Fox is a media company focused on live news, sports, and entertainment within the U.S. market. Fox prioritizes "appointment-based" programming, as Fox believes live content is more resilient to competition from on-demand streaming. Fox operates through two segments: Cable Network Programming and Television. Cable Network Programming produces and distributes content for FOX News, FOX Business, and sports networks including FS1, FS2, and the Big Ten Network. The Television segment manages the FOX broadcast network, 29 local television stations, and Tubi, a free ad-supported streaming service. Fox generates revenue through affiliate fees paid by pay-TV distributors and advertising sales across linear and digital platforms. Advertising revenue depends on audience ratings and major live events such as the NFL, the FIFA World Cup, and political election cycles. To expand its digital presence, Fox operates FOX One, a subscription service providing direct-to-consumer access to its portfolio, and plans to acquire Roku to integrate Fox content with a global streaming platform. Fox's primary operating costs are long-term sports programming rights.