FOX · 10-K · 2026A · Full report

Digital Channel and Delivery Growth

Fox Corp (FOX, FOXA) · 2026-08-06 · Importance 40 · Surprise 42

FOX launched its direct-to-consumer subscription streaming service FOX One in August 2025 as part of Corporate and Other. The launch generated distribution revenue but also incurred significant operating, marketing, promotional, employee, and intercompany branded-content costs. Management stated that FOX One launch costs more than offset related distribution revenue, contributing to a $280 million, or 80%, decline in Corporate and Other Segment EBITDA in fiscal 2026.

Key facts

• The Company listed the failure to renew affiliation or carriage agreements on favorable terms, or at all, through which the Company makes its content available for viewing through online video platforms as a risk that could affect results. source