Fox

Revenue and cash flow are anchored by contracted rights and distribution deals, but seasonality and cycles matter. FY25 benefited from Super Bowl LIX and the 2024 election cycle, while H1 FY26 cash outflows reflected higher sports payments and the absence of political advertising.

Distribution revenue offers a recurring base, and long‑dated rights underpin programming schedules, yet advertising remains exposed to macro and election cycles. The mix is becoming steadier at the margin as Tubi scales and achieved consecutive quarters of EBITDA profitability, but streaming and DTC economics are still maturing.

We view Fox as moderately predictable for a media company, with tolerable variability around sports and politics.