Fox (FOX) risk factors, FY2026 10-K

Risks Related to the Roku Transaction

1. 01The Roku Transaction may not be completed or may be delayed if the closing conditions in the Merger Agreement are not satisfied, and the Merger Agreement may be terminated in accordance with its termsNew
2. 02Entry into the Merger Agreement could have a variety of negative impacts on FOX and the market prices of the Common StockNew
3. 03Business uncertainties and contractual restrictions on FOX while the Merger is pending could adversely affect FOX’s business and operationsNew
4. 04The market price of the Common Stock may decline as a result of the MergerNew
5. 05The Company or its Board of Directors may be the target of Merger-related lawsuits that result in substantial costs or delay or prevent the completion of the MergerNew
6. 06The Company may be unable to successfully integrate the businesses of FOX and Roku and realize the anticipated benefits of the MergerNew
7. 07FOX’s post-Merger indebtedness may have a significant negative impact on its business, financial condition or results of operationsNew

Risks Related to Macroeconomic Conditions, Our Business and Our Industry

1. 08Changes in consumer behavior and evolving technologies and distribution platforms and offerings continue to challenge existing business models and may adversely affect the Company's business, financial condition or results of operations25% rewritten
2. 09FOX’s advertising revenues have been, and may continue to be, adversely affected by factors such as changes in consumer behavior, advertising market conditions and deficiencies in audience measurement, and they vary substantially due to cyclical sports events and elections
3. 10Because the Company derives a significant portion of its revenues from a limited number of distributors, the failure to enter into or renew affiliation and carriage agreements on favorable terms, or at all, could have a material adverse effect on the Company’s business, financial condition or results of operations
4. 11If the number of subscribers to MVPD services continues to decline or such declines accelerate, the Company’s distribution and advertising revenues could be negatively affected
5. 12The Company is exposed to risks associated with weak economic conditions and increased volatility and disruption in the financial markets
6. 13The Company operates in a rapidly evolving and highly competitive industry41% rewritten
7. 14Acceptance of the Company's content by the public is difficult to predict, which could lead to fluctuations in or adverse impacts on revenues
8. 15Our business depends on the popularity of special sports events and the continued popularity of the sports leagues and teams for which we have programming rights
9. 16The inability to renew programming rights, particularly sports programming rights, on sufficiently favorable terms, or at all, could cause the Company’s advertising and distribution revenues to decline significantly in any given period or in specific markets
10. 17Damage to our brands, particularly the FOX brand, or our reputation could have a material adverse effect on our business, financial condition or results of operations
11. 18Acquisitions, investments and other strategic initiatives present many risks, and we may not realize the financial and strategic goals we had contemplated, which could adversely affect our business, financial condition or results of operations
12. 19The loss of key personnel, including talent, could disrupt the management or operations of the Company’s business and adversely affect its revenues
13. 20Labor disputes may disrupt our operations and adversely affect the Company’s business, financial condition or results of operations
14. 21The Company has recognized, and could continue to recognize, asset impairment charges for goodwill, intangible assets, programming and other assets and investments

Risks Relating to Cybersecurity, Piracy, Privacy and Data Protection

1. 22The degradation, failure or misuse of the Company’s network and information systems and other technology could cause a disruption of services or improper disclosure of personal data or other confidential information, resulting in increased costs, liabilities or loss of revenue
2. 23Technological developments may increase the threat of content piracy and signal theft and limit the Company’s ability to protect its intellectual property rights
3. 24The Company is subject to complex laws, regulations, rules, industry standards and contractual obligations related to privacy and personal data protection, which are evolving, inconsistent and potentially costly

Risks Relating to Legal and Regulatory Matters

1. 25Changes in laws and regulations, or the interpretation or enforcement thereof, may have an adverse effect on the Company’s business, financial condition or results of operations
2. 26The Communications Act and FCC regulations limit the ability of non-U.S. citizens and certain other persons to invest in us
3. 27The failure or destruction of satellites or transmitter facilities the Company depends on to distribute its programming could materially adversely affect its businesses and results of operations, as could changes in FCC regulations governing the availability and use of satellite transmission spectrum38% rewritten
4. 28The Company could be subject to significant tax liabilities
5. 29Unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures76% rewritten
6. 30Risks Relating to Our Ownership Structure Certain of the Company’s directors and significant stockholders may have actual or potential conflicts of interest because of their equity ownership in News Corp or because they also serve as directors of News Corp
7. 31These provisions could discourage potential acquisition proposals and could delay or prevent a change in control of the Company, even in the case where a majority of the stockholders may consider such proposals desirable81% rewritten