Core Viewpoint - With ongoing uncertainty in interest rates and market volatility expected to persist into the second half of 2025, dividend stocks are gaining popularity among investors seeking passive income Group 1: Sirius XM Holdings - Despite a nearly 28% decline in stock price this year, Sirius XM Holdings offers a compelling dividend yield of 4.7% [2] - The company is adjusting its pricing and investing in exclusive content to compete with larger rivals like Spotify, with expected annual dividend payments totaling $364 million [2][3] Group 2: Coca-Cola - Coca-Cola continues to outperform its competitors in the consumer staples sector, reporting $12.6 billion in revenue for Q2 2025 and a 63% increase in operating income [4] - The company has a remarkable track record of 63 consecutive years of dividend increases, currently offering a dividend yield of 2.96% [4] Group 3: Realty Income - Realty Income stands out among REITs due to its reliable income stream, having delivered monthly dividends for over 30 years and increasing its annual payout at a 4.3% compound annual growth rate [5] - The company generated $4.19 in adjusted funds from operations (AFFO) per share in 2024, distributing $3.13 per share in dividends, indicating potential for growth in its current model [6]

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]

Financial Performance - 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 [6][16][18] - Free cash flow increased by 100% to $3 billion, marking another record [6][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 [18] Business Segment Performance - The Cable Network programming segment achieved 7% revenue growth and 6% EBITDA growth, with cable advertising revenues up 15% [20] - The Television segment delivered 6% revenue growth, with advertising revenues growing 3% [21] - Tubi saw a 32% revenue growth in the fourth quarter, driven by a 17% increase in total view time [12][19] Market Trends - Fox News maintained over 60% share of the cable news audience, with total day audience up 25% and demo audience up 31% [8][42] - The overall advertising market for Fox remains healthy, with record-setting double-digit volume growth and strong pricing growth across the portfolio [7][74] - Tubi reached over 100 million monthly active users and generated over $1.1 billion in revenue, achieving a 2.2% share of total U.S. television viewings [12][13] Company Strategy and Industry Competition - 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 plans to invest in digital-led growth initiatives, including Tubi and Latin America, while maintaining a focus on organic growth [23][66] - Fox's strategy emphasizes engaging viewers across various platforms, including traditional cable and digital offerings [14] Management Commentary 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 company anticipates challenges in fiscal 2026 due to the absence of political advertising and the Super Bowl, but expects strong performance from the FIFA Men's World Cup [36][75] - Management highlighted the importance of maintaining strong relationships with affiliates and local stations, especially with the launch of Fox One [85] Other Important Information - The company announced a $5 billion increase to its share repurchase authorization, reflecting a strong balance sheet [15][26] - Fox's advertising revenue growth was driven by a robust demand for sports programming and political advertising [17][74] Q&A Session Summary Question: Insights on fiscal 2026 expectations - Management acknowledged the challenges ahead, particularly with political advertising and the Super Bowl, but emphasized strong underlying business momentum [31][34] Question: Update on cable advertising trends - Management reported strong advertising demand, particularly for Fox News, with significant increases in ratings translating to revenue growth [41][42] Question: Tubi's competitive position - Tubi is outperforming the broader CTV market due to its extensive content library and strong engagement with a younger, cordless audience [50][52] Question: M&A participation - Management stated that while they are always looking for opportunities, they have not found any that meet their high internal benchmarks for capital use [71][72]

Core Insights - Fox Corp. reported total revenue of $3.29 billion and earnings per share of $1.57 for the fiscal fourth quarter, exceeding Wall Street expectations of $3.11 billion and $1.01 EPS [1] - The company experienced a 7% increase in total advertising revenue, reaching $1.08 billion, attributed to the success of the free streaming service Tubi, improved ratings at Fox News, and better pricing strategies [2] - For the full fiscal year, Fox Corp. achieved total revenue of $16.3 billion, marking a 17% increase from the previous year, driven by events such as the 2024 election and Super Bowl LIX [5] Revenue Breakdown - The Cable Network Programming division led overall performance with a 7% revenue increase to $1.53 billion, where advertising revenue rose by 15% and affiliate fee revenue increased by 2% despite net subscriber declines [3] - The Television division's revenue grew by 6% to $1.71 billion, primarily due to contributions from Tubi, with upcoming highlights including college football, NFL telecasts, and Major League Baseball playoffs [4]

Core Viewpoint - Beasley Broadcast Group, Inc. will report its second quarter financial results for 2025 on August 12, 2025, and will host a conference call to discuss these results [1]. Group 1: Financial Reporting - The company will announce its financial results before the market opens on August 12, 2025 [1]. - A conference call and webcast will take place at 11:00 a.m. ET on the same day to review the results [1]. Group 2: Accessing the Conference Call - Interested parties can join the conference call by dialing (800) 715-9871 or +1 (646) 307-1963, using conference ID 1613596 [2]. - A live webcast will also be available on the company's website, with a replay accessible for five days post-event [2]. Group 3: Analyst Engagement - Questions from analysts, institutional investors, and debt holders can be submitted via email until 9:00 a.m. ET on August 12, 2025 [3]. - Management will address as many questions as possible during the conference call, provided they are not covered in prepared remarks [3]. Group 4: Company Overview - Beasley Broadcast Group, Inc. was founded in 1961 and owns 54 AM and FM stations across 10 large- and mid-size markets in the United States [4]. - The company's radio stations reach nearly 17 million unique consumers weekly through various platforms, including over-the-air, online, and mobile devices [4].

Core Insights - E.W. Scripps Company (SSP) is set to report its second-quarter 2025 results on August 7, with expected revenues of $546.65 million, reflecting a 4.70% year-over-year decline. The earnings consensus indicates a loss of 4 cents per share, an improvement from a loss of 15 cents per share in the same quarter last year [1][9]. Revenue and Earnings Expectations - The Zacks Consensus Estimate for second-quarter 2025 revenues is $546.65 million, indicating a 4.70% decline compared to the previous year [1][9]. - The consensus for earnings is a loss of 4 cents per share, which is an improvement from the loss of 15 cents per share reported in the same quarter last year [1][9]. Segment Performance - The Networks segment is expected to show measurable gains due to the reintroduction of WNBA and National Women's Soccer League broadcasts on the ION network, supported by pre-sold advertising inventory and premium pricing [3]. - Scripps Networks is likely to maintain strong profitability, building on a 32% margin achieved in the first quarter, driven by cost reductions and increased connected-TV revenues [4]. - The Local Media segment is anticipated to face revenue pressure, with expected declines in the high single digits due to ongoing tariff-driven uncertainty, which may negatively impact profitability [6][9]. Financial Stability - E.W. Scripps is expected to benefit from refinancing actions taken in the previous quarter, which included extending debt maturities and reducing near-term refinancing risk, contributing to stronger operational stability [5].

Core Insights - Fox Corporation (FOXA) is scheduled to report its fourth-quarter fiscal 2025 results on August 5, with earnings estimated at $1.01 per share, reflecting a 12.22% increase year-over-year, and revenues projected at $3.11 billion, indicating a 0.48% growth from the previous year [1][9]. Group 1: Recent Performance - The company has consistently exceeded the Zacks Consensus Estimate in the last four quarters, with an average surprise of 25.94% [2]. - In the third quarter, Fox reported revenues of $4.37 billion, a 27% increase year-over-year, primarily driven by Super Bowl LIX advertising and digital growth at Tubi [3][9]. Group 2: Strategic Developments - Positive developments include the launch of Fox One, a direct-to-consumer streaming service, and the introduction of the AI-driven OneFOX media platform, enhancing digital advertising capabilities [4]. - Tubi added eight million new users on Super Bowl day and achieved 35% year-over-year revenue growth in the third quarter [4]. Group 3: Challenges Ahead - The upcoming quarter may face challenges due to the absence of a Super Bowl broadcast, making year-over-year advertising comparisons difficult [6][9]. - In the third quarter, net income attributable to Fox stockholders decreased to $346 million from $666 million in the prior year, attributed to higher sports programming costs and content investments [6].

Group 1 - Gray Media, Inc. has agreed to acquire television stations from Block Communications, Inc. for $80 million, aiming to enhance its presence in the Midwest and create a Big Four duopoly in one market [1][3] - The acquisition includes WDRB and WBKI in Louisville, Kentucky, WAND in Springfield-Champaign-Decatur, Illinois, and WLIO in Lima, Ohio, all of which are top-rated local news stations in their respective markets [3][4] - Gray anticipates closing the transaction in the fourth quarter of 2025, pending regulatory approval and customary closing conditions [4] Group 2 - Gray Media is the largest owner of top-rated local television stations in the U.S., serving 113 television markets and reaching approximately 37% of U.S. television households [6] - The company operates in 78 markets with the top-rated television station and has the largest Telemundo Affiliate group with 44 markets [6]

Core Insights - Gray Media has agreed to acquire WLTZ, the NBC affiliate in Columbus, Georgia, and KJTV, the FOX affiliate in Lubbock, Texas, expanding its portfolio in local television markets [1][2] - The transactions are expected to close in the fourth quarter of 2025, pending regulatory approval and customary closing conditions [2] - Gray Media is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households [3] Company Overview - Gray Media, Inc. is headquartered in Atlanta, Georgia, and operates in 113 television markets [3] - The company owns the largest Telemundo Affiliate group with 44 markets and has a significant presence in top-rated local television stations [3] - Gray Digital Media, a subsidiary, provides advanced digital marketing strategies and services to clients [3]

Company Overview - Gray Media has appointed Eric Walters as the General Manager of KNOE and KAQY-LD, effective September 1, 2025 [1] - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the U.S., reaching approximately 37% of U.S. television households [6] Eric Walters' Background - Eric Walters is currently the General Manager of KMVT (CBS) and KSVT-LD (FOX) in Twin Falls, Idaho, where he successfully increased ratings and digital content [3] - Previously, he served as the News Director of WDBJ (CBS) and WZBJ-LD (MyNetwork) in Roanoke, Virginia, achieving significant ratings growth and winning multiple awards [4] - Before joining Gray in 2020, he was the news director for CBS affiliate WBTW in Myrtle Beach, South Carolina, and was named News Director of the Year in 2019 [5] Gray Media's Market Position - Gray Media operates in 113 television markets, with 78 markets having the top-rated television station and 99 markets with the first or second highest-rated station in 2024 [6] - The company also has the largest Telemundo Affiliate group, covering 44 markets [6]