26 unchanged sentences
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the Board of Directors and Stockholders of Fox Corporation:
+Added: To the Stockholders and Board of Directors of Fox Corporation:
Opinion on Internal Control Over Financial Reporting
1 unchanged sentence
In our opinion, Fox Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of June 30, 2024, based on the COSO criteria.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Fox Corporation as of June 30, 2023 and 2022, the related consolidated statements of operations, comprehensive income, equity and cash flows for each of the three years in the period ended June 30, 2023, and the related notes and our report dated August 11, 2023 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of June 30, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity and cash flows for each of the three years in the period ended June 30, 2024, and the related notes and our report dated August 8, 2024 expressed an unqualified opinion thereon.
Basis for Opinion
18 unchanged sentences
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the Board of Directors and Stockholders of Fox Corporation:
+Added: To the Stockholders and Board of Directors of Fox Corporation:
Opinion on the Financial Statements
11 unchanged sentences
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
−Removed: Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
+Added: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
1 unchanged sentence
Critical Audit Matters
−Removed: The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the Audit Committee and that:
+Added: The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:
(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.
36 unchanged sentences
Depreciation and amortization ( 389 ) ( 411 ) ( 363 )
−Removed: Impairment and restructuring charges ( 111 ) — ( 35 )
+Added: Restructuring, impairment and other corporate matters ( 67 ) ( 1,182 ) ( 157 )
+Added: Equity (losses) earnings of affiliates ( 44 ) 4 4
Interest expense, net ( 216 ) ( 218 ) ( 371 )
−Removed: Other, net ( 699 ) ( 509 ) 579
+Added: Non-operating other, net
+Added: ( 47 ) 368 ( 356 )
Income before income tax expense 2,104 1,736 1,694
60 unchanged sentences
Class A Common Stock , $ 0.01 par value per share, 2,000,000,000 shares authorized, 225,727,598 shares and 262,899,364 shares issued and outstanding at par as of June 30, 2024 and 2023, respectively.
−Removed: Class B Common Stock , $ 0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares and 243,122,595 shares issued and outstanding at par as of June 30, 2023 and 2022, respectively.
+Added: Class B Common Stock , $ 0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares issued and outstanding at par as of June 30, 2024 and 2023.
The accompanying notes are an integral part of these Consolidated Financial Statements.
9 unchanged sentences
Amortization of cable distribution investments 16 16 18
−Removed: Impairment and restructuring charges 111 — 35
+Added: Restructuring, impairment and other corporate matters 67 367 157
Equity-based compensation 90 74 102
−Removed: Other, net ( 116 ) 509 ( 579 )
+Added: Equity losses (earnings) of affiliates 44 ( 4 ) ( 4 )
+Added: Non-operating other, net
+Added: 47 ( 368 ) 356
Deferred income taxes 203 321 342
7 unchanged sentences
Property, plant and equipment ( 345 ) ( 357 ) ( 307 )
+Added: Purchase of investments ( 103 ) ( 54 ) ( 28 )
Acquisitions, net of cash acquired — — ( 243 )
Proceeds from dispositions, net — — 83
−Removed: Purchase of investments ( 54 ) ( 28 ) ( 86 )
Other investing activities, net ( 4 ) ( 27 ) ( 18 )
2 unchanged sentences
Repayment of borrowings ( 1,250 ) — ( 750 )
+Added: Borrowings 1,232 — —
Repurchase of shares ( 1,000 ) ( 2,000 ) ( 1,000 )
−Removed: Non-operating cash flows from The Walt Disney Company — — 112
−Removed: Settlement of Divestiture Tax Prepayment — — 462
Dividends paid and distributions ( 281 ) ( 299 ) ( 307 )
−Removed: Purchase of subsidiary noncontrolling interest — — ( 67 )
Sale of subsidiary noncontrolling interest — 35 25
1 unchanged sentence
Net cash used in financing activities ( 1,341 ) ( 2,290 ) ( 2,057 )
−Removed: Net (decrease) increase in cash and cash equivalents ( 928 ) ( 686 ) 1,241
+Added: Net increase (decrease) in cash and cash equivalents 47 ( 928 ) ( 686 )
Cash and cash equivalents, beginning of year 4,272 5,200 5,886
41 unchanged sentences
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
−Removed: Fox Corporation, (“FOX” or the “Company”), is a news, sports and entertainment company, which manages and reports its businesses in the following segments:
−Removed: Cable Network Programming, Television and Other, Corporate and Eliminations.
+Added: Fox Corporation (“FOX” or the “Company”) is a news, sports and entertainment company, which manages and reports its businesses in the following reportable segments:
+Added: Cable Network Programming and Television.
The Transaction
2 unchanged sentences
In connection with the Transaction, the Company entered into the Separation and Distribution Agreement, dated as of March 19, 2019 (the “Separation Agreement”), with 21CF, which effected the internal restructuring (the “Separation”) whereby The Walt Disney Company (“Disney”) acquired the remaining 21CF assets and 21CF became a wholly-owned subsidiary of Disney.
−Removed: The Separation and the Transaction were effected as part of a series of transactions contemplated by the Amen ded and Restated Merger Agreement and Plan of Merger, dated as of June 20, 2018 (the “21CF Disney Merger Agreement”), by and among 21CF, Disney and certain subsidiaries of Disney.
−Removed: In connection with the Separation, the Company entered into a tax matters agreement among the Company, Disney and 21CF which governs the parties’ respective rights, responsibilities and obligations with respect to certain tax matters.
−Removed: Under this agreement, 21CF will generally indemnify the Company against any taxes required to be reported on a consolidated or separate tax return of 21CF and/or any of its subsidiaries, including any taxes resulting from the Separation and the Transaction, and the Company will generally indemnify 21CF against any taxes required to be reported on a separate tax return of the Company or any of its subsidiaries.
−Removed: Pursuant to the 21CF Disney Merger Agreement, immediately prior to the Transaction, the Company paid 21CF a dividend (the “Dividend”) for the estimated taxes associated with the Transaction.
−Removed: The final determination of the taxes included an estimated $ 5.8 billion in respect of the Separation and the Transaction for which the Company is responsible pursuant to the 21CF Disney Merger Agreement and an estimated $ 700 million prepayment in respect of divestitures (collectively, the “Transaction Tax”).
−Removed: As a result of the Separation and the Transaction, which was a taxable transaction for which an estimated tax liability of $ 5.8 billion was included in the Transaction Tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values.
−Removed: This resulted in estimated annual tax deductions of approximately $ 1.5 billion, which is expected to continue over the next several years due to the amortization of the additional tax basis.
−Removed: Such estimates are subject to revisions, which could be material, based upon the occurrence of future events.
−Removed: This amortization is estimated to reduce the Company’s fiscal 2023 cash tax liability by approximately $ 360 million at the current combined federal and state applicable tax rate of approximately 24 %.
−Removed: Included in the Transaction Tax was the Company’s share of the estimated tax liabilities of $ 700 million related to the anticipated divestitures by Disney of certain assets, principally the FOX Sports Regional Sports Networks (“RSNs”), which Disney sold during calendar year 2019 (“Divestiture Tax”) .
−Removed: During fiscal 2021, the Company and Disney reached an agreement to settle the majority of the Divestiture Tax and the Company received $ 462 million from Disney as reimbursement of the Company’s prepayment based upon the sales price of the RSNs.
−Removed: This reimbursement was recorded in Other, net in the Statement of Operations (See Note 20—Additional Financial Information under the heading “Other, net”).
−Removed: The balance of the Divestiture Tax is subject to adjustment in the future, but any such adjustment is not expected to have a material impact on the financial results of the Company.
+Added: The Separation and the Transaction were effected as part of a series of transactions contemplated by the Amended and Restated Merger Agreement and Plan of Merger, dated as of June 20, 2018, by and among 21CF, Disney and certain subsidiaries of Disney.
Basis of Presentation
The Company’s financial statements as of and for the years ended June 30, 2024, 2023 and 2022 are presented on a consolidated basis.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements are referred to as the “Financial Statements” herein.
19 unchanged sentences
Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Cash and Cash Equivalents
8 unchanged sentences
Total receivables, net $ 2,364 $ 2,177
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Licensed and Owned Programming
19 unchanged sentences
Where an evaluation indicates unamortized costs, including advances on multi-year sports rights contracts, are not recoverable, amortization of rights is accelerated in an amount equal to the amount by which the unamortized costs exceed fair value.
−Removed: Owned programming is monetized and tested for impairment on an individual basis.
+Added: Owned programming is monetized and tested for impairment on an
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: individual basis.
Licensed programming is predominantly monetized as a group and tested for impairment on a channel, network, or daypart basis.
5 unchanged sentences
All gains and losses on investments in equity securities are recognized in the Statements of Operations.
−Removed: Equity method investments are reviewed for impairment by comparing their fair value to their respective carrying amounts.
+Added: Equity method investments are reviewed for impairment by comparing their fair value to their respective carrying amounts when events or circumstances suggest that the carrying amount of the investment may be impaired.
The Company determines the fair value of its private company investments by considering available information, including recent investee equity transactions, discounted cash flow analyses, estimates based on comparable public company operating multiples and, in certain situations, balance sheet liquidation values.
−Removed: If the fair value of the investment has dropped below the carrying amount, management considers
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: several factors when determining whether an other-than-temporary decline in market value has occurred, including the length of time and extent to which the market value has been below cost, the financial condition and near-term prospects of the issuer of the security, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value and other factors influencing the fair market value, such as general market conditions.
+Added: If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline in market value has occurred, including the length of time and extent to which the market value has been below cost, the financial condition and near-term prospects of the issuer of the security, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value and other factors influencing the fair market value, such as general market conditions.
The Company regularly reviews equity securities not accounted for using the equity method or at fair value for impairment based on a qualitative assessment which includes, but is not limited to (i) significant deterioration in the earnings performance, credit rating, asset quality or business prospects of the investee, (ii) significant adverse changes in the regulatory, economic or technological environment of the investee and (iii) significant adverse changes in the general market condition of either the geographical area or the industry in which the investee operates.
11 unchanged sentences
Goodwill is recorded as the difference between the consideration transferred to acquire entities and the estimated fair values assigned to their tangible and identifiable intangible net assets.
−Removed: Amounts recorded as goodwill are assigned to more than one reporting unit as of the acquisition date when more than one reporting unit is expected to benefit from the synergies of the combination.
+Added: Amounts recorded as goodwill are
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: assigned to more than one reporting unit as of the acquisition date when more than one reporting unit is expected to benefit from the synergies of the combination.
The Company’s goodwill and indefinite-lived intangible assets, which primarily consist of FCC licenses, are tested annually for impairment, or earlier if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount.
6 unchanged sentences
In performing the quantitative assessment, the Company determines the fair value of a reporting unit primarily by using discounted cash flow analysis and market-based valuation approach methodologies.
−Removed: Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, company earnings multiples and relevant comparable transactions, as applicable, and the amount and timing of expected future cash flows.
+Added: Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, asset lives, company earnings multiples and relevant comparable transactions, as applicable, and the amount and timing of expected future cash flows.
The cash flows employed in the analyses are based on the Company’s estimated outlook and various growth rates have been assumed for years beyond the long-term business plan period.
Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units.
−Removed: In assessing the reasonableness of its determined fair values, the
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Company evaluates its results against other value indicators, such as comparable public company trading values.
+Added: In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable public company trading values.
If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired.
3 unchanged sentences
These assumptions are based on actual third-party historical performance and estimates of future performance in each market.
−Removed: During fiscal 2023, the Company determined that the goodwill and indefinite-lived intangible assets included in the Balance Sheet as of June 30, 2023, were not impaired based on the Company’s annual assessments.
−Removed: The Company determined that there are no reporting units at risk of impairment as of June 30, 2023, and will continue to monitor its goodwill and indefinite-lived intangible assets for any possible future non-cash impairment charges.
+Added: During fiscal 2024, the Company determined that the goodwill and indefinite-lived intangible assets included in the Balance Sheets as of June 30, 2024, were not impaired based on the Company’s annual assessments.
+Added: The Company determined that there are no reporting units at risk of impairment as of June 30, 2024.
+Added: While the Company believes its judgments represent reasonably possible outcomes based on available facts and circumstances, adverse changes to the assumptions, including prevailing market conditions, discount rates, competitive factors, comparable public company trading values and expected future cash flows, could negatively impact the fair value of our reporting units and potentially result in a non-cash goodwill impairment charge in future periods.
+Added: The Company will continue to monitor its goodwill and indefinite-lived intangible assets for any possible future non-cash impairment charges.
The Company has lease agreements primarily for office facilities and other equipment.
−Removed: At contract inception, the Company determines if a contract is or contains a lease and whether it is an operating or finance lease.
+Added: At contract inception, the Company determines if a contract is or contains a lease and, if so, whether it is an operating or finance lease.
The Company does not separate lease components from nonlease components for real estate leases.
For operating leases that have a lease term of greater than one year, the Company initially recognizes operating lease liabilities and right-of-use (“ROU”) assets at the lease commencement date, which is the date that the lessor makes an underlying asset available for use by the Company.
−Removed: ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments, primarily escalating fixed payments, over the lease term.
+Added: ROU assets represent the
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments, primarily escalating fixed payments, over the lease term.
The discount rate used to determine the present value of the lease payments is generally the Company’s incremental borrowing rate because the rate implicit in the lease is generally not readily determinable.
11 unchanged sentences
Considerable management judgment is necessary to estimate the fair value of assets;
−Removed: accordingly, actual
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: results could vary significantly from such estimates.
+Added: accordingly, actual results could vary significantly from such estimates.
Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less their costs to sell.
13 unchanged sentences
Affiliate contracts are generally multi-year contracts billed monthly with payments due shortly thereafter.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company classifies the amortization of cable distribution investments (capitalized fees paid to MVPDs to facilitate carriage of a cable network) against affiliate fee revenue.
11 unchanged sentences
Basic earnings per share for the Class A Common Stock and Class B Common Stock is calculated by dividing Net income attributable to Fox Corporation stockholders by the weighted average number of outstanding shares of Class A Common Stock, including vested restricted stock units (“RSUs”), and Class B Common Stock.
−Removed: Diluted earnings per share for the Class A Common Stock and Class B Common Stock is
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: calculated similarly, except that the calculation for the Class A Common Stock includes the dilutive effect of the assumed issuance of the shares issuable under the Company’s equity-based compensation plan.
+Added: Diluted earnings per share for the Class A Common Stock and Class B Common Stock is calculated similarly, except that the calculation for the Class A Common Stock includes the dilutive effect of the assumed issuance of the shares issuable under the Company’s equity-based compensation plan.
Equity-Based Compensation
12 unchanged sentences
If a redeemable noncontrolling interest is redeemable at an amount in excess of fair value, the portion of the adjustment that reflects a redemption in excess of fair value is presented within net income attributable to noncontrolling interests in the Statements of Operations.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Concentrations of Credit Risk
3 unchanged sentences
Generally, the Company does not require collateral to secure receivables.
−Removed: As of June 30, 2023, the Company had one customer that accounted for approximately 11 % of the Company’s receivables.
−Removed: As of June 30, 2022, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.
+Added: As of June 30, 2024, the Company had no customer that accounted for 10% or more of the Company’s receivables.
+Added: As of June 30, 2023, the Company had one individual customer that accounted for approximately 11 % of the Company’s receivables.
Recently Adopted, Recently Issued Accounting Guidance and Other
−Removed: Inflation Reduction Act
−Removed: In August 2022, the U.S.
−Removed: government enacted the Inflation Reduction Act which, among other changes, imposes a 15% corporate alternative minimum tax (“CAMT”) and a 1% excise tax on stock repurchases.
−Removed: Once subject to the CAMT, a taxpayer will compute both its CAMT liability and its regular federal tax liability and pay the higher of the two.
−Removed: To the extent that the CAMT liability exceeds the regular federal tax liability, a taxpayer will receive a credit (“CAMT credit”) which can be used against its regular federal tax liability in the future when the taxpayer is no longer subject to the CAMT.
−Removed: The CAMT credit does not expire.
−Removed: The CAMT is effective for tax years beginning after December 31, 2022, which means it will be applicable to the Company starting in fiscal 2024.
−Removed: The excise tax on stock repurchases applies to stock repurchases occurring after December 31, 2022.
−Removed: The Company continues to evaluate the impact the CAMT will have on its financial statements but expects that, when applicable, the Company will be subject to the CAMT.
−Removed: The CAMT will impact the timing of the cash tax benefit the Company receives from the amortization of the additional tax basis received as a result of the Transaction Tax.
−Removed: This change in timing will result in an increase to the Company’s annual cash tax liability which could be material.
−Removed: However, as noted above, if the Company pays CAMT it will receive a CAMT credit that can be carried forward indefinitely and applied against its regular federal tax liability in future years.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Company has been subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not material.
+Added: Segment Reporting
+Added: In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that enhances segment reporting by requiring the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss.
+Added: The amendment will be applied on a retrospective basis and is effective beginning with the Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2025 and for interim periods beginning with the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.
+Added: The Company is currently evaluating the impact the new guidance will have on our financial statement disclosures.
+Added: In December 2023, the FASB issued updated guidance that enhances income tax disclosures, primarily requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction.
+Added: The amendment is effective for the Company beginning with the Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2026 on a prospective basis, with the option to use retrospective application.
+Added: The Company is currently evaluating the impact the new guidance will have on our financial statement disclosures.
ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS
1 unchanged sentence
The Company records any noncontrolling interests in an acquiree at their acquisition date fair value.
−Removed: The initial accounting for a business combination, including the allocation of the consideration transferred, is based on provisional amounts.
+Added: When there is a business combination, the initial accounting, including the allocation of the consideration transferred, is based on provisional amounts.
The amounts allocated to intangible assets and goodwill, the estimates of useful lives and the related amortization expense are subject to changes pending the completion of the final valuations of certain assets and liabilities.
A change in the allocation of consideration transferred and any estimates of useful lives could result in a change in the value allocated to the intangible assets that could impact future amortization expense.
−Removed: During fiscal 2023, the Company made no acquisitions.
+Added: During fiscal 2024 and 2023, the Company made no acquisitions.
During fiscal 2022, the Company made acquisitions, primarily consisting of three entertainment production companies, for total cash consideration of approximately $ 240 million.
−Removed: During fiscal 2021, the Company mad e one acquisition consisting of a digital media company and disposed of its sports marketing businesses.
−Removed: The incremental revenues and Segment EBITDA (as defined in Note 17—Segment Information) related to the fiscal 2022 acquisitions and the fiscal 2021 acquisition and disposals, included in the Company's results of operations, were not material individually or in the aggregate.
−Removed: RESTRUCTURING PROGRAMS
−Removed: During fiscal 2023, 2022 and 2021, the Company recognized restructuring charges of $ 111 million, nil and $ 35 million, respectively, which were recorded in Impairment and restructuring charges in the Statements of Operations.
−Removed: These charges were primarily comprised of severance costs at the Cable Network Programming, Television and Other, Corporate and Eliminations segments for fiscal 2023 and the Cable Network Programming segment for fiscal 2021.
+Added: The incremental revenues and Segment EBITDA (as defined in Note 17—Segment Information) related to the fiscal 2022 acquisitions, included in the Company's results of operations, were not material individually or in the aggregate.
+Added: On January 12, 2024, the United Football League (the “UFL”) was launched as a professional spring football league that combines the legacy operations of the United States Football League (the “USFL”), a majority-owned consolidated subsidiary of FOX, and XFL, a third-party company.
+Added: In connection with the launch of the UFL, the Company deconsolidated the operations of the USFL and contributed the USFL net assets to the UFL.
+Added: As consideration for the net assets contributed, the Company received an approximately 42 % ownership interest in the UFL, a variable interest entity, which was recorded as an equity method investment, initially at fair value.
+Added: This equity method investment is included in Other non-current assets in the Balance Sheets.
+Added: As a result of this transaction, the Company recorded a gain of approximately $ 170 million in Non-
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: operating other, net in the Statements of Operations for the year ended June 30, 2024 (See Note 20—Additional Financial Information under the heading “Non-Operating Other, net”).
+Added: On February 6, 2024, FOX announced that it would enter into a joint venture (“Venu Sports”) with ESPN, a subsidiary of The Walt Disney Company, and Warner Bros.
+Added: Discovery to form a digital distribution platform focused on sports.
+Added: Each company is expected to own one-third of the joint venture, have equal board representation and license their sports networks to the joint venture on a non-exclusive basis.
+Added: The subscription-based streaming service is expected to launch in the fall of 2024.
+Added: RESTRUCTURING, IMPAIRMENT AND OTHER CORPORATE MATTERS
+Added: The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:
+Added: For the years ended June 30,
+Added: 2024 2023 2022
+Added: (in millions)
+Added: Restructuring charges $ ( 13 ) $ ( 111 ) $ —
+Added: Other corporate matters
+Added: Legal settlement costs (a)
+Added: ( 24 ) ( 894 ) ( 6 )
+Added: Newspaper Matters Indemnity (a)
+Added: ( 20 ) ( 117 ) ( 81 )
+Added: Other ( 10 ) ( 60 ) ( 70 )
+Added: Total restructuring, impairment and other corporate matters $ ( 67 ) $ ( 1,182 ) $ ( 157 )
+Added: See Note 14—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and "U.K.
+Added: Newspaper Matters Indemnity."
+Added: Restructuring
+Added: During fiscal 2024, 2023 and 2022, the Company recognized restructuring charges of $ 13 million, $ 111 million and nil , respectively.
+Added: These charges were primarily comprised of severance costs at the Cable Network Programming and Television reportable segments and Corporate and Other for fiscal 2024 and 2023.
Changes in the restructuring program liabilities were as follows:
2 unchanged sentences
$ ( 16 ) $ ( 22 ) $ ( 38 )
−Removed: Additions ( 39 ) 4 ( 35 )
Payments 8 3 11
1 unchanged sentence
$ ( 8 ) $ ( 19 ) $ ( 27 )
+Added: Additions ( 111 ) — ( 111 )
Payments 52 2 54
1 unchanged sentence
$ ( 67 ) $ ( 17 ) $ ( 84 )
−Removed: Additions ( 111 ) — ( 111 )
+Added: Additions and other ( 19 ) 6 ( 13 )
Payments 69 11 80
1 unchanged sentence
$ ( 17 ) $ — $ ( 17 )
−Removed: As of June 30, 2023 and 2022, restructuring liabilities of $ 74 million and $ 16 million, respectively, were included in Accounts payable, accrued expenses and other current liabilities in the Balance Sheets with the remaining liability balances of $ 10 million and $ 11 million, respectively, included in Non-current Other liabilities in the Balance Sheets.
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: Amounts recognized in the Balance Sheets consist of:
+Added: For the years ended June 30,
+Added: 2024 2023 2022
+Added: (in millions)
+Added: Accounts payable, accrued expenses and other current liabilities
+Added: $ 17 $ 74 $ 16
+Added: Other liabilities
+Added: Total restructuring liabilities $ 17 $ 84 $ 27
INVENTORIES, NET
11 unchanged sentences
Total $ 497 $ 465
−Removed: The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statement of Operations:
+Added: The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations:
For the years ended June 30,
9 unchanged sentences
The Company will determine if there is an impairment by evaluating the fair value of the inventories, which are primarily supported by internal forecasts as compared to unamortized costs.
−Removed: The Company recognized impairments of approximately $ 10 million, $ 50 million and nil in fiscal 2023, 2022 and 2021, respectively, related to owned programming at the Cable Network Programming and Television segments, which were recorded in Operating expenses in the Statements of Operations.
+Added: The Company recognized impairments of approximately $ 40 million, $ 10 million and $ 50 million in fiscal 2024, 2023 and 2022, respectively, related to owned programming at the Cable Network Programming and Television segments, which were recorded in Operating expenses in the Statements of Operations.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Fair value measurements are disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories:
2 unchanged sentences
and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:
23 unchanged sentences
District Court for the Southern District of New York confirmed and entered the arbitrator’s ruling affirming FOX Sports’ 10 -year call option expiring in December 2030 to acquire 18.6 % of FanDuel for $ 3.7 billion, with a 5 % annual escalator.
−Removed: As of June 30, 2023, the option price is approximately $ 4 billion.
+Added: As of June 30, 2024, the option exercise price is approximately $ 4.3 billion.
FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option.
9 unchanged sentences
Acquisitions (a)
−Removed: Net loss (income) 16 12 ( 25 )
−Removed: Redemption of noncontrolling interests (b)
+Added: Net loss 1 16 12
Distributions — — 3
−Removed: Accretion and other (c)
+Added: Accretion and other (b)
( 30 ) ( 41 ) 116
1 unchanged sentence
The amount issued in fiscal 2022 was primarily due to the acquisition of an entertainment production company.
−Removed: As a result of the exercise of a portion of the put rights held by the sports network minority shareholder during fiscal 2021, approximately $ 135 million was reclassified out of Redeemable noncontrolling interests into equity.
−Removed: At closing, the Company paid half of the purchase price in cash and delivered a three -year promissory note for the remaining balance, which was recorded in Non-current liabilities on the Balance Sheet.
As a result of the expiration of the sports network minority shareholder’s final put right during fiscal 2022, approximately $ 110 million was reclassified into equity.
11 unchanged sentences
Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement).
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
3 unchanged sentences
The resulting fair value measurements of the assets are considered to be Level 3 measurements.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
In addition, investments accounted for using the measurement alternative method are recorded at fair value as a result of observable price changes in orderly transactions for the identical or a similar investment of the same issuer .
16 unchanged sentences
$ 2,250 $ 642 $ 2,892 $ 265 $ 3,157
−Removed: Acquisitions (b)
Amortization and other — — — ( 73 ) ( 73 )
5 unchanged sentences
Net of accumulated amortization of $ 405 million and $ 366 million as of June 30, 2024 and 2023, respectively.
−Removed: See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”
+Added: Amortization expense related to finite-lived intangible assets was $ 45 million, $ 74 million and $ 66 million for fiscal 2024, 2023 and 2022, respectively.
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Amortization expense related to finite-lived intangible assets was $ 74 million, $ 66 million and $ 63 million for fiscal 2023, 2022 and 2021, respectively.
Based on the balance of finite-lived intangible assets as of June 30, 2024, the estimated amortization expense for each of the succeeding five fiscal years is as follows:
5 unchanged sentences
These amounts may vary as acquisitions and dispositions occur in the future.
−Removed: The changes in the carrying value of goodwill, by segment, are as follows:
−Removed: Cable Network Programming Television Other,
−Removed: Corporate and
+Added: The changes in the carrying value of goodwill, by reportable segment and Corporate and Other, are as follows:
+Added: Cable Network Programming Television Corporate
Total Goodwill
2 unchanged sentences
$ 1,059 $ 2,241 $ 254 $ 3,554
−Removed: Acquisitions and other (a)
+Added: Acquisitions and other
Balance, June 30, 2023
$ 1,059 $ 2,246 $ 254 $ 3,559
−Removed: Acquisitions and other
+Added: ( 15 ) — — ( 15 )
Balance, June 30, 2024
$ 1,044 $ 2,246 $ 254 $ 3,544
−Removed: See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”
The carrying amount of Television segment goodwill was net of accumulated impairments of $ 371 million as of June 30, 2024 and 2023.
5 unchanged sentences
The 2019 Indenture does not contain any financial maintenance covenants.
−Removed: In April 2020, the Company issued $ 1.2 billion of senior notes and used the net proceeds for general corporate purposes.
−Removed: In January 2019, the Company issued $ 6.8 billion of senior notes and used the net proceeds, together with available cash on its balance sheet, to fund the Dividend and to pay fees and expenses
+Added: In October 2023 and April 2020, the Company issued $ 1.25 billion and $ 1.2 billion of senior notes, respectively, and used the net proceeds for general corporate purposes.
+Added: In January 2019, the Company issued $ 6.8 billion of senior notes and used the net proceeds, together with available cash on its balance sheet, to fund
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: incurred in connection with the issuance of such notes and the Separation and the Transaction.
+Added: the estimated taxes associated with the Transaction.
The following table summarizes the Company’s senior notes, net of repayments:
2 unchanged sentences
4.030 % senior notes due 2024
−Removed: $ 1,250 $ 1,250
3.050 % senior notes due 2025
3 unchanged sentences
5.476 % senior notes due 2039
+Added: 5.576 % senior notes due 2049
Total public debt 7,250 7,250
2 unchanged sentences
Current Borrowings
−Removed: Included in Borrowings within Current liabilities as of June 30, 2023 was $ 1.25 billion of 4.030 % senior due in January 2024.
+Added: Included in Borrowings within Current liabilities as of June 30, 2024 was $ 600 million of 3.050 % senior notes due in April 2025.
+Added: Included in Borrowings within Current liabilities as of June 30, 2023 was $ 1.25 billion of 4.030 % senior notes which matured and were repaid in full in January 2024.
Revolving Credit Agreement
−Removed: On June 14, 2023, the Company entered into a credit agreement (the “Revolving Credit Agreement”) among the Company, as Borrower, the initial lenders named therein, the initial issuing banks named therein, Citibank, N.A., as Administrative Agent, Deutsche Bank Securities Inc.
+Added: On June 14, 2023, the Company entered into a five-year credit agreement (the “Revolving Credit Agreement”) among the Company, as Borrower, the initial lenders named therein, the initial issuing banks named therein, Citibank, N.A., as Administrative Agent, Deutsche Bank Securities Inc.
and Goldman Sachs Bank USA, as Co-Syndication Agents and JPMorgan Chase Bank, N.A.
and Morgan Stanley Senior Funding Inc., as Co-Documentation Agents.
−Removed: The Company entered into the Revolving Credit Agreement in anticipation of the transition away from the London Interbank Offered Rate (“LIBOR”) as a result of reference rate reform and to replace the Company’s previous unsecured revolving credit facility, dated as of March 15, 2019, which was scheduled to mature in March 2024.
+Added: The Company entered into the Revolving Credit Agreement in anticipation of the transition away from the London Interbank Offered Rate (“LIBOR”) as a result of reference rate reform and to replace the Company’s previous unsecured revolving credit facility.
The Revolving Credit Agreement provides for a $ 1.0 billion unsecured revolving credit facility with a sub-limit of $ 150 million available for the issuance of letters of credit and a maturity date of June 2028.
7 unchanged sentences
Lessee Arrangements
−Removed: The following amounts were recorded in the Company’s Balance Sheet relating to its operating leases and other supplemental information:
+Added: The following amounts were recorded in the Company’s Balance Sheets relating to its operating leases and other supplemental information:
As of June 30,
19 unchanged sentences
ROU assets obtained in exchange for operating lease liabilities $ 36 $ 568 $ 137
−Removed: Total lease costs of $ 145 million, $ 128 million and $ 126 million for fiscal 2023, 2022 and 2021 are net of sublease income of approximately $ 15 million, $ 15 million and $ 30 million, respectively.
−Removed: Approximately $ 15 million of the sublease income for fiscal 2021 relates to office facilities that were subleased through November 2020 to News Corporation, a related party (see Note 13—Related Party Transactions).
+Added: Total lease costs are net of sublease income of approximately $ 15 million in each period.
FOX CORPORATION
9 unchanged sentences
The Company’s lessor arrangements primarily relate to its owned production and office facilities at the FOX Studio Lot, which is located in Los Angeles, California .
−Removed: The Company is responsible for the management of the FOX Studio Lot , which includes managing and providing facilities, studio operations, and production services.
−Removed: The Company le ases production and office space on the FOX Studio Lot to 21CF for an initial term of seven years , subject to two five-year renewal options exercisable by 21CF.
−Removed: As a result, the FOX Studio Lot will predominantly be utilized by Disney productions until 2026.
+Added: The Company le ases production and office space on the FOX Studio Lot to Disney for an initial term of seven years , subject to two five-year renewal options exercisable by Disney.
+Added: As a result, the FOX Studio Lot will predominantly be utilized by Disney until 2026.
The Company will receive approximately $ 50 million annually in lease payments over the remaining lease term.
−Removed: The Company recorded total lease income of approximately $ 60 million, $ 60 million, and $ 50 million for fiscal 2023, 2022 and 2021 respectively, which is included in Revenues in the Statements of Operations.
+Added: The Company recorded total lease income for fiscal 2024, 2023 and 2022 of approximately $ 55 million in each period, which is included in Revenues in the Statements of Operations.
The Company recognizes lease payments for operating leases as revenue on a straight-line basis over the lease term and variable lease payments as revenue in the period incurred.
8 unchanged sentences
In the event of any merger or consolidation with or into another entity, the holders of Class A Common Stock and the holders of Class B Common Stock generally are entitled to receive substantially identical per share consideration.
+Added: Under the Certificate of Incorporation, the Board is authorized to issue shares of preferred stock or common stock at any time, without stockholder approval, and to determine all the terms of those shares,
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Under the Certificate of Incorporation, the Board is authorized to issue shares of preferred stock or common stock at any time, without stockholder approval, and to determine all the terms of those shares, including the following:
+Added: including the following:
(i) the voting rights, if any, except that the issuance of preferred stock or series common stock which entitles holders thereof to more than one vote per share requires the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of the Company’s capital stock entitled to vote generally in the election of directors;
5 unchanged sentences
Stock Repurchase Program
−Removed: The Board previously authorized a stock repurchase program under which the Company can repurchase $ 4 billion of Class A Common Stock and Class B Common Stock.
−Removed: In February 2023, the Board authorized incremental stock repurchases of an additional $ 3 billion of Common Stock.
−Removed: With this increase, the Company’s total stock repurchase authorization is now $ 7 billion.
+Added: The Company’s Board has authorized a stock repurchase program under which the Company can repurchase $ 7 billion of Class A Common Stock and Class B Common Stock .
The program has no time limit and may be modified, suspended or discontinued at any time.
As of June 30, 2024, the Company’s remaining stock repurchase authorization was approximately $ 1.4 billion.
+Added: Fiscal 2023 and 2024
In connection with the stock repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement in February 2023 under which the Company paid a third-party financial institution $ 1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80 % of the shares expected to be repurchased under the ASR agreement, at a price of $ 35.54 per share, which was the Nasdaq Global Select Market (“Nasdaq”) closing share price of the Class A Common Stock on February 8, 2023.
1 unchanged sentence
The final number of shares purchased under the ASR agreement was determined using a price of $ 33.03 per share (the volume-weighted average market price of the Class A Common Stock on the Nasdaq during the term of the ASR agreement less a discount).
−Removed: The Company accounted for the ASR agreement as two separate transactions.
+Added: The Company accounted for the ASR agreement as two s eparate transactions.
The initial delivery of Class A Common Stock was accounted for as a treasury stock transaction recorded on the acquisition date.
The final settlement of Class A Common Stock was accounted for as a forward contract indexed to the Class A Common Stock and qualified as an equity transaction.
−Removed: In connection with the stock repurchase program, the Company entered into two ASR agreements in August 2020 to repurchase $ 154 million of Class A Common Stock and $ 66 million of Class B Common Stock.
−Removed: In accordance with the ASR agreements, the Company paid a third-party financial institution $ 154 million and $ 66 million and received initial deliveries of approximately 4.7 million and 2.0 million shares of Class A Common Stock and Class B Common Stock, respectively, representing 80 % of the shares expected to be repurchased under each ASR agreement, at a price of $ 26.00 and $ 26.01 per share, which was the Nasdaq closing share price of the Class A Common Stock and Class B Common Stock, respectively, on August 21, 2020 .
−Removed: Upon settlement of the ASR agreements in September 2020 , the Company received final deliveries of approximately 0.9 million and 0.4 million shares of Class A Common Stock and Class B Common Stock, respectively.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: number of shares purchased under the ASR agreements was determined using a price of $ 27.57 and $ 27.67 per share (the volume-weighted average market price on the Nasdaq of the Class A Common Stock and Class B Common Stock, respectively, during the terms of the ASR agreements less a discount applicable for the Class A Common Stock).
−Removed: The Company accounted for each ASR agreement as two separate transactions.
−Removed: The initial deliveries of Class A Common Stock and Class B Common Stock were accounted for as treasury stock transactions recorded on the acquisition date.
−Removed: The final settlements of Class A Common Stock and Class B Common Stock were accounted for as forward contracts indexed to the Class A Common Stock or Class B Common Stock, as applicable, and qualified as equity transactions.
−Removed: In addition to the shares purchased under the ASR agreements, the Company repurchased shares of Class A Common Stock and Class B Common Stock in the open market during fiscal 2023, 2022 and 2021.
+Added: In addition to the shares purchased under the ASR agreement, the Company repurchased shares of Class A Common Stock and Class B Common Stock in the open market during fiscal 2024, 2023 and 2022.
Repurchased sh ares are retired and reduce the number of shares issued and outstanding.
The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The foll owing table summarizes the Company’s repurchases of its Class A Common Stock and Class B Common Stock:
5 unchanged sentences
Total number of shares repurchased 40 54 27
−Removed: These amounts exclude any fees, commissions or other costs associated with the share repurchases.
+Added: These amounts exclude any fees, commissions, excise taxes or other costs associated with the share repurchases.
Stockholders Agreement
7 unchanged sentences
Comprehensive income is reported in the Statements of Comprehensive Income and consists of Net income and Other comprehensive income, including benefit plan adjustments, which affect stockholders’ equity, and under GAAP, are excluded from Net income.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following tables summarize the activity within Other comprehensive income:
2 unchanged sentences
(in millions)
−Removed: Benefit plan, cumulative translation adjustments and other
+Added: Benefit plan adjustments and other
Unrealized gains $ 47 $ ( 11 ) $ 36
Reclassifications realized in net income (a)
−Removed: Cumulative translation adjustment 3 — 3
Other comprehensive income $ 55 $ ( 13 ) $ 42
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended June 30, 2023
1 unchanged sentence
(in millions)
−Removed: Benefit plan and cumulative translation adjustments
+Added: Benefit plan, cumulative translation adjustments and other
Unrealized gains $ 79 $ ( 19 ) $ 60
5 unchanged sentences
(in millions)
−Removed: Benefit plan adjustments
+Added: Benefit plan and cumulative translation adjustments
Unrealized gains $ 100 $ ( 25 ) $ 75
Reclassifications realized in net income (a)
+Added: Cumulative translation adjustment ( 7 ) — ( 7 )
Other comprehensive income $ 125 $ ( 33 ) $ 92
−Removed: Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).
+Added: Reclassifications of amounts related to benefit plan adjustments are included in Non-operating other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).
Accumulated other comprehensive loss
7 unchanged sentences
EQUITY-BASED COMPENSATION
−Removed: The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (the “SAP”), under which stock options (including performance-based stock options (“PSOs”),
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: stock appreciation rights, restricted and unrestricted stock, RSUs, performance stock units “PSUs”) an d other types of FOX or subsidiary equity awards may be granted.
+Added: The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (the “SAP”), under which stock options (including performance-based stock options (“PSOs”), stock appreciation rights, restricted and unrestricted stock, RSUs, performance stock units “PSUs”) an d other types of FOX or subsidiary equity awards may be granted.
2019 Shareholder Alignment Plan
3 unchanged sentences
Awards granted under the SAP (other than stock options or stock appreciation rights) entitle the holder to receive Dividend Equivalents (as defined in the SAP) for each regular cash dividend on the common stock underlying the award paid by the Company during the award period.
−Removed: Dividend equivalents granted with respect to equity awards will be accrued during the applicable award period and such dividend equivalents will vest and be paid only if and when the underlying award vests.
+Added: Dividend equivalents granted with respect
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: to equity awards will be accrued during the applicable award period and such dividend equivalents will vest and be paid only if and when the underlying award vests.
The fair value of equity-based compensation under the SAP was calculated according to the type of award issued.
3 unchanged sentences
Any person who holds RSUs has no ownership interest in the shares of Class A Common Stock to which such RSUs relate until and unless shares of Class A Common Stock are delivered to the holder.
−Removed: In fiscal 2023, 2022 and 2021 , a total of approximately 2.1 million, 1.7 million and 2.2 million RSUs were granted, respectively, which vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.
+Added: In fiscal 2024, 2023 and 2022 , a total of approximately 3.0 million, 2.1 million and 1.7 million RSUs were granted , respectively, which generally vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.
Performance Stock Units
5 unchanged sentences
The fair value of the TSR condition is determined using a Monte Carlo simulation model.
−Removed: In fiscal 2023, 2022 and 2021 , a total of approximately 0.2 million, 0.2 million and 0.3 million PSUs were granted, respectively, which have a three-yea r performance measurement period.
+Added: In fiscal 2024, 2023 and 2022 , a total of approximately 0.2 million PSUs were granted in each period, which have a three-yea r performance measurement period.
The awards are subject to the achievement of three pre-established objective performance measures determined by the Compensation Committee.
69 unchanged sentences
Tax benefit on settled equity-based awards $ 12 $ 14 $ 21
−Removed: As of June 30, 2023, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $ 70 million and is expected to be recognized over a weighted average period between one and two years .
+Added: As of June 30, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $ 105 million and is expected to be recognized over a weighted average period between two and three years .
RELATED PARTY TRANSACTIONS
In the ordinary course of business, the Company enters into transactions with related parties to buy and/or sell programming and purchase and/or sell advertising.
−Removed: For fiscal 2023, 2022 and 2021, the related party revenue and expense were not material (See Note 10—Leases for information related to office facilities that were subleased to News Corporation for a portion of fiscal 2021 and Note 14—Commitments and Contingencies and Note 20—Additional Financial Information for information related to U.K.
+Added: For fiscal 2024, 2023 and 2022, the related party revenue and expense were not material (See Note 14—Commitments and Contingencies and Note 4—Restructuring, impairment and other corporate matters for information related to U.K.
Newspaper Matters Indemnity obligation to News Corporation).
43 unchanged sentences
Newspaper Matters Indemnity.
−Removed: The liability recorded in the Balance Sheets related to the indemnity was approximately $ 115 million and $ 65 million as of June 30, 2023 and 2022, respectively.
−Removed: The increase in the liability recorded was attributable to an increase in the number of civil claims submitted in advance of the September 30, 2022 cutoff date set by the judge for this phase of the litigation.
+Added: The liability recorded in the Balance Sheets related to the indemnity was approximately $ 115 million as of June 30, 2023 and approximately $ 65 million as of June 30, 2024.
FOX CORPORATION
7 unchanged sentences
Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them.
−Removed: The Company paid an aggregate of approximately $ 800 million to settle this and a related lawsuit in April 2023, which is included in Other, net in the Consolidated Statement of Operations for fiscal 2023 (See Note 20—Additional Financial Information under the heading “Other, net”).
+Added: The Company paid an aggregate of approximately $ 800 million to settle this and a related lawsuit in April 2023, which is included in Restructuring, impairment and other corporate matters in the Consolidated Statement of Operations for fiscal 2023 (See Note 4—Restructuring, Impairment and Other Corporate Matters).
The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals.
−Removed: Discovery in the Smartmatic case remains ongoing and it is likely that depositions, expert discovery and summary judgment and other key motions will follow.
+Added: The Smartmatic case has been stayed by operation of New York law due to the death of Lou Dobbs, and it is unclear when the stay will be lifted.
At this time, a trial in the Smartmatic lawsuit is not expected to commence until 2025.
1 unchanged sentence
There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
−Removed: On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits against certain directors of the Company under the captions Schwarz v.
−Removed: Murdoch et al., C.A.
−Removed: 2023-0418 (Del.
−Removed: Ch.) and Greenberg et al.
−Removed: Murdoch et al., C.A.
−Removed: 2023-0440 (Del.
−Removed: The lawsuits each named the Company as a nominal defendant.
−Removed: The complaints allege that members of the Company’s Board breached their fiduciary duties by allowing the Company’s news channel to air programming regarding election fraud in connection with the 2020 U.S.
−Removed: Presidential election, which resulted in significant defamation cases.
−Removed: The plaintiffs seek orders awarding damages in favor of the Company;
+Added: On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits in the Delaware Court of Chancery (the “Chancery Court”) against certain directors of the Company, which the Chancery Court subsequently consolidated into one matter captioned In re Fox Corporation Deriv.
+Added: 2023-0418 (Del.Ch.) .
+Added: Two additional derivative lawsuits were subsequently filed by the Company’s stockholders in the Chancery Court on September 12, 2023 against certain directors and officers of the Company and are part of the consolidated lawsuit.
+Added: Each of the lawsuits names the Company as a nominal defendant.
+Added: On April 26, 2024, the lead plaintiffs filed an amended complaint that alleges that certain directors and officers, as applicable, breached their fiduciary duties by allowing the Company’s news channel to air allegations regarding election fraud in connection with the 2020 U.S.
+Added: Presidential election, which resulted in significant defamation litigation.
+Added: The amended complaint seeks orders awarding damages in favor of the Company;
directing the Company to reform and improve its policies and procedures;
and awarding the plaintiffs attorneys' fees and costs.
−Removed: The Company believes the lawsuits are without merit and intends to vigorously defend against them.
+Added: On June 25, 2024, the defendants filed a motion to dismiss the amended complaint, and a hearing on the motion is scheduled for November 2024.
+Added: The Company intends to vigorously contest the lawsuit.
+Added: Actions and Claims Arising from Alleged Misuse of Personal Information
+Added: The Company and its subsidiaries, including Tubi, Inc.
+Added: (“Tubi”), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information.
+Added: In June 2023, a putative class action lawsuit titled Campos v.
+Added: Tubi was filed with the U.S.
+Added: District Court for the Northern District of Illinois, Eastern Division (the “District Court”), alleging that Tubi shared viewer information with third parties in violation of the privacy protection provisions of the federal Video Privacy Protection Act.
+Added: In February 2024, the District Court denied Tubi’s motion to compel arbitration and motion to dismiss, and Tubi appealed those rulings to the U.S.
+Added: Court of Appeals for the Seventh Circuit.
+Added: Following a determination that Campos lacked standing to sue Tubi, plaintiff’s counsel filed a new putative class action titled Gregory v.
+Added: Tubi with the 17 th Judicial Circuit Court in Winnebago County, Illinois (the “Illinois State Court”).
+Added: On July 26, 2024 the parties entered into a Settlement and Release Agreement to resolve all claims, which includes the dismissal of the Campos lawsuit and settlement of the Gregory lawsuit.
+Added: The Company is unable to predict the final outcome of this matter until the Illinois State Court has approved the Settlement and Release Agreement, but has established an accrued liability for the settlement amount.
+Added: If approved, the settlement will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
+Added: The Company intends to vigorously defend against any other actions and arbitration claims arising from the alleged misuse of personal information that have not been settled or resolved by the Gregory settlement.
+Added: The Company is unable to predict the final outcome of these pending matters and has determined that a loss in these matters is neither probable
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: nor reasonably estimable.
+Added: There can be no assurance that the ultimate resolution of these matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities.
11 unchanged sentences
The Company makes contributions in accordance with applicable laws or contract terms.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Pension and postretirement plans that are sponsored by the Company are accounted for as defined benefit pension plans.
3 unchanged sentences
The funded status of the plans can change from year to year, but the assets of the funded plans have been sufficient to pay all benefits that came due in each of fiscal 2024, 2023 and 2022.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company uses a June 30 measurement date for all pension and postretirement benefit plans.
27 unchanged sentences
Represents the full settlement of former employees’ deferred pension benefit obligations through lump sum payments.
−Removed: Actuarial gains for June 30, 2023 and June 30, 2022 were primarily due to a change in the discount rate assumption utilized in measuring plan obligations.
+Added: Actuarial gains for June 30, 2024 and June 30, 2023 were primarily due to higher interest rates utilized in measuring plan obligations.
The Company has established an irrevocable grantor trust (the “Grantor Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company.
The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Amounts recognized in the Balance Sheets consist of:
6 unchanged sentences
Net amounts recognized $ ( 228 ) $ ( 319 ) $ ( 45 ) $ ( 47 )
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Amounts recognized in Accumulated other comprehensive loss, before tax, consist of:
4 unchanged sentences
Actuarial losses (gains) $ 169 $ 229 $ ( 30 ) $ ( 34 )
−Removed: Prior service cost 1 3 — —
−Removed: Net amounts recognized $ 229 $ 325 $ ( 34 ) $ ( 33 )
Accumulated pension benefit obligations as of June 30, 2024 and 2023 were $ 1.01 billion and $ 1.04 billion, respectively.
−Removed: For the funded plans, as of June 30, 2023, the projected benefit obligation exceeds the fair value of plan assets except for two plans that have assets of $ 123 million, a projected benefit obligation of $ 115 million and an accumulated benefit obligation of $ 112 million.
+Added: As of June 30, 2024, the fair value of plan assets exceeds the projected benefit obligation and accumulated benefit obligation for each funded plan.
+Added: As of June 30, 2023, the projected benefit obligation exceeds the fair value of plan assets for the funded plans except for two plans that have assets of $ 123 million, a projected benefit obligation of $ 115 million and an accumulated benefit obligation of $ 112 million.
+Added: As of June 30, 2024 and 2023, the projected benefit obligation and accumulated benefit obligation exceeds the fair value of plan assets for each unfunded plan.
Information about funded and unfunded pension plans is presented below:
7 unchanged sentences
The fair value of the assets in the Grantor Trust as of June 30, 2024 and 2023 was $ 266 million and $ 276 million, respectively.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Information about funded and unfunded pension plans in which the accumulated benefit obligation exceeds fair value of the plan assets is presented below:
−Removed: Funded plans Unfunded plans
−Removed: As of June 30,
−Removed: 2023 2022 2023 2022
−Removed: (in millions)
−Removed: Projected benefit obligation $ — $ 807 $ 271 $ 273
−Removed: Accumulated benefit obligation — (a)
−Removed: Fair value of plan assets — (a)
−Removed: As of June 30, 2023, the fair value of plan assets exceeded the accumulated benefit obligation for the funded plans.
−Removed: The fair value of the assets in the Grantor Trust as of June 30, 2023 and 2022 was $ 276 million and $ 270 million, respectively.
The components of net periodic benefit costs were as follows:
9 unchanged sentences
Net periodic benefit costs $ 55 $ 65 $ 52 $ ( 2 ) $ ( 1 ) $ 4
−Removed: The components of net periodic benefit costs other than the service cost component are included in Other, net in the Statements of Operations.
+Added: The components of net periodic benefit costs other than the service cost component are included in Non- operating other, net in the Statements of Operations.
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Pension benefits Postretirement benefits
9 unchanged sentences
N/A – not applicable.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company utilizes a full yield curve approach in the estimation of the service and interest components of net periodic benefit costs for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows.
37 unchanged sentences
Balanced funds
+Added: Domestic government obligations (d)
Total fair value of Grantor Trust assets $ 266 $ 266 $ —
13 unchanged sentences
Balanced funds 78 78 —
−Removed: common stocks (d)
Partnership interests 49 — 49
−Removed: Exchange traded funds (d)
−Removed: ( 1 ) ( 1 ) —
Total fair value of plan assets $ 853 $ 804 $ 49
GRANTOR TRUST ASSETS
−Removed: Balanced funds (b)
−Removed: $ 234 $ 234 $ —
−Removed: Partnership interests 16 — 16
+Added: Pooled funds (b)
+Added: Money market funds $ 20 $ 20 $ —
+Added: Domestic fixed income funds (c)
+Added: Balanced funds
Total fair value of Grantor Trust assets $ 276 $ 276 $ —
3 unchanged sentences
Domestic fixed income funds consist primarily of investment grade securities.
−Removed: Exchange traded funds and common stock investments that are publicly traded are valued at the closing price reported on active markets in which the securities are traded.
−Removed: Includes cash and cash equivalents and plan receivables and payables.
−Removed: The investment objective for the funded pension plans is to grow assets to decrease the deficit and protect improvements in funded status.
+Added: Government obligations consist of investment grade securities whose fair value is based on observable market data obtained from dealers and brokers.
+Added: Includes cash and cash equivalents.
+Added: The investment objective for the funded pension plans is to grow assets to satisfy future benefit obligations and to maintain funded status.
The asset allocation strategy will change over time by shifting assets from return seeking assets to liability hedging assets upon the achievement of certain funding milestones.
−Removed: The target asset allocation on June 30, 2023 is 50 % return seeking assets and 50 % liability hedging assets which approximates the actual asset allocation as of June 30, 2023.
−Removed: Return seeking assets are diversified across multiple asset classes and liability hedging assets are managed to correlate highly with the pension liabilities to reduce interest rate risk.
+Added: Return seeking assets are diversified across equity, fixed income and other investments and liability hedging assets are primarily fixed income investments, which are managed to correlate highly with the pension liabilities to reduce interest rate risk.
+Added: The target asset allocation on June 30, 2024 is 37 % return seeking assets and 63 % liability hedging assets.
+Added: The actual asset allocation on June 30, 2024 is 44 % return seeking assets and 56 % liability hedging assets.
Assets are generally managed by external investment managers.
33 unchanged sentences
State and local taxes 4 4 4
+Added: Effect of enacted tax law changes ( 2 ) 1 —
Valuation allowance movement 2 2 —
1 unchanged sentence
Nondeductible compensation 1 — 1
−Removed: Adjustments for tax matters, net — — ( 1 )
Other — — ( 1 )
8 unchanged sentences
Operating lease liabilities 232 241
+Added: Tax credit carryforwards 96 9
Pension benefit obligations — 14
6 unchanged sentences
Accrued liabilities ( 24 ) ( 21 )
+Added: Pension benefit obligations ( 19 ) —
Sports rights contracts ( 33 ) ( 19 )
5 unchanged sentences
As a result of the Separation and the Transaction, which was a taxable transaction for which the estimated tax liability of $ 5.8 billion was included in the transaction tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values.
−Removed: This amount includes the additional estimated deferred tax asset recorded as a result of the increased tax basis (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).
−Removed: Includes a $ 6 million and $ 7 million deferred tax liability recorded in Other liabilities on the Consolidated Balance Sheet as of June 30, 2023 and 2022, respectively.
−Removed: As of June 30, 2023, the Company had $ 37 million of tax attributes from net operating loss carryforwards available to offset future taxable income.
−Removed: A substantial portion of these losses can be carried forward indefinitely.
+Added: This amount includes the additional estimated deferred tax asset recorded as a result of the increased tax basis (See Note 1—Description of Business and Basis of Presentation under the heading “The Transaction”).
+Added: Includes a $ 5 million and $ 6 million deferred tax liability recorded in Other liabilities in the Balance Sheets as of June 30, 2024 and 2023, respectively.
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: The net increase in the valuation allowance to $ 72 million as of June 30, 2023 was primarily due to the additional valuation allowance required on net operating loss carryforwards and tax credits not expected to be utilized.
+Added: As of June 30, 2024, the Company had $ 38 million of tax attributes from net operating loss carryforwards available to offset future taxable income.
+Added: A substantial portion of these losses can be carried forward indefinitely.
+Added: The net increase in the valuation allowance to $ 119 million as of June 30, 2024 was primarily due to the additional valuation allowance required on the basis differences on investments.
The following table sets forth the change in the uncertain tax positions, excluding interest and penalties:
3 unchanged sentences
Balance, beginning of year $ 26 $ 28 $ 30
−Removed: Additions for prior year tax positions 2 1 —
+Added: Additions for prior year tax positions (a)
Additions for current year tax positions — 2 2
−Removed: Reduction for prior year tax positions (a)
+Added: Reduction for prior year tax positions (b)
( 6 ) ( 6 ) ( 5 )
Balance, end of year $ 26 $ 26 $ 28
+Added: The additions for prior year tax positions in fiscal 2024 is primarily due to the impact of state tax law changes.
+Added: The reduction for tax positions in fiscal 2024 of $ 6 million is primarily due to the expiration of statutes of limitations.
The reduction for tax positions in fiscal 2023 of $ 6 million is primarily due to audit settlements and the expiration of statutes of limitations.
−Removed: The reduction for tax positions in fiscal 2022 of $ 5 million is primarily from the expiration statutes of limitations.
−Removed: The reduction for tax positions in fiscal 2021 includes $ 31 million from the settlement of audits and $ 14 million from the expiration of statutes of limitations.
+Added: The reduction for tax positions in fiscal 2022 includes $ 5 million from the expiration of statutes of limitations.
The Company recognizes interest and penalty charges related to uncertain tax positions as income tax (expense) benefit.
2 unchanged sentences
The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not anticipate that the resolution of these pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity.
−Removed: The net decrease to the balance of uncertain tax positions in fiscal 2023 is primarily attributable to state matters.
+Added: The movement in the balance of uncertain tax positions in fiscal 2024 is primarily attributable to state matters.
The Company does not expect significant changes to these positions over the next 12 months.
1 unchanged sentence
SEGMENT INFORMATION
−Removed: The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments:
+Added: The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments:
+Added: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
• Cable Network Programming , which produces and licenses news and sports content distributed through MVPDs and other digital platforms, primarily in the U.S.
2 unchanged sentences
The segment also includes various production companies that produce content for the Company and third parties.
−Removed: • Other, Corporate and Eliminations , which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations.
−Removed: The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
−Removed: Credible is a U.S.
−Removed: consumer finance marketplace.
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+Added: The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment.
+Added: Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs.
+Added: Credible is a U.S.
+Added: consumer finance marketplace.
+Added: The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities.
3 unchanged sentences
Segment EBITDA does not include:
−Removed: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax expense.
+Added: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense.
Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.
−Removed: The following tables set forth the Company’s Revenues and Segment EBITDA for fiscal 2023, 2022 and 2021:
+Added: The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
For the years ended June 30,
3 unchanged sentences
Television 7,875 8,710 7,685
−Removed: Other, Corporate and Eliminations 160 192 178
+Added: Corporate and Other 209 217 233
+Added: Eliminations ( 59 ) ( 57 ) ( 41 )
Total revenues $ 13,980 $ 14,913 $ 13,974
2 unchanged sentences
Television 506 1,009 347
−Removed: Other, Corporate and Eliminations ( 290 ) ( 326 ) ( 344 )
+Added: Corporate and Other ( 316 ) ( 290 ) ( 326 )
Amortization of cable distribution investments ( 16 ) ( 16 ) ( 18 )
Depreciation and amortization ( 389 ) ( 411 ) ( 363 )
−Removed: Impairment and restructuring charges ( 111 ) — ( 35 )
+Added: Restructuring, impairment and other corporate matters ( 67 ) ( 1,182 ) ( 157 )
+Added: Equity (losses) earnings of affiliates ( 44 ) 4 4
Interest expense, net ( 216 ) ( 218 ) ( 371 )
−Removed: Other, net ( 699 ) ( 509 ) 579
+Added: Non-operating other, net
+Added: ( 47 ) 368 ( 356 )
Income before income tax expense 2,104 1,736 1,694
5 unchanged sentences
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Revenues by Segment by Component
For the years ended June 30,
1 unchanged sentence
(in millions)
+Added: Revenues by Segment by Component
Cable Network Programming
7 unchanged sentences
Total Television revenues 7,875 8,710 7,685
−Removed: Other, Corporate and Eliminations 160 192 178
+Added: Corporate and Other 209 217 233
+Added: Eliminations ( 59 ) ( 57 ) ( 41 )
Total revenues $ 13,980 $ 14,913 $ 13,974
6 unchanged sentences
Television 117 126 112
−Removed: Other, Corporate and Eliminations 214 191 141
+Added: Corporate and Other 195 214 191
Total depreciation and amortization $ 389 $ 411 $ 363
5 unchanged sentences
Television 76 96 104
−Removed: Other, Corporate and Eliminations 195 136 331
+Added: Corporate and Other 108 195 136
Total capital expenditures $ 345 $ 357 $ 307
5 unchanged sentences
Television 7,961 7,803
−Removed: Other, Corporate and Eliminations 10,371 11,010
+Added: Corporate and Other 10,090 10,371
Investments 1,129 1,034
5 unchanged sentences
Television 4,605 4,633
−Removed: Other, Corporate and Eliminations 698 718
+Added: Corporate and Other 689 698
Total goodwill and intangible assets, net $ 6,582 $ 6,643
31 unchanged sentences
Total interest expense, net $ ( 216 ) $ ( 218 ) $ ( 371 )
−Removed: The following table sets forth the components of Other, net included in the Statements of Operations:
+Added: Non-Operating Other, net
+Added: The following table sets forth the components of Non-operating other, net included in the Statements of Operations:
For the years ended June 30,
1 unchanged sentence
(in millions)
−Removed: Legal settlement costs (a)
−Removed: $ ( 894 ) $ — $ —
−Removed: Net gains (losses) on investments in equity securities (b)
−Removed: 403 ( 386 ) 258
−Removed: Newspaper Matters Indemnity (a)
−Removed: ( 117 ) ( 81 ) ( 64 )
−Removed: Transaction costs (c)
+Added: Net (losses) gains on investments in equity securities (a)
$ ( 189 ) $ 403 $ ( 386 )
+Added: Gain on sale of assets (b)
Other ( 24 ) ( 35 ) ( 15 )
−Removed: Total other, net $ ( 699 ) $ ( 509 ) $ 579
−Removed: See Note 14—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and "U.K.
−Removed: Newspaper Matters Indemnity."
+Added: Total non-operating other, net $ ( 47 ) $ 368 $ ( 356 )
+Added: Net gains (losses) on investments in equity securities includes the gains (losses) related to the changes in fair value of the Company’s investment in Flutter (See Note 6—Fair Value) and, for the year ended June 30, 2024, the losses related to the write-down of the Company’s investment in a live streaming mobile platform that ceased operations.
+Added: See Note 3—Acquisitions, Disposals and Other Transactions.
FOX CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Net gains (losses) on investments in equity securities includes the gains (losses) related to the changes in fair value of the Company’s investment in Flutter (See Note 6—Fair Value).
−Removed: The transaction costs for fiscal 2021 are primarily related to the partial settlement from Disney of $ 462 million related to the reimbursement of the Company’s prepayment of its share of the Divestiture Tax (See Note 1—Description of Business and Basis of Presentation).
Other Non-Current Assets
6 unchanged sentences
Inventories, net 712 642
−Removed: Grantor Trust 276 270
+Added: Grantor Trust assets - long-term 247 276
Other 323 269
12 unchanged sentences
Total accounts payable, accrued expenses and other current liabilities $ 2,353 $ 2,514
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Other Liabilities
7 unchanged sentences
See Note 10—Leases under the heading “ Lessee Arrangements .”
+Added: FOX CORPORATION
+Added: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Future Performance Obligations
21 unchanged sentences
Subsequent to June 30, 2024 , the Company increased its semi-annual dividend and declared a semi-annual dividend of $ 0.27 per share on both the Class A Common Stock and the Class B Common Stock.
−Removed: FOX CORPORATION
−Removed: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
−Removed: dividend declared is payable on September 27, 2023 with a record date for determining dividend entitlements of August 30, 2023 .
+Added: The dividend declared is payable on September 25, 2024 with a record date for determining dividend entitlements of September 4, 2024 .
Subsequent to June 30, 2024 , the Company repurchased a total of approximately 1.4 million shares of Class A Common Stock for $ 50 million in the open market.
1 unchanged sentence
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.