8-KEarnings & ResultsOther EventsExhibits & Filings

Fox Corp 8-K Report, Financial Results (May 8, 2019)

Filed May 8, 2019For Securities:FOXAFOX

Summary

This 8-K filing from Fox Corporation (FOXA) dated May 8, 2019, primarily reports on two key events: the company's financial results for the quarter ended March 31, 2019, and a significant strategic partnership in the sports wagering space. Investors should note the announcement of the launch of FOX Bet, a national media and sports wagering partnership with The Stars Group. This initiative includes an exclusive license for The Stars Group to use certain FOX Sports trademarks and Fox Corporation's agreement to acquire a 4.99% stake in The Stars Group for $236 million. The filing also incorporates by reference the press release detailing Fox Corporation's financial performance for the latest quarter. While the specific financial figures are not detailed within this 8-K, the report signals that these results were made public on May 8, 2019. Investors seeking detailed financial performance metrics should refer to the press release attached as Exhibit 99.1.

Key Highlights

  • 1Fox Corporation announced its financial results for the quarter ended March 31, 2019, via a press release (Exhibit 99.1).
  • 2FOX Sports, a unit of Fox Corporation, is partnering with The Stars Group Inc. to launch FOX Bet, a national sports wagering platform.
  • 3Fox Corporation will grant The Stars Group an exclusive license to use certain FOX Sports trademarks for this venture.
  • 4Fox Corporation will acquire a 4.99% stake in The Stars Group for $236 million as part of the agreement.
  • 5The partnership aims to capitalize on the growing sports betting market in the United States.
  • 6The company's Class A Common Stock (FOXA) and Class B Common Stock (FOX) are listed on The Nasdaq Global Select Market.

Frequently Asked Questions

The 8-K filing indicates that Fox Corporation released its financial results for the quarter ended March 31, 2019, on May 8, 2019. The detailed financial figures are contained in the press release attached as Exhibit 99.1 and are not elaborated upon within the 8-K itself. Investors should consult Exhibit 99.1 for specific financial performance data.

The FOX Bet partnership represents a strategic move by Fox Corporation to enter and gain a foothold in the rapidly expanding U.S. sports wagering market. By leveraging the FOX Sports brand and partnering with an established operator like The Stars Group, Fox Corporation aims to create a significant media and betting platform, potentially generating new revenue streams and enhancing engagement with its audience.

Fox Corporation is investing $236 million to acquire a 4.99% stake in The Stars Group. This investment, combined with the commercial agreement and trademark licensing, signifies a substantial commitment to the FOX Bet venture.

This 8-K filing primarily announces the release of financial results and a partnership. The actual financial statements for the quarter ended March 31, 2019, are incorporated by reference from Exhibit 99.1 (the press release). Investors should refer to that press release for details on whether the presented financials are audited or unaudited.