v3.22.2.2
Segment Information
 3 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.
•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. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station.
•Other, Corporate and Eliminations, which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is segment operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.
The following tables set forth the Company’s Revenues and Segment EBITDA for the three months ended September 30, 2022 and 2021:
 
For the three months ended September 30,
 20222021
 (in millions)
Revenues  
Cable Network Programming$1,431 $1,416 
Television1,714 1,581 
Other, Corporate and Eliminations47 48 
Total revenues$3,192 $3,045 
Segment EBITDA
Cable Network Programming$742 $774 
Television409 359 
Other, Corporate and Eliminations(59)(69)
Amortization of cable distribution investments(4)(5)
Depreciation and amortization(99)(79)
Interest expense, net(68)(97)
Other, net(76)69 
Income before income tax expense845 952 
Income tax expense(232)(244)
Net income613 708 
Less: Net income attributable to noncontrolling interests(8)(7)
Net income attributable to Fox Corporation stockholders$605 $701 
Revenues by Segment by Component
 
For the three months ended September 30,
 20222021
 (in millions)
Cable Network Programming  
Affiliate fee$1,029 $1,026 
Advertising316 311 
Other86 79 
Total Cable Network Programming revenues1,431 1,416 
Television
Advertising905 819 
Affiliate fee682 641 
Other127 121 
Total Television revenues1,714 1,581 
Other, Corporate and Eliminations47 48 
Total revenues$3,192 $3,045 
For the three months ended September 30,
20222021
(in millions)
Depreciation and amortization
Cable Network Programming$17 $10 
Television29 26 
Other, Corporate and Eliminations53 43 
Total depreciation and amortization$99 $79 
As of
September 30,
2022
As of
June 30,
2022
(in millions)
Assets
Cable Network Programming$2,692 $2,682 
Television8,448 7,915 
Other, Corporate and Eliminations10,635 11,010 
Investments649 578 
Total assets$22,424 $22,185