Core Insights - Tubi Media Group has entered into a multi-year advertising partnership with Audiochuck, focusing on exclusive distribution and advertising rights for popular true crime shows [1][2][3] - The partnership aims to develop a dedicated Crime Junkie FAST Channel and an on-demand collection of video podcast episodes, enhancing Audiochuck's presence across various platforms [1][5] Company Overview - Audiochuck, founded by Ashley Flowers, is recognized for producing over 20 shows, including the top-rated Crime Junkie podcast, which has over 10 million monthly listeners [2][9] - The company emphasizes social impact through philanthropy and storytelling, having donated over $8.5 million to communities affected by crime since its inception in 2017 [8][10] Strategic Goals - The partnership is seen as a significant evolution in independent media, aiming to redefine the experience of true crime storytelling across audio and video formats [5][6] - Tubi Media Group's CEO, Paul Cheesbrough, expressed excitement about leveraging their platforms and expertise to support Audiochuck's growth [3][6] Operational Details - Red Seat Ventures will manage advertising sales for Audiochuck's programs, aiming to enhance monetization and expand the reach of their content [6][7] - The Audiochuck team consists of over 20 full-time writers and researchers, actively working on more than 50 cases simultaneously [5][10]

Financial Data and Key Metrics Changes - Revenue growth of 5% and EBITDA growth of 2% in Q1 fiscal 2026 [4][12] - Advertising revenue increased by 6%, despite the absence of last year's political revenue [4][12] - Net income attributable to stockholders was $599 million or $1.32 per share, compared to $827 million or $1.78 per share in the previous year [13] - Adjusted net income was $686 million and adjusted EPS was $1.51, a year-over-year increase of 4% [13] Business Line Data and Key Metrics Changes - Cable Networks revenue grew by 4%, with advertising revenues up 7% driven by Fox News [13][14] - Television segment revenue increased by 5%, with advertising revenues up 6% due to Tubi's growth and strong sports pricing [14][15] - Tubi achieved 27% revenue growth, driven by an 18% increase in total view time, and reached profitability [9][12] Market Data and Key Metrics Changes - Subscriber declines remained below 7% for the third consecutive quarter [4] - Fox Sports averaged almost 22 million viewers for NFL games, a 12% increase over last season [7] - Fox News maintained its status as the most watched cable network, achieving the highest first quarter ad revenue in its history [10] Company Strategy and Development Direction - The company launched Fox One, with strong early subscriber uptake and engagement [5][22] - Focus on distribution agnosticism, ensuring content reaches as many households as possible [5] - Plans for M&A activity in the future, with a disciplined approach to investment [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outlook for Fox, supported by a strong advertising market and leadership in news and sports [10][11] - The company anticipates continued total company distribution revenue growth for the full year [15] - Management highlighted the importance of partnerships in driving growth for Fox One [62] Other Important Information - The company announced a $1.5 billion accelerated share repurchase (ASR) transaction [11][16] - Free cash flow was negative $234 million in the quarter, consistent with seasonal working capital cycles [16][17] Q&A Session Summary Question: Insights on Fox One's subscriber uptake and engagement - Management noted that early subscriber uptake has exceeded expectations, with a healthy mix of sports and news viewing driving engagement [22][23] Question: Strength in Fox News pricing and advertising potential - Management highlighted a 63% share in total day and 65% in prime time for Fox News, with strong pricing driven by new national clients [30][31] Question: Key drivers of stable subscriber erosion trends - Management indicated that reduced subscriber erosion is due to the flexibility of skinny bundles and the success of digital distributors [42][43] Question: Details on the accelerated share repurchase program - The ASR will involve buying back shares with a split between Class A and B stocks, taking advantage of pricing efficiencies [44][45]

Financial Data and Key Metrics Changes - Revenue growth of 5% and EBITDA growth of 2% for Q1 Fiscal 2026 [4][12] - Advertising revenue increased by 6%, despite the absence of last year's political revenue [4][12] - Net income attributable to stockholders was $599 million or $1.32 per share, compared to $827 million or $1.78 per share in the prior year [13] - Adjusted net income was $686 million and adjusted EPS was $1.51, reflecting a year-over-year increase of 4% [13] Business Line Data and Key Metrics Changes - Cable Networks revenue grew by 4%, with advertising revenues up 7% driven by Fox News [13][14] - Television segment revenue increased by 5%, with advertising revenues up 6% due to Tubi's growth and strong sports pricing [14][15] - Tubi achieved 27% revenue growth, driven by an 18% increase in total view time, and reached profitability [9][10] Market Data and Key Metrics Changes - Distribution revenue grew by 3%, with subscriber declines remaining below 7% for the third consecutive quarter [4][12] - Fox News maintained its status as the most watched cable network, achieving the highest first quarter ad revenue in its history [10][11] - Engagement in live sports increased, with NFL viewership averaging almost 22 million, a 12% increase over last season [7][8] Company Strategy and Development Direction - The company launched Fox One, with positive early subscriber trends and engagement [5][24] - Focus on distribution agnosticism, ensuring content reaches as many households as possible [5] - Commitment to shareholder value through a $1.5 billion accelerated share repurchase transaction [11][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outlook for Fox, supported by a strong advertising market and leadership in news and sports [10][11] - The company anticipates continued revenue growth driven by stable to improving subscriber erosion trends [12][44] - Management highlighted the importance of M&A activity for future growth, while maintaining a disciplined approach [52] Other Important Information - Total company expenses increased by 6% year-over-year, primarily due to investments in digital initiatives [12] - Free cash flow was negative $234 million, consistent with the seasonality of the working capital cycle [16][17] Q&A Session Summary Question: Insights on Fox One's subscriber uptake and engagement - Management noted that early subscriber uptake has exceeded expectations, with a healthy mix of sports and news viewing driving engagement [24] Question: Strength in Fox News pricing and advertising potential - Management indicated that Fox News pricing strength comes from high market share and increased spending from new national clients [31][36] Question: Key drivers of distribution growth and impact of Fox One - Management highlighted that early benefits from skinny bundles and digital distributors are contributing to reduced subscriber erosion [43][44] Question: Use of balance sheet flexibility and potential M&A activity - Management confirmed plans for future M&A activity while maintaining a strong balance sheet and disciplined investment strategy [51][52] Question: Update on investment levels for the year - Management reiterated that the previously mentioned investment estimate of $350 million for FY 2026 remains conservative, but it is too early to adjust the figure [66]

Financial Data and Key Metrics Changes - Fox Corporation reported a revenue growth of 5% and EBITDA growth of 2% for the first quarter of fiscal 2026 [4][12] - Advertising revenue increased by 6%, while distribution revenue grew by 3% [4][12] - Net income attributable to stockholders was $599 million, or $1.32 per share, compared to $827 million, or $1.78 per share, in the previous year [13] Business Line Data and Key Metrics Changes - Cable Networks revenue grew by 4%, with advertising revenues up 7% driven by strong pricing at Fox News [13][15] - Television segment revenue increased by 5%, with advertising revenues up 6% due to growth at Tubi and strong sports pricing [15][16] - Tubi achieved 27% revenue growth, driven by an 18% increase in total view time, and reached profitability [8][9] Market Data and Key Metrics Changes - Fox News maintained its status as the most-watched cable network, achieving the highest first-quarter ad revenue in its history [9][10] - The NFL on Fox averaged almost 22 million viewers, a 12% increase over last season, marking Fox's best start to an NFL season ever [6][7] - College football viewership also increased, with Fox's Big Noon Saturday averaging over 6 million viewers, up 22% from the previous season [7] Company Strategy and Development Direction - The company launched Fox One, which has seen strong early subscriber uptake and engagement, indicating a positive outlook for its direct-to-consumer strategy [5][24] - Fox Corporation is focused on ensuring its content reaches as many households as possible, emphasizing a distribution-agnostic approach [5] - The company plans to continue investing in digital initiatives while moderating overall net investment due to Tubi's profitability [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outlook for Fox, supported by a strong advertising market and leadership in news and sports [10] - The company anticipates continued distribution revenue growth, driven by stable to improving subscriber erosion trends [16][70] - Management highlighted the importance of M&A activity for future growth, while maintaining a disciplined approach to investments [81] Other Important Information - The company announced a $1.5 billion accelerated share repurchase (ASR) transaction, reflecting confidence in its business outlook [10][17] - Free cash flow was reported as negative $234 million, consistent with the seasonality of the working capital cycle [17] Q&A Session Summary Question: Insights on Fox One's subscriber uptake and engagement - Management noted that Fox One's early uptake has exceeded expectations, with a healthy mix of sports and news viewing driving engagement [24][26] Question: Strength in Fox News pricing and advertising - The strength in Fox News pricing is attributed to a significant market share and the efficiency of advertising costs compared to broadcast networks [40][44] Question: Key drivers of distribution growth and subscriber erosion trends - Management indicated that reduced subscriber erosion is benefiting from skinny bundles and digital distributors, with Fox One being additive to subscriber numbers [64][66] Question: Details on the accelerated share repurchase (ASR) program - The ASR program will involve a mix of Class A and Class B shares, with the decision based on trading efficiencies [70][72]

Revenue Growth - For the three months ended September 30, 2025, the Company's revenues increased by $174 million or 5% compared to the same period in 2024, driven by higher distribution, advertising, and content revenues[93]. - Distribution revenue rose by $47 million or 3%, primarily due to higher average rates per subscriber and increased fees from affiliated television stations, despite a decrease in the average number of subscribers[93]. - Advertising revenue increased by $83 million or 6%, largely attributed to digital growth from the Tubi AVOD service[93]. - Content and other revenues grew by $44 million or 12%, mainly due to higher entertainment content revenue and sports sublicensing revenue[93]. - The Company reported total revenues of $3,738 million for the three months ended September 30, 2025, compared to $3,564 million in the same period of 2024[94]. - Television segment revenues increased by $97 million or 5% to $2,050 million for the three months ended September 30, 2025, compared to $1,953 million in the same period of 2024[106]. - Advertising revenue rose by $59 million or 6% to $1,067 million, driven by digital growth from the Tubi AVOD service and higher sports pricing[106]. Operating Expenses - Operating expenses increased by $66 million or 3%, primarily due to higher entertainment programming rights amortization and digital content costs[96]. - Selling, general and administrative expenses rose by $87 million or 17%, primarily due to marketing costs associated with the launch of FOX One and higher employee costs[97]. - Segment EBITDA for Cable Network Programming increased by $52 million or 7% to $800 million, while Television segment EBITDA rose by $27 million or 7% to $399 million[101]. - Segment EBITDA for the Television segment increased by $27 million or 7% to $399 million, despite a $52 million or 4% rise in operating expenses[107]. - Corporate and Other revenues increased by $24 million or 37% to $89 million, while Segment EBITDA decreased by $62 million or 86% to $(134) million due to costs associated with the launch of FOX One[109]. Net Income and Cash Flow - Net income decreased by $223 million or 27% for the three months ended September 30, 2025, primarily due to changes in the fair value of investments in equity securities[98]. - The Company reported a net cash used in operating activities of $(130) million for the three months ended September 30, 2025, compared to $158 million in 2024[119]. - Net cash used in investing activities increased to $(255) million in 2025 from $(78) million in 2024, primarily due to higher investments and capital expenditures[120]. Financial Position - The effective tax rate for the Company was 24% for the three months ended September 30, 2025, higher than the statutory rate of 21% due to state taxes[97]. - The Company has approximately $4.4 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility as of September 30, 2025[116]. - Adjusted EBITDA for the three months ended September 30, 2025, was $1,065 million, up from $1,048 million in 2024[114]. Dividends and Acquisitions - A semi-annual dividend of $0.28 per share was declared and paid on September 24, 2025[122]. - The Company is evaluating potential acquisitions and dispositions of certain businesses and assets, which may involve cash or securities[118].

Core Insights - Fox Corp. announced that its AVoD platform Tubi achieved profitability for the first time in the past quarter, with revenue growth of 27% and an 18% increase in viewing time [1] - CEO Lachlan Murdoch expressed optimism about Tubi's future contributions to EBITDA, projecting margins to be in the 20% to 25% range [1] - Tubi is expanding internationally, recently launching in the UK and increasing its content library, which is approaching 10,000 titles [1] Financial Performance - Fox Corp. reported adjusted earnings per share of $1.51 and total revenue of $3.7 billion for its fiscal first quarter, surpassing Wall Street expectations [4] - The advertising revenue in the Television unit rose by 6% to $1.07 billion, while the Cable Network Programming division saw a 7% increase to $345 million [4] Strategic Developments - Tubi's profitability may lead to a moderation in overall investment in the digital operation for the year [2] - The launch of the D2C streamer Fox One has exceeded expectations, particularly due to weekend sports viewing [2][3] - The recent resolution of family dynamics within the Murdoch family is viewed positively for investors, providing clarity on the company's strategic direction [6][7]

Core Insights - The company is experiencing a global consumer slowdown, with Q3 performance remaining stable compared to Q2, indicating a weak consumer environment driven by price increases and geopolitical uncertainties [2][3][10] Market Performance - The company is holding or gaining market share in nearly 20 of the 25 largest markets it operates in, including China and the UK, despite a challenging environment [4][5] - In China, the market is down approximately 2% in Q3, but the company is flat, indicating relative stability and a potential for growth in Q4 [6][8] - Western Europe shows positive organic revenue growth, with strength in Northern Europe and the UK, although some major economies like France and Germany are more subdued [11][12] Consumer Sentiment - Overall consumer confidence in China remains low, with no significant improvement observed over the past 18 months, but there is a sense of stabilization [7] - The Western European consumer is cautious, with many beer markets experiencing low single-digit declines, yet the company's performance in this region remains strong [10][11]

Core Insights - Fox reported increased revenue in its fiscal first quarter, attributed to higher engagement and advertising demand across its portfolio [1] Group 1 - The revenue growth was driven by enhanced audience engagement [1] - There was a notable increase in advertising demand, contributing to the overall revenue boost [1]

Core Insights - Fox Corp. exceeded Wall Street analysts' expectations in its fiscal first quarter, reporting adjusted earnings per share of $1.51 and total revenue of $3.7 billion, compared to analysts' consensus of $1.06 EPS and $3.58 billion in revenue [1] Financial Performance - The overall quarter performance was solid despite sluggish growth in the advertising business, with ad revenue in the Television unit rising 6% to $1.07 billion and in the Cable Network Programming division increasing 7% to $345 million [2] Strategic Developments - The company launched Fox One, entering the subscription streaming market, which offers access to various linear networks along with sports, news, entertainment, and weather content [3] Audience Engagement - Fox averaged 5.9 million viewers for its Big Noon Saturday telecasts of Big Ten games, with the NFL matchup between the Philadelphia Eagles and Kansas City Chiefs attracting 33.8 million viewers, making it one of the most-watched events of the week [4] Corporate Governance - A significant development during the quarter was the resolution of a family drama, with Rupert Murdoch designating his son, Lachlan, as the principal heir to his media empire, which included substantial payouts to other children [5]

Core Insights - Fox Corp exceeded quarterly revenue estimates, driven by robust advertising sales from its free streaming platform Tubi [1] Group 1 - The strong performance in advertising sales at Tubi significantly contributed to Fox Corp's revenue growth [1]