Fox Corp Goodwill & Intangibles Disclosure
| Intangible assets not subject to amortization | Amortizable intangible assets, net(a) | Total intangible assets, net | |||||||||||||||||||||||||||
FCC licenses | Other | Total | |||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 2,250 | $ | 642 | $ | 2,892 | $ | 192 | $ | 3,084 | |||||||||||||||||||
| Amortization and other | — | — | — | (46) | (46) | ||||||||||||||||||||||||
Balance, June 30, 2024 | $ | 2,250 | $ | 642 | $ | 2,892 | $ | 146 | $ | 3,038 | |||||||||||||||||||
Acquisitions(b) | — | — | — | 33 | 33 | ||||||||||||||||||||||||
Amortization and other(c) | (66) | (2) | (68) | (34) | (102) | ||||||||||||||||||||||||
Balance, June 30, 2025 | $ | 2,184 | $ | 640 | $ | 2,824 | $ | 145 | $ | 2,969 | |||||||||||||||||||
(a) | Net of accumulated amortization of $441 million and $405 million as of June 30, 2025 and 2024, respectively. | ||||
(b) | See Note 3—Acquisitions, Disposals and Other Transactions. | ||||
(c) | Includes an impairment charge (See Note 2—Summary of Significant Accounting Policies under the heading “Goodwill and Other Intangible Assets”). | ||||
For the years ending June 30, | |||||||||||||||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
Estimated amortization expense(a) | $ | 37 | $ | 35 | $ | 29 | $ | 22 | $ | 14 | |||||||||||||||||||
(a) | These amounts may vary as acquisitions and dispositions occur in the future. | ||||
| Cable Network Programming | Television | Corporate and Other | Total Goodwill | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
Balance, June 30, 2023 | $ | 1,059 | $ | 2,246 | $ | 254 | $ | 3,559 | |||||||||||||||
Other | (15) | — | — | (15) | |||||||||||||||||||
Balance, June 30, 2024 | $ | 1,044 | $ | 2,246 | $ | 254 | $ | 3,544 | |||||||||||||||
Acquisitions(a) | 1 | 89 | — | 90 | |||||||||||||||||||
Other | — | 5 | — | 5 | |||||||||||||||||||
Balance, June 30, 2025 | $ | 1,045 | $ | 2,340 | $ | 254 | $ | 3,639 | |||||||||||||||
(a) | See Note 3—Acquisitions, Disposals and Other Transactions. | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 6, 2025 | Showing above |
| 2024 | Aug 8, 2024 | |
| 2023 | Aug 11, 2023 | |
| 2022 | Aug 12, 2022 | |
| 2021 | Aug 10, 2021 | |
| 2020 | Aug 10, 2020 | |
| 2019 | Aug 9, 2019 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.