FOX REPORTS THIRD QUARTER FISCAL 2022 REVENUES OF $3.46 BILLION

NEW YORK, May 10, 2022

The Company reported total quarterly revenues of $3.46 billion, a 7% increase from the $3.22 billion reported in the prior year quarter. Affiliate revenues increased 5% with 8% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 9%, primarily due to stronger pricing and higher ratings at FOX News Media and continued growth at Tubi. Other revenues increased 18%, driven by the timing of sports sublicensing revenues at the Cable Network Programming segment, which were impacted by Coronavirus Disease 2019 ("COVID-19") in the prior year quarter, and the impact of the consolidation of entertainment production companies at the Television segment.

The Company reported quarterly net income of $290 million as compared to the $582 million reported in the prior year quarter. The variance was primarily due to the change in fair value of the Company's investments recognized in Other, net. Net Income attributable to Fox Corporation stockholders was $283 million ($0.50 per share) as compared to the $567 million ($0.96 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders¹ was $459 million ($0.81 per share) as compared to the $523 million ($0.88 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA² was $811 million, compared to the $899 million reported in the prior year quarter, as the revenue increases noted above were more than offset by higher expenses. The increase in expenses primarily reflects increased digital investment, higher sports programming rights amortization and production costs, and the write-down of certain scripted entertainment programming.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

"FOX's third quarter results again demonstrate our capacity to deliver sustained and consistently strong revenue growth. Our 7% topline growth in the quarter was propelled by pricing strength in both distribution and advertising revenues across our leadership brands, complemented by the powerful momentum we continue to see at Tubi. In the three years since the formation of FOX we have seen rapid industry change. Our focused portfolio and clear strategy underpin our success today and continue to distinguish FOX from its peers. The power of our brands and the scaled audiences that they serve continue to provide a uniquely strong platform to strategically manage our businesses for long-term growth in a thoughtful and disciplined manner."