Financial Data and Key Metrics Changes - Total revenues for the second quarter reached $5.18 billion, a 2% increase from the prior year quarter [14] - Adjusted EBITDA was $692 million, down from $781 million in the prior year quarter, due to higher expenses [15] - Net income attributable to stockholders was $229 million or $0.52 per share, compared to $373 million or $0.81 per share in the prior year [15] Business Line Data and Key Metrics Changes - Cable segment revenues were $2.28 billion with an Adjusted EBITDA of $687 million, both representing a 5% growth year-over-year [16] - Television segment reported revenues of $2.94 billion, with advertising revenues unchanged due to the absence of last year's political advertising [17] - Distribution revenue grew 4% during the quarter, with subscriber declines improving sequentially [6] Market Data and Key Metrics Changes - Advertising revenue grew 1% despite tough comparisons to last year's political cycle, driven by strong linear pricing and robust revenue growth at Tubi [14] - FOX News Digital saw a 170% increase in social media views over the prior year, indicating strong audience engagement [9] - Tubi achieved its most streamed quarter ever, with total view time growing 27% year-over-year [11] Company Strategy and Development Direction - The company emphasizes a strategy focused on live sports and news, alongside the growth of Tubi and FOX One, to reinforce its leadership position [12] - FOX One is positioned as a premier destination for live sports and news streaming, with targeted marketing to cord-cutters [6] - The company is committed to maintaining a strong balance sheet and delivering sustained growth and shareholder value through share buybacks and dividends [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted a robust advertising market and expects continued strength in political advertising as the midterm elections approach [25] - The company anticipates profitability from the upcoming FIFA Men's World Cup, driven by strong advertiser interest [26] - Management expressed confidence in the strategic direction and the ability to connect with audiences across various platforms [12] Other Important Information - The company repurchased an additional $1.8 billion in shares, bringing the total repurchased to $8.4 billion since the buyback program began [19] - A semiannual dividend of $0.28 per share was announced, contributing to a total cumulative cash return to shareholders of approximately $10.4 billion [19] Q&A Session Questions and Answers Question: Can you discuss cable advertising performance and expectations for the political cycle? - The advertising market for Fox News has been robust, with 200 new advertisers added this half, reflecting strong demand [24] - The company expects to benefit from a robust political advertising cycle, particularly at local stations [25] Question: How does the company plan to offset increased costs associated with the NFL? - The company is confident in its ability to offset costs by balancing its sports portfolio and leveraging its strong content [30] Question: What is the performance of FOX One and its impact on the P&L? - FOX One has exceeded expectations, with a significant portion of its audience being sports fans, and the platform's costs are recorded in the corporate segment [38][40] Question: Can you elaborate on the improvement in subscriber declines and the drivers behind it? - The subscriber decline improved to 6.3%, driven by the emergence of skinny bundles in the cable universe [45] - The company is optimistic about the impact of skinny bundles on subscriber retention [46] Question: What are the growth drivers for Tubi's advertising revenue? - Tubi's revenue growth of 19% was driven by a 27% increase in total view time and strong advertiser demand [48]

Core Insights - Fox Corp. exceeded revenue expectations for the October-to-December quarter, reporting total revenue of $5.18 billion, a 2% increase from the previous year [1] - Earnings per share were reported at 52 cents, matching Wall Street expectations, with an adjusted figure of 81 cents [1] Revenue Breakdown - Advertising revenue increased by 1%, supported by higher pricing in sports and news, despite challenges from the upcoming presidential cycle [2] - Distribution revenue rose by 4%, primarily due to a 5% growth in the Cable Network Programming unit [2] - Television division revenue slightly decreased to $2.937 billion, a notable decline given the typical strength of the fall quarter [3] Expense and Profitability Analysis - EBITDA in the Television division fell to $143 million from $205 million in the prior year, attributed to higher expenses related to sports programming rights and production costs [5] - Distribution revenues saw a modest increase of 1%, driven by higher average rates at owned television stations and increased fees from third-party affiliates [4] Management Commentary - CEO Lachlan Murdoch emphasized that the results reflect a differentiated strategy and high-quality execution, showcasing the strength of the company's leadership brands across various sectors [6]

Group 1 - The company recorded higher revenue in the fiscal second quarter [1] - Growth in the cable segment contributed positively to revenue [1] - Higher advertising revenue offset a slight decline in the television segment [1]

Core Insights - Fox Corp exceeded Wall Street revenue expectations for the quarter, driven by strong advertising demand in its news and sports networks, as well as growth in its ad-supported streaming service Tubi [1] Group 1 - The company reported higher quarterly revenue, indicating robust performance in its advertising segments [1] - Advertising demand at Fox's news and sports networks contributed significantly to the revenue growth [1] - The ad-supported streaming service Tubi also experienced growth, further enhancing the company's overall revenue performance [1]

Core Insights - The cost of national ads for the Super Bowl continues to rise, with NBC selling out ad inventory at an average of $8 million per 30-second commercial, and some ads exceeding $10 million each [1] Advertising Trends - Streaming-only ad spots constitute about 10% of the total ad inventory during the Super Bowl and are priced at approximately half the cost of traditional TV commercials [2] - The streaming simulcast is gaining popularity, with NBC's Peacock service set to simulcast Super Bowl 60, while traditional broadcast remains the primary viewing method [3][4] New Advertisers - Streaming-only ads are attracting new advertisers, allowing smaller brands to participate in the Super Bowl, with all Peacock-only commercials this year being from new advertisers [5] - Brands like Tecovas and Life360 are leveraging streaming ads to engage with a highly targeted audience while managing costs effectively [6] Audience Engagement - Last year, nearly 128 million viewers watched the Super Bowl across TV and streaming platforms, highlighting the event's massive reach [6] - NBC's digital offerings have seen increased demand, driven by the growth of Peacock's subscriber base to 44 million, particularly due to live sports content [7] Brand Strategies - Smaller brands are using streaming-only commercials as a way to enter the Super Bowl advertising space, with companies like Ro and Manscaped exploring more affordable options [9][12] - Ro's experience with streaming ads last year led to a commitment to a traditional ad spot this year, indicating a strategic shift based on previous performance [11]

Core Viewpoint - Analysts forecast that Fox (FOXA) will report quarterly earnings of $0.47 per share, indicating a year-over-year decline of 51% and revenues of $5.06 billion, a decrease of 0.4% compared to the previous year [1] Revenue Estimates - Analysts predict 'Revenues by Component- Advertising' to reach $2.30 billion, reflecting a year-over-year change of -5.1% [3] - 'Revenues by Component- Distribution' is expected to be $1.95 billion, indicating a year-over-year increase of +2.5% [4] - 'Segment Revenues- Television' is projected at $2.87 billion, showing a decline of -3.1% year over year [4] - 'Segment Revenues- Cable Network Programming' is estimated to reach $2.18 billion, with a year-over-year change of +0.8% [4] - 'Revenues by Component- Other' is expected to be $816.35 million, indicating a year-over-year increase of +8% [5] - 'Revenues- Television- Advertising' is forecasted at $1.88 billion, reflecting a decrease of -4.3% from the previous year [6] - 'Revenues- Cable Network Programming- Distribution' is projected to reach $1.13 billion, suggesting a year-over-year increase of +4.8% [7] EBITDA Estimates - Analysts suggest that 'Segment EBITDA- Cable Network Programming' will likely reach $555.18 million, down from $657.00 million reported in the same quarter last year [8] Stock Performance - Fox shares have decreased by -4.4% over the past month, contrasting with the Zacks S&P 500 composite's increase of +1.8% [8] - Fox has a Zacks Rank 2 (Buy), indicating expectations to outperform the overall market in the near term [8]

Core Points - Gray Media has expanded its partnership with the Kansas City Royals for the 2026 baseball season, allowing free broadcasts of select games in 18 markets across 8 states [1][2] - The historic home opener on March 30, 2026, against the Minnesota Twins will be the first free over-the-air broadcast of the Royals' home opener since 2007 [2] - KCTV5 will air ten regular season games throughout the 2026 season, showcasing the Royals' community outreach and charitable initiatives [3][4] Company Overview - Gray Media, Inc. is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households across 113 markets [5] - The company operates 78 markets with top-rated television stations and has the largest Telemundo Affiliate group with 44 markets [5] - Gray Media also includes digital marketing services through Gray Digital Media and owns various media properties, including video production companies and studio facilities [5]

Core Insights - Hemisphere Media Group and Entravision have formed a strategic partnership to launch WAPA Orlando, a new full power broadcast television station targeting the Orlando–Daytona Beach–Melbourne DMA [1][3] - The station aims to serve the Latino population in Central Florida, particularly the growing Puerto Rican community, which is now the second largest in the continental U.S. [3][4] Company Overview - Hemisphere Media Group is a leading U.S. multi-platform media company focused on the Hispanic and Latin American markets, operating various television and radio networks, including WAPA TV, the top broadcast network in Puerto Rico [9] - Entravision is a media and advertising technology company that provides marketing services targeting Latino audiences through a portfolio of television and radio stations, as well as digital advertising services [10] Partnership Details - The partnership will leverage Entravision's extensive news resources from 24 U.S. markets to enhance local news coverage for WAPA Orlando [2][5] - WAPA Orlando will utilize WAPA-TV's production infrastructure, which produces 80 hours of original content weekly, and will feature locally produced newscasts branded NotiCentro Orlando [4][6] Programming and Distribution - WAPA Orlando will broadcast programming from WAPA-TV, which has been the 1 TV network in Puerto Rico for 16 consecutive years, and will focus on news and entertainment relevant to the Latino community [3][4] - The station will be available through multichannel video programming distributors in the region, including Xfinity, Spectrum, AT&T U-Verse, DirecTV, and Dish [8] Future Plans - Initially, WAPA Orlando will launch with two daily locally-produced newscasts, with plans to expand to evening and late-night editions [4] - Entravision will also manage WAPA Orlando's digital strategy, including the development of a dedicated website and sales operations [6]

Core Insights - Capital Management Corp sold 29,799 shares of Nexstar Media Group, valued at approximately $5.82 million, during the fourth quarter, reducing its position in the company [1][2] - Nexstar's stock has increased by 41.1% over the past year, significantly outperforming the S&P 500's 15% gain in the same period [3] Company Overview - Nexstar Media Group reported a total revenue of $5.15 billion and a net income of $517 million for the trailing twelve months [4] - The company has a dividend yield of 3.50% and its stock price was $212.38 as of February 1, 2026 [4] - Nexstar operates a diversified portfolio of television stations and digital media properties, generating revenue primarily from advertising and retransmission fees [5][7] Financial Performance - In its most recent quarterly release, Nexstar reported $1.20 billion in revenue, a 12% decrease year over year, primarily due to a decline in political advertising [9] - The net income for the quarter was $65 million, with adjusted EBITDA at $358 million and free cash flow remaining solid at $166 million [9] Investment Positioning - After the sale, Nexstar still represents 4.25% of Capital Management Corp's $610.07 million in reportable U.S. equity assets, indicating ongoing confidence in the company's performance [3][10] - The company remains a top-five holding for the fund, reflecting its strong position in the media landscape and potential benefits from future political advertising cycles [10][11]

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