFL and lower entertainment programming costs.
1
Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other,
net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and
adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported
net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable
to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.
2
Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.

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 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2024

FULL YEAR COMPANY RESULTS

The Company reported total full year revenues of $13.98 billion as compared to the $14.91 billion reported in the prior year.
Affiliate fee revenues increased 4%, led by 9% growth at the Television segment. Advertising revenues were $5.44 billion as
compared to the $6.61 billion reported in the prior year, primarily due to the absence of the prior year broadcasts of Super
Bowl LVII and the FIFA Men's World Cup ("Men's World Cup") at FOX Sports and lower political advertising revenues at the
FOX Television Stations due to the absence of the prior year midterm elections, partially offset by continued growth at Tubi.
Other revenues were $1.21 billion as compared to the $1.26 billion reported in the prior year, primarily due to lower content
revenues at FOX Entertainment studios as a result of the 2023 industry guild labor disputes, partially offset by higher sports
sublicensing revenues.

The Company reported full year net income of $1.55 billion as compared to the $1.25 billion reported in the prior year. The
variance primarily reflects the absence of prior year charges associated with legal settlement costs at FOX News Media
recognized in Restructuring, impairment and other corporate matters and a gain on USFL assets contributed to the United
Football League joint venture recognized in Non-operating other, net in the current year, partially offset by the change in fair
value of the Company's investments recognized in Non-operating other, net. Net Income attributable to Fox Corporation
stockholders was $1.50 billion ($3.13 per share) as compared to the $1.24 billion ($2.33 per share) reported in the prior year.
Adjusted net income attributable to Fox Corporation stockholders was $1.65 billion ($3.43 per share) as compared to the
$1.87 billion ($3.51 per share) reported in the prior year.

Full year Adjusted EBITDA was $2.88 billion as compared to the $3.19 billion reported in the prior year, primarily due to the
revenue decreases noted above, partially offset by lower expenses. The decrease in expenses was driven by the absence of
the prior year broadcasts of Super Bowl LVII and the Men's World Cup and lower entertainment programming costs, partially
offset by the impact of the renewed NFL contract.

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REVIEW OF OPERATING RESULTS

Three Months Ended Twelve Months Ended

June 30, June 30,
2024 2023 2024 2023
$ Millions
Revenues by Component:

Affiliate fee $ 1,859 $ 1,771 $ 7,324 $ 7,051

Advertising 1,007 1,008 5,444 6,606
Other 226 253 1,212 1,256
Total revenues $ 3,092 $ 3,032 $ 13,980 $ 14,913

Segment Revenues:

Cable Network Programming $ 1,438 $ 1,410 $ 5,955 $ 6,043

Television 1,615 1,587 7,875 8,710
Corporate and Other 53 50 209 217
Eliminations (14) (15) (59) (57)
Total revenues $ 3,092 $ 3,032 $ 13,980 $ 14,913

Adjusted EBITDA:

Cable Network Programming $ 703 $ 585 $ 2,693 $ 2,472

Television 148 227 506 1,009
Corporate and Other (78) (77) (316) (290)
Adjusted EBITDA3 $ 773 $ 735 $ 2,883 $ 3,191

Depreciation and amortization:

Cable Network Programming $ 20 $ 19 $ 77 $ 71

Television 31 29 117 126
Corporate and Other 47 55 195 214
Total depreciation and amortization $ 98 $ 103 $ 389 $ 411

3
Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.

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CABLE NETWORK PROGRAMMING

Three Months Ended Twelve Months Ended
June 30, June 30,
2024 2023 2024 2023
$ Millions
Revenues
Affiliate fee $ 1,048 $ 1,027 $ 4,188 $ 4,175
Advertising 328 320 1,262 1,403
Other 62 63 505 465
Total revenues 1,438 1,410 5,955 6,043
Operating expenses (578) (656) (2,668) (2,927)
Selling, general and administrative (161) (173) (610) (660)
Amortization of cable distribution investments 4 4 16 16
Segment EBITDA $ 703 $ 585 $ 2,693 $ 2,472

Three Months Ended June 30, 2024

Cable Network Programming reported quarterly segment revenues of $1.44 billion, an increase of $28 million or 2% from the
amount reported in the prior year quarter. Affiliate fee revenues increased $21 million or 2% as contractual price increases
were partially offset by the impact of net subscriber declines. Advertising revenues increased $8 million or 3%, primarily due to
the broadcasts of the CONMEBOL Copa América and UEFA European Championship at the national sports networks and
growth in pricing, higher ratings and lower preemptions, partially offset by lower political advertising revenues at FOX News
Media. Other revenues were essentially unchanged from the prior year quarter.

Cable Network Programming reported quarterly segment EBITDA of $703 million, an increase of $118 million or 20% from the
amount reported in the prior year quarter, primarily due to the revenue increases noted above and lower expenses. The
decrease in expenses was driven by the deconsolidation of the USFL and lower programming costs at FOX News Media,
partially offset by costs associated with the UEFA European Championship and CONMEBOL Copa América.

Twelve Months Ended June 30, 2024

Cable Network Programming reported full year segment revenues of $5.96 billion as compared to the $6.04 billion reported in
the prior year. Affiliate fee revenues increased $13 million from the prior year, as contractual price increases were partially
offset by the impact of net subscriber declines. Advertising revenues were $1.26 billion as compared to the $1.40 billion
reported in the prior year, primarily due to the impact of lower ratings and elevated supply in the direct response marketplace,
partially offset by higher national pricing at FOX News Media, as well as the absence of the prior year broadcast of the Men's
World Cup at the national sports networks. Other revenues increased $40 million or 9%, led by higher sports sublicensing
revenues.

Cable Network Programming reported full year segment EBITDA of $2.69 billion, an increase of $221 million or 9% from the
prior year, as the revenue decreases noted above were more than offset by lower expenses. The decrease in expenses was
primarily due to lower programming rights amortization and production costs at the national sports networks, led by the
absence of the prior year broadcast of the Men's World Cup, lower programming and legal costs at FOX News Media and the
deconsolidation of the USFL.

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TELEVISION
Three Months Ended Twelve Months Ended
June 30, June 30,
2024 2023 2024 2023
$ Millions
Revenues
Advertising $ 679 $ 688 $ 4,182 $ 5,204
Affiliate fee 811 744 3,136 2,876
Other 125 155 557 630
Total revenues 1,615 1,587 7,875 8,710
Operating expenses (1,194) (1,112) (6,372) (6,704)
Selling, general and administrative (273) (248) (997) (997)
Segment EBITDA $ 148 $ 227 $ 506 $ 1,009

Three Months Ended June 30, 2024

Television reported quarterly segment revenues of $1.62 billion, an increase of $28 million or 2% from the amount reported in
the prior year quarter. Advertising revenues were $679 million as compared to the $688 million reported in the prior year
quarter as lower ratings and pricing at the FOX Network were offset by the broadcasts of the UEFA European Championship
and CONMEBOL Copa América at FOX Sports and continued growth at Tubi. Affiliate fee revenues increased $67 million or
9%, driven by increases in fees from third-party FOX affiliates and higher average rates at the Company’s owned and operated
television stations. Other revenues were $125 million as compared to the $155 million reported in the prior year quarter,
primarily due to a lower volume of third-party content sales.

Television reported quarterly segment EBITDA of $148 million as compared to the $227 million reported in the prior year
quarter, as the revenue increases noted above were more than offset by higher expenses. The increase in expenses was
primarily due to costs associated with the UEFA European Championship and CONMEBOL Copa América, along with
increased digital investment at Tubi, partially offset by lower programming costs at FOX Entertainment.

Twelve Months Ended June 30, 2024

Television reported full year segment revenues of $7.88 billion as compared to the $8.71 billion reported in the prior year.
Advertising revenues were $4.18 billion as compared to the $5.20 billion reported in the prior year, driven by the absence of
the prior year broadcasts of Super Bowl LVII and the Men's World Cup at FOX Sports, lower political advertising revenues at
the FOX Television Stations due to the absence of the prior year midterm elections and lower ratings at the FOX Network.
These were partially offset by continued growth at Tubi. Affiliate fee revenues increased $260 million or 9%, driven by
increases in fees from third-party FOX affiliates and higher average rates at the Company’s owned and operated television
stations. Other revenues were $557 million as compared to the $630 million reported in the prior year, primarily due to lower
content revenues at FOX Entertainment studios as a result of the 2023 industry guild labor disputes.

Television reported full year segment EBITDA of $506 million as compared to the $1.01 billion reported in the prior year,
primarily due to the revenue decreases noted above, partially offset by lower expenses. The decrease in expenses was driven
by lower sports and entertainment programming rights amortization and production costs, including the absence of the prior
year broadcasts of Super Bowl LVII and the Men's World Cup and fewer hours of original scripted programming due to the
impact of the 2023 industry guild labor disputes, partially offset by the impact of the renewed NFL contract.

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DIVIDEND

The Company’s Board of Directors has authorized an increase in the Company’s semi-annual dividend and has declared a
dividend of $0.27 per Class A and Class B share. This dividend is payable on September 25, 2024 with a record date for
determining dividend entitlements of September 4, 2024.

SHARE REPURCHASE PROGRAM

As of June 30, 2024, the Company has repurchased approximately $4.6 billion of its Class A common stock and approximately
$1 billion of its Class B common stock, with a remaining authorization of $1.4 billion. During the quarter, the Company
repurchased approximately $250 million of its Class A common stock.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are
based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the statements in this press release due to changes in
economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of
the Company’s businesses. More detailed information about these factors is contained in the documents the Company has
filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or
release any revisions to any forward-looking statement made in this press release or to report any events or circumstances
after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual
results or changes in the Company’s expectations, except as required by law.

To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://
www.foxcorporation.com.

CONTACTS

Gabrielle Brown, Investor Relations Brian Nick, Press Inquiries

212-852-7720 310-369-3545

Charlie Costanzo, Investor Relations Lauren Townsend, Press Inquiries

212-852-7908 310-369-2729

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CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Twelve Months Ended

June 30, June 30,
2024 2023 2024 2023
$ Millions, except per share amounts

Revenues $ 3,092 $ 3,032 $ 13,980 $ 14,913

Operating expenses (1,784) (1,778) (9,089) (9,689)

Selling, general and administrative (539) (523) (2,024) (2,049)
Depreciation and amortization (98) (103) (389) (411)
Restructuring, impairment and other corporate matters (43) (167) (67) (1,182)
Equity (losses) earnings of affiliates (44) 1 (44) 4
Interest expense, net (47) (35) (216) (218)
Non-operating other, net (86) 78 (47) 368
Income before income tax expense 451 505 2,104 1,736
Income tax expense (131) (136) (550) (483)
Net income 320 369 1,554 1,253
Less: Net (income) loss attributable to noncontrolling interests (1) 6 (53) (14)
Net income attributable to Fox Corporation stockholders $ 319 $ 375 $ 1,501 $ 1,239

Weighted average shares: 468 506 480 531

Net income attributable to Fox Corporation stockholders per share: $ 0.68 $ 0.74 $ 3.13 $ 2.33

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CONSOLIDATED BALANCE SHEETS

June 30, June 30,
2024 2023
$ Millions
Assets:
Current assets:
Cash and cash equivalents $ 4,319 $ 4,272
Receivables, net 2,364 2,177
Inventories, net 626 543
Other 192 265
Total current assets 7,501 7,257

Non-current assets:
Property, plant and equipment, net 1,696 1,708
Intangible assets, net 3,038 3,084
Goodwill 3,544 3,559
Deferred tax assets 2,878 3,090
Other non-current assets 3,315 3,168
Total assets $ 21,972 $ 21,866

Liabilities and Equity:

Current Liabilities:
Borrowings $ 599 $ 1,249
Accounts payable, accrued expenses and other current liabilities 2,353 2,514
Total current liabilities 2,952 3,763

Non-current liabilities:
Borrowings 6,598 5,961
Other liabilities 1,366 1,484
Redeemable noncontrolling interests 242 213
Commitments and contingencies

Equity:
Class A common stock, $0.01 par value 2 3
Class B common stock, $0.01 par value 2 2
Additional paid-in capital 7,678 8,253
Retained earnings 3,139 2,269
Accumulated other comprehensive loss (107) (149)
Total Fox Corporation stockholders' equity 10,714 10,378
Noncontrolling interests 100 67
Total equity 10,814 10,445
Total liabilities and equity $ 21,972 $ 21,866

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CONSOLIDATED STATEMENTS OF CASH FLOWS

Twelve Months Ended

June 30,
2024 2023
$ Millions
OPERATING ACTIVITIES
Net income $ 1,554 $ 1,253
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization 389 411
Amortization of cable distribution investments 16 16
Restructuring, impairment and other corporate matters 67 367
Equity-based compensation 90 74
Equity losses (earnings) of affiliates 44 (4)
Non-operating other, net 47 (368)
Deferred income taxes 203 321
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets (172) (104)
Inventories net of programming payable (303) 145
Accounts payable and accrued expenses (1) (68)
Other changes, net (94) (243)
Net cash provided by operating activities 1,840 1,800

INVESTING ACTIVITIES
Property, plant and equipment (345) (357)
Purchase of investments (103) (54)
Other investing activities, net (4) (27)
Net cash used in investing activities (452) (438)

FINANCING ACTIVITIES
Repayment of borrowings (1,250) —
Borrowings 1,232 —
Repurchase of shares (1,000) (2,000)
Dividends paid and distributions (281) (299)
Sale of subsidiary noncontrolling interest — 35
Other financing activities, net (42) (26)
Net cash used in financing activities (1,341) (2,290)

Net increase (decrease) in cash and cash equivalents 47 (928)

Cash and cash equivalents, beginning of year 4,272 5,200
Cash and cash equivalents, end of year $ 4,319 $ 4,272

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NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS

The Company uses net income attributable to Fox Corporation stockholders and earnings per share (“EPS”) attributable to Fox
Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments
to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provisions and Noncontrolling interest adjustments
(“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive
of certain items that impact the comparability of results from period to period.

Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies.
Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition
to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with
GAAP. However, management uses these measures in comparing the Company’s historical performance and believes that
they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis
of the Company’s performance relative to prior periods and the Company’s competitors.

The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation
stockholders to Adjusted Net Income and Adjusted EPS for the three months ended June 30, 2024 and 2023:

Three Months Ended

June 30, 2024 June 30, 2023
Income EPS Income EPS
$ Millions, except per share data
Net income attributable to Fox Corporation stockholders $ 319 $ 0.68 $ 375 $ 0.74

Restructuring, impairment and other corporate matters 43 0.09 167 0.33

Non-operating other, net 86 0.18 (78) (0.15)

Tax provision (25) (0.05) (21) (0.04)

As adjusted $ 423 $ 0.90 $ 443 $ 0.88

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The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation
stockholders to Adjusted Net Income and Adjusted EPS for the twelve months ended June 30, 2024 and 2023:

Twelve Months Ended

June 30, 2024 June 30, 2023
Income EPS Income EPS
$ Millions, except per share data
Net income attributable to Fox Corporation stockholders $ 1,501 $ 3.13 $ 1,239 $ 2.33

Restructuring, impairment and other corporate matters 67 0.14 1,182 2.23

Non-operating other, net 47 0.10 (368) (0.69)

Tax provision (1) — (187) (0.35)

Noncontrolling interest adjustment 31 0.06 — —

Rounding — — — (0.01)

As adjusted $ 1,645 $ 3.43 $ 1,866 $ 3.51

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NOTE 2 – ADJUSTED EBITDA

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses.
Adjusted EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization,
Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-
operating other, net and Income tax expense.

Management believes that information about Adjusted EBITDA assists all users of the Company’s Unaudited Consolidated
Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses
separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors
that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the
operating performance of the Company’s business and its enterprise value against historical data and competitors’ data,
although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is
highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for,
net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this
measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and
impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA
may not be comparable to similarly titled measures reported by other companies.

The following table reconciles net income to Adjusted EBITDA for the three and twelve months ended June 30, 2024:

Three Months Ended Twelve Months Ended

June 30, June 30,
2024 2023 2024 2023
$ Millions
Net Income $ 320 $ 369 $ 1,554 $ 1,253
Add:
Amortization of cable distribution investments 4 4 16 16
Depreciation and amortization 98 103 389 411
Restructuring, impairment and other corporate matters 43 167 67 1,182
Equity losses (earnings) of affiliates 44 (1) 44 (4)
Interest expense, net 47 35 216 218
Non-operating other, net 86 (78) 47 (368)
Income tax expense 131 136 550 483
Adjusted EBITDA $ 773 $ 735 $ 2,883 $ 3,191

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