The Company's revenues increased $357 million or 11% for the three months ended September 30, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $103 million or 6% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $210 million.

The increase of $129 million or 11% in advertising revenue was primarily due to the approximately $120 million impact of higher political advertising revenue due to the 2024 presidential and congressional elections at the FOX Television Stations and continued growth at Tubi.

The increase of $125 million or 47% in other revenues was primarily due to higher sports sublicensing revenue at the national sports networks.

As of September 30, 2024, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.

The Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended September 30, 2024, which was paid on September 25, 2024 to stockholders of record on September 4, 2024. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company's Board of Directors.

The Company has evaluated, and expects to continue to evaluate, possible acquisitions and dispositions of certain businesses and assets. Such transactions may be material and may involve cash, the Company's securities or the assumption of additional indebtedness.

There have been no material changes to the risk factors described in the section titled 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities and Exchange Commission (the 'SEC') on August 8, 2024.

From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement.

The Company and its subsidiaries, including Tubi, Inc. ('Tubi'), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information.

The increase of $31 million or 11% in advertising revenue was primarily due to higher ratings, higher pricing in the direct response marketplace and higher digital advertising revenue partially offset by higher preemptions associated with breaking news coverage at FOX News Media.

Also contributing to this increase was timing of NFL games, higher NFL ratings and the broadcasts of the Union of European Football Associations ('UEFA') European Championship and CONMEBOL Copa América, partially offset by the absence of the FIFA Women's World Cup in the current year.

Evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs.

Selling, general and administrative expenses increased $22 million or 5% for the three months ended September 30, 2024, as compared to the corresponding period of fiscal 2024, primarily due to higher legal costs at FOX News Media and higher employee costs at Tubi.

In total, the Company repurchased approximately 6 million shares of Class A Common Stock for approximately $250 million during the three months ended September 30, 2024.

Operating expenses increased $135 million or 11% primarily due to higher sports programming rights amortization principally due to higher NFL costs, led by the timing of games, and the broadcast of the UEFA European Championship partially offset by the absence of the FIFA Women's World Cup in the current year and continued growth at Tubi.

The increase of $98 million or 11% in advertising revenue was primarily due to higher political advertising revenue at the FOX Television Stations due to the 2024 presidential and congressional elections and continued growth at Tubi.

Evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs.

Evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs.

The Company has approximately $4.1 billion of cash and cash equivalents as of September 30, 2024 and an unused five-year $1.0 billion unsecured revolving credit facility.

In total, the Company repurchased approximately 6 million shares of Class A Common Stock for approximately $250 million during the three months ended September 30, 2024.

The Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended September 30, 2024, which was paid on September 25, 2024 to stockholders of record on September 4, 2024.

The provided 10-Q filing does not contain any specific information or discussion regarding Environmental, Social, or Governance (ESG) initiatives undertaken by Fox Corporation.

The increase of $129 million or 11% in advertising revenue was primarily due to the approximately $120 million impact of higher political advertising revenue due to the 2024 presidential and congressional elections at the FOX Television Stations and continued growth at Tubi.

Evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs.

Further declines in the number of subscribers to MVPD services.