Core Points - Google and Fox have reached an agreement to keep Fox channels on YouTube TV, ending a dispute that could have led to the removal of these channels [1][2] - The deal ensures that Fox channels, including Fox Broadcast Network, Fox News, and Fox Sports, remain available for subscribers, preserving the value of the service [2] - The agreement was reached just in time for significant college and NFL football events, highlighting the urgency for both parties to finalize the deal [2] Summary by Sections Agreement Details - Google announced the deal via a YouTube blog post, emphasizing the preservation of service value and future flexibility [2] - The agreement allows for continued access to over 100 channels, ensuring that football fans will not miss upcoming games [2] Context and Urgency - The timing of the agreement was critical due to the first big Saturday of college football and the upcoming NFL season, which increased pressure on both companies to finalize negotiations [2] - A short-term extension was granted to allow negotiations to continue past the initial deadline, ultimately leading to a successful renewal of the contract without service disruption [2]

Core Viewpoint - YouTube TV is at risk of losing access to Fox channels, including sports content, due to a contract dispute that needs resolution by a specified deadline [2][3][5]. Group 1: Contract Dispute - The current carriage agreement between YouTube TV and Fox is nearing its renewal deadline, with a critical decision required by 5 p.m. ET on Wednesday [3]. - Fox has expressed disappointment over Google's proposed terms, claiming they are not aligned with market standards [5]. Group 2: Financial Implications - YouTube stated that Fox is demanding payments significantly higher than those received by other partners with similar content offerings [4]. - YouTube TV's base plan costs $82.99 per month, and if Fox content becomes unavailable for an extended period, YouTube will offer subscribers a $10 credit [4]. Group 3: Regulatory Attention - Brendan Carr, chairman of the Federal Communications Commission, has urged Google to finalize a deal, emphasizing the importance of maintaining Fox channels for millions of viewers [6].

Core Insights - Gray Media has launched a new investigative project titled "Manipulated: A Disinformation Nation" to educate viewers on the impact of artificial intelligence (AI) in their daily lives [1][4] - The first report in the series highlights the rise of deceptive AI content and scam campaigns that impersonate trusted sources [2] - The project aims to empower audiences with knowledge on how to identify and avoid misleading information related to AI [3][5] Project Overview - The investigative project combines the national unit of InvestigateTV with local newsrooms to provide comprehensive coverage on AI's influence [1][3] - Future reports will cover various topics, including AI-driven celebrity spoofs and fabricated fundraisers, while offering viewers steps to verify content [4] - An interactive webpage has been created to support the project, featuring video explainers and resources for consumer protection [6] Company Background - Gray Media, Inc. is the largest owner of top-rated local television stations in the U.S., reaching approximately 37% of television households [7] - The company operates in 113 television markets and has a diverse portfolio that includes digital marketing strategies and video production companies [7]

For personal use only For personal use only For personal use only For personal use only (0.73%) CAGR 0.90% CAGR 0.78% CAGR 0.93% CAGR For personal use only For personal use only For personal use only For personal use only For personal use only For personal use only For personal use only | atn KPIs | FY25 | FY24 | %chg | | --- | --- | --- | --- | | Radio spots inventory ('000) (1) | 1,114 | 1,080 | 3.1% Spots | | Radio sell-out rate (%) (2) | 56% | 60% | (4%) Sell-out | | Average radio spot rate (AUD) (3) | ...

After cutting short a previous agreement, Major League Baseball and ESPN are closing in on a new agreement worth around $1.65 billion to carry games for three years https://t.co/Bd57Mh65ch ...

Core Achievements - Gray Media has achieved two historic milestones in broadcasting using the ATSC 3.0 (NEXTGEN TV) format [1] HDR Broadcasts - Gray's Tupelo Media Group will produce and WVUE FOX8 will broadcast the New Orleans Saints preseason game in native High Dynamic Range (HDR), marking the first over-the-air broadcast in the U.S. of programming produced in native HDR [2] - This broadcast will enhance viewer experience by providing improved contrast between the brightest and darkest colors on the screen, showcasing the benefits of NEXTGEN TV [2][4] Network Upgrades - Gray Media is the first broadcast group to upconvert to HDR across all Big Four Networks, completing this upgrade in time for the college and professional football seasons [3] - This upgrade aims to ensure a first-in-class viewing experience for viewers of Gray's affiliated NEXTGEN TV stations [3] Company Overview - Gray Media, Inc. 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 [5] - The company operates 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station during 2024, along with the largest Telemundo Affiliate group [5]

Financial Data and Key Metrics Changes - Revenue is at the lower end of guidance, reflecting a tough economic climate and delays in planned initiatives due to satellite migration [21] - EBITDA is in the middle of guidance, partly offset by strong cost management [21] - Net profit after tax is down due to higher depreciation from elevated CapEx and new products [21] - Free cash flow increased by 4.6% year on year to $24.8 million [22] - Total dividends distributed increased by 21% year on year to $30 million [30] Business Line Data and Key Metrics Changes - Sky4Now, broadband, and advertising contributed over $22 million in revenue, but Skybox revenue declined due to customer churn and service interruptions [6][7] - Skybox now accounts for 62% of revenue, down from 78% five years ago, indicating increased revenue diversity [7] - Sky Sports Now saw a 20% increase in monthly subscribers and a 16% revenue growth for the year [15] - Neon performance remained steady, with advertising revenue growing by 7% [16][17] Market Data and Key Metrics Changes - The linear TV market has been declining at a 5.8% CAGR since 2019, while digital video growth is at 17% CAGR [18] - Sky has secured a significant share in the linear market and a strong stake in the fast-growing digital ad space through the Sky Free acquisition [18] Company Strategy and Development Direction - The company aims to enhance its multi-platform approach and strengthen its content bundle through strategic partnerships [8][10] - Focus on reducing reliance on output deals and moving towards a more responsive content strategy [11] - Integration of Sky Free is a key priority, with expectations of positive free cash flow impact in FY 2026 [34][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing economic challenges but remains optimistic about customer engagement and revenue growth opportunities [37][40] - The company plans to reinvest in marketing and customer experience to lay the groundwork for future growth [38][40] - Management is focused on achieving margin growth while navigating the current economic landscape [76] Other Important Information - The company has completed the satellite migration and secured the renewal of New Zealand Rugby rights from 2026 to 2030 [3][4] - The acquisition of Discovery New Zealand, now called Sky Free, is expected to enhance the company's market position [3][34] Q&A Session Summary Question: What is the expected payout ratio for FY 2026? - Management acknowledges the payout ratio will be at the top of the range for FY 2026 and will consider future guidance as they approach FY 2027 [43][44] Question: What is driving the reduction in programming costs for FY 2026? - The reduction is attributed to fewer one-off events compared to previous years, such as the Olympics, and a focus on entertainment spend [45][46][47] Question: How is trading going in the first months of FY 2026? - The first month has gone well, with improved churn levels as customers transition to the new Sky experience [49][50] Question: What are the main reasons for customer churn? - Price sensitivity is the primary reason for churn, as customers are facing economic pressures [82] Question: What is the impression of the Sky Free acquisition so far? - Management expresses excitement about the opportunities presented by the acquisition, reporting all positive insights [86][87]

Financial Performance - Adjusted revenue decreased by 1.5% to $755.1 million, compared to $766.7 million in FY24[8] - Adjusted NPAT decreased by 16.5% to $41.1 million, compared to $49.2 million in FY24[8] - Adjusted EBITDA decreased by 3.0% to $148.5 million, compared to $153.0 million in FY24[8] - Free cash flow increased by 4.6% to $24.8 million, compared to $23.7 million in FY24[8] - The dividend increased by 15.8% to 22.0 cents per share, compared to 19.0 cents per share in FY24[8] - Capex decreased by 16.8% to $65.2 million, compared to $78.4 million in FY24 (excluding Satellite Migration Capex)[8] Operational Performance - Sky Box and Sky Pod disconnections improved by 8.5%[37] - Sky Broadband customer growth increased by 43%[65] - Sky Sport Now revenue increased by 16%[49] - Advertising revenue increased by 7%, with digital revenue reaching $5.1 million, accounting for 9% of total advertising revenue[56,57]

Core Insights - TEGNA Inc. has appointed Brent Denny as president and general manager of WTHR and WALV in Indianapolis, effective immediately, with a focus on financial performance and business strategy [1][9] Group 1: Leadership and Experience - Brent Denny brings over 30 years of broadcast experience, having spent the last 11 years at WTHR/WALV in various senior roles, most recently as director of sales, where he significantly contributed to revenue growth and advertiser relationships [2] - Prior to his tenure at WTHR/WALV, Denny held multiple leadership positions at WISH-TV/WNDY in Indianapolis for over eight years, focusing on strategy, planning, forecasting, and budgeting [3] Group 2: Community and Vision - Larry Delia, senior vice president at TEGNA, praised Denny's talent and ability to foster collaboration and community relationships, expressing confidence in his leadership at WTHR/WALV [4] - Denny expressed his commitment to maintaining the legacy of WTHR/WALV as a news leader in Indianapolis while exploring new ways to serve the community [4] Group 3: Company Overview - TEGNA Inc. operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms, emphasizing its role in providing trusted local news and services [5]

Core Insights - FOX One is a new streaming service priced at $19.99/month or $199.99/year, targeting over 65 million U.S. households outside traditional cable bundles [1][2] - The platform aims to provide a personalized viewing experience with live programming, news, sports, and entertainment, leveraging advanced technology and AI integrations [3][6][7] Pricing and Bundling Options - FOX One offers a 7-day free trial and the option to bundle with B1G+ or FOX Nation for added value [1][11] - Starting October 2, customers can bundle FOX One with ESPN DTC Unlimited for $39.99/month, providing access to a wide range of ESPN content [12] Technological Advancements - The platform builds on FOX's successful live-streaming technology, exemplified by the Super Bowl LIX broadcast, which reached 15.5 million peak concurrent viewers [5] - FOX One incorporates AI for personalized content delivery, enhanced search capabilities, and user-friendly features [6][16] Content Offerings - FOX One features a robust lineup of live sports, news, and entertainment, including 24/7 access to FOX News and major sporting events [8][9] - The service includes a variety of programming from FOX's extensive portfolio, catering to diverse audience interests [15] Accessibility and User Experience - FOX One is available on multiple platforms, including mobile, web, and connected TVs, ensuring ease of access for users [10] - The platform allows users to record live content without storage limits and offers features to catch up on missed highlights [8][10] Marketing Strategy - The launch campaign emphasizes FOX's strength in live programming and targets cord-cutters through digital-first strategies [14]