Lenders are set to take over Canadian broadcaster Corus Entertainment after reaching an agreement to swap their debt for equity, ending decades of control by the billionaire Shaw family https://t.co/2VsHU1BQyG ...

Core Insights - The U.S. Department of Justice is reviewing Nexstar Media's $3.54 billion acquisition of Tegna, which would significantly enhance Nexstar's position in the local television market [1] Group 1 - The acquisition aims to create a local-TV powerhouse by combining Nexstar Media and Tegna [1] - The Department of Justice has requested additional information and documents related to the deal [1]

Core Points - Disney content, including channels like ABC and ESPN, has been removed from YouTube TV due to failed contract negotiations [1][2][3] - YouTube claims that Disney used the threat of a blackout as a negotiating tactic to increase prices for customers [1][2] - YouTube TV has previously faced similar disputes, such as with NBCUniversal, which were resolved through temporary extensions [3] Company Actions - YouTube TV is committed to working with Disney to reach an agreement and has offered a $20 credit to members if the content remains unavailable for an extended period [4] - YouTube TV captures over 13% of TV watch-time in July, making it a leading media distributor in terms of audience engagement [5]

Core Point - Walt Disney's networks, including ESPN and ABC, will no longer be available on Google's YouTube TV due to unsuccessful contract negotiations [1] Group 1 - The decision affects major Disney networks, which are significant players in the media landscape [1] - The failure of contract negotiations indicates potential challenges in the relationship between content providers and streaming platforms [1]

Core Insights - Fox reported a revenue increase of 4.9% to $3.74 billion in its most recent quarter, surpassing Wall Street estimates of $3.57 billion [1][15] - The company experienced a 6% rise in advertising revenues for the three months ending September 30 [1] - Fox's profit decreased to $599 million, or $1.32 per share, down from $827 million, or $1.78 per share, in the same quarter last year [5] Revenue Breakdown - Fox's cable business, which includes Fox News, Fox Business, and Fox Sports 1, generated $1.66 billion in revenue, reflecting a 4.1% increase from the previous year [3] - The television division reported a revenue increase of 5% to $2.05 billion [4] - The Tubi streaming service, news division, and NFL offerings were significant contributors to advertising revenue [3] Profit and Earnings - Excluding one-time items, Fox reported earnings of $1.51 per share, exceeding analyst expectations of $1.11 [9] - Net income was reported at $609 million, down from $832 million the previous year [5] Strategic Developments - Fox launched its new streaming service, Fox One, which combines programming from Fox News and Fox Sports for $19.99 a month, with adoption exceeding expectations [13] - The company announced a $1.5 billion share buyback program, intending to repurchase $700 million of Class A common stock and $800 million of Class B common stock [13][14]

Financial Data and Key Metrics Changes - Revenue growth of 5% and EBITDA growth of 2% in Q1 fiscal 2026 [4][12] - Advertising revenue increased by 6%, despite the absence of last year's political revenue [4][12] - Net income attributable to stockholders was $599 million or $1.32 per share, compared to $827 million or $1.78 per share in the previous year [13] - Adjusted net income was $686 million and adjusted EPS was $1.51, a year-over-year increase of 4% [13] Business Line Data and Key Metrics Changes - Cable Networks revenue grew by 4%, with advertising revenues up 7% driven by Fox News [13][14] - Television segment revenue increased by 5%, with advertising revenues up 6% due to Tubi's growth and strong sports pricing [14][15] - Tubi achieved 27% revenue growth, driven by an 18% increase in total view time, and reached profitability [9][12] Market Data and Key Metrics Changes - Subscriber declines remained below 7% for the third consecutive quarter [4] - Fox Sports averaged almost 22 million viewers for NFL games, a 12% increase over last season [7] - Fox News maintained its status as the most watched cable network, achieving the highest first quarter ad revenue in its history [10] Company Strategy and Development Direction - The company launched Fox One, with strong early subscriber uptake and engagement [5][22] - Focus on distribution agnosticism, ensuring content reaches as many households as possible [5] - Plans for M&A activity in the future, with a disciplined approach to investment [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outlook for Fox, supported by a strong advertising market and leadership in news and sports [10][11] - The company anticipates continued total company distribution revenue growth for the full year [15] - Management highlighted the importance of partnerships in driving growth for Fox One [62] Other Important Information - The company announced a $1.5 billion accelerated share repurchase (ASR) transaction [11][16] - Free cash flow was negative $234 million in the quarter, consistent with seasonal working capital cycles [16][17] Q&A Session Summary Question: Insights on Fox One's subscriber uptake and engagement - Management noted that early subscriber uptake has exceeded expectations, with a healthy mix of sports and news viewing driving engagement [22][23] Question: Strength in Fox News pricing and advertising potential - Management highlighted a 63% share in total day and 65% in prime time for Fox News, with strong pricing driven by new national clients [30][31] Question: Key drivers of stable subscriber erosion trends - Management indicated that reduced subscriber erosion is due to the flexibility of skinny bundles and the success of digital distributors [42][43] Question: Details on the accelerated share repurchase program - The ASR will involve buying back shares with a split between Class A and B stocks, taking advantage of pricing efficiencies [44][45]

Financial Data and Key Metrics Changes - Revenue growth of 5% and EBITDA growth of 2% for Q1 Fiscal 2026 [4][12] - Advertising revenue increased by 6%, despite the absence of last year's political revenue [4][12] - Net income attributable to stockholders was $599 million or $1.32 per share, compared to $827 million or $1.78 per share in the prior year [13] - Adjusted net income was $686 million and adjusted EPS was $1.51, reflecting a year-over-year increase of 4% [13] Business Line Data and Key Metrics Changes - Cable Networks revenue grew by 4%, with advertising revenues up 7% driven by Fox News [13][14] - Television segment revenue increased by 5%, with advertising revenues up 6% due to Tubi's growth and strong sports pricing [14][15] - Tubi achieved 27% revenue growth, driven by an 18% increase in total view time, and reached profitability [9][10] Market Data and Key Metrics Changes - Distribution revenue grew by 3%, with subscriber declines remaining below 7% for the third consecutive quarter [4][12] - Fox News maintained its status as the most watched cable network, achieving the highest first quarter ad revenue in its history [10][11] - Engagement in live sports increased, with NFL viewership averaging almost 22 million, a 12% increase over last season [7][8] Company Strategy and Development Direction - The company launched Fox One, with positive early subscriber trends and engagement [5][24] - Focus on distribution agnosticism, ensuring content reaches as many households as possible [5] - Commitment to shareholder value through a $1.5 billion accelerated share repurchase transaction [11][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outlook for Fox, supported by a strong advertising market and leadership in news and sports [10][11] - The company anticipates continued revenue growth driven by stable to improving subscriber erosion trends [12][44] - Management highlighted the importance of M&A activity for future growth, while maintaining a disciplined approach [52] Other Important Information - Total company expenses increased by 6% year-over-year, primarily due to investments in digital initiatives [12] - Free cash flow was negative $234 million, consistent with the seasonality of the working capital cycle [16][17] Q&A Session Summary Question: Insights on Fox One's subscriber uptake and engagement - Management noted that early subscriber uptake has exceeded expectations, with a healthy mix of sports and news viewing driving engagement [24] Question: Strength in Fox News pricing and advertising potential - Management indicated that Fox News pricing strength comes from high market share and increased spending from new national clients [31][36] Question: Key drivers of distribution growth and impact of Fox One - Management highlighted that early benefits from skinny bundles and digital distributors are contributing to reduced subscriber erosion [43][44] Question: Use of balance sheet flexibility and potential M&A activity - Management confirmed plans for future M&A activity while maintaining a strong balance sheet and disciplined investment strategy [51][52] Question: Update on investment levels for the year - Management reiterated that the previously mentioned investment estimate of $350 million for FY 2026 remains conservative, but it is too early to adjust the figure [66]

Financial Data and Key Metrics Changes - Fox Corporation reported a revenue growth of 5% and EBITDA growth of 2% for the first quarter of fiscal 2026 [4][12] - Advertising revenue increased by 6%, while distribution revenue grew by 3% [4][12] - Net income attributable to stockholders was $599 million, or $1.32 per share, compared to $827 million, or $1.78 per share, in the previous year [13] Business Line Data and Key Metrics Changes - Cable Networks revenue grew by 4%, with advertising revenues up 7% driven by strong pricing at Fox News [13][15] - Television segment revenue increased by 5%, with advertising revenues up 6% due to growth at Tubi and strong sports pricing [15][16] - Tubi achieved 27% revenue growth, driven by an 18% increase in total view time, and reached profitability [8][9] Market Data and Key Metrics Changes - Fox News maintained its status as the most-watched cable network, achieving the highest first-quarter ad revenue in its history [9][10] - The NFL on Fox averaged almost 22 million viewers, a 12% increase over last season, marking Fox's best start to an NFL season ever [6][7] - College football viewership also increased, with Fox's Big Noon Saturday averaging over 6 million viewers, up 22% from the previous season [7] Company Strategy and Development Direction - The company launched Fox One, which has seen strong early subscriber uptake and engagement, indicating a positive outlook for its direct-to-consumer strategy [5][24] - Fox Corporation is focused on ensuring its content reaches as many households as possible, emphasizing a distribution-agnostic approach [5] - The company plans to continue investing in digital initiatives while moderating overall net investment due to Tubi's profitability [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outlook for Fox, supported by a strong advertising market and leadership in news and sports [10] - The company anticipates continued distribution revenue growth, driven by stable to improving subscriber erosion trends [16][70] - Management highlighted the importance of M&A activity for future growth, while maintaining a disciplined approach to investments [81] Other Important Information - The company announced a $1.5 billion accelerated share repurchase (ASR) transaction, reflecting confidence in its business outlook [10][17] - Free cash flow was reported as negative $234 million, consistent with the seasonality of the working capital cycle [17] Q&A Session Summary Question: Insights on Fox One's subscriber uptake and engagement - Management noted that Fox One's early uptake has exceeded expectations, with a healthy mix of sports and news viewing driving engagement [24][26] Question: Strength in Fox News pricing and advertising - The strength in Fox News pricing is attributed to a significant market share and the efficiency of advertising costs compared to broadcast networks [40][44] Question: Key drivers of distribution growth and subscriber erosion trends - Management indicated that reduced subscriber erosion is benefiting from skinny bundles and digital distributors, with Fox One being additive to subscriber numbers [64][66] Question: Details on the accelerated share repurchase (ASR) program - The ASR program will involve a mix of Class A and Class B shares, with the decision based on trading efficiencies [70][72]

Core Insights - Fox reported increased revenue in its fiscal first quarter, attributed to higher engagement and advertising demand across its portfolio [1] Group 1 - The revenue growth was driven by enhanced audience engagement [1] - There was a notable increase in advertising demand, contributing to the overall revenue boost [1]

Core Insights - Fox Corp. exceeded Wall Street analysts' expectations in its fiscal first quarter, reporting adjusted earnings per share of $1.51 and total revenue of $3.7 billion, compared to analysts' consensus of $1.06 EPS and $3.58 billion in revenue [1] Financial Performance - The overall quarter performance was solid despite sluggish growth in the advertising business, with ad revenue in the Television unit rising 6% to $1.07 billion and in the Cable Network Programming division increasing 7% to $345 million [2] Strategic Developments - The company launched Fox One, entering the subscription streaming market, which offers access to various linear networks along with sports, news, entertainment, and weather content [3] Audience Engagement - Fox averaged 5.9 million viewers for its Big Noon Saturday telecasts of Big Ten games, with the NFL matchup between the Philadelphia Eagles and Kansas City Chiefs attracting 33.8 million viewers, making it one of the most-watched events of the week [4] Corporate Governance - A significant development during the quarter was the resolution of a family drama, with Rupert Murdoch designating his son, Lachlan, as the principal heir to his media empire, which included substantial payouts to other children [5]