Fox Corp

Previous wording

•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and six months ended December 31, 2024 and 2023 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

Current wording

•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and nine months ended March 31, 2025 and 2024 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

Previous wording

•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and six months ended December 31, 2024 and 2023. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

Current wording

•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2025 and 2024. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

Previous wording

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the six months ended December 31, 2024 and 2023, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of December 31, 2024. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.

Current wording

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2025 and 2024, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of March 31, 2025. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.

Previous wording

Results of Operations—For the three and six months ended December 31, 2024 versus the three and six months ended December 31, 2023.

Current wording

Results of Operations—For the three and nine months ended March 31, 2025 versus the three and nine months ended March 31, 2024.

Previous wording

The following table sets forth the Company’s operating results for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:

Current wording

The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

Previous wording

The Company’s revenues increased $1.2 billion or 16% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $216 million or 6% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $435 million, partially offset by the approximately $220 million impact of a lower average number of subscribers across all networks. Advertising revenue, which includes approximately $400 million of political advertising revenue recognized during the six months ended December 31, 2024 due to the 2024 presidential and congressional elections, increased $549 million or 17% primarily due to the impact of political advertising revenue predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. Also contributing to this increase was the approximately $100 million impact primarily due to sports programming led by higher MLB postseason ratings, higher NFL pricing and the mix of fiscal 2024 and 2025 broadcasts of soccer tournaments. The increase of $436 million or 61% in other revenues was primarily due to higher sports sublicensing revenue.

Current wording

The Company’s revenues increased $924 million or 27% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $67 million or 3% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $180 million, partially offset by the approximately $110 million impact of a lower average number of subscribers across all networks. The increase of $801 million or 65% in advertising revenue was primarily due to revenues from the broadcast of Super Bowl LIX in February 2025 of approximately $700 million after agency commissions. The remaining increase of approximately $100 million was primarily due to continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. The increase of $56 million or 20% in other revenues was primarily due to higher sports sublicensing revenue.

Previous wording

The Company’s revenues increased $844 million or 20% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $113 million or 6% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $225 million, partially offset by the approximately $110 million impact of a lower average number of subscribers across all networks. The increase of $420 million or 21% in advertising revenue was primarily due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. Also contributing to this increase was the approximately $120 million impact of sports programming led by higher Major League Baseball (“MLB”) postseason ratings and National Football League (“NFL”) pricing. The increase of $311 million or 70% in other revenues was primarily due to higher sports sublicensing revenue.

Current wording

The Company’s revenues increased $2.1 billion or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $283 million or 5% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $615 million, partially offset by the approximately $330 million impact of a lower average number of subscribers across all networks. The increase of $1.4 billion or 30% in advertising revenue was primarily due to the approximately $850 million impact related to sports content led by revenues from the broadcast of Super Bowl LIX in February 2025 and higher National Football League (“NFL”) pricing. The remaining increase of approximately $500 million was primarily due to the impact of political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. The increase of $492 million or 50% in other revenues was primarily due to higher sports sublicensing revenue.

Previous wording

Operating expenses increased $539 million or 10% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $430 million impact of higher sports programming rights amortization driven by higher college football costs, including licensing costs for rights that are sublicensed, and NFL and MLB postseason costs, partially offset by the absence of WWE. The remaining increase of $109 million was primarily due to higher digital content costs and higher newsgathering costs principally due to the 2024 presidential election.

Current wording

Operating expenses increased $1.5 billion or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $1.2 billion impact of higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher NFL and college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of WWE. The remaining increase of approximately $250 million was primarily due to higher digital content and marketing costs and higher newsgathering costs principally due to the 2024 presidential election.

Previous wording

Selling, general and administrative expenses increased $30 million or 6% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to higher employee and marketing costs.

Current wording

Selling, general and administrative expenses increased $93 million or 6% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher employee costs.

Previous wording

Interest expense, net— Interest expense, net increased $8 million and $16 million or 11% and 14% for the three and six months ended December 31, 2024, respectively, as compared to the corresponding period of fiscal 2024, primarily due to lower interest income as a result of lower average cash and cash equivalent balances, partially offset by a lower average amount of debt outstanding.

Current wording

Interest expense, net— Interest expense, net increased $16 million or 9% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to lower interest income as a result of lower average cash and cash equivalent balances, partially offset by a lower average amount of debt outstanding.

Previous wording

Income tax expense—The Company’s tax provision and related effective tax rate for the three and six months ended December 31, 2024 of 25% was higher than the statutory rate of 21% primarily due tostate taxes and other permanent items.

Current wording

Income tax expense—The Company’s tax provision and related effective tax rate for the three and nine months ended March 31, 2025 of 25% was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.

Previous wording

The Company's tax provision and related effective tax rate for thethree and six months ended December 31, 2023 of 12% and 23% respectively, wasdifferent than the statutory rate of 21% primarily due to state tax law changes.

Current wording

The Company's tax provision and related effective tax rate for the three and nine months ended March 31, 2024 of 27% and 25% respectively, was higher than the statutory rate of 21% primarily due to state taxes.

Previous wording

Net income—Net income increased $273 million and $690 million for the three and six months ended December 31, 2024, respectively, as compared to the corresponding periods of fiscal 2024, primarily due to higher Segment EBITDA (as defined below) and a change in fair value of the Company’s investments in equity securities, partially offset by the legal settlement and other costs associated with the discontinuation of Venu Sports (See Note 8—Commitments and Contingencies to the accompanying Financial Statements under the heading “Venu Sports”) and higher provision for income tax.

Current wording

Net income—Net income decreased $350 million or 50% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to a change in fair value of the Company’s investments in equity securities and the absence of a gain on a contribution of assets, partially offset by lower provision for income tax. Net Income increased $340 million or 28% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher Segment EBITDA (as defined below) and a change in fair value of the Company’s investments in equity securities, partially offset by the absence of a gain on a contribution of assets, the legal settlement and other costs associated with the discontinuation of Venu Sports (See Note 2—Acquisitions, Disposals and Other Transactions to the accompanying Financial Statements) and higher provision for income tax.

Previous wording

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, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating 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.

Current wording

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, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate performance and allocate resources.

Previous wording

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:

Current wording

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

Previous wording

Cable Network Programming (44% and 41% of the Company’s revenues for the first six months of fiscal 2025 and 2024, respectively)

Current wording

Cable Network Programming (41% of the Company’s revenues for the first nine months of fiscal 2025 and 2024)

Previous wording

Revenues at the Cable Network Programming segment increased $507 million or 31% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $45 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $112 million or 32% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. Also contributing to this increase was sports programming led by higher MLB postseason ratings and pricing and additional postseason games. The increase of $350 million in other revenues was primarily due to higher sports sublicensing revenue.

Current wording

Revenues at the Cable Network Programming segment increased $164 million or 11% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $31 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $76 million or 26% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. The increase of $57 million or 79% in other revenues was primarily due to higher sports sublicensing revenue.

Previous wording

Television Segment EBITDA increased $343 million for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $59 million or 2% primarily due to higher digital and entertainment production costs, partially offset by the absence of WWE programming rights amortization in the current quarter. Selling, general and administrative expenses increased $17 million or 7% primarily due to higher employee costs.

Current wording

Cable Network Programming Segment EBITDA increased $59 million or 7% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $102 million or 20% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed.

Previous wording

Revenues at the Cable Network Programming segment increased $717 million or 24% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $77 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $143 million or 22% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue and sports programming led by higher MLB postseason ratings. The increase of $497 million in other revenues was primarily due to higher sports sublicensing revenue.

Current wording

Revenues at the Cable Network Programming segment increased $881 million or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $108 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $219 million or 23% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue and the impact related to sports content led by higher pricing and Major League Baseball postseason ratings. The increase of $554 million in other revenues was primarily due to higher sports sublicensing revenue.

Previous wording

Cable Network Programming Segment EBITDA increased $234 million or 20% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, primarily due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $465 million or 29% primarily due to higher sports programming rights amortization driven by higher college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of the Fédération International de Football Association (“FIFA”) Women’s World Cupin the current year. Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election. Selling, general and administrative expenses increased $18 million or 6% primarily due to higher employee costs.

Current wording

Cable Network Programming Segment EBITDA increased $293 million or 15% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $567 million or 27% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of the Fédération International de Football Association Women’s World Cupin the current year. Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election. Selling, general and administrative expenses increased $18 million or 4% primarily due to higher employee costs.

Previous wording

Television (57% and 58% of the Company’s revenues for the first six months of fiscal 2025 and 2024, respectively)

Current wording

Television (59% and 58% of the Company’s revenues for the first nine months of fiscal 2025 and 2024, respectively)

Previous wording

Revenues at the Television segment increased $592 million or 14% for the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $406 million or 16% in advertising revenue was primarily due to higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and sports programming led by higher NFL pricing, higher MLB postseason ratings and the broadcasts of the Union of European Football Associations (“UEFA”)European Championship and CONMEBOL Copa América, partially offset by the absence of the FIFA Women’s World Cup in the current year. The increase of $139 million or 9% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $47 million or 18% in other revenues was primarily due to higher content revenue.

Current wording

Revenues at the Television segment increased $766 million or 40% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $725 million or 77% in advertising revenue was primarily due to revenues from the broadcast of Super Bowl LIX in February 2025 and continued digital growth led by the Tubi AVOD service. The increase of $36 million or 4% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $5 million or 3% in other revenues was primarily due to higher content revenue.

Previous wording

Revenues at the Television segment increased $419 million or 16% for the three months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $308 million or 19% in advertising revenue was primarily due to higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and sports programming led by higher NFL pricing and higher MLB postseason ratings partially offset by the broadcast of fewer games. The increase of $68 million or 9% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $43 million or 33% in other revenues was primarily due to higher content revenue.

Current wording

Revenues at the Television segment increased $1.4 billion or 22% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $1.1 billion or 32% in advertising revenue was primarily due to the impact related to sports content led by revenues from the broadcast of Super Bowl LIX in February 2025 and higher pricing. Also contributing to this increase was the impact of higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations and continued digital growth led by the Tubi AVOD service. The increase of $175 million or 8% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $52 million or 12% in other revenues was primarily due to higher content revenue.

Previous wording

Revenues within Corporate and Other for the three and six months ended December 31, 2024 and 2023 include revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and six months ended December 31, 2024 and 2023 include advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and six months ended December 31, 2024 and 2023 primarily relate to employee costs, professional fees and the costs of operating the FOX Studio Lot.

Current wording

Revenues within Corporate and Other for the three and nine months ended March 31, 2025 and 2024 include revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and nine months ended March 31, 2025 and 2024 include advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and nine months ended March 31, 2025 and 2024 primarily relate to employee costs, professional fees and the costs of operating the FOX Studio Lot.

Previous wording

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense.

Current wording

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments,

Previous wording

Management believes that information about Adjusted EBITDA assists all users of the Company’s Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted

Current wording

Management believes that information about Adjusted EBITDA assists all users of the Company’s Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Previous wording

The following table reconciles Net income to Adjusted EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:

Current wording

The following table reconciles Net income to Adjusted EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

Previous wording

The following table sets forth the computation of Adjusted EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023.

Current wording

The following table sets forth the computation of Adjusted EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024.

Previous wording

The Company has approximately $3.3 billion of cash and cash equivalents as of December 31, 2024 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of December 31, 2024, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.

Current wording

The Company has approximately $4.8 billion of cash and cash equivalents as of March 31, 2025 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of March 31, 2025, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.

Previous wording

The decrease in net cash used in operating activities during the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, was primarily due to higher Segment EBITDA, principally due to higher political advertising receipts due to the 2024 presidential and congressional elections, and lower restructuring payments, partially offset by higher sports and entertainment programming costs and tax payments.

Current wording

The increase in net cash provided by operating activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher Segment EBITDA, principally due to higher political advertising receipts from the 2024 presidential and congressional elections, and lower restructuring payments, partially offset by higher sports and entertainment programming costs and higher tax and legal settlement payments (See Note 14—Commitments and Contingencies to the accompanying Financial Statements).

Previous wording

Net cash used in investing activities for the six months ended December 31, 2024 and 2023 was as follows (in millions):

Current wording

Net cash used in investing activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):

Previous wording

The increase in net cash used in investing activities during the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, was primarily due to an increase in the Company’s investments partially offset by a decrease in capital expenditures.

Current wording

The increase in net cash used in investing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to the fiscal 2025 acquisition (See Note 2—Acquisitions, Disposals, and Other Transactions to the accompanying Financial Statements), partially offset by a decrease in capital expenditures and the Company’s investments.

Previous wording

The change in net cash (used in) provided by financing activities during the six months ended December 31, 2024, as compared to the corresponding period of fiscal 2024, was primarily due to the October 2023 issuance of $1.25 billion of senior notes.

Current wording

The decrease in net cash used in financing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher proceeds received from the exercise of employee stock options and the net impact of the October 2023 issuance of $1.25 billion of senior notes and the repayment of $1.25 billion of senior notes that matured in January 2024.

Previous wording

Subsequent to December 31, 2024, the Company declared a semi-annual dividend of$0.27 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.

Current wording

The Company declared a semi-annual dividend of$0.27 per share on both the Class A Common Stock and the Class B Common Stock during thethree months ended March 31, 2025, which was paid on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.

Previous wording

•declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers’ expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies’ ability to accurately reflect actual viewership levels;

Current wording

•declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy including the impact of tariffs, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers’ expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies’ ability to accurately reflect actual viewership levels;