The decision to discontinue the Venu Sports joint venture with ESPN and WBD led to restructuring, impairment, and other corporate matters, impacting the financial results. This indicates a shift in strategy regarding sports streaming platforms.

Disney and Fubo announced that they have entered into an agreement to combine the Hulu + Live TV business with Fubo, forming a combined virtual MVPD company. In conjunction with the Disney/Fubo Transaction, Fubo and the defendants settled the Venu Sports lawsuit and the defendants made an aggregate $220 million settlement payment to Fubo, of which approximately $80 million was the Company's portion.

The company manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments: Cable Network Programming and Television. This structure indicates a focus on these two segments as key drivers of the company's performance.

The Company entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023, demonstrating management's ability to resolve significant legal disputes.

The Company repurchased approximately 12 million shares of Class A Common Stock for approximately $500 million during the six months ended December 31, 2024, indicating management's belief that the company's stock is undervalued.

The increase in operating expenses is primarily due to higher sports programming rights amortization and production costs, driven by higher college football costs and MLB postseason costs. This shows management is prioritizing investment in sports content to drive revenue.

The report states that there have been no material changes to the risk factors described in the 2024 Form 10-K. This suggests that the company's risk profile has remained relatively stable during the reporting period.

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 Company could be liable in the event any tax liability is incurred, and not discharged, by any other member of the 21CF consolidated group, indicating a potential financial risk.

The company acknowledges the impact of 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 acknowledges the risk of the inability to renew programming rights, particularly sports programming rights, on sufficiently favorable terms, or at all.

The company acknowledges the highly competitive nature of the industry in which the Company's businesses operate.

Selling, general and administrative expenses increased $30 million or 6% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to higher employee and marketing costs.

The company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.

As of December 31, 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 acknowledges the impact of 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 acknowledges the risk of declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers' expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies' ability to accurately reflect actual viewership levels.

The company acknowledges the risk of a degradation, failure or misuse of the Company's network and information systems and other technology relied on by the Company that causes a disruption of services or improper disclosure of personal data or other confidential information.

The Company has approximately $3.3 billion of cash and cash equivalents as of December 31, 2024.

The Company has an unused five-year $1.0 billion unsecured revolving credit facility with a maturity date of June 2028.

The Company also has access to the worldwide capital markets, subject to market conditions.

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's FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race.

The company acknowledges the failure to comply with laws, regulations, rules, industry standards or contractual obligations relating to privacy and personal data protection.

The company acknowledges the risk of declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers' expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies' ability to accurately reflect actual viewership levels.

The company acknowledges the risk of further declines in the number of subscribers to MVPD services.

The company acknowledges the risk of changes in tax, federal communications or other laws, regulations, practices or the interpretations thereof.