What changed in this filing

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Item 1. Business

2026-08-06 compared with 2025-08-06 · 143 added, 119 removed, 386 unchanged (40% of the section changed)

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FOX became a standalone publicly traded company on March 19, 2019, when Twenty-First Century Fox, Inc.

(“21CF”) spun off the Company to 21CF stockholders and FOX’s Class A Common Stock and Class B Common Stock (collectively, the “Common Stock”) began trading on The Nasdaq Global Select Market (the “Transaction”).

(“21CF”) spun off the Company to 21CF stockholders and FOX’s Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) began trading on The Nasdaq Global Select Market (the “Disney Transaction”).

The Walt Disney Company (“Disney”) acquired the remaining 21CF assets and 21CF became a wholly-owned subsidiary of Disney.

The Company is party to a separation and distribution agreement and a tax matters agreement that govern certain aspects of the Company’s relationship with 21CF and Disney following the Transaction.

The Company is party to a separation and distribution agreement and a tax matters agreement that govern certain aspects of the Company’s relationship with 21CF and Disney following the Disney Transaction.

Roku Transaction

On June 14, 2026, the Company and Roku, Inc.

(“Roku”) entered into a definitive agreement (the “Merger Agreement”) under which the Company has agreed to acquire Roku for a combination of cash and FOX Class A Common Stock (the “Roku Transaction” or “Merger”).

Upon the terms and subject to the conditions of the Merger Agreement, FOX will pay $96.00 in cash and 0.9693 shares of FOX Class A Common Stock for each share of Roku Class A Common Stock and Roku Class B Common Stock outstanding immediately prior to the effective time of the merger.

The exchange ratio is fixed and will not be adjusted.

Following the completion of the Merger, Roku will be a wholly-owned subsidiary of FOX.

Each of the Boards of Directors of FOX and Roku have unanimously approved the transaction, which is also subject to requisite approval by FOX and Roku stockholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the receipt of consents or approvals under certain other antitrust laws and certain investment screening laws and other customary conditions.

The Merger Agreement contains customary termination rights and provides that each party will be required to pay the other party a termination fee of approximately $866 million if the Merger Agreement is terminated in certain circumstances, including due to a change in the recommendation of its board of directors.

In addition, FOX will be required to pay Roku a termination fee of approximately $1.2 billion if the Merger Agreement is terminated under certain circumstances related to the failure to obtain certain regulatory approvals or upon the entry of a permanent

restraint under certain antitrust laws or investment screening laws.

FOX has also agreed to reimburse Roku for up to $70 million for reasonable third-party costs and expenses incurred by Roku in connection with the transaction if FOX is unable to obtain the required approval of its Class B Common stockholders of the issuance of FOX Class A Common Stock in connection with the transaction.

In connection with execution of the Merger Agreement, Roku founder, Chairman and Chief Executive Officer Anthony Wood and certain associated trusts and related entities that together hold at least a majority of the voting power of the Roku common stock entered into a voting and support agreement with FOX agreeing to vote in favor of the Transaction.

LGC Holdco, LLC (“LGC Holdco”) and its sole manager Cruden 2, LLC also entered into a voting and support agreement with Roku, pursuant to which they agreed to vote all shares of FOX Class B Common Stock owned by them (representing, as of June 30, 2026, approximately 38.8% of the voting power of the FOX Class B Common Stock entitled to vote) in favor of the issuance of shares FOX Class A Common Stock in the transaction.

The Company’s fiscal year ends on June 30 of each year.

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Caution Concerning Forward-Looking Statements

This Annual Report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.

This Annual Report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, including statements regarding the Roku Transaction.

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

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

Although the Company’s management believes that the expectations reflected in any of the Company’s forward-looking

statements are reasonable, actual results could differ materially from those projected or assumed in any forward-looking statements.

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

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

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

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

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

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

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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.

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.

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, including FOX One, the Company’s wholly-owned, direct-to-consumer subscription streaming service.

Our Competitive Strengths

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

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.

Tubi, our leading AVOD service, attracts a young, multicultural and highly engaged audience to its content library of over 350,000 movies and television episodes.

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

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For over 24 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”).

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.

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 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 eleventh consecutive year and delivered ratings that were comparable to ratings delivered by the four broadcast networks in weekday primetime viewing.

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 , INDYCAR, 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.

Under FOX’s ownership, Tubi has become one of the most relevant and

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.

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.

Tubi has become one of the most relevant and fastest growing AVOD services in the country, with 20% growth in total view time (the total number of hours watched) in fiscal 2026 compared to the prior fiscal year.

According to Nielsen’s The Gaug e, Tubi finished the fiscal year among the most-watched free ad-supported streaming services in the U.S., averaging approximately 2.2% of all television viewing over the course of the year.

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

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 .

During the 2025-2026 broadcast season, FOX Entertainment delivered the season’s top two debuts among adults 18-49 with Fear Factor:

House of Fear and Memory of a Killer , along with three of the top four most watched cooking shows on television with Next Level Chef , Hell’s Kitchen and MasterChef .

FOX Television Stations covers 18 Nielsen-designated market areas (“DMAs”), including 15 of the 16 largest, and was the #1 or #2 rated news provider in the hours of 5 a.m.

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

FOX News and FOX Business are available in approximately 60 million U.S.

households and FOX Sports and FOX Entertainment programming on the FOX Network is available in virtually every U.S.

FOX News is available in approximately 55 million U.S.

households via MVPDs and in additional households through FOX One.

FOX Sports and FOX Entertainment

programming on the FOX Network is available in virtually every U.S.

Tubi’s ubiquitous availability provides broad distribution of films, episodic television programming, live local and national news content and sports programming.

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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.

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.

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.

We have maintained significant liquidity, ending fiscal 2026 with approximately $4.2 billion of cash and cash equivalents on our balance sheet while returning approximately $2.3 billion of capital to our stockholders through our cash dividend and stock repurchase program, including a $1.5 billion accelerated share repurchase program in fiscal 2026.

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

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 FOX and 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.

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

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

Goals and Strategies

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The strength of our core businesses has allowed us to invest in attractive growth opportunities and brand extensions.

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.

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.

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.

Examples of this include digital brand extensions at FOX News Media, including the FOX Nation subscription video-on-demand (or SVOD) service and the FOX Weather free ad-supported streaming television (“FAST”) service.

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.

In fiscal 2026, Tubi expanded its content library through the premiere of 50 new original titles and the launch of over 20,000 creator-led episodes 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.

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.

In fiscal 2026, we added rights to two additional NFL regular season game windows for the 2026 NFL season, and we renewed rights for the CONCACAF Gold Cup in 2027 and 2029.

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.

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.

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.

FOX Entertainment Studios also produces or co-produces original content for third parties including many of the leading SVOD services (Netflix, Amazon Prime Video and Apple TV), highlighting the attractiveness of FOX’s content to a wide variety of streaming services.

FOX Television Stations produces live streaming news content on connected televisions and FAST services through both LiveNOW from FOX (its national 24/7 live streaming service) and FOX Local Streams (its group of FAST services that offer live and recorded content from 17 FOX-owned and operated local television stations).

Total view time on FOX Local Streams grew over 17% compared to the prior fiscal year.

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

We expect our internal production capabilities and co-production arrangements will facilitate growth by enabling us to directly manage the economics and programming decisions of our broadcast network and television stations.

We expect our internal production capabilities and co-production arrangements will facilitate growth by enabling us to directly manage the economics and programming needs of our broadcast network and television stations.

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

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

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

Tubi continues to experience significant growth in total view time across a library of 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.

FOX News Media operates a number of digital businesses, including FOX News Digital, which remains the most engaged brand in digital news (leading in total views, minutes spent and social interactions), along with the FOX Nation SVOD service, which offers U.S.

For example, FOX One, our wholly-owned, direct-to-consumer subscription streaming service designed to attract “cord-cutters” and “cord-nevers”, expands the reach of our programming beyond FOX’s existing distribution footprint.

Tubi also provides us with a wholly-owned digital platform to access a wider digital audience and further the reach of our content.

Tubi continues to experience significant growth in total view time across a library of over 350,000 movies and television episodes, including key FOX entertainment, news and sports programming, and it streamed over 13 billion hours of content over the course of the fiscal year (a record for the platform).

Tubi’s young, multicultural and highly engaged viewers, the majority of which are classified as “cord-cutters” or “cord-nevers,” is an audience advertisers are eager to reach.

FOX News Media operates a number of digital businesses, including FOX News Digital, which remains the most engaged brand in digital news (leading in total views, minutes spent, YouTube views and social interactions), along with the FOX Nation SVOD service, which offers U.S.

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

Additionally, FOX Television Stations operates a portfolio of digital businesses, including the FLX (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.

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.

In June 2026, the Company announced its proposed acquisition of Roku, a transaction that will combine FOX’s leading sports, news and entertainment content and Tubi service with Roku’s leading connected TV platform, its portfolio of advertising-supported and subscription-based streaming services led by The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households.

Reportable Segments

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For over 24 consecutive years, FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing.

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 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 eleventh 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 2026.

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.

FOX News also produces a weekend political commentary show, FOX News Sunday , and a 90-second daily news brief, FOX News Report , for broadcast on the FOX Television Stations and stations affiliated with the FOX Network throughout the U.S.

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.

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.

In addition to live events, FS1 offers daily studio shows featuring key talent, including Colin Cowherd and Nick Wright.

In addition to live events, FS1 offers daily studio shows featuring key talent, including Colin Cowherd and Nick Wright, and programming from Barstool Sports.

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

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FOX Soccer Plus.

FOX Soccer Plus is a premium video programming network that showcases exclusive live soccer and rugby competitions, including events from FIFA, UEFA, Concacaf, CONMEBOL, Saudi Pro League, Super Rugby League, Australian Football League and the National Rugby League.

FOX Soccer Plus is a premium video programming network that showcases exclusive live soccer and rugby competitions, including events from FIFA, UEFA, Concacaf, Canadian Premier League, Saudi Pro League, Super Rugby League, Australian Football League and the National Rugby League.

FOX Deportes.

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

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.

FOX Deportes features coverage of a variety of major sports events, including premier soccer (such as matches from Liga MX, MLS and the Saudi Pro League), the NFL, including the Thanksgiving, Christmas, NFC playoffs and Championship games, and in rotation with other NFL media partners, the Super Bowl , MLB (including regular season games, alternating between the American and National League Championship Series each year, 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 is a 24-hour national video programming service dedicated to the collegiate Big Ten Conference and Big Ten athletics, academics and related programming.

The Big Ten Network televises live collegiate events, including football games, regular-season and post-season men’s and women’s basketball games, and men’s and women’s Olympic events (including wrestling, volleyball and ice hockey), as well as a variety of studio shows and original programming.

The Big Ten Network also owns and

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.

Network televises live collegiate events, including football games, regular-season and post-season men’s and women’s basketball games, and men’s and women’s Olympic events , as well as a variety of studio shows and original programming.

The Big Ten Network also owns and 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.

Digital Distribution.

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

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

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

The Company’s cable network programming is also distributed through the FOX One direct-to-consumer subscription streaming service, FOX-branded websites, apps, podcasts and social media accounts and is licensed for distribution through MVPDs’ websites and apps.

The Company’s websites and apps include FOX.com, FOXNews.com, FOXBusiness.com, FOXWeather.com, FOXSports.com, FOXDeportes.com and the FOX One, FOX News, FOX Business, FOX Weather, FOX Sports and FOX Deportes mobile apps.

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

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The Big Ten Network distributes live-streaming and video-on-demand programming through the B1G+ subscription video streaming service.

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

In addition, the Company expects to launch the FOX One direct-to-consumer subscription streaming service by the Fall of 2025.

See “—Other” below.

The Company also distributes non-authenticated live-streaming and video-on-demand content, podcasts, as well as static visual content across FOX, the Big Ten Network and Big Ten branded social media and third-party video and audio platforms.

Outkick Media .

The Company owns Outkick Media, a digital media company focused on the intersection of sports, news and entertainment.

FOX Latin America.

FOX Latin America, which began operations in June 2025, offers sports programming to audiences in Mexico and Central America through linear television networks, the Tubi AVOD service and a direct-to-consumer subscription streaming service.

Cable Network Programming Competition

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FOX News Media.

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

FOX News' primary competition comes from the broadcast networks' national news divisions and cable news networks such as CNN and MS NOW.

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

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

On a national level, the primary competitors to FS1, FS2, and the Big Ten Network are ESPN, ESPN2, TNT, TBS, USA Network, CBS Sports Network and The CW Network;

On a national level, the primary competitors to FS1, FS2, and the Big Ten Network are national cable networks 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;

and direct-to-consumer streaming services such as ESPN+, YouTube, Peacock, Amazon Prime Video, Netflix, Apple TV+, Paramount+, HBO Max and Roku, among others.

and direct-to-consumer streaming services such as ESPN, YouTube, Peacock, Amazon Prime Video, Netflix,

Apple TV, Paramount+ and HBO Max, 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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market, according to Nielsen.

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.

The FOX Network has ranked among the top two networks in the 18 to 34 year old audience for the past 31 broadcast seasons.

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• FOX Sports .

A significant component of FOX Network programming consists of sports programming, with the FOX Network providing to its affiliates during the 2024-2025 broadcast season live coverage of the NFL, featuring America's Game of the Week .

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.

In certain years, FOX Sports broadcasts the Super Bowl , the FIFA Men’s World Cup , the Copa América tournament and the UEFA European Championship .

A significant component of FOX Network programming consists of sports programming, with the FOX Network providing to its affiliates during the 2025-2026 broadcast season live coverage of the NFL, featuring America's Game of the Week, and the FIFA Men’s World Cup .

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

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.

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

FOX Entertainment primetime programming during the 2024-2025 broadcast season featured such scripted series as Doc, Alert:

Missing Persons Unit and The Cleaning Lady , along with the FOX Entertainment-owned comedies Animal Control and Going Dutch ;

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

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:

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

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.

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.

Television, and independent television production companies pursuant to license agreements.

FOX Entertainment primetime programming during the 2025-2026 broadcast season featured such scripted series as Doc, Best Medicine and Memory of a Killer , along with the FOX Entertainment-owned comedies Animal Control and Going Dutch ;

animated series, including The Simpsons, Bob's Burgers, Family Guy and American Dad ;

and unscripted series, such as the game show The Floor , Next Level Chef , Gordon Ramsay’s Secret Service and Kitchen Nightmares from Studio Ramsay Global (FOX’s co-owned production company with Gordon Ramsay), The Masked Singer, LEGO Masters, Special Forces:

World’s Toughest Test, Farmer Wants a Wife , Fear Factor:

House of Fear, Extracted and investigative report specials from FOX-owned TMZ.

During the 2025-2026 broadcast season, FOX Entertainment featured the season’s top two debuts among adults 18-49 with Fear Factor:

House of Fear and Memory of a Killer , along with three of the top four most watched cooking shows on television with Next Level Chef, Hell’s Kitchen and MasterChef .

Entertainment programming is obtained from major television studios, including 20th Television, Sony Pictures Television and Warner Bros.

Television, and independent television production companies pursuant to license and co-production agreements.

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.

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Such agreements typically run three or more years and have staggered expiration dates.

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.

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.

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

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.

In fiscal 2025, Tubi expanded its content library through the premiere of over 70 new original titles.

Tubi offers a content library of over 350,000 movies and television episodes from over 600 content partners, including every major Hollywood studio, and a growing number of new original titles.

In fiscal 2026, Tubi expanded its content library through the premiere of 50 new original titles and the launch of over 20,000 creator-led episodes.

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.

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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.

As of June 2025, Tubi is available on the vast majority of streaming platforms, including connected television devices, and online at www.tubitv.com.

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 .

As of June 2026, Tubi is available on the vast majority of streaming platforms, including connected television devices, online at tubitv.com and on iOS and Android devices and platforms.

In fiscal 2026, the service generated over 13 billion hours of total view time (the total number of hours watched) and averaged approximately 2.2% of all television viewing over the course of the year according to Nielsen’s The Gauge .

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

Tubi’s viewers are young, diverse and highly engaged, and the majority of its audience is classified as “cord-cutters” or “cord-nevers.”

Tubi’s viewers are young, multicultural and highly engaged, and the majority of its audience is classified as “cord-cutters” or “cord-nevers.”

FOX Television Stations

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WPWR-TV (b)(d)

Dallas, TX* 4 KDFW 35(4) UHF 2.6%

Philadelphia, PA* 5 WTXF-TV 31(29) UHF 2.5%

Houston, TX* 6 KRIV 26(26) UHF 2.2%

DMA/Rank Station Digital

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Television Households in the DMA (a)

Dallas, TX* 4 KDFW 35(4) UHF 2.6%

Philadelphia, PA* 5 WTXF-TV 31(29) UHF 2.5%

Houston, TX* 6 KRIV 26(26) UHF 2.3%

Atlanta, GA* 7 WAGA-TV 27(5) UHF 2.2%

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Digital Distribution

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

The Company’s websites and apps, 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.

The Company’s Television segment also distributes programming through the FOX One direct-to-consumer subscription streaming service, FOX-branded websites, apps, podcasts and social media accounts and licenses programming for distribution through MVPDs’ websites and apps.

The Company’s websites and apps, which include FOX.com, FOXSports.com and TMZ.com and the FOX One, 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.

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

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

These services include LiveNOW from FOX, which offers 24/7 live streaming news coverage;

FOX Local Streams, a group of FAST services that offer live and recorded content from 17 FOX-owned and operated local television stations;

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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.

In addition, the Company expects to launch the FOX One direct-to-consumer subscription streaming service by the Fall of 2025.

See “—Other” below.

FOX Entertainment Studios

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.

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.

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 One, FOX Nation and other digital platforms.

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.

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 .

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.

FOX Alternative Entertainment develops and produces unscripted and alternative programming primarily for the FOX Network, including The Masked Singer and Name That Tune .

Animation production company Bento Box Entertainment produces programming for cable and broadcast networks (including programming such as Krapopolis, Grimsburg, Universal Basic Guys and Bob's Burgers that air on the FOX Network) and digital platforms.

FOX Entertainment Global

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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.

Red Seat Ventures

Red Seat Ventures, acquired by FOX in 2025, is a creator-focused digital services company that partners with content creators, brands and media companies to develop digital properties.

The programming distribution service, Master Distribution Service, Inc.

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households as of June 30, 2026.

Television Competition

The network television broadcasting business is highly competitive.

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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.

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.

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.

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

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The historic lot is located on over 50 acres of land and has over 1.8 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.

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.

(“Credible”), which operates consumer finance and insurance marketplaces in the U.S.

The FOX Studio Lot also has network broadcast facilities including two live production studios, production control rooms and editing and graphic spaces.

The FOX Studio Lot provides two primary revenue streams — the lease of a portion of the office space to third parties and the operation of studio facilities for third-party productions.

Credible Labs Inc.

(“Credible”) operates consumer finance and insurance marketplaces in the U.S.

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

The 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.

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.

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.

FOX One, which launched in August 2025, is the Company’s wholly-owned, direct-to-consumer subscription streaming service that offers subscribers live streaming and on-demand access to the full portfolio of FOX brands, including FOX News, FOX Sports, the FOX Network, FOX Business, FOX Weather, FS1, FS2, FOX Deportes, the Big Ten Network, FOX Television Stations and, on a bundled basis, FOX Nation and B1G+.

The service is designed to attract “cord-cutters” and “cord-nevers”, expanding the reach of FOX’s programming beyond its existing footprint.

FOX One leverages technology to enhance the user experience, help audiences discover and enjoy content and integrate live and on-demand content.

FOX One is available to consumers as a stand-alone service and as part of bundled offerings that include other distributors and services.

In addition, MVPD subscribers who receive the Company’s networks can access FOX One on an authenticated basis.

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 2.5% of Flutter as of June 30, 2026.

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.

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, the exercise of which is subject to certain conditions and applicable gambling regulatory approvals.

As of June 30, 2026, the option exercise price is approximately $4.7 billion.

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United Football League

Launched in January 2024, the UFL is a professional spring football league that consists of eight teams playing a 40-game regular season schedule in addition to two playoff games and a championship game.

Launched in January 2024, the United Football League (the “UFL”) is a professional spring football league that consists of eight teams playing a 40-game regular season schedule in addition to two playoff games and a championship game.

FOX Sports and Disney/ESPN are the domestic distribution partners of the UFL games under multi-year rights agreements.

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

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

In June of 2025, the FCC released a Public Notice seeking to refresh the record on whether to eliminate the national ownership cap.

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.

Depending on the outcome of this deregulation examination, the Company’s ability to acquire television stations in additional markets may be affected.

2025, the FCC released a Public Notice seeking to refresh the record on whether to eliminate the national ownership cap.

In July 2026, the FCC announced that it will vote at its August 6, 2026 Open Meeting to eliminate the 39% national audience reach television ownership cap.

If adopted, the elimination of the cap would allow a broadcaster to own stations serving 100% of the country subject to traditional public interest review.

The Company is also subject to other communications laws and regulations relating to ownership.

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and 10:00 p.m.

The FCC also monitors compliance relating to political advertising, identification of program sponsors and the use and integrity of the Emergency Alert System.

The FCC also monitors compliance relating to political advertising and the use and integrity of the Emergency Alert System.

In addition, FCC regulations require the closed captioning of almost all broadcast and/or cable programming, as well as certain programming in the U.S.

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The disclosure and record retention requirements for AI in political advertising vary greatly by state.

Spectrum Allocation.

In 2020, the FCC reallocated sixty percent of a band of satellite transmission spectrum known as the “C-Band” used by the television industry to transmit programming to free up spectrum for the next generation of commercial wireless broadband services, which has reduced the availability and use of satellite transmission spectrum for the television industry.

In July 2025, legislation was signed into law, directing the FCC to conduct an auction of at least 100 MHz of C-Band spectrum within two years.

The FCC launched a rulemaking on the implementation of the auction and requested public comment on whether the remaining spectrum in the C-Band, be, in whole or in part, included in the auction.

In July 2026, the FCC adopted a final Order that requires 160 MHz of the remaining 200 MHz C-Band spectrum to be included in the auction, with the auction to occur in 2027 and the transition of the use of the spectrum to conclude by December 2030 in the top 75 Partial Economic Areas and June 2031 for the rest of the country.

The decreased availability of satellite transmission spectrum could diminish the quality of and increase interference to our transmissions, which could significantly hinder the Company’s ability to deliver its programming to broadcast affiliates and traditional MVPDs.

Broadcast Affiliation.

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

In November 2025, the FCC issued a Public Notice seeking comment on how market and regulatory dynamics have impacted the relationship between local television stations and national broadcast networks.

We cannot predict the timing or outcome of this rulemaking or its impact on our businesses.

Broadcast Transmission Standard.

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Privacy and Information Regulation

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

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

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

Federal and state laws and regulations affecting the Company’s digital products and services such as advertising-supported and subscription-based streaming services, websites, apps and other business activities include:

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

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

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

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

Virginia, Colorado, Connecticut, and Utah have similar privacy laws that became effective in 2023.

and many state privacy laws, such as those in California and Virginia, which impose broad obligations on the collection, use, handling and disclosure of personal information, and provide certain individual rights, including the right to access, delete, correct and restrict the “sale” or “sharing” of personal information, including in connection with targeted advertising, and the right to appeal.

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.

More than a dozen other states have passed or introduced similar privacy legislation.

Certain existing and emerging privacy and AI-related laws and regulations also may impose additional obligations relating to the use of automated technologies and personal information, which could affect how the Company develops, deploys and uses AI-enabled tools.

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

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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.

Regulation of Digital Products and Services

The Company’s digital products and services are subject to evolving federal, state and international laws and regulations governing areas including consumer protection, online safety accessibility and competition, in addition to the privacy, data security and intellectual property laws described elsewhere in this section.

The scope of regulation applicable to the Company’s digital products and services may differ depending on how they are used and/or purchased.

We cannot predict whether, or the extent to which, future regulatory developments could affect our digital products and services.

Consumer Finance Laws and Regulations

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Human Capital Resources

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.

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 respect and encouraging our employees to have an impact in their communities.

As of June 30, 2026, we had approximately 10,550 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.

The vast majority of our workforce is based in the United

States, and a portion is unionized.

Our Employment Information Report (EEO-1) is available on our website at www.foxcorporation.com .

The vast majority of our workforce is based in the United States, and a portion is unionized.

Our most recent 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.

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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.

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.

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.

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.

We believe offering our employees the tools necessary for a healthy work-life balance and overall wellness empowers them to thrive in today's workforce.

FOX provides robust parental leave, workplace lactation rooms, on-site subsidized childcare for Los Angeles employees and extensive backup care for family members and pets.

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.

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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

Workplace Civility and Respect

Trust begins in the workplace every single day.

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

FOX also 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.

Community Impact

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.

Our primary areas of focus include serving veterans and active military members;

expanding educational access for underserved students;

and providing critical assistance to disaster-affected individuals.

Through FOX Forward, our corporate social responsibility program, we strategically invest in causes that align with our business, our employees and our audience in an effort to create positive change.

Our primary areas of focus include serving veterans and active-duty military, opening educational pathways for under-resourced students and providing essential resources to communities in crisis.

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

What changed 10-K

Item 1. Business