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• Television , which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand (“AVOD”) service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S.
−Removed: Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station.
+Added: Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV.
The segment also includes various production companies that produce content for the Company and third parties.
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Business Overview
−Removed: 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.
−Removed: 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.
+Added: FOX produces and delivers compelling news, sports and entertainment content through its iconic brands, including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations.
+Added: The Company differentiates itself in a crowded media and entertainment marketplace through 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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market, is a leading destination for live sports events and sports commentary.
−Removed: FOX Entertainment is renowned for its engaging primetime entertainment, including scripted dramas, leading unscripted programming and its longstanding Sunday animation block.
−Removed: Tubi, our leading AVOD service, attracts a young, diverse and highly engaged audience to its content library of over 260,000 movies and television episodes.
+Added: Tubi, our leading AVOD service, attracts a young, diverse and highly engaged audience to its content library of nearly 300,000 movies and television episodes.
+Added: FOX Entertainment is renowned for its compelling primetime entertainment, including scripted dramas, leading unscripted programming and its longstanding Sunday animation block.
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.
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For over 20 consecutive years, FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing, according to The Nielsen Company (“Nielsen”).
−Removed: FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the eighth consecutive year.
−Removed: A leader in marquee live sports broadcasts, FOX Sports programs the National Football League (“NFL”) (including the #1 show on television among Adults 18-49, 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 .
+Added: FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the tenth consecutive year and delivered ratings that were comparable to ratings delivered by the four broadcast networks in weekday primetime viewing.
+Added: A leader in marquee live sports broadcasts, FOX Sports programs the National Football League (“NFL”) featuring America's Game of the Week ), college football (including the Big Ten Conference), Major League Baseball's (“MLB”) Regular Season, All-Star Game and post-season, including exclusive rights to the 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 World Cup .
FOX Sports has secured a significant portion of its marquee rights under long-term contracts.
+Added: Under FOX’s ownership, Tubi has become one of the most relevant and
+Added: fastest growing AVOD services in the country, with 13% growth in total view time (the total number of hours watched) in fiscal 2025 compared to the prior fiscal year.
+Added: Tubi finished the fiscal year with approximately 2.2% share of all television viewing according to Nielsen’s The Gauge , making it among the most watched free ad-supported streaming services in the U.S.
FOX Entertainment has delivered the youngest and most diverse audience of the broadcast networks across all programming in primetime for over two decades.
−Removed: During the 2023-2024 broadcast season, FOX Entertainment featured the season’s #1 new entertainment series with the FOX-owned animated comedy Krapopolis , launched the #1 game show with The Floor , once again presented television’s top cooking
−Removed: competition series with Gordon Ramsay’s Next Level Chef , Hell’s Kitchen , MasterChef Junior and Kitchen Nightmares , and had four of the top comedies on television with Krapopolis , The Simpsons , Bob’s Burgers and Family Guy .
+Added: During the 2024-2025 broadcast season, FOX Entertainment featured two of the season’s top three debuts including the #1 Comedy Universal Basic Guys , along with television’s three highest-rated and most watched cooking shows Next Level Chef , Hell’s Kitchen and Kitchen Nightmares .
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.
−Removed: in the majority of the markets in which it operates.
−Removed: Under FOX’s ownership, Tubi has become one of the most relevant and fastest growing AVOD services in the country, with over 40% growth in total view time (the total number of hours watched) in fiscal 2024 compared to the prior fiscal year.
−Removed: Tubi finished the fiscal year with approximately 2.0% of all television viewing according to Nielsen’s The Gauge , further cementing its leadership as the most watched free ad-supported TV (“FAST”) streaming service in the U.S.
−Removed: We believe the strength and leadership of our brands will continue to support industry leading affiliate fee revenue growth and sustained advertising revenue, while enabling us to nimbly respond to the opportunities and challenges traditional media companies are facing as technologies and changes in consumer behavior continue to rapidly evolve.
+Added: in the majority of the markets in which it operates among adults 25-54.
+Added: We believe the strength and leadership of our brands will continue to support our ability to secure industry leading affiliate rate and advertising price increases, while enabling us to nimbly respond to the opportunities and challenges traditional media companies are facing as technologies and changes in consumer behavior continue to rapidly evolve.
Significant presence and relevance in major domestic markets.
The FOX portfolio combines the range of national cable and broadcast networks and digital distribution platforms with the power of tailored local television.
−Removed: FOX News and FOX Business are available in over 65 million U.S.
+Added: FOX News and FOX Business are available in approximately 60 million U.S.
households and FOX Sports and FOX Entertainment programming on the FOX Network is available in virtually every U.S.
−Removed: 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.
−Removed: These stations provide balanced content of national interest with programming of note to local communities, producing over 1,200 hours of local news coverage each week.
Tubi’s ubiquitous availability provides broad distribution of films, episodic television programming, live local and national news content and sports programming.
Tubi carries over 100 local station feeds (including feeds of our owned and operated stations), covering 78 DMAs and 23 of the top 25 markets.
+Added: 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.
+Added: These stations provide balanced content of national interest with programming of note to local communities, producing over 1,350 hours of local news coverage each week.
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.
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Additionally, our solid 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 related adjacencies, and return capital to our stockholders.
−Removed: We have maintained significant liquidity, ending fiscal 2024 with approximately $4.3 billion of cash and cash equivalents on our balance sheet while returning approximately $1.25 billion of capital to our stockholders through our stock repurchase program and cash dividends during fiscal 2024.
+Added: We have maintained significant liquidity, ending fiscal 2025 with approximately $5.4 billion of cash and cash equivalents on our balance sheet while returning approximately $1.25 billion of capital to our stockholders through our stock repurchase program and cash dividends and retiring $600 million of debt during fiscal 2025.
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.
−Removed: Our asset portfolio also includes the FOX Studio Lot in Los Angeles, California, which 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.
+Added: Our asset portfolio also includes the FOX Studio Lot in Los Angeles, California, which 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, and other production facilities.
Additionally, we own an equity stake in Flutter Entertainment plc (“Flutter”), an online sports betting and gaming company with operations in the U.S.
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The strength of our core businesses has allowed us to invest in attractive growth opportunities and brand extensions.
−Removed: Examples of this include digital brand extensions at FOX News Media, including the FOX Nation SVOD service and the FOX Weather FAST service.
−Removed: At Tubi, our investment in content, technology and marketing has yielded new viewers and increased engagement from our audience, which has translated into robust revenue growth.
−Removed: In fiscal 2024, Tubi expanded
−Removed: its content library through the premiere of over 140 new original titles and the launch of over 60 sports, entertainment and local news channels, for a total of over 280 sports, entertainment and local news channels as of the end of the fiscal year.
+Added: Examples of this include digital brand extensions at FOX News Media, including the FOX Nation SVOD service and the FOX Weather free ad-supported streaming television (“FAST”) service.
+Added: At Tubi, our investment in content, technology and marketing
+Added: has yielded new viewers and increased engagement from our audience, which has translated into robust revenue growth.
+Added: In fiscal 2025, Tubi expanded its content library through the premiere of over 70 new original titles and the launch of 40 sports, entertainment and local news channels, for a total of over 320 sports, entertainment and local news channels as of the end of the fiscal year.
We consistently review opportunities to optimize our sports portfolio with the dual goal of maintaining and growing our audience while achieving accretive financial returns.
−Removed: Fiscal 2024 highlights of this include a rights extension with NASCAR and the launch of the United Football League (the “UFL”) professional spring football league.
−Removed: Recognizing the industry-wide changes in viewership habits, FOX Entertainment has continued to expand its footprint across owned and unscripted content, including leveraging the breadth of offerings from FOX Entertainment studios to populate its primetime lineup and reduce its reliance on third-party content providers.
−Removed: FOX Entertainment studios also co-produces original content for third parties, such as Prime Video’s animated hit Hazbin Hotel , addressing the demand generated by the growth and proliferation of entertainment content streaming services.
−Removed: FOX Television Stations’ rollout of local news content on connected televisions and FAST services in a number of markets has led to the stations’ total view time for the period of March 2024 through June 2024 that was approximately four times higher compared to the same period in the prior year.
+Added: In fiscal 2025, we added rights from INDYCAR and LIV Golf and an extension of Big East Conference rights through 2031 while concluding our agreement with WWE.
+Added: Recognizing the industry-wide changes in viewership habits, FOX Entertainment has continued to expand its footprint across unscripted content, leveraging the breadth of offerings from FOX Entertainment Studios to populate its primetime lineup and reduce its reliance on third-party content providers.
+Added: FOX Entertainment Studios also produces or co-produces original content for third parties including many of the leading SVOD services (Netflix, Amazon Prime Video, Hulu and Apple TV+), highlighting the attractiveness of FOX’s content to a wide variety of streaming services.
+Added: FOX Television Stations’ rollout of local news content on connected televisions and FAST services in a number of markets has led to the stations’ total view time growing over 150% as compared to the prior fiscal year across FOX Local Streams and LiveNOW from FOX.
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.
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For example, Tubi provides us with a wholly-owned digital platform to access a wider digital audience and further the reach of our content.
−Removed: Tubi continues to experience significant growth in total view time across a library of over 260,000 movies and television episodes, including key FOX entertainment, news and sports programming, and it streamed approximately 9.7 billion hours of content over the course of the fiscal year (a record for the platform).
+Added: Tubi continues to experience significant growth in total view time across a library of nearly 300,000 movies and television episodes, including key FOX entertainment, news and sports programming, and it streamed approximately 11 billion hours of content over the course of the fiscal year (a record for the platform).
Tubi’s young, diverse and highly engaged viewers, the majority of which are classified as “cord-cutters” or “cord-nevers,” is an audience that advertisers are eager to reach.
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consumers a variety of content (including original programming), and FOX Weather, which offers local, regional and national weather reporting in addition to live programming.
−Removed: Additionally, FOX Television Stations operates a portfolio of digital businesses, including the FLX (or FOX Local Extension) 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.
−Removed: Venu Sports, a digital sports programming distribution joint venture with ESPN (a subsidiary of Disney) and Warner Bros.
−Removed: Discovery, is expected to launch in fall of 2024 and expand the reach of our sports programming beyond FOX’s existing footprint.
+Added: Additionally, FOX Television Stations operates a portfolio of digital businesses, including the FLX (or FOX Local Extension) digital advertising platform and the LiveNOW from FOX, FOX Local Streams and FOX Soul FAST services, in addition to distributing its local news programming on Tubi and across a range of third-party platforms.
+Added: FOX One, our wholly-owned, direct-to-consumer subscription streaming service, is expected to launch by the Fall of 2025 and expand the reach of our programming beyond FOX’s existing footprint.
Reportable Segments
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For over 20 consecutive years, FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing.
−Removed: FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the eighth consecutive year.
+Added: FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the tenth consecutive year.
FOX Business is a business news national cable channel and was the #1 business network in business day among total viewers during fiscal 2025.
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.
−Removed: 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.
−Removed: 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 UFL, the Union of European Football Associations (“UEFA”) European Championship , UEFA Nations League, Concacaf and CONMEBOL soccer and horse racing.
−Removed: In addition to live events, FS1 offers daily studio shows featuring key talent, including Colin Cowherd, Nick Wright and Emmanuel Acho.
−Removed: FS2 is a multi-sport national network that features live events, including NASCAR, collegiate sports, horse racing, rugby, soccer and motor sports.
+Added: Additionally, FOX News Audio produces news updates, podcasts and long-form programs and licenses content to local radio stations and mobile, Internet and satellite radio providers.
+Added: 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 World Cup , Major League Soccer (“MLS”), the UFL, the Union of European Football Associations (“UEFA”) European Championship , UEFA Nations League, Concacaf and CONMEBOL soccer, INDYCAR, LIV Golf and horse racing.
+Added: In addition to live events, FS1 offers daily studio shows featuring key talent, including Colin Cowherd and Nick Wright.
+Added: FS2 is a multi-sport national network that features live events, including NASCAR, collegiate sports, horse racing, rugby, soccer, motor sports and golf.
FOX Sports Racing .
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FOX Deportes is a Spanish-language sports programming service distributed in the U.S.
−Removed: FOX Deportes features coverage of a variety of sports events, including premier soccer (such as matches from MLS and Liga MX), the NFL NFC Championship and the Super Bowl, MLB (including regular season games, the National League Championship Series in alternating years and the All-Star and World Series games), NASCAR Cup Series, college football and UFL.
+Added: FOX Deportes features coverage of a variety of sports events, including premier soccer (such as matches from MLS and Liga MX), the NFL NFC Championship and the Super Bowl , MLB (including regular season games, the National League Championship Series in alternating years and the All-Star and World Series games), NASCAR Cup Series, college football, INDYCAR and UFL.
In addition to live events, FOX Deportes also features multi-sport news and highlight shows and daily studio programming.
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The Big Ten Network also owns and
−Removed: operates B1G+ (formerly branded BTN+), a subscription video streaming service that features live streams of non-televised sporting events, replays of televised and streamed events, and a large collection of classic games and original programming.
+Added: operates B1G+, a subscription video streaming service that features live streams of non-televised sporting events, replays of televised and streamed events, and a large collection of classic games and original programming.
The Company owns approximately 61% of the Big Ten Network.
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The Big Ten Network distributes live-streaming and video-on-demand programming through the B1G+ subscription video streaming service.
−Removed: 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 and Big Ten Network branded social media and third-party video and audio platforms.
+Added: 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, the Big Ten Network and Big Ten branded social media and third-party video and audio platforms.
+Added: In addition, the Company expects to launch the FOX One direct-to-consumer subscription streaming service by the Fall of 2025.
+Added: See “—Other” below.
Outkick Media .
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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.
−Removed: 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.
+Added: FOX News and FOX Business also face competition online from CNN.com, NBCNews.com, NYTimes.com, CNBC.com, Bloomberg.com, Yahoo.com, The Wall Street Journal Online, YouTube, social media platforms and audio and podcast networks, among others.
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.
−Removed: 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;
+Added: 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 and The CW Network;
league-owned networks such as NFL Network, NHL Network, NBA TV and MLB Network;
collegiate conference-specific networks such as the SEC Network and ACC Network;
−Removed: and direct-to-consumer streaming services such as ESPN+, Peacock, Amazon Prime Video, Netflix, Apple TV+, Paramount+, Max, FuboTV and Roku.
+Added: and direct-to-consumer streaming services such as ESPN+, YouTube, Peacock, Amazon Prime Video, Netflix, Apple TV+, Paramount+, HBO Max and Roku, among others.
In regional markets, the Big Ten Network competes with regional sports networks, local broadcast television stations and other sports programming providers and distributors.
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The segment also includes various production companies that produce content for the Company and third parties.
+Added: The FOX Network
+Added: The FOX Network is a premier national television broadcast network, renowned for disrupting legacy broadcasters with powerful sports programming and appealing primetime entertainment.
+Added: The FOX Network regularly delivers 15 hours of weekly primetime programming to 209 local market affiliates, including 18 stations owned and operated by the Company, covering virtually every U.S.
+Added: market, according to Nielsen.
+Added: The FOX Network primetime lineup is intended to appeal primarily to the 18 to 49 year old audience, the demographic group that advertisers seek to reach most often, with particular success in the 18 to 34 year old audience.
+Added: The FOX Network has ranked among the top two networks in the 18 to 34 year old audience for the past 30 broadcast seasons.
+Added: During the 2024-2025 broadcast season, the FOX Network ranked #1 in the 18 to 49 and 18 to 34 year old audiences and #1 in the male 18 to 49 and 18 to 34 year old audiences (based on Nielsen’s live+7 ratings).
+Added: The median age of the FOX Network viewer is 56 years, as compared to 63 years for ABC, 64 years for CBS and 62 years for NBC.
+Added: • FOX Sports .
+Added: A significant component of FOX Network programming consists of sports programming, with the FOX Network providing to its affiliates during the 2024-2025 broadcast season live coverage of the NFL, featuring America's Game of the Week .
+Added: The FOX Network also provides live coverage of MLB (including the post-season and the World Series ), college football and basketball, MLS, the NASCAR Cup Series (including the Daytona 500 ), INDYCAR, LIV Golf and the UFL.
+Added: In certain years, FOX Sports broadcasts the Super Bowl , the FIFA Men’s World Cup , the Copa América tournament and the UEFA European Championship .
+Added: Effective with the 2023 NFL season, FOX Sports entered into an expanded 11-year media rights agreement with the NFL (subject to an NFL one-time termination right after the 2029 season) that extended FOX Sports' coverage of NFL games.
+Added: • FOX Entertainment .
+Added: FOX Entertainment delivers high-quality scripted, unscripted, animated and live event content.
+Added: FOX Entertainment primetime programming during the 2024-2025 broadcast season featured such scripted series as Doc, Alert:
+Added: Missing Persons Unit and The Cleaning Lady , along with the FOX Entertainment-owned comedies Animal Control and Going Dutch ;
+Added: animated series, including The Simpsons, Bob's Burgers, Family Guy and The Great North ;
+Added: and unscripted series, such as the game show The Floor , Next Level Chef and Kitchen Nightmares 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:
+Added: World’s Toughest Test, Farmer Wants a Wife and investigative report specials from FOX-owned TMZ.
+Added: During the 2024-2025 broadcast season, FOX Entertainment featured two of the season’s top three debuts including the #1 Comedy Universal Basic Guys , along with television’s three highest-rated and most watched cooking shows Next Level Chef, Hell’s Kitchen and Kitchen Nightmares .
+Added: 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, INDYCAR and LIV Golf.
+Added: Entertainment programming is obtained from major television studios, including 20th Television (formerly known as Twentieth Century Fox Television and which is owned by Disney), Sony Pictures Television and Warner Bros.
+Added: Television, and independent television production companies pursuant to license agreements.
+Added: 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.
+Added: Entertainment programming is also provided by the Company's in-house production companies described below.
+Added: The FOX Network provides programming to affiliated stations and the right to broadcast network television programming on the affiliated stations in accordance with agreements of varying durations.
+Added: Such agreements typically run three or more years and have staggered expiration dates.
+Added: These affiliation agreements require affiliated stations to carry the FOX Network programming in all time periods in which the FOX Network programming is offered to those affiliated stations, subject to certain exceptions stated in the affiliation agreements.
+Added: Tubi is a leading AVOD service that is available on multiple digital platforms in the United States and select international regions.
+Added: Tubi offers a content library of nearly 300,000 movies and television episodes from over 400 content partners, including every major Hollywood studio, and a growing number of new original titles.
+Added: In fiscal 2025, Tubi expanded its content library through the premiere of over 70 new original titles.
+Added: Tubi also features key FOX content, such as The Masked Singer and Next Level Chef , as well as live local and national news content and sports programming.
+Added: In addition to its on-demand library, Tubi offers over 320 sports, entertainment and local news linear streaming channels.
+Added: 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 78 DMAs and 23 of the top 25 markets.
+Added: As of June 2025, Tubi is available on the vast majority of streaming platforms, including connected television devices, and online at www.tubitv.com.
+Added: In fiscal 2025, the service generated approximately 11 billion hours of total view time (the total number of hours watched) and finished the fiscal year with approximately 2.2% of all television viewing according to Nielsen’s The Gauge .
+Added: Tubi enables the Company’s advertising partners to access a substantial, incremental digital audience.
+Added: Tubi’s viewers are young, diverse and highly engaged, and the majority of its audience is classified as “cord-cutters” or “cord-nevers.”
FOX Television Stations
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FOX Television Stations also operates a portfolio of digital businesses.
−Removed: 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.”
+Added: These include the FLX (or FOX Local Extension) digital advertising platform and digital distribution businesses, including the FOX Local Streams, LiveNOW from FOX 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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(Virtual) Type Percentage of U.S.
−Removed: Television Households
−Removed: in the DMA (a)
+Added: Television Households in the DMA (a)
New York, NY 1 WNYW 27(5) UHF 6.0%
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WPWR-TV (b)(d)
−Removed: Philadelphia, PA* 4 WTXF-TV 31(29) UHF 2.5%
Dallas, TX* 4 KDFW 35(4) UHF 2.6%
+Added: Philadelphia, PA* 5 WTXF-TV 31(29) UHF 2.5%
Houston, TX* 6 KRIV 26(26) UHF 2.2%
+Added: DMA/Rank Station Digital
+Added: (Virtual) Type Percentage of U.S.
+Added: Television Households in the DMA (a)
Atlanta, GA* 7 WAGA-TV 27(5) UHF 2.2%
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San Francisco, CA* 10 KTVU 31(2) UHF 2.0%
−Removed: Phoenix, AZ* 11 KSAZ-TV 10(10) VHF 1.7%
Tampa, FL* 11 WTVT 12(13) VHF 1.8%
−Removed: DMA/Rank Station Digital
−Removed: (Virtual) Type Percentage of U.S.
−Removed: Television Households
−Removed: in the DMA (a)
+Added: Phoenix, AZ* 12 KSAZ-TV 10(10) VHF 1.7%
Seattle-Tacoma, WA* 13 KCPQ 13(13) VHF 1.7%
Detroit, MI* 14 WJBK 7(2) VHF 1.5%
−Removed: Minneapolis, MN* (g)
−Removed: 15 KMSP-TV 9(9) VHF 1.5%
Orlando, FL* 15 WOFL 22(35) UHF 1.5%
+Added: Minneapolis, MN* (f)
+Added: 16 KMSP-TV 9(9) VHF 1.5%
Austin, TX* 34 KTBC 7(7) VHF 0.8%
−Removed: Milwaukee, WI 38 WITI (h)
+Added: Milwaukee, WI 38 WITI (g)
31(6) UHF 0.8%
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WDCA channel shares with WTTG.
−Removed: 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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A portion of the spectrum family licensed to WITI is now shared with and licensed to WVCY.
−Removed: The FOX Network
−Removed: The FOX Network is a premier national television broadcast network, renowned for disrupting legacy broadcasters with powerful sports programming and appealing primetime entertainment.
−Removed: The FOX Network regularly delivers 15 hours of weekly primetime programming to 209 local market affiliates, including 18 stations owned and operated by the Company, covering virtually every U.S.
−Removed: market, according to Nielsen.
−Removed: The FOX Network primetime lineup is intended to appeal primarily to the 18 to 49 year old audience, the demographic
−Removed: group that advertisers seek to reach most often, with particular success in the 18 to 34 year old audience.
−Removed: The FOX Network has ranked among the top two networks in the 18 to 34 year old audience for the past 29 broadcast seasons.
−Removed: During the 2023-2024 broadcast season, the FOX Network ranked #2 in the 18 to 49 and 18 to 34 year old audiences and #1 in the male 18 to 49 and 18 to 34 year old audiences (based on Nielsen’s live+7 ratings).
−Removed: The median age of the FOX Network viewer is 58 years, as compared to 65 years for ABC, 66 years for CBS and 65 years for NBC.
−Removed: • FOX Sports .
−Removed: A significant component of FOX Network programming consists of sports programming, with the FOX Network providing to its affiliates during the 2023-2024 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).
−Removed: 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 the UFL.
−Removed: In certain years, FOX Sports broadcasts the Super Bowl , the FIFA Men’s and Women’s World Cup , the Copa América tournament and the UEFA European Championship .
−Removed: FOX Sports entered into an expanded 11-year media rights agreement with the NFL in fiscal 2021 that extended FOX Sports' coverage of NFL games and expanded FOX's digital rights to enable future direct-to-consumer opportunities as well as NFL-related programming on Tubi.
−Removed: • FOX Entertainment.
−Removed: FOX Entertainment delivers high-quality scripted, unscripted, animated and live event content.
−Removed: FOX Entertainment primetime programming during the 2023-2024 broadcast season featured such scripted series as The Cleaning Lady and Alert :
−Removed: Missing Persons Unit , along with the FOX Entertainment-owned comedy Animal Control ;
−Removed: animated series, including The Simpsons, Bob's Burgers, Family Guy and The Great North ;
−Removed: 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 :
−Removed: World’s Toughes t Test, Farmer Wants a Wife and investigative report specials from FOX-owned TMZ.
−Removed: During the 2023- 2024 broadcast season, FOX Entertainment featured the season’s #1 new entertainment series with the FOX-owned animated comedy Krapopolis ;
−Removed: launched the #1 game show with The Floor ;
−Removed: once again presented television’s top cooking competition series with Gordon Ramsay’s Next Level Chef, Hell’s Kitchen, MasterChef Junior and Kitchen Nightmares ;
−Removed: and had four of the top comedies on television with Krapopolis, The Simpsons, Bob’s Burgers and Family Guy.
−Removed: 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 and CONMEBOL.
−Removed: Entertainment programming is obtained from major television studios, including 20 th Television (formerly known as Twentieth Century Fox Television and which is owned by Disney), Sony Pictures Television and Warner Bros.
−Removed: Television, and independent television production companies pursuant to license agreements.
−Removed: 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.
−Removed: Entertainment programming is also provided by the Company's in-house production companies, which are described below.
−Removed: The FOX Network provides programming to affiliated stations and the right to broadcast network television programming on the affiliated stations in accordance with agreements of varying durations.
−Removed: Such agreements typically run three or more years and have staggered expiration dates.
−Removed: These affiliation agreements require affiliated stations to carry the FOX Network programming in all time periods in which the FOX Network programming is offered to those affiliated stations, subject to certain exceptions stated in the affiliation agreements.
−Removed: FOX Entertainment Studios
−Removed: Through its FOX Entertainment studios business, the Company produces entertainment programming for its own traditional and digital entertainment platforms, as well as for third parties.
−Removed: MarVista Entertainment is a global entertainment studio that produces and distributes movies and other content for Tubi and third-party networks and digital platforms.
−Removed: TMZ 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 platforms.
−Removed: 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.
−Removed: A full-service production studio, Fox Alternative
−Removed: Entertainment 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 .
−Removed: Animation production company Bento Box Entertainment produces programming for cable and broadcast networks (including programming such as Krapopolis, Bob's Burgers and The Great North that air on the FOX Network) and digital platforms.
−Removed: Tubi is a leading AVOD service that is available on multiple digital platforms in the United States and select international regions.
−Removed: The business is part of the Tubi Media Group division formed in fiscal 2023 to house the Company's digital platform services.
−Removed: Tubi offers a content library of over 260,000 movies and television episodes from over 400 content partners, including every major Hollywood studio, and a growing number of new original titles.
−Removed: In fiscal 2024, Tubi expanded its content library through the premiere of over 140 new original titles.
−Removed: Tubi also features key FOX content, such as The Masked Singer and Next Level Chef , as well as live local and national news content and sports programming.
−Removed: In addition to its on-demand library, Tubi offers over 280 sports, entertainment and local news linear streaming channels.
−Removed: 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 77 DMAs and 23 of the top 25 markets.
−Removed: As of June 2024, Tubi is available on 32 digital platforms, including connected television devices, and online at www.tubitv.com.
−Removed: In fiscal 2024, the service generated approximately 9.7 billion hours of total view time (the total number of hours watched) and finished the fiscal year with approximately 2.0% of all television viewing according to Nielsen’s The Gauge .
−Removed: Tubi enables the Company’s advertising partners to access a substantial, incremental digital audience.
−Removed: Tubi’s viewers are young, diverse and highly engaged, and the majority of its audience is classified as “cord-cutters” or “cord-nevers.”
−Removed: FOX Entertainment Global
−Removed: FOX Entertainment Global is FOX’s wholly-owned sales and distribution business.
−Removed: FOX Entertainment Global engages in domestic and international sales and licenses of scripted and unscripted series and other programs owned or controlled by various FOX entities, as well as content owned by third parties that contract with Fox Entertainment Global for distribution.
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.
−Removed: 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.
+Added: The Company’s websites and apps, which include FOX.com, FOXSports.com and TMZ.com and the FOX Sports and TMZ mobile apps, 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.
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These services include LiveNOW from FOX, which offers live news coverage;
−Removed: FOX Soul, a service dedicated to the African American viewer that features original and syndicated programming;
−Removed: and FOX Locals, a group of FAST services that offer live and recorded content from over 15 FOX-owned and operated local television stations.
+Added: FOX Local Streams, a group of FAST services that offer live and recorded content from 17 FOX-owned and operated local television stations;
+Added: and FOX Soul, a service dedicated to the African American viewer that features original and syndicated programming.
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.
+Added: In addition, the Company expects to launch the FOX One direct-to-consumer subscription streaming service by the Fall of 2025.
+Added: See “—Other” below.
+Added: FOX Entertainment Studios
+Added: Through its FOX Entertainment Studios business, the Company produces entertainment programming for its own traditional and digital entertainment platforms, as well as for third parties.
+Added: TMZ 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 platforms.
+Added: The Company also operates a co-owned production company with Gordon Ramsay called Studio Ramsay Global that develops, produces and distributes culinary and lifestyle programming such as Next Level Chef and Next Level Baker for FOX, and other programs for global markets.
+Added: FOX Alternative Entertainment 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 .
+Added: Animation production company Bento Box Entertainment produces programming for cable and broadcast networks (including programming such as Krapopolis, Grimsburg, Universal Basic Guys, Bob's Burgers and The Great North that air on the FOX Network) and digital platforms.
+Added: FOX Entertainment Global
+Added: FOX Entertainment Global is FOX’s wholly-owned sales and distribution business.
+Added: FOX Entertainment Global engages in domestic and international sales and licenses of scripted and unscripted series and other programs owned or controlled by various FOX entities, as well as content owned by third parties that contract with FOX Entertainment Global for distribution.
The programming distribution service, Master Distribution Service, Inc.
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and print and other media.
−Removed: In addition, the FOX
−Removed: Network and MyNetworkTV compete with other broadcast networks and programming distribution services to secure affiliations or station agreements with independently owned television stations in markets across the U.S.
−Removed: ABC, NBC and CBS each broadcast a significantly greater number of hours of programming than the FOX Network and, accordingly, may be able to designate or change time periods in which programming is to be broadcast with greater flexibility than the FOX Network.
+Added: In addition, the FOX Network and MyNetworkTV compete with other broadcast networks and programming distribution services to secure affiliations or station agreements with independently owned television stations in markets across the U.S.
+Added: ABC, NBC and CBS each broadcast a significantly greater number of hours of programming than the FOX
+Added: Network and, accordingly, may be able to designate or change time periods in which programming is to be broadcast with greater flexibility than the FOX Network.
Technological developments are also continuing to affect competition within the broadcast television marketplace.
Our entertainment programming production businesses compete with other content creators for creative talent, new content ideas, intellectual property and the distribution of their content.
−Removed: FOX Entertainment Global competes with other content licensors and sellers for
−Removed: the distribution of its content.
+Added: FOX Entertainment Global competes with other content licensors and sellers for the distribution of its content.
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 streaming and on-demand platforms and services;
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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.
−Removed: Other Operating Segments
FOX Studio Lot
FOX owns the FOX Studio Lot in Los Angeles, California.
−Removed: 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.
−Removed: 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.
+Added: 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, theaters and screening rooms, editing rooms and other television and film production facilities.
+Added: 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 March of 2026 are predominantly Disney productions.
The Company holds 66% of the equity in Credible Labs Inc.
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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.
−Removed: Credible is part of the Tubi Media Group division.
+Added: The put right held by the Credible minority interest shareholder was exercised in December 2024, and the put transaction is expected to be completed in the first half of fiscal 2026.
+Added: In February 2025, FOX announced a wholly-owned, direct-to-consumer streaming service called FOX One, offering to subscribers live streaming and on-demand access to the full portfolio of FOX brands, including FOX News, FOX Sports, the FOX Network, the Big Ten Network, FOX Business, FOX Weather, FS1, FS2, FOX Deportes and FOX Television Stations.
+Added: The service is expected to launch by the Fall of 2025 and expand the reach of the Company’s programming beyond FOX’s existing footprint.
The Company holds an equity interest in Flutter, an online sports betting and gaming company with operations in the U.S.
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The Company owns approximately 4.3 million ordinary shares, which represents approximately 2.4% of Flutter as of June 30, 2025.
−Removed: In addition 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 exercise of which is subject to certain conditions and applicable gambling regulatory approvals.
+Added: In addition, 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 exercise of which is subject to certain conditions and applicable gambling
+Added: regulatory approvals.
As of June 30, 2025, the option exercise price is approximately $4.5 billion.
−Removed: obligation to commit capital towards this opportunity unless and until it exercises the option.
−Removed: In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX's consent or approval from the arbitrator.
+Added: FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option.
+Added: In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX's consent or approval from the arbitrator who presided over a FOX-Flutter arbitration in 2021 and 2022.
United Football League
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As of June 30, 2025, the Company owns approximately 42% of the UFL.
−Removed: In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company, and Warner Bros.
−Removed: Discovery to form a digital distribution platform focused on sports.
−Removed: Each company is expected to own one-third of the joint venture, have equal board representation and license their sports content to the joint venture on a non-exclusive basis.
−Removed: The Venu Sports subscription-based streaming service is expected to launch in the fall of 2024.
Government Regulation
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The introduction of new laws and regulations or changes in the enforcement or interpretation of existing laws and regulations could have a negative impact on the operations, prospects and financial performance of the Company.
−Removed: In its most recent term, the U.S.
−Removed: Supreme Court issued several decisions that fundamentally change the landscape of federal regulation.
−Removed: These include the June 28, 2024 decision in Loper Bright Enterprises v.
−Removed: Raimondo , which overturned the longstanding “Chevron ” doctrine under which administrative agencies were entitled to deference in the interpretation of “ambiguous” federal statutes.
−Removed: The full impact of these decisions is not yet known, but they are wide-ranging and could lead to significant changes in the federal regulation of the Company’s businesses and the industry in which they operate.
Broadcast Licenses .
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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.
−Removed: 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.
−Removed: One of the pending applications has been opposed by a third party.
+Added: The next renewal cycle for FOX Television Stations’ FCC applications for its full power broadcast licenses will commence in June of 2028.
+Added: One television station license from the previous renewal cycle is subject to an administrative appeal at the FCC.
Ownership Regulations .
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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).
−Removed: If the FCC determines in the future to eliminate the UHF discount and the national television audience reach limitation is not eliminated or modified, the Company’s ability to acquire television stations in additional markets may be negatively affected.
+Added: In June of 2025, the FCC released a Public Notice seeking to refresh the record on whether to eliminate the national ownership cap.
+Added: The Public Notice seeks public comment on, among other things, whether networks and broadcast affiliates should be treated differently for purposes of the national ownership cap.
+Added: Depending on the outcome of this deregulation examination, the Company’s ability to acquire television stations in additional markets may be affected.
The Company is also subject to other communications laws and regulations relating to ownership.
−Removed: For example, FCC dual network rules prohibit any of the four major broadcast television networks — FOX, ABC,
−Removed: CBS, and NBC — from being under common ownership or control.
+Added: For example, FCC dual network rules prohibit any of the four major broadcast television networks — FOX, ABC, CBS, and NBC — from being under common ownership or control.
In addition, under the Communications Act, no broadcast station licensees may be owned by a corporation if more than 25% of the corporation’s stock is owned or voted by non-U.S.
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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.
−Removed: Under FCC rules, one of the three hours per week may air on a television’s station’s multicast stream(s);
+Added: Under FCC rules, one of the three hours per week may air on a television station’s multicast stream(s);
the other two hours must air on the primary programming stream.
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The disclosure and record retention requirements for AI in political advertising vary greatly by state.
−Removed: The FCC has also issued a rulemaking on the use of AI in political advertising, which, if adopted, would require broadcasters to collect information from political advertisers and disclose the use of AI, which may impact the sale of political advertising.
Broadcast Affiliation .
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Broadcast Transmission Standard .
−Removed: In November 2017, the FCC adopted rules to permit television broadcasters to voluntarily broadcast using the “Next Generation” broadcast television transmission standard
−Removed: developed by the Advanced Television Systems Committee, Inc., also referred to as “ATSC 3.0” or “NEXTGEN TV”.
+Added: 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” or “NEXTGEN TV”.
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.
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In June 2023, the FCC issued a Report and Order that extended the simulcast requirement for ATSC 1.0 and ATSC 3.0 signals to July 2027.
−Removed: This extension may impact the adoption and roll out of both video and non-video ATSC 3.0 services, as well as the broadcast requirements for the ATSC 1.0 standard.
+Added: In early 2025, the National Association of Broadcasters filed a petition seeking an end of the simulcast requirements and a hard transition deadline to ATSC 3.0 standard.
+Added: This proceeding may impact the roll out of both video and non-video ATSC 3.0 services.
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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Virginia, Colorado, Connecticut, and Utah have similar privacy laws that became effective in 2023.
−Removed: 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.
−Removed: 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.
−Removed: Several of these matters are subject to additional rulemaking.
−Removed: Other states have passed or introduced similar privacy legislation, including Virginia, Colorado, Utah, Connecticut, Iowa, Indiana and Tennessee.
+Added: A number of privacy and data security bills and regulations that address the collection, retention, disclosure, 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.
+Added: More than a dozen other states have passed or introduced similar privacy legislation.
In addition, the FTC and state attorneys general and other regulators have made privacy and data security an enforcement focus.
−Removed: The FTC also has initiated a rulemaking proceeding to explore rules concerning the collection, use, disclosure and security of personal information.
−Removed: 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.
+Added: Other federal and state laws and regulations that could impact our businesses also have been or may be adopted, such as those relating to minors, tailored advertising and its measurement, and oversight of user-generated content, as well as U.S.
+Added: national security restrictions regarding the transfer of certain U.S.
+Added: data, such as the Preventing Access to U.S.
+Added: Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons Rule issued by the U.S.
+Added: Department of Justice.
+Added: In addition, certain international and federal laws and all 50 states have data breach notification legislation that require businesses to notify individuals and government agencies in the event of unauthorized access or exfiltration of certain personal information.
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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The Company monitors and considers these laws and regulations, particularly with respect to the design and operation of digital content services and legal and regulatory compliance programs.
−Removed: These laws and regulations and their interpretation are subject to change, and could result in increased compliance costs, claims, financial penalties for noncompliance, changes to business practices, including with respect to tailored
−Removed: advertising, or otherwise impact the Company’s business.
−Removed: Violations of these laws and regulations could result in significant monetary fines and other penalties, private litigation, require us to expend significant resources to defend, remedy and/or address, and harm our reputation, even if we are not ultimately responsible for the violation.
+Added: There may be changes in laws and regulations or judicial or regulators’ interpretation or enforcement thereof and regulatory agencies may change their priorities or activities with respect to such laws and regulations.
+Added: Any of these could result in increased compliance costs, claims, changes to business practices, including with respect to tailored advertising, or otherwise impact the Company’s business.
+Added: Violations of these laws and regulations could result in significant monetary fines and other penalties, private litigation, require us to expend significant resources to defend, remedy and/or address, harm our reputation or subject us to increased scrutiny from regulators or stakeholders, even if we are not ultimately responsible for the violation.
Consumer Finance Laws and Regulations
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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 by the Company may not in every case prevent the infringement.
−Removed: The Company seeks to limit that threat through a combination of approaches, including offering legitimate market alternatives, deploying digital rights management technologies, asserting infringement claims, and by pursing takedowns and/or monetization of Company content uploaded to the Internet by third parties without Company authorization.
+Added: The Company seeks to limit that threat through a combination of approaches, including offering legitimate market alternatives, deploying digital rights management technologies, asserting infringement claims, and by pursuing takedowns and/or monetization of Company content uploaded to the Internet by third parties without Company authorization.
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
−Removed: Our workforce is the creative, strategic and operational engine of FOX’s success, and we are committed to developing and supporting our employees.
−Removed: 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.
+Added: Our workforce is the creative, strategic and operational engine of FOX’s success, and we are committed to developing and supporting our employees by offering competitive compensation and benefits, fostering a healthy work-life balance, providing growth and development opportunities, fostering workplace civility and inclusion and encouraging our employees to have an impact in their communities.
As of June 30, 2025, we had approximately 10,400 full-time employees.
In the ordinary course of our business and consistent with industry practice, we also employ freelance and temporary workers who provide important production and broadcast support services.
−Removed: The vast majority of our workforce is based in the United States, and a portion is unionized.
−Removed: We have posted on our website our Employment Information Report (EEO-1), showing the race, ethnicity and gender of our U.S.
−Removed: employees at https://www.foxcorporation.com/eeo-1-data.
+Added: The vast majority of our workforce is based in the United
+Added: States, and a portion is unionized.
+Added: Our Employment Information Report (EEO-1) is available on our website at www.foxcorporation.com .
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.
Our key human capital initiatives include:
−Removed: Recruitment and Diversity
−Removed: Our commitment begins at the highest level of the organization.
−Removed: Our Board requires that minority and female candidates are presented for consideration with each Director vacancy.
−Removed: We believe that the more voices in the room and the more diverse the experiences of our colleagues, the better FOX’s internal culture and external programming are.
−Removed: 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.
−Removed: 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.
−Removed: We include the salary range in job postings to promote pay transparency and further pay equity.
−Removed: We also collaborate with professional organizations that offer FOX access to talent at recruiting events and conventions.
−Removed: These organizations include:
−Removed: • American Corporate Partners
−Removed: • Asian American Journalists Association
−Removed: • National Association of Black Journalists
−Removed: • National Association of Hispanic Journalists
−Removed: • Radio Television Digital News Association
−Removed: • The Association of LGBTQ+ Journalists
−Removed: • U.S.VETS Camo to Careers Program
−Removed: We also offer paid internships to build a diverse pipeline of early-career talent and emerging leaders.
−Removed: 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.
−Removed: This internship program, which runs for 8-10 weeks three times per year, welcomed approximately 600 students in fiscal year 2024.
−Removed: We are proud that our internship program was listed on Vault’s 2023 “100 Best Internships,” and it was the 2023 Winner of the Interns 2 Pros Internship Program of the Year.
−Removed: We also partner with a variety of organizations that provide media internships for promising students such as the Emma Bowen Foundation, T.
−Removed: Howard Foundation, International Radio and Television Society, Sports Biz Careers, National Association of Broadcasters’ Emerson Coleman Fellowship, UNC Hussman School of Journalism and Media’s Chuck Stone Program for Diversity Education and Media and the Entertainment Industry College Outreach Program.
−Removed: Additionally, FOX has established and put into action numerous early career training initiatives aimed at equipping promising individuals with vital job skills and career advancement opportunities.
−Removed: These initiatives are
−Removed: instrumental in cultivating a reservoir of our future leadership, many of whom are from underrepresented backgrounds.
−Removed: Notable examples include:
−Removed: • FOX Ad Sales Fast Future Initiative (“FFI”):
−Removed: Launched in 2021, this six-month career development program offers FOX Ad Sales team members resources and experiences designed to equip tomorrow’s leaders with skills they can implement today.
−Removed: FFI nurtures a sense of community, propels career growth and offers opportunities to engage with industry experts.
−Removed: FOX Ad Sales celebrated the graduation of its third cohort in early 2024.
−Removed: • FOX News Multimedia Reporters:
−Removed: This program positions qualified candidates across the country to shoot, produce, edit and report content for FOX News Media platforms.
−Removed: After two years of ongoing development and mentorship, reporters are positioned to become stronger journalists in the field.
−Removed: • FOX Sports Professional Development Program:
−Removed: This program prepares production team leaders with skills for the unique sports production environment, such as communication and influence in the control room under short deadlines.
−Removed: • FOX Television Stations Sales Training Program:
−Removed: This program was created to develop and mentor the next generation of diverse and motivated sales professionals for FOX Television Stations.
−Removed: 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.
−Removed: • FOX Writers Incubator Initiative:
−Removed: This FOX Entertainment program, which welcomed its first class in 2022, nurtures and trains talented writers with diverse voices, backgrounds and life experiences.
−Removed: Writers work intensively on their scripts with the support of established writers, executives, directors and producers across all genres (comedy, drama, animation, etc.).
Employee Compensation and Benefits
We are proud to invest in our people through competitive pay and comprehensive benefits designed to attract, motivate and retain our talent.
−Removed: Providing equal pay for equal work, without regard to race, gender or other protected characteristics, is an imperative at FOX.
−Removed: We link our more senior employees’ pay to corporate performance through annual incentive compensation awards.
−Removed: Other employees may be eligible for other long-term incentives depending on their business unit and level/role.
−Removed: FOX also provides generous benefits that support the health, wellness and financial stability of our employees and their families.
−Removed: 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.
−Removed: Many employees benefit from the convenience of covered telemedicine visits as well as virtual primary care services.
−Removed: In addition, we provide vision and dental insurance, which includes coverage for adult orthodontic care.
−Removed: Our coverage is generous, with employee contributions and costs more favorable than national averages according to a 2023 Mercer LLC survey.
−Removed: Eligible employees may participate in flexible spending accounts, health savings accounts, and qualified transportation expense accounts.
−Removed: 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.
−Removed: Additional benefits FOX provides to eligible employees include paid company holidays, floating holidays, vacation, sick and safe time, life insurance, accidental death and dismemberment insurance, business travel accident insurance, 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.
+Added: Full-time employees and their family members are eligible for medical insurance, and eligible employees may participate in flexible spending accounts, health savings accounts, and qualified transportation expense accounts.
+Added: We also provide employees with a health advocate service.
+Added: Eligible employees receive paid time-off programs, including vacation and sick and safe time, benefits such as life insurance, accidental death and dismemberment insurance, salary replacement for up to 26 weeks of short-term disability, basic long-term disability insurance, charitable gift matching, and an employee assistance program that offers onsite counseling in our New York and Los Angeles worksites.
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.
−Removed: 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.
−Removed: 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.
+Added: Freelance employees who work a minimum number of hours are also eligible for a medical, dental and vision plan, as well as the 401(k) savings plan and health advocate service.
Employee Wellness and Workplace Flexibility
We believe offering our employees the tools necessary for a healthy work-life balance and overall wellness empowers them to thrive in our modern workforce.
−Removed: To that end, FOX allows eligible individuals the opportunity to work on a partially remote (i.e., “hybrid”) or fully remote basis in appropriate circumstances.
−Removed: Our parental leave policy allows eligible new parents to bond with their children for a substantial period with full pay, and our workplaces have lactation rooms for our new mothers.
−Removed: We provide onsite subsidized childcare to full-time employees at the Los Angeles FOX Child Care Center.
−Removed: In addition, we offer up to 40 days of backup child, adult, elder and return-to-work care.
−Removed: Starting in 2022, we added backup pet care and online academic help with homework and tutors for all ages.
−Removed: In addition, we have onsite fitness centers in our New York and Los Angeles worksites.
−Removed: In 2024, FOX expanded its partnership with the National Alliance on Mental Illness (“NAMI”) to provide additional mental health resources to employees.
−Removed: Through the collaboration within the NAMI-NYC Workplace Mental Health Collaborative, FOX leadership gains access to an array of organizational best practices.
−Removed: Throughout the year, FOX employees engaged in multiple training sessions, endorsed by research and peer-reviewed studies, such as the “Beyond Burnout” course which provided strategies to build resilience, maintain mental well-being, and protect against workplace burnout.
−Removed: NAMI has tailored training for FOX, focusing on managing workplace crises and trauma.
−Removed: The program, beneficial for all staff levels, provides essential best practices and coping strategies to maintain mental health, promote staff safety, and support uninterrupted business operations.
+Added: We have a robust parental leave policy, our workplaces have lactation rooms for our new mothers, and we offer onsite subsidized childcare to full-time Los Angeles employees and up to 40 days of backup child, adult, elder and return-to-work care.
+Added: FOX maintains a partnership with the National Alliance on Mental Illness to provide additional mental health resources to employees, including courses on strategies to build resilience, maintain mental well-being and protect against workplace burnout.
Learning and Development
FOX offers employees multiple learning and development programs, including tuition reimbursement, management and leadership development, online and on-demand e-learning, live webinars and assessment tools.
−Removed: Our annual MentorMatch program provides junior employees with the tools and resources to grow their careers through relationship-building and networking.
−Removed: We also identify key individuals for ongoing talent management, retention and succession planning.
−Removed: Within FOX News Media and FOX Television Stations, we deliver specialized training on the First Amendment, defamation, privacy, infringement and other newsgathering and reporting topics to educate employees on these principles and provide advice on best practices.
−Removed: Health and Safety
−Removed: FOX is committed to protecting the health, safety and work environment of our employees, clients and neighbors.
−Removed: Our Environment, Health and Safety (“EHS”) Program manages risks by implementing proactive, practical and feasible controls into daily work activities, as appropriate.
−Removed: Employees receive health and safety training orientations and have access to several workplace safety programs and resources.
−Removed: 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.
−Removed: The day-to-day management of FOX’s EHS Program, sustainability initiatives and compliance is overseen by our President and General Manager, Studio Operations and implemented by our dedicated EHS team.
−Removed: Moreover, FOX has a Global Security team that oversees the Company’s security and emergency response efforts as well as emergency planning and preparedness.
−Removed: 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.
+Added: We deliver specialized training on the First Amendment, defamation, privacy, infringement and other newsgathering and reporting topics to educate employees on these principles and provide advice on best practices.
+Added: Additionally, FOX has established and put into action numerous early career training initiatives aimed at equipping promising individuals with vital job skills and career advancement opportunities.
+Added: The award-winning 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.
Workplace Civility and Inclusion
3 unchanged sentences
Therefore, it is our policy to provide a safe work environment free from this or any other unlawful conduct.
−Removed: 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
−Removed: and practices.
+Added: 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.
−Removed: These policies offer multiple complaint channels, including a third-party managed hotline that allows for anonymous reporting of concerns.
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.
−Removed: 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.
+Added: FOX also has several employee-driven Employee Resource Groups (“ERGs”) formed around encouraging a more respectful workplace community and fostering a sense of belonging.
All FOX colleagues are welcome to join or participate in any or multiple ERGs.
−Removed: Opportunities are also available for colleagues to impact their personal and professional development by becoming an ERG board member.
−Removed: They include:
−Removed: • ABLE – committed to breaking the stigma around seen and unseen disabilities and supporting our FOX colleagues, and those affected by them, through education, advocacy and allyship
−Removed: • ACE (Asian Community Exchange) – serves Asian Americans at FOX and their allies by advancing their members, championing their stories and empowering their communities
−Removed: • BLK+ – celebrates the intersectionality of our Black colleagues across the diaspora of FOX and seeks to build community through programming and professional development
−Removed: • HOLA (Hispanic Organization for Leadership and Advancement) – develops Hispanic leaders, enriches FOX's diverse culture and drives positive impact for Hispanic employees at FOX and their allies
−Removed: • PRIDE – cultivates community among FOX’s LGBTQ+ colleagues and allies, supports causes important to the LGBTQ+ community
−Removed: • VETS – committed to the community of veterans, current service members, military supporters and military spouses employed at FOX by embracing four core values – Community, Appreciation, Connection & Education
−Removed: • WiT (Women in Tech) – attracts, empowers and connects women technologists and amplifies their impact at FOX
−Removed: • WOMEN@FOX – committed to developing female leadership at all levels and fostering a culture where all women thrive
−Removed: Maintaining a work environment where employees can thrive, advance and feel included is one of our top priorities at FOX.
−Removed: As a result of these and other efforts, many outside organizations have recognized FOX for our deep commitment to inclusion and diversity.
−Removed: • DiversityComm once again recognized FOX as a Top Hispanic, Black and Women Employer and as a Top LGBTQ+ Friendly Company for 2024
−Removed: • FOX was appointed to the Military Friendly® Employer list again for 2024 and named a Military Friendly® Brand;
−Removed: FOX also was rated a 4-Star Employer by VETS Indexes
−Removed: • FOX was named to Disability Equality Index's “Best Places to Work for Disability Inclusion” list for 2024, continuing year-over-year recognition as a top scoring employer
Community Impact
−Removed: The dedication of FOX team members to their local communities is profoundly exhibited by their active participation.
−Removed: This is particularly visible within the scope of our charitable initiative, FOX Forward, which embodies our commitment through volunteerism, skill sharing and support of meaningful causes.
−Removed: FOX employees offer significant support to a variety of community non-profit organizations, aid for veterans, educational institutions and families facing hardships.
−Removed: We seek to motivate our employees to invest their time and resources in institutions that drive positive changes.
−Removed: Throughout fiscal year 2024, the various FOX businesses collectively propelled our philanthropic efforts to realize an impressive impact, contributing over $9.5 million to diverse communities.
−Removed: During the fiscal year, FOX supported military veterans, active-duty military, first responders and their families by partnering with U.S.VETS to champion their Make Camo Your Cause campaign, awarding the first two FOX Pat Tillman Veterans Center scholarships to Cronkite School of Journalism and Media Communications student veterans and presenting grants to caretakers of veterans through the Elizabeth Dole Foundation’s Hidden Heroes program.
−Removed: Additionally, FOX committed $2 million to Tunnel to Towers’ Homeless Veteran Program, which will fund housing and supportive services for American veterans experiencing homelessness.
−Removed: FOX continued to serve as an Annual Disaster Giving Program partner for the American Red Cross while also making additional donations to their Hawaii Wildfires and Hurricane Idalia relief efforts.
−Removed: Along with FOX viewer contributions, over $3 million in aid supported these relief efforts.
−Removed: The growth of our FOX For Students program continued as we renewed our commitment as a Founding Partner of the Roybal Film and Television Production Magnet Program doubling our financial commitment to the school and its mission to build an inclusive pipeline to below-the-line career paths in the entertainment industry through education and real-life experience.
−Removed: FOX holiday giving programs raised over $500,000 in November and December of 2023 for non-profit organizations across the country, including the Los Angeles Regional Food Bank, New York Cares, Boys & Girls Clubs of America and the National Alliance on Mental Illness, providing meals, coats, holiday gifts and mental health resources for those in need.
−Removed: FOX supported communities experiencing food insecurity through multiple organizations such as Feeding America, Northwest Harvest and Capital Area Food Bank resulting in over 270,000 meals served.
−Removed: 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.
−Removed: 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.
−Removed: Over the course of the fiscal year, across all FOX businesses, contributions through FOX Giving exceeded $1.5 million.
−Removed: Additionally, FOX provides invaluable in-kind support through public service announcements and editorial coverage for non-profit organizations such as the Special Olympics, the USO and Stand Up to Jewish Hate, while also creating further 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 First Responders Children’s Foundation and Tunnel to Towers Foundation.
+Added: Through FOX Forward, our corporate social responsibility program, we strategically invest in causes that align with FOX, our employees and our audience in an effort to create a positive impact in local communities.
+Added: Our primary areas of focus include serving veterans and active military members;
+Added: expanding educational access for underserved students;
+Added: and providing critical assistance to disaster-affected individuals.
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.