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]