On January 12, 2024, the United Football League (the “UFL”) was launched as a professional spring football league that combines the legacy operations of the United States Football League (the "USFL"), a consolidated subsidiary of FOX, and XFL, a third-party company. In connection with the launch of the UFL, the Company contributed USFL assets into the UFL, a newly formed joint venture with XFL.

Partially offsetting the decrease in advertising revenue was continued growth at Tubi and the broadcast of the FIFA Women's World Cup.

In total, the Company repurchased approximately 24 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2023. As of December 31, 2023, the Company's remaining stock repurchase authorization was approximately $1.9 billion.

Subsequent to December 31, 2023 the Company declared a semi-annual dividend of $0.26 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2024 with a record date for determining dividend entitlements of March 6, 2024.

The Company could suffer losses due to asset impairment charges for goodwill, intangible assets, programming and other assets and investments. Any significant shortfall, now or in the future, in advertising revenue and/or the expected popularity of our programming could lead to a downward revision in the fair value of certain reporting units.

The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company's business, financial condition, results of operations or cash flows.

The decrease in affiliate fee revenue was primarily due to a decrease in the average number of subscribers partially offset by higher average rates per subscriber.

The decrease in advertising revenue was primarily attributable to the absence of the Fédération International de Football Association (“FIFA”) Men's World Cup and lower political advertising revenue at the FOX Television Stations principally due to the absence of the November 2022 U.S. midterm elections.