What changed in this filing

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Item 1. Business

2023-08-11 compared with 2022-08-12 · 219 added, 215 removed, 362 unchanged (55% of the section changed)

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Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station.

The segment also includes various production companies that produce content for the Company and third parties.

• Other, Corporate and Eliminations , which principally consists of the FOX Studio Lot, Credible Labs Inc.

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consumer finance marketplace.

Unless otherwise indicated, references in this Annual Report on Form 10-K (this "Annual Report") for the fiscal year ended June 30, 2022 ("fiscal 2022") to "FOX," the "Company," "we" or "us" mean Fox Corporation and its consolidated subsidiaries.

Unless otherwise indicated, references in this Annual Report on Form 10-K (this “Annual Report”) for the fiscal year ended June 30, 2023 (“fiscal 2023”) to “FOX,” the “Company,” “we,” “us” or “our” mean Fox Corporation and its consolidated subsidiaries.

We use the term “MVPDs” to refer collectively to traditional MVPDs and virtual MVPDs.

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All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws.

Forward-looking statements may include, among others, the words "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" or any other similar words.

the Company's management believes that the expectations reflected in any of the Company's forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any forward-looking statements.

Forward-looking statements may include, among others, the words “may,” “will,” “should,” “likely,” “anticipates,”

“expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” or any other similar words.

Although the Company’s management believes that the expectations reflected in any of the Company’s forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any forward-looking statements.

The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties.

Important factors that could cause the Company's actual results, performance and achievements to differ materially from those estimates or projections contained in the Company's forward-looking statements include, but are not limited to, government regulation, economic, strategic, political and social conditions and the impact of coronavirus disease 2019 ("COVID-19") and other widespread health emergencies or pandemics and measures to contain their spread.

Important factors that could cause the Company’s actual results, performance and achievements to differ materially from those estimates or projections contained in the Company’s forward-looking statements include, but are not limited to, government regulation, economic, strategic, political and social conditions.

For more detailed information about these factors, see Item 1A, “Risk Factors,” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Caution Concerning Forward-Looking Statements.”

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Business Overview

FOX produces and delivers compelling news, sports and entertainment content through its primary iconic brands, including FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations, and leading AVOD service TUBI.

The Company, with a simple structure focused on two principal reporting segments, differentiates itself in a crowded media and entertainment marketplace through the leadership positions of the Company's brands and premium programming that focus on live and "appointment-based" content, a significant presence in major markets, and broad distribution of the Company's content across traditional and digital platforms.

FOX produces and delivers compelling news, sports and entertainment content through its iconic brands, including FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and Tubi Media Group.

The Company differentiates itself in a crowded media and entertainment marketplace through its simple structure, the leadership positions of its brands and premium programming that focus on live and “appointment-based” content, a significant presence in major markets, and broad distribution of its content across traditional and digital platforms.

Our Competitive Strengths

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Under the FOX banner, we produce and distribute content through some of the world’s leading and most valued brands.

Our long track record of challenging the status quo emboldens us to continue making innovative decisions, disrupting competitors and forming deeper relationships with audiences.

Our long track record of challenging the status quo emboldens us to continue making innovative decisions, disrupting norms and forming deeper relationships with audiences.

FOX News Media is among the most influential and recognized news brands in the world.

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household, is a leading destination for live sports events and sports commentary.

FOX Entertainment is renowned for its engaging primetime entertainment, including dramas 9-1-1 , 9-1-1:

Lone Star and new arrival The Cleaning Lady , its longstanding Sunday animation block featuring The Simpsons , Family Guy and Bob's Burgers and unscripted programming such as The Masked Singer and programming starring Gordon Ramsay, including Hell's Kitchen , MasterChef and Next Level Chef.

These brands and others in our portfolio, including our owned and operated local television stations broadcasting under the FOX brand, hold cultural significance with consumers and commercial importance for distributors and advertisers.

TUBI, a leading AVOD service, attracts a young, diverse and loyal audience to its over 45,000 programming titles.

FOX Entertainment is renowned for its engaging primetime entertainment, including scripted dramas, leading unscripted programming and its longstanding Sunday animation block.

Tubi, our leading AVOD service, attracts a young, diverse and highly engaged audience to its over 60,000 programming titles.

These brands and others in our portfolio, such as our 29 owned and operated local television stations, including 18 broadcasting under the FOX brand, hold cultural significance with consumers and commercial importance for distributors and advertisers.

The quality of our programming and the strength of our brands maximize the value of our content through a combination of affiliate fees and advertising sales.

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For over 20 consecutive years, FOX News has been the top-rated national cable news channel in both Monday to Friday primetime and total day viewing, according to The Nielsen Company ("Nielsen").

FOX News also finished calendar year 2021 as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the sixth consecutive year.

A leader in marquee live sports broadcasts, FOX Sports programs the National Football League ("NFL"), Major League Baseball's ("MLB") Regular Season , All-Star Game and World Series and other marquee events, including the Fédération Internationale de Football Association ("FIFA") Men's and Women's World Cup and the Super Bowl .

FOX Sports programming includes the #1 show on television, America's Game of the Week .

FOX Entertainment has

delivered the youngest and most diverse audience of the broadcast networks across all programming in primetime for the past two decades.

During the 2021-2022 broadcast season, FOX featured leading unscripted hit The Masked Singer , leading scripted Monday dramas 9-1-1 and 9-1-1:

Lone Star and four of the top 10 comedies on broadcast television with The Simpsons , Family Guy , Bob's Burgers and Call Me Kat .

The FOX Television Stations cover 18 Nielsen-designated market areas ("DMAs"), including 14 of the 15 largest, and was the #1 or #2 rated news provider in the hours of 5 a.m.

FOX News also finished calendar year 2022 as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the seventh consecutive year.

A leader in marquee live sports broadcasts, FOX Sports programs the National Football League ("NFL") (including the #1 show on television, America's Game of the Week ), college football (including the Big Ten Conference), Major League Baseball's ("MLB") Regular Season, All-Star Game and World Series , National Association of Stock Car Auto Racing (“NASCAR”) and other marquee cyclical events, including the Super Bowl and the Fédération Internationale de Football Association ("FIFA") Men's and Women's World Cup .

FOX Sports has secured a significant portion of its marquee rights under long-term contracts.

FOX Entertainment has delivered the youngest and most diverse audience of the broadcast networks across all programming in primetime for over two decades.

2022-2023 broadcast season, FOX Entertainment featured the #1 entertainment telecast with Next Level Chef following Super Bowl LVII , the #1 broadcast drama 9-1-1 , the #1 new unscripted series Special Forces:

World’s Toughest Test , the #1 new scripted drama in 2023 Accused , and three of the top 10 comedies on broadcast television with The Simpsons , Family Guy and Bob’s Burgers .

FOX Television Stations covers 18 Nielsen-designated market areas ("DMAs"), including 14 of the 15 largest, and was the #1 or #2 rated news provider in the hours of 5 a.m.

in the majority of the markets in which it operates.

FOX has helped TUBI become one of the most relevant and fastest growing AVOD services in the country in fiscal 2022, with nearly 40% growth in total view time (the total number of hours watched) compared to the prior fiscal year.

Taken together, we believe our leadership positions will continue to support strong affiliate fee revenue growth and sustained advertising revenue, while enabling us to nimbly respond to the challenges traditional media companies are facing relating to rapidly evolving technologies and changes in consumer behavior.

Under FOX’s ownership, Tubi has become one of the most relevant and fastest growing AVOD services in the country in fiscal 2023, with over 50% growth in total view time (the total number of hours watched) compared to the prior fiscal year.

Tubi is part of Tubi Media Group, a division formed in fiscal 2023 to house the Company’s digital platform services.

Taken together, we believe our leadership positions will continue to support meaningful affiliate fee revenue growth and sustained advertising revenue, while enabling us to nimbly respond to the opportunities and challenges traditional media companies are facing relating to rapidly evolving technologies and changes in consumer behavior.

Significant presence and relevance in major domestic markets.

The FOX portfolio combines the range of national cable and broadcast networks with the power of tailored local television.

The FOX portfolio combines the range of national cable and broadcast networks and digital distribution platforms with the power of tailored local television.

FOX News and FOX Business are available in over 70 million U.S.

households and the FOX Network is available in essentially all U.S.

households and FOX Sports and FOX Entertainment programming on the FOX Network is available in essentially all U.S.

Additionally, our 29 owned and operated television stations cover 18 DMAs, including 14 of the 15 largest, and maintain duopolies in 11 DMAs, including New York, Los Angeles and Chicago, the three largest.

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Tubi’s ubiquitous availability both online and through its app provides broad distribution of films, episodic television programming and live local and national news content.

TUBI carries nearly 100 local station feeds (including feeds of our owned and operated stations), covering 50 DMAs and 24 of the top 25 markets.

Tubi carries over 100 local station feeds (including feeds of our owned and operated stations), covering 75 DMAs and 22 of the top 25 markets.

The breadth and depth of our footprint allows us to produce and distribute our content in a cost-effective manner and share best business practices and models across regions.

It also enables us to engage audiences, develop deeper consumer relationships and create more compelling product offerings.

Attractive financial profile, including multiple revenue streams, strong balance sheet and tax asset benefit.

We have achieved strong revenue growth and profitability in a complex industry environment over the past several years, led by affiliate fee increases.

Attractive financial profile, including multiple revenue streams, strong balance sheet and other assets.

We have achieved strong revenue growth and profitability in a complex industry environment over the past several years.

Additionally, our strong balance sheet provides us with the financial flexibility to continue to invest across our businesses, allocate resources toward investments in growth initiatives, take advantage of strategic opportunities, including potential acquisitions across the range of media categories in which we operate, and return capital to our stockholders.

We also benefit from a tax asset that resulted from the step-up in the tax basis of our assets following the Transaction, which will provide an annual cash tax benefit for many years.

We have maintained significant liquidity, ending fiscal 2023 with approximately $4.3 billion of cash and cash equivalents on our balance sheet while returning approximately $2.3 billion of capital to our stockholders through our stock repurchase program and cash dividends during fiscal 2023.

We also benefit from a tax asset that resulted from the step-up in the tax basis of our assets following the Transaction, which is expected to provide an annual cash tax benefit for many years.

Additionally, our asset portfolio includes the FOX Studio Lot in Los Angeles, California.

The historic lot spans over 50 acres and close to 2 million square feet of space for administration and television and film production services available to industry clients, including 15 sound stages, two broadcast studios and other production facilities.

We also own an equity stake in Flutter Entertainment plc (“Flutter”), an online sports betting and gaming company with operations in the U.S.

and internationally, and we maintain a valuable option to acquire 18.6% of FanDuel Group, a majority-owned subsidiary of Flutter.

Goals and Strategies

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We believe that building on our leading market positions is essential to our success.

We are investing in our most attractive growth opportunities by allocating capital to our news, sports and original entertainment programming, which we believe have distinct competitive advantages.

For example, we have continued our investments in digital properties at FOX News Media, including additional investments in the FOX Nation subscription video-on-demand ("SVOD") service and the October 2021 launch of the FOX Weather free advertising-supported streaming service.

In fiscal 2021, FOX Sports entered into an expanded 11-year media rights agreement with the NFL that has extended FOX Sports' coverage of premier NFC games, created new and exclusive holiday games on the FOX Network and expanded FOX's digital rights to enable future direct-to-consumer opportunities as well as NFL-related programming on TUBI.

In fiscal 2022, FOX Sports acquired U.S.

rights to broadcast UEFA international soccer matches, including the 2024 and 2028 UEFA European Football Championships ("Euros"), and launched the United States Football League ("USFL").

FOX Entertainment is investing in more co-production arrangements and owns a stake in all new series that premiered on the FOX Network during the 2021-2022 broadcast season.

In addition, the Company's fiscal 2022 acquisitions of MarVista Entertainment and TMZ, including TMZ's iconic website and daily syndicated magazine programs, and the formation of Studio Ramsay Global with Gordon Ramsay will reduce our reliance on third-party content providers for programming

on our traditional and digital entertainment platforms.

We will also continue to invest in content, technology and marketing at TUBI to attract new viewers and retain TUBI's existing audience.

In fiscal 2022, TUBI expanded its content library through the premiere of 40 new original titles and the launch of approximately 140 sports, entertainment and local news channels.

We are investing in our most attractive growth opportunities by allocating capital to our news, sports and entertainment properties, which we believe have distinct competitive advantages.

For example, we have continued our investments in digital properties at FOX News Media, including investments in the FOX Nation subscription video-on-demand ("SVOD") service and the FOX Weather free advertising-supported streaming television (“FAST”) service.

In addition, we continue to invest at FOX Sports, where fiscal 2023 highlights include a landmark rights extension with the Big Ten

Conference, the return of the United States Football League (the "USFL") for a second season and the league’s expansion into additional markets.

Recognizing the industry-wide changes in viewership habits, FOX Entertainment is expanding its footprint across owned and unscripted content.

FOX Entertainment is investing in more co-production arrangements and owns a stake in each new series that premiered on the FOX Network during the 2022-2023 broadcast season.

In addition, our production companies such as MarVista Entertainment and the Studio Ramsay Global production venture with Gordon Ramsay produce content for FOX as well as third parties, which reduces our reliance on third-party content providers.

We also continue to invest in content, technology and marketing at Tubi to attract new viewers and retain Tubi’s existing audience.

In fiscal 2023, Tubi expanded its content library through the premiere of over 100 new original titles and the launch of over 100 sports, entertainment and local news channels, for a total of nearly 250 sports, entertainment and local news channels on the platform.

We believe continuing to provide compelling news, sports and entertainment programming across platforms will increase audience engagement and drive growth across our distribution, affiliate and advertising relationships.

Increase revenue growth through the continued delivery of high quality, premium and valuable content.

With a focused portfolio of assets, we create and produce high quality programming that delivers value for our viewers and our affiliate and advertising partners.

With a focused portfolio of assets, we create and produce high quality programming that delivers value for our viewers, our affiliates and our advertisers.

We intend to continue to generate appropriate value for our content.

Additionally, we expect our enhanced ability to acquire independent programming through co-production arrangements and internal production capabilities will facilitate growth by enabling us to directly manage the economics and programming decisions of our broadcast network and stations group.

Additionally, we expect our internal production capabilities and co-production arrangements will facilitate growth by enabling us to directly manage the economics and programming decisions of our broadcast network, stations group and Tubi.

We also believe our unique ability to deliver "appointment-based" viewing and audiences at scale, along with innovative advertising platforms, delivers substantial value to our advertising customers, and the unique nature of our "appointment-based" content positions us to maintain and even grow audiences during a time of increasing consumer fragmentation.

Expand our digital distribution offerings and direct engagement with consumers, increasing complementary sources of revenues.

Our key networks are offered on all major virtual MVPD services, reflecting the strength of our brands and the "must-have" nature of our content.

The availability of our key networks on all major virtual MVPD services reflects the strength of our brands and the "must-have" nature of our content.

We are also cultivating and growing direct interactions between FOX brands and consumers outside traditional linear television.

For example, Tubi, which we acquired in fiscal 2020, provides us with a wholly-owned digital platform to access a wider digital audience and further the reach of our content.

TUBI continues to experience significant growth in total view time across a library of over 45,000 titles, as well as key FOX entertainment, news and sports programming.

TUBI streamed over 4 billion hours of content over the course of the fiscal year, a record for the platform, to a young, diverse and loyal audience advertisers are eager to reach.

Additionally, FOX Sports has entered into a national media and sports wagering partnership with Flutter Entertainment plc ("Flutter"), which offers FOX Bet Super 6, a national free-to-play game with a user base of more than 6 million registered accounts as of June 2022, and the FOX Bet sportsbook mobile app in New Jersey, Pennsylvania, Colorado and Michigan.

We own an equity stake in Flutter and maintain valuable options to acquire approximately 18.5% of FanDuel Group, a majority-owned subsidiary of Flutter, and up to 50% of the U.S.

business of Flutter subsidiary, The Stars Group.

FOX News Media operates a number of high-growth digital businesses, including FOX News Digital, which attracts the highest multiplatform time spent in the news category, along with the FOX Nation SVOD service, which offers U.S.

consumers a variety of on-demand content, including original programming from popular opinion hosts.

In addition, in October 2021, FOX News Media launched FOX Weather, a free advertising-supported streaming service that offers local, regional and national weather reporting in addition to live programming.

Tubi continues to experience significant growth in total view time across a library of over 60,000 titles, as well as key FOX entertainment, news and sports programming, and it streamed approximately 6.8 billion hours of content over the course of the fiscal year (a record for the platform) to a young, diverse and highly engaged audience advertisers are eager to reach.

FOX News Media operates a number of digital businesses, including FOX News Digital, which attracts the highest multiplatform time spent in the news category, along with the FOX Nation SVOD service, which offers U.S.

consumers a variety of on-demand content (including original programming), and FOX Weather, which offers local, regional and national weather reporting in addition to live programming.

Additionally, FOX Television Stations operates a portfolio of digital businesses, including the FLX digital advertising platform and the LiveNOW from FOX, FOX Locals and FOX Soul FAST services, in addition to distributing its local news programming on Tubi and across a range of third-party platforms.

Cable Network Programming

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FOX Deportes 13 15

* Disruption in Nielsen's ability to maintain the efficacy of its in-home panel due to the COVID-19 pandemic had a negative impact on subscriber estimates as reported as of June 30, 2021.

FOX News Media.

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For over 20 consecutive years, FOX News has been the top-rated national cable news channel in both Monday to Friday primetime and total day viewing.

FOX News also finished calendar year 2021 as the #1 cable network in Monday to Friday total day viewing among the key Adults 25-54 demographic, as well as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the sixth consecutive year.

FOX Business is a business news national cable channel.

For the quarter ended June 30, 2022, FOX Business was the #1 business network in business day and market hours among total viewers.

FOX News also finished calendar year 2022 as the #1 cable news network in Monday to Friday total day viewing among the key Adults 25-54 demographic, as well as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the seventh consecutive year.

FOX Business is a business news national cable channel and was the #1 business network in business day and market hours among total viewers for each quarter during fiscal 2023.

FOX News also produces a weekend political commentary show, FOX News Sunday , for broadcast on the FOX Television Stations and stations affiliated with the FOX Network throughout the U.S.

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FOX News also produces FOX News Audio, which licenses news updates, podcasts, and long-form programs to local radio stations and to mobile, Internet and satellite radio providers.

FS1 is a multi-sport national network that features live events, including regular season and post-season MLB games, National Association of Stock Car Auto Racing ("NASCAR"), college football, college basketball, the FIFA Men's and Women's World Cup, Major League Soccer ("MLS"), UEFA Euro, UEFA Nations League, Concacaf and CONMEBOL soccer and horse racing.

In addition to live events, FS1 also features original programming from FOX Sports Films, studio programming such as NASCAR Race Hub and opinion shows such as Skip and Shannon:

Undisputed and The Herd with Colin Cowherd .

FS1 is a multi-sport national network that features live events, including regular season and post-season MLB games, NASCAR, college football, college basketball, the FIFA Men’s and Women’s World Cup, Major League Soccer (“MLS”), the USFL, the Union of European Football Associations (“UEFA”) European Championship, UEFA Nations League, Concacaf and CONMEBOL soccer and horse racing.

In addition to live events, FS1 also features original programming from FOX Sports Films, studio programming such as NASCAR Race Hub and opinion shows such as Undisputed and The Herd with Colin Cowherd .

FS2 is a multi-sport national network that features live events, including NASCAR, collegiate sports, horse racing, rugby, world-class soccer and motor sports.

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FOX Deportes is a Spanish-language sports programming service distributed in the U.S.

FOX Deportes features Spanish-language coverage of a variety of sports events, including premier soccer (such as Liga MX and Copa MX, Tijuana Xolos, Rayados de Monterrey and Santos Laguna home matches, MLS, and Liga de Honduras), MLB (including regular season games and the National League Championship Series in 2022 and the All-Star and World Series games), NASCAR Cup Series, college football and WWE

FOX Deportes features coverage of a variety of sports events, including premier soccer (such as matches from MLS, Liga MX and Liga de Guatemala), the NFL NFC Championship and the Super Bowl, MLB (including regular season games, the National League Championship Series in 2022 and the All-Star and World Series games), NASCAR Cup Series, college football and WWE Smackdown.

In addition to live events, FOX Deportes also features multi-sport news and highlight shows and daily studio programming.

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Digital Distribution.

The Company also distributes programming through its branded websites, apps and social media accounts, and it licenses programming for distribution through MVPDs' websites and apps.

The Company’s cable network programming is also distributed through FOX-branded websites, apps, podcasts and social media accounts and licensed for distribution through MVPDs’ websites and apps.

The Company’s websites and apps provide live and/or on-demand streaming of network-related programming primarily on an authenticated basis to allow video subscribers of the Company’s participating distribution partners to view Company content via the Internet.

These websites and apps include the websites FOXNews.com, FOXBusiness.com, FOXWeather.com, FOXSports.com, FOXDeportes.com, theUSFL.com and OutKick.com and the FOX News, FOX Business, FOX Weather, FOX Sports and FOX Deportes mobile apps.

FOX News Media also operates direct-to-consumer services.

FOX Nation is an SVOD service that offers U.S.

consumers a variety of on-demand content, including original programming from popular opinion hosts, and FOX Weather, a free advertising-supported streaming service that launched in October 2021, offers local, regional and national weather reporting in addition to live programming.

These websites and apps include FOXNews.com, FOXBusiness.com, FOXWeather.com, FOXSports.com, FOXDeportes.com, theUSFL.com and OutKick.com and the FOX News, FOX Business, FOX Weather, FOX Sports and FOX Deportes mobile apps.

FOX News Media also operates direct-to-consumer services FOX Nation, an SVOD service that offers U.S.

consumers a variety of on-demand content (including original programming), and FOX Weather, a FAST service that offers local, regional and national weather reporting in addition to live programming.

The Big Ten Network distributes programming through the B1G+ subscription video streaming service.

The Company also distributes non-authenticated live-streaming and video-on-demand content, podcasts, as well as static visual content such as photography, artwork and graphical design across FOX-branded social media, third party video and audio platforms.

Outkick Media.

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cable television systems and networks;

direct-to-consumer live streaming platforms, SVOD and AVOD services and mobile, gaming and social media platforms;

direct-to-consumer streaming and on-demand platforms and services;

mobile, gaming and social media platforms;

audio programming;

and print and other media.

Important competitive factors include the prices charged for programming, the quantity, quality and variety of programming offered, the accessibility of such programming, the ability to adapt to new technologies and distribution platforms, quality of user experience and the effectiveness of marketing efforts.

Important competitive factors include the prices charged for programming, the quantity, quality and variety of programming offered, the accessibility of such programming, the ability to adapt to new technologies and distribution platforms, the quality of user experience and the effectiveness of marketing efforts.

FOX News Media.

FOX News' primary competition comes from the broadcast networks' national news divisions and cable networks CNN, HLN and MSNBC.

FOX News' primary competition comes from the broadcast networks' national news divisions and cable networks CNN and MSNBC.

FOX Business' primary competition comes from the cable networks CNBC and Bloomberg Television.

FOX News and FOX Business also compete for viewers and advertisers within a broad spectrum of television networks, including other non-news cable networks and free-to-air broadcast television networks.

FOX News and FOX Business also compete for viewers and advertisers within a broad spectrum of television networks, including other non-news cable networks, free-to-air broadcast television networks and direct-to-consumer streaming and on-demand platforms and services.

FOX News and FOX Business also face competition online from CNN.com, NBCNews.com, NYTimes.com, CNBC.com, Bloomberg.com, Yahoo.com and The Wall Street Journal Online, among others.

A number of basic and pay television programming services, such as ESPN and TNT, direct-to-consumer streaming services such as ESPN+, Amazon Prime Video, Apple TV+, Peacock, Paramount+ and DAZN, as well as free-to-air stations and broadcast networks, provide programming that also targets FS1, FS2

and the Big Ten Network's respective audiences.

On a national level, the primary competitors to FS1, FS2, and the Big Ten Network are ESPN, ESPN2, TNT, TBS, USA Network, CBS Sports Network, league-owned networks such as NFL Network, NHL Network, NBA TV and MLB Network, and collegiate conference-specific networks such as the SEC Network, Pac-12 Network and ACC Network.

A number of basic and pay television programming services, direct-to-consumer streaming services, and free-to-air stations and broadcast networks compete with FS1, FS2 and the Big Ten Network for sports programming rights, distribution, audiences and advertisers.

On a national level, the primary competitors to FS1, FS2, and the Big Ten Network are ESPN, ESPN2, TNT, TBS, USA Network, CBS Sports Network, league-owned networks such as NFL Network, NHL Network, NBA TV and MLB Network, collegiate conference-specific networks such as the SEC Network, Pac-12 Network and ACC Network, and direct-to-consumer streaming services such as ESPN+, Peacock, Amazon Prime Video, Apple TV+, Paramount+, Max, FuboTV, and Roku.

In regional markets, the Big Ten Network competes with regional sports networks, local broadcast television stations and other sports programming providers and distributors.

FS1, FS2, and the Big Ten Network also face competition online from ESPN+, Peacock, Amazon Prime Video, Apple TV+, Paramount+, DAZN, Yahoo Sports, Facebook, Twitter, ESPN.com, nbcsports.com, Bleacherreport.com and CBSSports.com, among others.

In addition, FS1, FS2, and the Big Ten Network compete with third parties, to varying degrees, for sports programming rights.

FS1, FS2 and the Big Ten Network compete for national rights principally with a number of national cable and broadcast services and direct-to-consumer streaming services that specialize in or carry sports programming, including sports networks launched by the leagues and collegiate conferences.

Additionally, MVPDs and online and social media properties such as Amazon, Apple, Yahoo Sports, Facebook and Twitter compete with the Company's cable sports networks by acquiring and distributing sports content to their online users.

The Television segment produces, acquires, markets and distributes programming through the FOX broadcast network, the Tubi AVOD service, broadcast television stations and other digital platforms, primarily in the U.S.

The segment also includes various production companies that produce content for the Company and third parties.

FOX Television Stations

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These include stations located in 14 of the top 15 largest DMAs and two stations (referred to as duopolies) in each of 11 DMAs, including the three largest DMAs (New York, Los Angeles and Chicago).

In two of the duopoly markets, FOX Television Stations is channel sharing whereby both of its stations in the market operate using a single 6 MHz channel.

In two of the duopoly markets, FOX Television Stations is internally channel sharing whereby both of its stations in the market operate using a single 6 MHz channel.

Of the 29 full power broadcast television stations, 18 stations are affiliated with the FOX Network.

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For a description of the programming offered to affiliates of the FOX Network, see "—The FOX Network." In addition, FOX Television Stations owns and operates 10 stations broadcasting programming from MyNetworkTV.

Fox Television Stations also operates FOX Soul, an AVOD service dedicated to the African American viewer that features original and syndicated programming, and LiveNOW from FOX, a free, advertising supported streaming service offering 24/7 live news coverage.

In addition, FOX Television Stations offers local programming through websites and mobile apps associated with the stations.

FOX Television Stations also operates a portfolio of digital businesses.

These include the FLX (or FOX Local Extension) digital advertising platform and digital distribution businesses, including the LiveNOW from FOX, FOX Locals and FOX Soul FAST services described below under the heading "Digital Distribution."

The following table lists certain information about each of the television stations owned and operated by FOX Television Stations.

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Atlanta, GA* 6 WAGA-TV 27(5) UHF 2.2%

Houston, TX* 7 KRIV 26(26) UHF 2.2%

Washington, DC* 8 WTTG 36(5) UHF 2.1%

San Francisco, CA* 10 KTVU 31(2) UHF 2.1%

Houston, TX* 9 KRIV 26(26) UHF 2.1%

Seattle-Tacoma, WA* 11 KCPQ 13(13) VHF 1.8%

Phoenix, AZ* 11 KSAZ-TV 10(10) VHF 1.7%

Seattle-Tacoma, WA* 12 KCPQ 13(13) VHF 1.7%

Tampa, FL* 13 WTVT 12(13) VHF 1.7%

Detroit, MI* 14 WJBK 7(2) VHF 1.6%

Minneapolis, MN (g)

15 KMSP-TV 9(9) VHF 1.5%

Detroit, MI* 15 WJBK 7(2) VHF 1.6%

Orlando, FL* 17 WOFL 22(35) UHF 1.4%

Austin, TX* 35 KTBC 7(7) VHF 0.8%

Milwaukee, WI 38 WITI (h)

31(6) UHF 0.7%

Austin, TX* 37 KTBC 7(7) VHF 0.8%

Gainesville, FL 159 WOGX 31(51) UHF 0.1%

Nielsen, January 2023

* Denotes a market where stations are also broadcasting in the ATSC 3.0 "NextGenTV" standard in partnership with broadcasters in the applicable DMA through channel sharing arrangements or, in the case of KTTV, KTXH and WRBW, each of those stations has made the conversion to and is broadcasting in the ATSC 3.0 standard.

By the fall of 2022, KCOP-TV is expected to broadcast in the ATSC 3.0 standard and KTTV is expected to return to broadcasting in the ATSC 1.0 standard.

* Denotes a market where stations are also broadcasting in the ATSC 3.0 "NextGenTV" standard in partnership with broadcasters in the applicable DMA through channel sharing arrangements or, in the case of KCOP-TV, KTXH and WRBW, each of those stations has made the conversion to and is broadcasting in the ATSC 3.0 standard.

By the Fall of 2023, each of KMSP-TV and WTXF-TV is expected to add an ATSC 3.0 stream.

VHF television stations transmit on Channels 2 through 13 and UHF television stations on Channels 14 through 36.

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MyNetworkTV licensee station.

WWOR-TV hosts television station WRNN, New Rochelle, NY, licensed to WRNN License Company, LLC, an unrelated third party pursuant to a channel sharing agreement between FOX Television Stations and WRNN License Company, LLC.

A portion of the spectrum formerly licensed to WWOR-TV is now shared with and licensed to WRNN.

WPWR-TV channel shares with WFLD.

Independent station.

WDCA channel shares with WTTG.

Independent station.

The Company also owns and operates full power station KFTC, Channel 26, Bemidji, MN as a satellite station of WFTC, Channel 29, Minneapolis, MN.

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WITI hosts television station WVCY, Milwaukee, WI, licensed to VCY America, Inc., an unrelated third party pursuant to a channel sharing agreement between WITI Television, LLC, the predecessor in interest of FOX Television Stations, and VCY America, Inc.

A portion of the spectrum formerly licensed to WITI is now shared with and licensed to WVCY.

A portion of the spectrum family licensed to WITI is now shared with and licensed to WVCY.

The FOX Network

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• FOX Sports.

A significant component of FOX Network programming consists of sports programming, with the FOX Network providing to its affiliates during the 2021-2022 broadcast season live coverage of the NFL, including the premier NFC rights package, America's Game of the Week , the #1 show on television, and Thursday Night Football .

The FOX Network also provides live coverage of MLB (including the post-season and the World Series ), college football and basketball, the NASCAR Cup Series (including the Daytona 500 ), MLS and weekly episodes of WWE Friday Night SmackDown .

In certain years, FOX Sports broadcasts the Super Bowl and the FIFA World Cup .

In fiscal 2021, FOX Sports entered into an expanded 11-year media rights agreement with the NFL that has extended FOX Sports' coverage of NFC games, created new and exclusive holiday games on the FOX Network, and expanded FOX's digital rights to enable future direct-to-consumer opportunities as well as NFL-related programming on TUBI.

A significant component of FOX Network programming consists of sports programming, with the FOX Network providing to its affiliates during the 2022-2023 broadcast season live coverage of the NFL, including the premier NFC rights package and America's Game of the Week (the #1 show on television).

The FOX Network also provides live coverage of MLB (including the post-season and the World Series ), college football and basketball, the NASCAR Cup Series (including the Daytona 500 ), MLS, the USFL and weekly episodes of WWE Friday Night SmackDown .

In certain years, FOX Sports broadcasts the Super Bowl , the FIFA World Cup and the UEFA European Championship.

FOX Sports entered into an expanded 11-year media rights agreement with the NFL in fiscal 2021 that extended FOX Sports' coverage of NFC games, created new and exclusive holiday games on the FOX Network, and expanded FOX's digital rights to enable future direct-to-consumer opportunities as well as NFL-related programming on Tubi.

• FOX Entertainment.

FOX Entertainment delivers high-quality scripted, non-scripted and live event content.

FOX Network entertainment programming ranked #2 among all broadcast network primetime

entertainment programming for the 2021-2022 broadcast season in the 18 to 49 year old audience (based on Nielsen's commercial+7 ratings).

FOX Entertainment primetime programming during the 2021-2022 broadcast season featured such series as 9-1-1, 9-1-1:

Lone Star, Bob's Burgers, Call Me Kat, The Cleaning Lady, The Great North, Family Guy, The Resident, The Simpsons and Welcome to Flatch ;

unscripted series such as The Masked Singer, Next Level Chef, I Can See Your Voice, MasterChef Junior and Domino Masters ;

and event specials such as the iHeartRadio Music Awards and the Miss Universe Pageant.

In the 2021-2022 broadcast season, FOX launched the #1 new entertainment series Next Level Chef .

The Masked Singer was the #2 primetime unscripted entertainment series and 9-1-1 was the #2 broadcast drama in the 18 to 49 year old audience.

9-1-1 and 9-1-1:

Lone Star were Monday's top entertainment series of the season.

The FOX Network featured four of the broadcast season's top ten comedies:

The Simpsons, Family Guy, Bob's Burgers and Call Me Kat .

In addition, The Masked Singer, 9-1-1, 9-1-1:

Lone Star and Next Level Chef placed among the season's top 25 entertainment programs in the 18 to 49 year old audience.

FOX Entertainment delivers high-quality scripted, unscripted, animated and live event content.

FOX Entertainment primetime programming during the 2022-2023 broadcast season

featured such scripted series as 9-1-1 , 9-1-1:

Lone Star , Accused , The Cleaning Lady , Alert:

Missing Persons Unit , and the FOX Entertainment-owned comedy Animal Control;

animated series, including The Simpsons , Bob's Burgers , Family Guy and The Great North ;

and unscripted series, such as Next Level Chef and Gordon Ramsay’s Food Stars from Studio Ramsay Global (FOX's co-owned production company with Gordon Ramsay) , The Masked Singer, I Can See Your Voice, LEGO Masters, Special Forces:

World's Toughest Test , Farmer Wants a Wife and investigative report specials from FOX-owned TMZ.

During the 2022-2023 broadcast season, FOX Entertainment featured the #1 entertainment telecast with Next Level Chef following Super Bowl LVII , the #1 broadcast drama 9-1-1 , the #1 new unscripted series Special Forces:

World’s Toughest Test , the #1 new scripted drama in 2023 Accused , and three of the top 10 comedies on broadcast television with The Simpsons , Family Guy and Bob’s Burgers .

The FOX Network obtains national sports programming through license agreements with professional or collegiate sports leagues or organizations, including long-term agreements with the NFL, MLB, college football and basketball conferences, NASCAR, FIFA, UEFA, Concacaf, CONMEBOL and WWE.

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The terms of these agreements generally provide the FOX Network with the right to acquire broadcast rights to a television series for a minimum of four seasons.

Entertainment programming is also provided by the Company's in-house production companies.

The FOX Network provides programming to affiliates in accordance with affiliation agreements of varying durations, which grant to each affiliate the right to broadcast network television programming on the affiliated station.

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These affiliation agreements require affiliates to the FOX Network to carry the FOX Network programming in all time periods in which the FOX Network programming is offered to those affiliates, subject to certain exceptions stated in the affiliation agreements.

The FOX Network also distributes programming through its network-branded website, FOX.com, and its FOX NOW and FOX Sports apps, which offer live streaming of the FOX Network shows and programming from many broadcast stations affiliated with the FOX Network, and licenses programming for distribution through MVPDs' websites and apps.

TUBI is a leading AVOD service available on over 25 digital platforms in the United States and select international regions as of June 2022.

In fiscal 2022, the service generated over 4 billion hours of total view time (the total number of hours watched) across its content library of over 45,000 films and television programs from over 350 content partners, including every major Hollywood studio.

TUBI also features key FOX content, such as The Masked Singer , I Can See Your Voice and LEGO Masters , as well as sports programming and live local and national news content.

TUBI carries nearly 100 local station feeds (including feeds of FOX's owned and operated stations), covering 50 DMAs and 24 of the top 25 markets.

TUBI has also begun to offer new original titles and has introduced linear streaming channels to supplement its on-demand library, including channels featuring FOX Entertainment's The Masked Singer , TMZ and Studio Ramsay Global’s Gordon Ramsay.

TUBI broadens the reach of network television and enables the Company's advertising partners to access a substantial, incremental digital audience.

As of February 2022, the median age of TUBI's viewers was 39 years old, nearly 15 years younger than the median age of viewers of traditional and virtual MVPD services according to the MRI-Simmons March 2022 Cord Evolution Study.

TUBI viewers are diverse, with approximately 40% of its audience identifying as multicultural, and over 45% of its audience does not subscribe to traditional or virtual MVPD services.

Tubi is a leading AVOD service that is available on multiple digital platforms in the United States and select international regions.

The business is part of the Tubi Media Group division formed in fiscal 2023 to house the Company's digital platform services.

Tubi offers a content library of over 60,000 titles from over 400 content partners, including every major Hollywood studio, and a growing number of new original titles.

Tubi also features key FOX content, such as The Masked Singer , Next Level Chef and Divorce Court , as well as sports programming and live local and national news content.

In addition to its on-demand library, Tubi offers nearly 250 sports, entertainment and local news linear streaming channels.

These include channels featuring FOX Entertainment's The Masked Singer , TMZ and Studio Ramsay Global’s Gordon Ramsay and feeds from over 100 local television stations (including FOX's owned and operated stations), covering 75 DMAs and 22 of the top 25 markets.

As of June 2023, Tubi is available on 33 digital platforms, including connected television devices, and online at www.tubitv.com.

In fiscal 2023, the service generated approximately 6.8 billion hours of total view time (the total number of hours watched).

Tubi enables the Company's advertising partners to access a substantial, incremental digital audience.

As of May 2023, the median age of Tubi’s audience is approximately 10 years younger than the median age of broadcast television viewers.

Tubi’s viewers are diverse and multicultural with a majority of its audience not subscribing to traditional or virtual MVPD services.

Entertainment Programming Production

The Company also produces entertainment programming for its traditional and digital entertainment platforms.

Fox Alternative Entertainment is a full-service production studio that develops and produces

unscripted and alternative programming primarily for the FOX Network, including The Masked Singer, Joe Millionaire:

For Richer or Poorer and I Can See Your Voice .

Bento Box Entertainment develops and produces animated programming, including programming that airs on the FOX Network such as Bob's Burgers and The Great North .

In fiscal 2022, the Company acquired the entertainment studio MarVista Entertainment and TMZ, which produces daily syndicated magazine programs, broadcast television specials and other content for distribution on traditional and digital platforms, including TMZ.com, the TMZ mobile app and TUBI.

The Company also formed a co-owned production company with Gordon Ramsay, Studio Ramsay Global, that is focused on culinary and lifestyle programming.

The Company also produces entertainment programming for its own traditional and digital entertainment platforms and for third parties.

FOX’s entertainment production companies include two companies acquired in fiscal 2022:

MarVista Entertainment, a global entertainment studio that produces and distributes movies and other content for Tubi and third party networks and digital platforms, and TMZ, which produces daily syndicated magazine programs, broadcast and other television specials and other content for distribution on traditional and digital platforms, including FOX Television Stations, Tubi, FOX Nation and other digital properties.

The Company has also formed a co-owned production company with Gordon Ramsay called Studio Ramsay Global

that develops, produces and distributes culinary and lifestyle programming such as Gordon Ramsay’s Food Stars and Next Level Chef for FOX, Kitchen Commando for Tubi and other programs for global markets.

Fox Alternative Entertainment is a full-service production studio that develops and produces unscripted and alternative programming primarily for the FOX Network, including The Masked Singer, I Can See Your Voice and Name That Tune .

Bento Box Entertainment, an animation production company, produces programming for cable and broadcast networks (including programming such as Krapopolis , Bob's Burgers and The Great North for the FOX Network ) and digital platforms.

Digital Distribution

The Company's Television segment also distributes programming through FOX-branded websites, apps, podcasts and social media accounts and licenses programming for distribution through MVPDs' websites and apps.

The Company's websites and apps include FOX.com, FOXSports.com, TMZ.com, the FOX Sports app and the TMZ app and provide live and/or on-demand streaming of FOX Network shows and programming from broadcast stations affiliated with the FOX Network.

Other digital properties offering Television segment programming and other content include Tubi and the TMZ FAST service.

FOX Television Stations distributes content across websites and mobile apps associated with the stations, Tubi, a range of third-party platforms, and FOX Television Station’s FAST services.

These services include LiveNOW from FOX, which offers live news coverage;

FOX Soul, a service dedicated to the African American viewer that features original and syndicated programming;

and FOX Locals, a group of FAST services that offer live and recorded content from over 15 FOX-owned and operated local television stations.

The Company's FAST services are distributed across multiple devices and platforms, including traditional and virtual MVPDs, Tubi, connected TV device platforms and other digital platforms.

The programming distribution service, Master Distribution Service, Inc.

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households as of June 30, 2023.

Blockchain Creative Labs

Blockchain Creative Labs, a division formed by FOX Entertainment and Bento Box Entertainment that commenced operations in fiscal 2022, is focused on establishing a leadership position in Web3 content creation, distribution and monetization.

The network television broadcasting business is highly competitive.

The FOX Network, MyNetworkTV and TUBI compete for audiences, programming and advertising revenue with a variety of competing media, including other broadcast television networks, cable television systems and networks;

direct-to-consumer live streaming platforms, SVOD and AVOD services and mobile, gaming and social media platforms;

The FOX Network (with respect to both its sports and entertainment programming), MyNetworkTV and Tubi compete for audiences, programming and advertising revenue with a variety of competing media, including other broadcast television networks;

cable television systems and networks;

direct-to-consumer streaming and on-demand platforms and services;

mobile, gaming and social media platforms;

audio programming;

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Technological developments are also continuing to affect competition within the broadcast television marketplace.

Each of the stations owned and operated by FOX Television Stations also competes for advertising revenues with other television stations, radio and cable systems in its respective market area, along with other advertising media, including direct-to-consumer live streaming platforms, other Internet-delivered platforms such as SVOD and AVOD services and mobile, gaming and social media platforms, newspapers, magazines, outdoor advertising and direct mail.

Our entertainment programming production businesses compete with other content creators for creative talent, new content ideas, intellectual property and the distribution of their content.

mobile, gaming and social media platforms;

newspapers, magazines, outdoor advertising and direct mail.

All of the stations owned and operated by FOX Television Stations are located in highly competitive markets.

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Competition for sales of broadcast advertising time is based primarily on the anticipated and actually delivered size and demographic characteristics of audiences as determined by various rating services, price, the time of day when the advertising is to be broadcast, competition from the other broadcast networks, cable television systems, direct broadcast satellite television, services and digital media and general economic conditions.

Competition for audiences is based primarily on the selection of programming, the acceptance of which is dependent on the reaction of the viewing public, which is often difficult to predict.

Competition for audiences is based primarily on

the selection of programming, the acceptance of which is dependent on the reaction of the viewing public, which is often difficult to predict.

Other, Corporate and Eliminations

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The historic lot is located on over 50 acres of land and has over 1.85 million square feet of space for both administration and production and post-production services available to service a wide array of industry clients, including 15 sound stages, two broadcast studios, theaters and screening rooms, editing rooms and other television and film production facilities.

The FOX Studio Lot provides two primary revenue streams — the lease of a portion of the office space to 21CF and other third parties and the operation of studio facilities for third party productions, which until 2026 will predominantly be Disney productions.

The FOX Studio Lot provides two primary revenue streams — the lease of a portion of the office space to Disney and other third parties and the operation of studio facilities for third party productions, which until 2026 will predominantly be Disney productions.

The Company holds 66% of the equity in Credible, which operates consumer finance and insurance marketplaces in the U.S.

Credible’s offerings provide consumers personalized product and rate options for a range of financial products, including student loans, personal loans, mortgages and insurance policies from multiple consumer lending and insurance providers.

The Company and Flutter have entered into a national media and sports wagering partnership in the U.S.

The partnership offers the FOX Bet Super 6 national free-to-play game, which has a user base of more than 6 million registered accounts as of June 2022, and the FOX Bet sportsbook mobile app, which is available in New Jersey, Pennsylvania, Colorado and Michigan as of June 2022.

FOX Sports provides Flutter with an exclusive license to use certain FOX trademarks under a long-term commercial arrangement.

In addition, subject to certain conditions and applicable gaming regulatory approvals, FOX Sports has an option until August 2029 to acquire up to 50% of the equity in the U.S.

business of The Stars Group, a majority-owned subsidiary of Flutter.

As part of Flutter's acquisition of The Stars Group in 2020, FOX Sports received the right to acquire an approximately 18.5% equity interest in Flutter's majority-owned subsidiary, FanDuel Group (structured as a 10-year option from 2021), which is currently the subject of ongoing arbitration proceedings .

The Company also owns approximately 4.3 million ordinary shares of Flutter, representing approximately 2.5% of Flutter as of June 30, 2022.

Credible is part of the Tubi Media Group division.

The Company holds an equity interest in Flutter, an online sports betting and gaming company with operations in the U.S.

and internationally.

The Company owns approximately 4.3 million ordinary shares, which represents approximately 2.5% of Flutter as of June 30, 2023.

In addition, subject to certain conditions and applicable gaming regulatory approvals, FOX Sports holds a 10-year call option expiring in December 2030 to acquire an 18.6% equity interest in Flutter's majority-owned subsidiary, FanDuel Group ("FanDuel").

The FanDuel option was the subject of arbitration proceedings, which concluded during fiscal 2023 and determined the price payable of $3.7 billion plus an annual escalator of 5%.

As of June 30, 2023, the option price is approximately $4 billion.

FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option.

In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX's consent or approval from the arbitrator.

Government Regulation

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there have been no serious violations by the licensee of the Communications Act or FCC rules and regulations;

and there have been no other violations by the licensee of the Communications Act or FCC rules and regulations which, taken together, indicate a pattern of abuse.

FOX Television Stations currently has renewal applications pending for its full power broadcast licenses and will continue filing license renewal applications through calendar year 2023.

and there have been no other violations by the licensee of the Communications Act or FCC rules and regulations

which, taken together, indicate a pattern of abuse.

The current renewal cycle for FOX Television Stations' FCC applications for its full power broadcast licenses began in 2020 and all license renewal applications for the current cycle have been filed.

One of the pending applications has been opposed by a third party.

Ownership Regulations.

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television households, subject to the UHF discount.

Under the UHF discount, a UHF television station is attributed with reaching only

50% of the television households in its market for purposes of calculating national audience reach.

Under the UHF discount, a UHF television station is attributed with reaching only 50% of the television households in its market for purposes of calculating national audience reach.

In December 2017, the FCC issued a Notice of Proposed Rulemaking pursuant to which it will consider modifying, retaining or eliminating the 39% national television audience reach limitation (including the UHF discount).

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Federal legislation limits the amount of commercial matter that may be broadcast during programming originally designed for children 12 years of age and younger to 10 ½ minutes per hour during the weekend and 12 minutes per hour during the week.

In addition, under FCC regulations, television stations are generally required to broadcast a minimum of three hours per week of programming, which, among other requirements, must serve, as a "significant purpose," the educational and informational needs of children 16 years of age and under.

Under FCC rules that were revised in 2019, one of the three hours per week may air on a television's station's multicast stream(s);

In addition, FCC regulations generally require television stations to broadcast a minimum of three hours per week of programming, which, among other requirements, must serve, as a "significant purpose," the educational and informational needs of children 16 years of age and under.

Under FCC rules, one of the three hours per week may air on a television's station's multicast stream(s);

the other two hours must air on the primary programming stream.

A television station found not to have complied with the programming requirements or commercial limitations could face sanctions, including monetary fines and the possible non-renewal of its license.

FCC rules prohibit the broadcast by television and radio stations of indecent or profane material between the hours of 6:00 a.m.

and 10:00 p.m.

Federal law currently authorizes the FCC to impose fines of up to $445,445 per incident for violation of the prohibition against indecent and profane broadcasts.

The FCC may impose fines or revoke licenses for serious or multiple violations of the indecency prohibition.

Because indecency complaints are confidential, there may be pending nonpublic complaints alleging the broadcast of indecent or profane material by FOX Television Stations (and it is not possible to predict the outcome of any such complaints).

The FCC continues to strictly enforce its regulations concerning indecency, sponsorship identification, political advertising, children's television, environmental concerns, emergency alerting and information, equal employment opportunity, technical operating matters and antenna tower maintenance.

Federal law authorizes the FCC to impose fines of up to $479,945 per incident for violation of the prohibition against indecent and profane broadcasts, and the FCC may also impose fines or revoke licenses for serious or multiple violations of the indecency prohibition and/or its other regulations.

Modifications to the Company’s programming to reduce the risk of indecency violations could have an adverse effect on the competitive position of FOX Television Stations and the FOX Network.

If indecency regulation is extended to Internet or cable and satellite programming, and such extension was found to be constitutional, some of the Company's other programming services could be subject to additional regulation that might affect subscription and viewership levels.

The FCC continues to enforce strictly its regulations concerning sponsorship identification, political advertising, children's television, environmental concerns, emergency alerting and information, equal employment opportunity, technical operating matters and antenna tower maintenance.

If indecency regulation is extended to Internet or cable and satellite programming, and such extension was found to be constitutional, some of the Company’s other programming services could be subject to additional regulation that might adversely affect subscription and viewership levels.

Because FCC complaints are confidential, there may be pending nonpublic complaints alleging non-compliance and it is not possible to predict the outcome of any such complaints.

In addition, the Federal Trade Commission, or FTC, has increased its focus on unfair and deceptive advertising practices, particularly with respect to social media marketing.

Both FCC and FTC rules and guidance require marketers to clearly and

conspicuously disclose whenever there has been payment for a marketing message or when there is a material connection between an advertiser and a product endorser.

Both FCC and FTC rules and guidance require marketers to clearly and conspicuously disclose whenever there has been payment for a marketing message or when there is a material connection between an advertiser and a product endorser.

FCC rules also require the closed captioning of almost all broadcast and cable programming.

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The same statute requires programming that was captioned on television to retain captions when distributed via Internet Protocol apps or services.

FCC regulations govern various aspects of the agreements between networks and affiliated broadcast stations, including, among other things, a mandate that television broadcast station licensees retain the right to reject or refuse network programming in certain circumstances or to substitute programming that the licensee reasonably believes to be of greater local or national importance.

In addition, FCC regulations govern various aspects of the agreements between networks and affiliated broadcast stations, including a mandate that television broadcast station licensees retain the right to reject or refuse network programming in certain circumstances or to substitute programming that the licensee reasonably believes to be of greater local or national importance.

Violation of FCC regulations can result in substantial monetary forfeitures, periodic reporting conditions, short-term license renewals and, in egregious cases, denial of license renewal or revocation of license.

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Broadcast Transmission Standard.

In November 2017, the FCC adopted rules to permit television broadcasters to voluntarily broadcast using the "Next Generation" broadcast television transmission standard developed by the Advanced Television Systems Committee, Inc., also referred to as "ATSC 3.0." FOX Television Stations is actively building out ATSC 3.0 facilities.

FOX Television Stations is participating in various ATSC 3.0 testing with other broadcasters, but it is too early to predict the impact of this technical standard on the Company's operations.

FOX Television Stations is actively building out ATSC 3.0 facilities and is participating in various ATSC 3.0 testing with other broadcasters, but it is too early to predict the impact of this technical standard on the Company's operations.

In June 2020, the FCC adopted a Declaratory Ruling and Notice of Proposed Rulemaking declaring that local and national ownership restrictions do not apply to non-video services.

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Privacy and Information Regulation

The laws and regulations governing the collection, use and transfer of consumer information are complex and rapidly evolving, particularly as they relate to the Company's digital businesses.

The laws and regulations governing the collection, use, retention, and transfer of consumer information are complex and rapidly evolving, particularly as they relate to the Company's digital businesses.

Federal and state laws and regulations affecting the Company's online services, websites, and other business activities include:

the Children's Online Privacy Protection Act, which prohibits websites and online services from collecting personally identifiable information online from children under age 13 without prior parental consent;

the Controlling the Assault of Non-Solicited Pornography and Marketing Act, which regulates the distribution of unsolicited commercial emails, or "spam";

the Video Privacy Protection Act, which prohibits the knowing disclosure of information that identifies a person as having requested or obtained specific video materials from a "video tape service provider;" the Telephone Consumer Protection Act, which restricts certain marketing communications, such as text messages and calls, without explicit consent;

the Gramm-Leach-Bliley Act, which regulates the collection, handling, disclosure, and use of certain personal information by companies that offer consumers financial products or services, imposes notice obligations, and provides certain individual rights regarding the use and disclosure of certain information;

and the California Consumer Privacy Act (the "CCPA"), which imposes broad obligations on the collection, use, handling and disclosure of personal information of California residents.

For example, subject to certain exceptions, the CCPA provides individual rights for Californians, including to access, delete, and to restrict the "sale" of personal information.

A number of privacy and data security bills that address the collection, maintenance and use of personal information, breach notification requirements and cybersecurity are pending or have been adopted at the state and federal level, which would impose additional obligations on businesses, including in connection with targeted advertising.

For example, the California Privacy Rights Act (the "CPRA"), which amends the CCPA, was passed in November 2020 and generally takes effect on January 1, 2023.

Among other things, the CPRA creates a new state privacy protection agency, expands individual rights, and introduces new requirements for businesses, several which are subject to additional rulemaking.

Other states have passed or introduced similar privacy legislation, including Virginia, Colorado, Utah and Connecticut.

In addition, the FTC and state attorneys

general and other regulators have made privacy and data security an enforcement focus.

Other federal and state laws and regulations also may be adopted that impact our digital services, including those relating to oversight of user-generated content.

and the California Consumer Privacy Act (the "CCPA") (as amended by the California Consumer Privacy Rights Act ("CPRA")), which imposes broad obligations on the collection, use, handling and disclosure of personal information of California residents.

For example, subject to certain exceptions, the CCPA provides individual rights for Californians, such as the right to access, delete, correct, and restrict the "sale" or "sharing" of personal information, including in connection with targeted advertising.

Virginia, Colorado, Connecticut, and Utah have similar privacy laws that have or will become effective in 2023.

A number of privacy and data security bills that address the collection, retention and use of personal information, breach notification requirements and cybersecurity that would impose additional obligations on businesses, including in connection with targeted advertising, are pending or have been adopted at the state and federal level.

For example, the CPRA, which generally became effective on January 1, 2023, creates a new

state privacy protection agency, expands individual rights, and introduces new requirements for businesses, among other things.

Several of these matters are subject to additional rulemaking.

Other states have passed or introduced similar privacy legislation, including Virginia, Colorado, Utah, Connecticut, Iowa, Indiana, and Tennessee.

In addition, the FTC and state attorneys general and other regulators have made privacy and data security an enforcement focus.

The FTC also has initiated a rulemaking proceeding to explore rules concerning the collection, use, disclosure and security of personal information.

Other federal and state laws and regulations that could impact our businesses also may be adopted, such as those relating to minors, tailored advertising and its measurement, and oversight of user-generated content.

Foreign jurisdictions also have implemented and continue to introduce new privacy and data security laws and regulations, which apply to certain of the Company’s operations.

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Policing unauthorized use of the Company’s products and services and related intellectual property is often difficult and the steps taken may not in every case prevent the infringement by unauthorized third parties of the Company’s intellectual property.

The Company seeks to limit that threat through a combination of

approaches, including offering legitimate market alternatives, deploying digital rights management technologies, pursuing legal sanctions for infringement, promoting appropriate legislative initiatives and international treaties and enhancing public awareness of the meaning and value of intellectual property and intellectual property laws.

The Company seeks to limit that threat through a combination of approaches, including offering legitimate market alternatives, deploying digital rights management technologies, pursuing legal sanctions for infringement, promoting appropriate legislative initiatives and international treaties and enhancing public awareness of the meaning and value of intellectual property and intellectual property laws.

Piracy, including in the digital environment, continues to present a threat to revenues from products and services based on intellectual property.

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Human Capital Resources

Our workforce is the creative, strategic and operational engine of FOX's success.

We have taken extraordinary actions to care for our employees during COVID-19, and our commitment to grow and support our employees continues on an ongoing and sustained basis as we move forward.

We aim to develop our human capital by recruiting a talented and diverse workforce, offering competitive compensation and benefits, fostering a healthy work-life balance, providing learning and development opportunities for growth, protecting health and safety, fostering workplace civility and inclusion and encouraging our employees to have an impact in their communities.

Our workforce is the creative, strategic and operational engine of FOX's success, and we are committed to developing and supporting our employees.

We aim to develop our human capital by recruiting a talented and diverse workforce, offering competitive compensation and benefits, fostering a healthy work-life balance, providing growth and development opportunities, protecting health and safety, fostering workplace civility and inclusion and encouraging our employees to have an impact in their communities.

As of June 30, 2023, we had approximately 10,400 full-time employees.

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We have posted on our corporate website our Employment Information Report (EEO-1), showing the race, ethnicity and gender of our U.S.

https://www.foxcorporation.com/eeo-1-data.

employees at https://www.foxcorporation.com/eeo-1-data.

FOX’s Corporate Social Responsibility Report, also posted on our website at www.foxcorporation.com , provides a detailed review of our human capital programs and achievements.

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Our diversity enables us to be more reflective of the audiences we reach and enhances our ability to create news, sports, and entertainment programming that serves all viewers across the country.

An inclusive and diverse workplace is not merely a strategy or business objective;

it is fundamentally woven in the fabric of the Company.

This commitment begins with our approach to talent recruitment across all of our disciplines and extends to the way we nurture and advance our colleagues' careers.

FOX lists job openings internally and externally because we believe this is one of the best tools to reach the widest and most diverse pool of candidates.

We also collaborate with an array of professional organizations that offer FOX access to talent at recruiting events and conventions.

We include the salary range in job postings to promote pay transparency and further pay equity.

We also collaborate with professional organizations that offer FOX access to talent at recruiting events and conventions.

These organizations include:

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The FOX Internship Program offers students an exciting opportunity to gain practical experience, participating in real-world projects and seminars on the media industry, technology and professional development.

This internship program, which runs for 8-10 weeks three times per year, welcomed over 380 students in calendar year 2021 and was listed on Vault's 2022 "100 Best Internships." We also partner with the Emma Bowen Foundation, the T.

Howard Foundation, the International Television and Radio Society, Sports Biz CARES and the Entertainment Industry College Outreach Program to provide media internships for promising students.

In addition, FOX has developed and implemented a number of internal training programs designed to provide outstanding individuals with workforce skills and professional development opportunities.

This internship program, which runs for 8-10 weeks three times per year, welcomed over 475 students in calendar year 2022.

We are proud that our internship program was listed on Vault's 2022 and 2023 "100 Best Internships," and it was the 2023 Winner of the Interns 2 Pros Internship Program of the Year (for excellence in its 2022 program).

We also partner with the Emma Bowen Foundation, the T.

Howard Foundation, the International Television and Radio Society, Sports Biz Careers, NAB Emerson Coleman Fellowship, Pathway at UCLA Extension and the Entertainment Industry College Outreach Program to provide media internships for promising students.

In addition, FOX has developed and implemented a number of internal early career training programs designed to provide outstanding individuals with workforce skills and professional development opportunities.

These programs build the pipeline of our next generation of leaders, many of whom are from underrepresented backgrounds.

Examples include:

• FOX Ad Sales Training ("FAST"):

• FOX Ad Sales Training:

Initiated in 2021, this rotational program aims to attract, develop, and retain early career talent.

Through exposure to various functions within Ad Sales, FAST develops professional skills of promising individuals recruited from outside FOX.

Through exposure to various functions within Ad Sales, the program develops professional skills of promising individuals recruited from outside FOX.

• FOX Alternative Entertainment (“FAE”) FASTRACK:

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• FOX Television Stations Sales Training Program:

This program was created to develop and mentor the next generation of diverse, motivated sales professionals for FOX Television Stations.

This program was created to develop and mentor the next generation of diverse and motivated sales professionals for FOX Television Stations.

Trainees participate in both intensive classroom study of all aspects of the television station advertising sales business and shadowing of FOX Television Stations sales account executives.

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We link our more senior employees' pay to corporate performance through discretionary annual incentive compensation awards.

Other employees may be eligible for equity awards or other long-term incentives depending on their business unit and level/role.

FOX also provides generous benefits that support the health, wellness and financial stability of our employees and their families.

Full-time employees are eligible for medical insurance through a choice of several plans, in which employees also may enroll family members, including domestic partners (same-sex and opposite-sex).

Freelance employees who work a minimum number of hours are also eligible for a medical plan.

Many employees enjoy the convenience of covered telemedicine visits.

Full-time employees are eligible for medical insurance through a choice of several

plans, in which employees also may enroll family members, including domestic partners and their children.

Many employees benefit from the convenience of covered telemedicine visits as well as virtual primary care services.

In addition, we provide vision and dental insurance, which includes coverage for adult orthodontic care.

Our coverage is generous, with employee

contributions and costs more favorable than national averages according to a 2021 Mercer LLC survey.

Our coverage is generous, with employee contributions and costs more favorable than national averages according to a 2022 Mercer LLC survey.

Eligible employees may participate in flexible spending accounts, health savings accounts, and qualified transportation expense accounts.

We also provide employees with a health advocate service, with experts who support employees and their eligible family members in navigating a wide range of health and insurance-related issues.

In addition, we have onsite fitness centers in our New York and Los Angeles worksites.

To provide additional support during COVID-19, we paid our full-time employees' medical insurance premiums from March 2020 through December 2021.

Full-time employees are eligible to receive paid holidays, paid floating holidays, paid vacation, paid sick and safe time, life insurance, accidental death and dismemberment insurance, business travel accident insurance, full salary replacement for up to 26 weeks of short-term disability, basic long-term disability insurance, adoption and surrogacy reimbursement, charitable gift matching, cybersecurity and malware protection for personal devices and an employee assistance program that offers onsite counseling in New York and Los Angeles, as well as smoking cessation and weight management programs.

Full-time employees are eligible to receive paid company holidays, floating holidays, vacation, sick and safe time, life insurance, accidental death and dismemberment insurance, business travel accident insurance, full salary replacement for up to 26 weeks of short-term disability, basic long-term disability insurance, charitable gift matching, cybersecurity and malware protection for personal devices and an employee assistance program that offers onsite counseling in our New York and Los Angeles worksites, as well as smoking cessation and weight management programs.

The FOX 401(k) Savings Plan provides employees with a company contribution, and it offers a company match, Roth and post-tax contribution options and catch-up contributions.

Finally, FOX also offers employees group discounts in various voluntary benefits such as critical illness insurance, group universal life insurance, auto and home insurance, legal insurance, pet insurance, supplemental long-term disability insurance and student loan refinancing.

Freelance employees who work a minimum number of hours are also eligible for a medical, dental, and vision plan, as well as our FOX 401(k) Savings Plan and the health advocate service.

Finally, FOX also offers employees group discounts in various voluntary benefits such as critical illness insurance, group universal life insurance, auto and home insurance, access to legal services, pet insurance, supplemental long-term disability insurance and student loan refinancing.

Work-Life Balance and Workplace Flexibility

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We provide onsite subsidized childcare to full-time employees at the Los Angeles FOX Child Care Center.

In addition, we offer backup child, adult, elder and return-to-work care.

For calendar years 2021 and 2022, we doubled the number of days that employees may use the backup care service from 20 to 40 days per year, and we also allow employees to use their backup care benefits for virtual tutoring.

In addition, we offer up to 40 days of backup child, adult, elder and return-to-work care.

Starting in 2022, we added backup pet care and online academic help with homework and tutors for all ages.

In addition, we have onsite fitness centers in our New York and Los Angeles worksites.

Learning and Development

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FOX is committed to protecting the health, safety and working environment of our employees, clients and neighbors.

Our Environmental Health and Safety ("EHS") Management Program manages risks by implementing proactive, practical and feasible controls into daily work activities.

FOX's EHS program works to continuously improve its performance through preventive measures, correcting hazards or dangerous conditions and minimizing the environmental impact of our activities.

The FOX Global Security team oversees the Company's security and emergency response efforts.

The team proactively monitors, reports and responds to potential and actual threats to people, physical assets, property, productions and events using a number of

tools, including advanced technology, active training programs and risk assessment and management processes.

Our Environment, Health and Safety Program manages risks by implementing proactive, practical and feasible controls into daily work activities, as appropriate.

Employees receive health and safety training orientations and have access to several workplace safety programs and resources.

The program works to

continuously improve performance through preventive measures, as well as efforts to correct hazards or dangerous conditions and minimize the environmental impact of our activities.

Moreover, FOX has a Global Security team that oversees the Company’s security and emergency response efforts as well as emergency planning and preparedness.

The team proactively monitors, reports and responds to potential and actual threats to people, physical assets, property, as well as productions and events, using a number of tools, including advanced technology, active training programs and risk assessment and management processes.

Workplace Civility and Inclusion

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Therefore, it is our policy to provide a safe work environment free from this or any other unlawful conduct.

Creating and maintaining an environment free of discrimination and harassment begins at the highest leadership level of the Company and is embedded throughout our policies and practices.

Creating and maintaining an environment free of discrimination and harassment begins at the highest leadership level of the Company and we have focused on embedding this commitment throughout our policies and practices.

The FOX Standards of Business Conduct and the Preventing Harassment, Discrimination and Retaliation Policy, which are posted on our website, create our framework for addressing complaints and taking remedial measures as needed.

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In addition, all new hires must complete training on the Preventing Harassment, Discrimination and Retaliation Policy, as well as compliance and business ethics, and existing employees must complete the training periodically.

FOX also facilitates nine Employee Resource Groups, which are formed around shared identity, interests or pursuits for the purpose of advancing careers, forming a more inclusive workplace community and fostering a sense of belonging:

FOX also has several employee-driven Employee Resource Groups (ERGs) formed around shared identity, interests or pursuits for the purpose of advancing careers, encouraging a more respectful workplace community and fostering a sense of belonging.

They include:

• ABLE – promotes an inclusive environment and culture for our colleagues with disabilities through advocacy and allyship

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• HOLA (Hispanic Organization for Leadership and Advancement) – develops Hispanic leaders, enriches FOX’s diverse culture and drives positive impact

• PRIDE -- cultivates community among FOX's LGBTQ+ colleagues and allies, supports causes important to the LGBTQ+ community and fosters a work environment where all colleagues feel 100% authentic and professionally supported

• VETS -- is committed to the community of veterans, current service members, military supporters and military spouses employed at FOX by embracing our four core values – Community, Appreciation, Connection & Education

• PRIDE – cultivates community among FOX’s LGBTQ+ colleagues and allies, supports causes important to the LGBTQ+ community

• VETS – committed to the community of veterans, current service members, military supporters and military spouses employed at FOX by embracing our four core values – Community, Appreciation, Connection & Education

• WiT (Women in Tech) – attracts, advances and empowers women technologists and amplifies their impact at FOX

• Women of FOX Sports -- connects, inspires, informs and gives back to the community, with the goal of furthering women's collective contributions and advancement within the sports industry

• WOMEN@FOX -- is committed to developing female leadership at all levels and fostering a culture where all women thrive

• WOMEN@FOX – creates the space for developing female leadership at all levels and fostering a culture where all women thrive

Maintaining a work environment where employees can thrive, advance and feel included is one of our top priorities at FOX.

To that end, FOX developed and launched BE INCLUDED, a toolkit-building series of learning modules and open forum discussions to enable employees to create deeper workplace connections and support colleagues in cultivating an inclusive workplace.

As a result of these and other efforts, many outside organizations have recognized FOX for our deep commitment to inclusion and diversity.

• DiversityComm once again recognized FOX as a Top Employer and as a Top LGBTQ+ Friendly Company for 2023

• FOX was appointed to the Military Friendly® Employer list again for 2022 and named one of its 2022 top ten employers

• FOX was named to Disability Equality Index's "Best Places to Work for Disability Inclusion" list again for 2022

• FOX was appointed to the Military Friendly® Employer list again for 2023 and named a Military Friendly® Brand;

FOX also was rated a 4-Star Employer by VETS Indexes

• FOX was named to Disability Equality Index's "Best Places to Work for Disability Inclusion" list for 2023, continuing year-over-year recognition as a top scoring employer

• Black EOE Journal, HISPANIC Network Magazine, Professional WOMAN’s Magazine and U.S.

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FOX employees are deeply engaged in their communities.

Nowhere is that more evident than through the commitment and involvement of our colleagues who volunteer their time, share their talents and contribute to worthy causes through our philanthropic platform, FOX Forward.

Through volunteer opportunities and service projects, FOX employees support community groups, veterans services organizations, local schools and families in need, and we encourage our colleagues to donate their time and resources to change-making organizations.

Over the course of fiscal 2022, across all FOX businesses, our giving programs generated over $8 million in impact to local communities.

Among this year's initiatives, FOX and its employees across the Company supported military veterans, first responders and their families by partnering with U.S.

VETS to champion their Make Camo Your Cause campaign, the Stephen Siller Tunnel to Towers Foundation and the Elizabeth Dole Foundation's Hidden Heroes campaign.

FOX continued to serve as an Annual Disaster Giving Program partner for the American Red Cross, while also making two additional donations of $1 million each to the Southern and Midwest Tornadoes Campaign and humanitarian relief efforts in Ukraine.

FOX also sponsored the Los Angeles Food Bank's Backpack Program for underserved students experiencing food insecurity, while supplementing the arts and media education at twelve local Los Angeles public schools through the FOX for Students program.

In December 2021 alone, the FOX Forward Holiday giving program raised over $450,000 to lift up our local community members during an especially difficult year.

As part of the Company's commitment to give back to the communities in which its employees live and work, our FOX Giving program matches contributions made by regular full-time employees to eligible non-profit organizations, dollar for dollar, up to a total of $1,000 per fiscal year when submitted through the FOX Giving portal, Benevity.

Nowhere is that more evident than through the commitment and involvement of our colleagues who volunteer their time, share their skills and contribute to worthy causes through our philanthropic program, FOX Forward.

Through volunteer opportunities and service projects, FOX employees support community groups, veteran service organizations, local schools and families in need, and we encourage our colleagues to donate their time and resources to change-making organizations.

Over the course of fiscal 2023, across all FOX businesses, our giving programs generated over $9 million in impact to multiple communities.

During the fiscal year, FOX and its employees supported military veterans, first responders and their families by partnering with Purple Heart Homes, U.S.VETS to champion their Make Camo Your Cause campaign and in an effort to leave a positive imprint in the Super Bowl LVII host city, we made a multi-year commitment to the Pat Tillman Veterans Center at Arizona State University to provide scholarship funding and mental health resources for student veterans.

FOX continued to serve as an Annual Disaster Giving Program partner for the American Red Cross, while also making three additional donations of $1 million each to the Hurricane Ian and Southern and Midwest Tornadoes & Storms Relief Campaigns as well as ongoing humanitarian relief efforts in Ukraine.

As a part of our wider "FOX For Students" initiative, FOX became a Founding Partner of the Roybal Film and Television Production Magnet Fund.

This investment provides historically underrepresented college- and career-ready students with the resources and experiences to pursue below-the-line careers in the film and television industry.

FOX holiday giving programs raised over $525,000 in November and December of 2022 for non-profit organizations across the country, including Team Rubicon, Angel City Sports, Feeding America and Toys for Tots, providing meals, coats, and holiday gifts for those in need.

As part of the Company’s commitment to give back to the communities in which its employees live and work, our FOX Giving program matches contributions made by regular full-time employees to eligible non-profit organizations, dollar for dollar, up to a total of $1,000 per fiscal year when submitted through the FOX Giving platform.

We also track and reward employee volunteer hours with the opportunity to earn up to $1,000 per year that employees may direct to charities through the program.

Over the course of the fiscal year, across all FOX businesses, contributions through our FOX Giving program exceeded $1.5 million.

Additionally, FOX provides invaluable in-kind support through public service announcements and editorial coverage of causes such as Building Homes for Heroes, Los Angeles County High School for the Arts Foundation, The Emma Bowen Foundation and the Boys & Girls Clubs of America, while also creating additional impact in our communities through efforts such as FOX Sports Supports, FOX Entertainment's #TVForAll, FOX Television Stations' Holiday Community Giving Campaigns and FOX News Media's support of Answer the Call, the New York Police and Fire Widows' and Children's Benefit Fund.

Over the course of the fiscal year, across all FOX businesses, contributions through FOX Giving exceeded $1 million.

Additionally, FOX provides invaluable in-kind support through public service announcements and editorial coverage for non-profit organizations such as Big Brothers, Big Sisters, The National Alliance on Mental Illness, Common Goal and the Elizabeth Dole Foundation, while also creating additional impact in our communities through efforts such as FOX Sports Supports’ Gamechanger Fund, FOX Entertainment’s #TVForAll, FOX Television Stations' Holiday Community Giving Campaigns and FOX News Media’s support of the Police Athletic League NYC, Tunnel to Towers and Save Our Allies.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business