Fox Corporation announces the payment of a dividend to Twenty-first Century Fox, Inc. and the receipt of a cash payment from Disney;

NEW YORK and LOS ANGELES, March 20, 2019 / PRNewswire / – Fox Corporation (NASDAQ: FOXA, FOX) (the "Company") announced today that pursuant to the merger agreement entered into between Twenty-First Century Fox, Inc. ("21CF ") and Walt Disney Company (" Disney "-NYSE: DIS) and certain of their subsidiaries, the Company paid 21CF a dividend in the amount of $ 8.5 billion. The final determination of the severance and severance taxes that the Company is liable for under the merger agreement and the anticipated payment of estimated divestment taxes – collectively referred to as the Transaction Tax – was: $ 6.5 billion. The company today received a cash payment in the amount of $ 2.0 billion of Disney, which has the net effect of reducing $ 8.5 billion cash dividend paid by the Company to 21CF.

The transaction tax included an advance payment of the Company's share of the estimated tax liabilities resulting from Disney's anticipated disposition of certain badets, primarily FOX Sports Regional Sports Networks. This advance payment amounted to approximately $ 700 million and is subject to adjustment in the future, when the actual amounts of tax liabilities are reported on 21CF or Disney's federal income tax returns.

As a result of the separation and distribution, the Company has obtained a tax base on its badets equal to their respective fair market values. This will result in annual tax deductions estimated at approximately $ 1.5 billion, mainly over the next 15 years, related to the amortization of the additional tax base. It is estimated that this amortization will reduce the Corporation's annual income tax liability. 360 million dollars per year at the current combined federal and state tax rate of 24%. These estimates are subject to revisions, which could be significant, based on, among other things, final badessments.

Investor Conference

The company will hold a conference of investors on May 9, 2019, with additional details to follow.

About Fox Corporation

Fox Corporation produces and distributes captivating news, sports and entertainment content through its iconic national brands, including FOX News, FOX Sports, the FOX network and FOX television stations. These brands have cultural significance to consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs the public, builds closer relationships with consumers and creates more attractive product offerings. FOX maintains an impressive track record of success in the information, sports and entertainment industry, which will shape our strategy to capitalize on current strengths and invest in new initiatives. For more information on Fox Corporation, please visit www.FoxCorporation.com.

Caution regarding forward-looking statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act, 1995, including statements regarding (i) any future adjustments to the quote. share of the Corporation's share of the Company's annual tax deductions and tax reductions and any revisions to such estimates. Words such as "may", "will", "should", "probably", "anticipates", "expects", "intends", "plans", "plans", "esteem", "estimates", "outlook" and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, the risk that these estimated amounts may be adjusted or revised, which could adversely affect the Company's business, financial condition and results of operations, the risks badociated with separation of the 21CF Company, distribution and other risks. and the uncertainties referred to in the documents filed by the Company with the Securities and Exchange Commission (the "SEC") or provided to the Securities and Exchange Commission (the "SEC"), including the registration statement of the the Company on Form 10 declared effective by the SEC the February 5, 2019 and the company's quarterly report on Form 10-Q for the period ended December 31, 2018.

The statements contained in this press release are for the date they were made and the Company badumes no obligation to update or post revisions to the forward-looking statements made in this press release or to post any event or any situation after the date of this news release. press release or to reflect the occurrence of unanticipated events or to conform those statements to actual results or changes in the Company's expectations, except as required by law.

SOURCE Fox Corporation

Related Links

http://www.FoxCorporation.com