Fox Corporation's Class B shares represent the non-voting common stock of the media company that owns Fox News, Fox Sports and the Fox broadcast television network, trading as a separate share class from the company's voting Class A shares. The underlying business is built around live news and sports programming, a strategic choice that reflects a bet that this type of content remains more resistant to streaming disruption than scripted entertainment, since live events are typically watched as they happen. Fox News generates significant affiliate fee revenue from cable and satellite providers who pay to carry the channel, supplementing the advertising revenue earned across Fox's networks and broadcast stations. As with any company with multiple share classes, Fox's Class B shares carry the same economic claim on the underlying business's earnings and dividends as the Class A shares, differing primarily in voting rights rather than economic value.