Core Insights - The New York Times Company (NYT) demonstrated solid performance in Q2 2025, with adjusted earnings per share of 58 cents, exceeding the Zacks Consensus Estimate of 50 cents, and total revenues of $685.9 million, which surpassed the estimate of $669 million, reflecting a year-over-year increase of 9.7% [1][11] Subscription Performance - NYT added approximately 230,000 net digital-only subscribers in the quarter, bringing total subscribers to 11.88 million, with 11.30 million being digital-only [2][5] - Digital-only average revenue per user (ARPU) rose to $9.64 from $9.34 year-over-year, driven by subscribers moving from promotional pricing to higher rate plans [3] - Subscription revenues reached $481.4 million, a 9.6% increase year-over-year, with digital-only subscription revenues increasing by 15.1% to $350.4 million [4][5] Advertising Revenues - Total advertising revenues increased by 12.4% year-over-year to $134 million, with digital advertising revenues rising 18.7% to $94.4 million, while print advertising revenues slightly declined by 0.1% to $39.6 million [6][11] - For Q3, the company anticipates a low-to-mid-single-digit increase in total advertising revenues and a low-double-digit increase in digital advertising revenues [7] Other Revenue Streams - Affiliate, licensing, and other revenues grew by 5.8% year-over-year to $70.5 million, attributed to higher Wirecutter affiliate referral revenues [8] - Adjusted operating costs rose by 6.1% to $552.1 million, with expectations of a 5-6% increase in Q3 [8] Financial Health - The company ended the quarter with cash and marketable securities totaling $951.5 million, an increase of $39.7 million from the previous quarter [14] - NYT repurchased 460,136 shares of its Class A common stock for $23.6 million, with approximately $422.2 million remaining for further repurchases [15]

Financial Data and Key Metrics Changes - Fox Corporation reported a revenue growth of 17% to $16 billion, with adjusted EBITDA growth of 26% to $3.6 billion and adjusted EPS growth of 39% to $4.78 per share, all records for the company [7][16][17] - Free cash flow increased by 100% to $3 billion, marking another record for Fox [7][16] - Net income attributable to stockholders was $2.3 billion or $4.91 per share, up from $1.5 billion or $3.13 per share in the previous fiscal year [17] Business Line Data and Key Metrics Changes - Total advertising revenue increased by 26% to $7 billion, driven by strong performance in both television and cable network programming segments [16][18] - Cable Network programming segment saw a revenue growth of 7% and EBITDA growth of 6%, with cable advertising revenues up 15% [19][20] - Television segment delivered 6% revenue growth, with advertising revenues growing 3% [20][21] Market Data and Key Metrics Changes - Fox News maintained over 60% share of the cable news audience, with total day audience up 25% and demo audience up 31% [9][43] - Tubi achieved 17% growth in total view time and 32% revenue growth in the fourth quarter, reaching over 100 million monthly active users [12][13][55] - The overall advertising market for Fox remains healthy, with record-setting double-digit volume growth and strong pricing growth across the portfolio [8][74] Company Strategy and Development Direction - Fox One, a direct-to-consumer streaming platform, is set to launch at $19.99 per month, targeting both cordless consumers and current pay TV subscribers [11][12] - The company aims to engage viewers across various platforms, including traditional cable and digital offerings like Tubi and Fox One [14] - Fox is focused on organic growth while exploring opportunities for potential M&A, maintaining a high internal benchmark for capital use [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong operational and financial momentum entering fiscal 2026 [15] - The advertising environment is expected to remain robust, with significant demand for live sports and news programming [74] - Management acknowledged potential headwinds from political advertising and the Super Bowl in fiscal 2026 but remains optimistic about the FIFA Men's World Cup [36][75] Other Important Information - The company announced a $5 billion increase to its share repurchase authorization, reflecting confidence in its balance sheet [15][25] - Tubi's growth is seen as a key driver for future profitability, with expectations for substantial improvement in fiscal 2026 [23][65] Q&A Session Summary Question: Insights on fiscal 2026 expectations and EBITDA trends - Management highlighted strong underlying momentum in audience and advertising demand, with political headwinds expected to impact results [33][34] Question: Update on cable advertising trends and LatAm strategy - Cable advertising remains strong, particularly at Fox News, with a focus on expanding in Latin America through strategic acquisitions [40][42] Question: Performance of Tubi and potential impact of ESPN and NFL relationship - Tubi is outperforming the broader CTV market, with a strong library and engagement metrics, while the relationship with the NFL remains positive [50][57] Question: Investment levels for fiscal 2026 and expected returns - Management indicated a collective investment portfolio moving back towards $350 million, with expectations for similar return profiles as seen with Tubi [60][66] Question: M&A participation and advertising market outlook - Fox is actively looking at opportunities but has not found any that meet its high internal benchmarks; the advertising market remains robust across various segments [71][74] Question: Bundling strategies and FCC impact on affiliate relationships - Fox One will be bundled with other services, focusing on convenience for consumers while maintaining a targeted approach; FCC changes are not expected to negatively impact affiliate relationships [82][85]

Group 1 - The company reported a profit of $26.2 million, or 13 cents per share, compared to a loss of $575.1 million, or $8.19 per share, in the same quarter last year [1] - Advertising revenue increased by 61% to $358.6 million, driven by higher impressions and prices [2]