Fox Corporation is a U.S.-focused media company built around live, appointment-based content — primarily news and sports. FOX News is the dominant profit engine: it holds over 60% of the cable news audience and generates revenue through national advertising and per-subscriber affiliate fees paid by cable, satellite, and virtual pay-TV distributors. FOX Sports, distributed via the FOX broadcast network and cable channels FS1, FS2, and the Big Ten Network, holds rights to the NFL, MLB, college football, NASCAR, and the FIFA Men's World Cup. Fox also operates 29 owned-and-operated TV stations, which collect local advertising and retransmission fees. Tubi, Fox's free ad-supported streaming service, offers nearly 300,000 titles and has grown to roughly 2.2% of all U.S. TV viewing; about 65% of Tubi's audience are cord-cutters, making them a valuable and hard-to-reach demographic for advertisers. Fox reports through two segments: Cable Network Programming (FOX News, FOX Business, FS1, FS2) and Television (FOX broadcast network, TV stations, Tubi). Revenue is roughly split between advertising and affiliate fees. Fox is launching FOX One, a direct-to-consumer streaming bundle priced at $19.99/month, targeting cord-cutters with the full Fox channel lineup. Fox also holds a call option to acquire 18.6% of FanDuel at roughly $4.5B, exercisable through 2030.