On this page of StockholderLetter.com we present the latest annual shareholder letter from Fox Corp — ticker symbol FOX. Reading current and past FOX letters to shareholders can bring important insights into the investment thesis.



A MESSAGE FROM L ACHL AN MURDOCH Dear Shareholders, Fiscal 2024 was marked by achievements across all our businesses, including delivering strong total company a liate revenue growth each quarter from our ongoing renewals with distributors; extending Tubi s position as the most-watched free ad-supported TV streaming service in the United States; and generating strong ratings and share growth at FOX News. In the past year, we have watched history unfold here in the United States and around the world, generating a continuous news cycle that has been nothing short of extraordinary. When news breaks, people turn to the brand they trust, making FOX News the network of choice for many viewers across the political spectrum during the most pivotal moments. One of our many heroic journalists, Trey Yingst, summed it up well in an article he authored about the responsibilities of reporting from the front lines of war when he wrote, Despite a commitment to report objectively, fairly, and accurately, the world is watching and sometimes participating in a parallel information war. It s why it s so important that we get it right and speak the truth when others get it wrong. Our commitment to reporting these important stories without fear or favor has never been more essential. FOX News has been resolute in its coverage of the Israel/ Hamas war since the brutal attacks of October 7, not just in the direct warzone coverage in the Middle East, but also reporting on the reactions throughout the U.S. on college campuses and in our communities. As a company, FOX knows there is absolutely no place for antisemitism, and we will continue to shine a bright light on such hate wherever it exists. Our audiences rely on FOX News and our local stations to cover issues that some other media outlets pay little attention to. This includes asking the tough questions to those in power whether that be here in the White House and Congress, or with leaders abroad.
The development and proliferation of arti cial intelligence continues to raise new opportunities for our company and our industry. FOX has historically been an early adopter of new technologies, and as AI optimists, we believe that this technology can be thoughtfully deployed to enrich our product capabilities as well as the user experience across our platforms. Simultaneously, we are also employing technological tools designed to safeguard our intellectual property and uphold the integrity of our respected brands in an AI-dominated digital future. As social media platforms move away from distributing reliable news, gathering and sharing our news and original content under the trusted and veri able FOX banner is more critical than ever. tournament, and Copa America averaged 1.4 million viewers, over a 3x increase compared to the 2021 tournament. Tubi viewing time as measured by Nielsen grew 57% in scal 2024, with absolute growth in minutes viewed easily surpassing the growth of competing subscription video-on-demand services. Tubi closed the scal year tied with Disney+ as a Top 5 streaming platform with approximately 2.0% share of total viewing time. Tubi s vast library includes over 260,000 movies and television episodes, with an aggregate number of content hours that is now ve times the size of Net ix. Q FOX Entertainment produced the #1 new series of the 2023-2024 broadcast season, Krapopolis, and launched the #1 new game show of the season with The Floor. The FOX Network will roll out a new lineup this fall featuring the return of popular shows like Hell s Kitchen and The Masked Singer and the debut of highly anticipated new dramas like Rescue: HI-Surf and Murder in a Small Town. Q Across the Company, the power of our brands and our ability to deliver engaged audiences at scale across our platforms remains unquestionably strong: Our focused portfolio of market-leading properties in sports, news, entertainment and streaming delivered year-over-year growth in both linear and digital advertising commitments as well as growth in overall portfolio pricing in this year s Advertising Upfront. Q Total time spent viewing all FOX brands increased in scal 2024, despite the absence of the Super Bowl and FIFA Men s World Cup . Q FOX Sports Big Noon Saturday was the #1 ranked window in college football for a third straight year. Total consumption of college sports on FOX has grown by over 40% over the last ve years. Q The 30th anniversary season of the NFL on FOX ended on a very high note with three NFC playo games on FOX averaging a staggering 45 million viewers. This was capped with the NFC Championship game drawing over 56 million viewers, which is 19% higher than last year s NFC Championship game and the most watched in over a decade. Q FOX s Summer of Soccer exceeded all expectations and set viewership records. The UEFA European Championship averaged 1.7 million viewers across the FOX Network and FS1, a 34% gain over the 2021 Q FOX News was, again, the most-watched network in cable news in scal 2024, with 52% more minutes of viewing than its closest competitor. The ratings story at FOX News continued to improve into the new scal year, with primetime growth through August 2024 exceeding 60% among total viewers and up 103% in the Adults 2554 demographic over last year. Q FOX Television Stations, many of which are located in highly contested battleground states for the 2024 election, continued to drive strong viewership with their successful lineups of over 1,200 hours each week of local news coverage and rst-run programming. We also expect a very robust advertising cycle in the coming election period. Q
 • shareholder letter icon 9/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 9/22/2023 FOX Stockholder Letter
 • stockholder letter icon More "Television & Radio" Category Stockholder Letters


FOX Shareholder/Stockholder Letter Transcript:




A MESSAGE FROM
L ACHL AN MURDOCH
Dear Shareholders,
Fiscal 2024 was marked by achievements across all our businesses, including
delivering strong total company a   liate revenue growth each quarter from our
ongoing renewals with distributors; extending Tubi   s position as the most-watched
free ad-supported TV streaming service in the United States; and generating strong
ratings and share growth at FOX News.
In the past year, we have watched history unfold here in the United States and
around the world, generating a continuous news cycle that has been nothing short
of extraordinary. When news breaks, people turn to the brand they trust, making
FOX News the network of choice for many viewers across the political spectrum
during the most pivotal moments.
One of our many heroic journalists, Trey Yingst, summed it up well in
an article he authored about the responsibilities of reporting from the
front lines of war when he wrote,    Despite a commitment to report
objectively, fairly, and accurately, the world is watching and sometimes
participating in a parallel information war. It   s why it   s so important
that we get it right and speak the truth when others get it wrong.   
Our commitment to reporting these important stories without fear
or favor has never been more essential.
FOX News has been resolute in its coverage of the Israel/
Hamas war since the brutal attacks of October 7, not just in
the direct warzone coverage in the Middle East, but also
reporting on the reactions throughout the U.S. on college
campuses and in our communities. As a company, FOX
knows there is absolutely no place for antisemitism,
and we will continue to shine a bright light on such
hate wherever it exists. Our audiences rely on FOX
News and our local stations to cover issues that
some other media outlets pay little attention to.
This includes asking the tough questions to
those in power whether that be here in the
White House and Congress, or with
leaders abroad.

The development and proliferation of arti   cial
intelligence continues to raise new opportunities for our
company and our industry. FOX has historically been an
early adopter of new technologies, and as    AI optimists,   
we believe that this technology can be thoughtfully
deployed to enrich our product capabilities as well as the
user experience across our platforms. Simultaneously,
we are also employing technological tools designed
to safeguard our intellectual property and uphold the
integrity of our respected brands in an AI-dominated
digital future. As social media platforms move away
from distributing reliable news, gathering and sharing
our news and original content under the trusted and
veri   able FOX banner is more critical than ever.
tournament, and Copa America averaged 1.4
million viewers, over a 3x increase compared to
the 2021 tournament.
Tubi viewing time as measured by Nielsen grew
57% in    scal 2024, with absolute growth in minutes
viewed easily surpassing the growth of competing
subscription video-on-demand services. Tubi
closed the    scal year tied with Disney+ as a Top 5
streaming platform with approximately 2.0% share
of total viewing time. Tubi   s vast library includes
over 260,000 movies and television episodes, with
an aggregate number of content hours that is now
   ve times the size of Net   ix.
Q   
FOX Entertainment produced the #1 new series of
the 2023-2024 broadcast season, Krapopolis, and
launched the #1 new game show of the season
with The Floor. The FOX Network will roll out a
new lineup this fall featuring the return of popular
shows like Hell   s Kitchen and The Masked Singer
and the debut of highly anticipated new dramas
like Rescue: HI-Surf and Murder in a Small Town.
Q   
Across the Company, the power of our brands and our
ability to deliver engaged audiences at scale across our
platforms remains unquestionably strong:
Our focused portfolio of market-leading properties in
sports, news, entertainment and streaming delivered
year-over-year growth in both linear and digital
advertising commitments as well as growth in overall
portfolio pricing in this year   s Advertising Upfront.
Q   
Total time spent viewing all FOX brands increased in
   scal 2024, despite the absence of the Super Bowl
and FIFA Men   s World Cup   .
Q   
FOX Sports    Big Noon Saturday was the #1 ranked
window in college football for a third straight year.
Total consumption of college sports on FOX has
grown by over 40% over the last    ve years.
Q   
The 30th anniversary season of the NFL on FOX ended
on a very high note with three NFC playo    games
on FOX averaging a staggering 45 million viewers.
This was capped with the NFC Championship game
drawing over 56 million viewers, which is 19% higher
than last year   s NFC Championship game and the
most watched in over a decade.
Q   
FOX   s Summer of Soccer exceeded all expectations
and set viewership records. The UEFA European
Championship averaged 1.7 million viewers across
the FOX Network and FS1, a 34% gain over the 2021
Q   
FOX News was, again, the most-watched network
in cable news in    scal 2024, with 52% more
minutes of viewing than its closest competitor. The
ratings story at FOX News continued to improve
into the new    scal year, with primetime growth
through August 2024 exceeding 60% among
total viewers and up 103% in the Adults 2554 demographic over last year.
Q   
FOX Television Stations, many of
which are located in highly contested
battleground states for the 2024
election, continued to drive strong
viewership with their successful
lineups of over 1,200 hours each
week of local news coverage
and    rst-run programming.
We also expect a very
robust advertising cycle
in the coming
election period.
Q   



shareholder letter icon 9/26/2024 Letter Continued (Full PDF)
 

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