FOX · 10-K · 2026A · Full report

Programming Rights Investment

Fox Corp (FOX, FOXA) · 2026-08-06 · Importance 38 · Surprise 24

FOX holds single- and multi-year contracts for sports and non-sports programming, with sports rights costs primarily amortized based on the current period’s attributable revenue relative to estimated remaining revenue. Fiscal 2026 operating expenses increased in Cable Network Programming because of higher sports programming rights amortization and production costs, led by soccer rights for the FIFA Men’s World Cup. Television programming-rights amortization declined because Super Bowl LIX was absent from the current-year comparison, partly offset by World Cup rights and higher NFL costs for an additional postseason game. FOX recognized approximately $90 million of owned-programming impairments in Television during fiscal 2026, compared with $40 million in each of the prior two years.

Key facts

• Cable Network Programming operating expenses increased $287 million or 9% to $3,562 million in fiscal 2026, primarily due to higher sports programming rights amortization and production costs led by soccer rights including the FIFA Men’s World Cup. source
• The Company has commitments under firm contractual arrangements for licensed programming and other contractual obligations disclosed in Note 14. source
• Licensed programming advances and multi-year sports contract amortization are subject to recoverability evaluation and the Company recognized impairments related to owned programming of approximately $90 million, $40 million, and $40 million in fiscal 2026, 2025 and 2024, respectively. source
• The Company identified the Company’s ability to renew programming rights, particularly sports programming rights, on sufficiently favorable terms, or at all, as a risk. source