ANNUAL REPORT 2020 ANNUAL REPORT 2020 REPORT ANNUAL

A MESSAGE FROM

Dear Shareholders,

The backdrop of our company’s first full fiscal year was a global pandemic that changed the course of our lives, our businesses and our actions. ’s streamlined assets and focused structure enabled us to quickly pivot to cover impacting the lives of all , adjust to the temporary hiatus in live sports and entertainment production and take care of our colleagues and partners, all while continuing to deliver strong financial and operational results.

The foundations of FOX are rooted in Audiences have unparalleled connections to our our commitment to and share the brands and unrivaled trust in our news organizations. content that audiences desire. The once- In fact, we ended fiscal year 2020 with record- in-a-generation news stories of this breaking viewership at . Over the course year heightened our focus on journalistic of the summer, from Memorial Day through Labor excellence and saw viewers from across the Day, FOX News was the number one network in country and across the political spectrum primetime among all broadcast and cable networks. turn to us in record numbers. Throughout the Similarly, our FOX Stations have increased pandemic and during ongoing conversations their news productions, ensuring that viewers have about social justice and the upcoming information most relevant to their cities and towns. presidential election, our local and national Our viewers are spending more time watching news coverage kept audiences abreast of the their FOX stations than ever before. In the fourth health, societal and economic developments quarter, our Stations experienced a 40% increase in impacting their lives. viewership year-over-year. At the FOX Network, this fiscal year was brands and the connections consumers have with momentous. FOX was the number one them, we are accelerating the growth of these broadcast network of the 2019–2020 digital businesses that complement our core television season among adults 18–49 — a competencies. In turn, the digital investments tribute to our powerful combination of sports we’ve made extend the reach of our FOX brands and entertainment programming. In February, beyond their traditional linear models, expanding we broadcast Super Bowl LIV, the most- their consumer base and creating new ancillary watched event of the calendar revenue streams. year. Approximately 150 million unique multiplatform viewers across the country The work we’ve done this year, the plans we’ve tuned in to watch the game. On Super Bowl established and the strategy we are executing Sunday, FOX had one of the highest revenue have enhanced our formidable brands and assets, days in TV history, generating approximately making us even better positioned to compete $600 million of gross revenue and providing and thrive. And while we are pleased to deliver an unmatched promotional platform for our impactful results for you, our shareholders, our advertising partners and our own content greatest accomplishment was the service we from across the company. offered our viewers.

FOX was the only broadcast network to As the world grappled with a pandemic deliver year-over-year ratings gains and our nation engaged in difficult among adults 18–49 and total viewers. dialogues, FOX displayed an unwavering We outperformed the number two network dedication to covering news and stories by 31% in the key demo, driven by The Masked that deserved to be told, providing Singer, the 2019–2020 broadcast season’s platforms for a multiplicity of voices and number one entertainment