Summary of Fox (NasdaqGS:FOX) FY Conference Call - March 09, 2026 Company Overview - **Company**: Fox Corporation - **Fiscal Year**: The company is more than halfway through its fiscal year 2026 Key Highlights - **Revenue Growth**: Fox has reported revenue growth year-to-date compared to the previous year, despite a slight decline in EBITDA [3][4] - **Strong Performance**: FOX News has seen significant rating gains, while FOX Sports has achieved record-breaking revenues, particularly from NFL, college football, and baseball [4][6] - **New Initiatives**: The launch of FOX One has been a significant initiative, contributing positively to subscriber growth and engagement [4][6][72] - **Tubi's Growth**: Tubi has shown great engagement and revenue gains, becoming a key contributor to EBITDA [4][6] Advertising Market - **Healthy Advertising Environment**: The advertising market remains robust, with Fox experiencing seven consecutive quarters of advertising growth [56][60] - **Key Categories**: Nine out of the top ten advertising categories are growing, led by finance, pharma, and tech [60] - **Political Advertising**: Anticipation of a record-breaking political advertising cycle in the upcoming midterms, with an estimated market spend of $11 billion [45][56] Subscriber Trends - **Improvement in Subscriber Decline**: The rate of subscriber decline has improved, with seven consecutive quarters of better trends [10][12] - **Pricing Power**: Fox has maintained pricing power, allowing it to outpace the overall decline in subscribers [16][21] FOX One and Tubi - **FOX One Performance**: FOX One has attracted subscribers primarily from the cordless community, with a focus on not cannibalizing pay TV subscribers [72][82] - **Tubi's Profitability**: Tubi turned profitable two quarters ago, with a 19% revenue growth and a focus on original content to attract younger audiences [83][87] Capital Allocation - **Prudent Capital Management**: Fox has returned over $10 billion to shareholders through buybacks and dividends since 2019, with a focus on organic investments [142][144] - **M&A Strategy**: The company has not found attractive M&A opportunities recently, focusing instead on internal growth [145][146] Sports Rights and NFL Relationship - **NFL Contract**: Fox has four years left on its current NFL contract, with a strong relationship that has been built over 31 years [111][113] - **Concerns Over Value Transfer**: There are concerns about potential value transfer from Fox to the NFL, but the company emphasizes its historical ability to monetize rights increases [115][117] World Cup Expectations - **FIFA Men's World Cup**: The upcoming World Cup is expected to be a significant event for Fox, with increased advertiser demand and potential subscriber growth for FOX One [120][123] Digital Portfolio and Future Outlook - **Path to Profitability**: The digital investments, including FOX One and Tubi, are expected to contribute positively to EBITDA in the near term [100][102] - **Long-term Strategy**: Fox aims to continue investing in journalism, sports, and entertainment to maintain its competitive edge in a changing media landscape [27][31] Conclusion - **Overall Confidence**: Fox expresses confidence in its current momentum and strategic direction, with a focus on maintaining strong relationships with advertisers and viewers while navigating the evolving media landscape [6][7][31]

Core Viewpoint - Fox Corporation's President and COO John Nallen will participate in Deutsche Bank's 34th Annual Media, Internet & Telecom Conference on March 9, 2026, at 8:55 AM Eastern Time [1] Company Overview - Fox Corporation produces and distributes news, sports, and entertainment content through brands such as FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment, and FOX Television Stations [1] - These brands are culturally significant to consumers and commercially important for distributors and advertisers [1] - The company aims to leverage its extensive footprint to engage audiences, develop consumer relationships, and create compelling product offerings [1] - Fox Corporation has a strong track record in the news, sports, and entertainment industry, which shapes its strategy for capitalizing on existing strengths and investing in new initiatives [1]

Core Viewpoint - Fox Corporation will match the U.S. government's one-time $1,000 contribution to the "Trump Accounts" children's retirement savings program, highlighting its commitment to employee financial well-being [1] Group 1: Company Initiatives - The "Trump Accounts" program is set to launch in July 2026, providing tax-advantaged investment accounts for children born in the U.S. between January 1, 2025, and December 31, 2028 [1] - The contribution match aims to help employees establish a strong financial foundation for their children, promoting savings and investment education [1] Group 2: Company Overview - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment, and FOX Television Stations [1] - The company emphasizes its cultural significance and commercial importance, allowing it to engage audiences and develop consumer relationships effectively [1] - Fox Corporation maintains a strong track record in the news, sports, and entertainment sectors, shaping its strategy for future investments and initiatives [1]

Group 1 - Fox Corporation will discuss its second quarter fiscal 2026 financial results via a live audio webcast on February 4, 2026, at 8:30 a.m. ET / 5:30 a.m. PT [1] - The financial results will be released at approximately 8:00 a.m. ET / 5:00 a.m. PT on the same day [1] - An archived version of the webcast will be available on the company's investor relations website [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands such as FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment, and FOX Television Stations [2] - The company holds cultural significance with consumers and commercial importance for distributors and advertisers [2] - Fox Corporation aims to leverage its strengths and invest in new initiatives to enhance its offerings and consumer relationships [2]

Core Viewpoint - Fox Corporation is experiencing a strong performance driven by its diverse media offerings and strategic initiatives, despite facing a projected decline in earnings per share (EPS) for fiscal 2026. Group 1: Company Overview - Fox Corporation, based in New York, has a market capitalization of approximately $32.7 billion and operates 29 full-power broadcast stations, reaching audiences through various channels including cable, satellite, and digital platforms [1]. Group 2: Financial Performance - Analysts forecast a diluted EPS of $0.46 for fiscal 2026 Q2, representing a 52.1% decline from $0.96 in the same quarter last year, although the company has a history of beating EPS estimates [2]. - For fiscal 2026, Wall Street projects a diluted EPS of $4.42, a 7.5% year-over-year decline, followed by a rebound in fiscal 2027 with EPS growth of 15.2% to $5.09 [2]. Group 3: Stock Performance - FOXA stock has surged 53.4% over the past 52 weeks and has gained 4.2% year-to-date, outperforming the broader market and the S&P 500 Index, which rose 16.2% over the same period [3]. - The stock's performance is particularly notable within the communications sector, where it has outperformed the State Street Communication Services Select Sector SPDR ETF, which increased by 18.6% in 52 weeks but declined slightly year-to-date [3]. Group 4: Recent Developments - On October 30, 2025, FOXA stock rose 7.7% intraday following strong fiscal 2026 Q1 results, with revenue climbing 4.9% year-over-year to $3.74 billion, exceeding analyst estimates [4]. - Adjusted EPS for the first quarter increased by 4.1% to $1.51, surpassing analyst expectations of $1.08 [4]. - The strong performance was significantly driven by Tubi, which achieved its first profitable quarter, with ad revenue increasing by approximately 27% and average viewing time rising by 18% [5]. - NFL ratings also improved, up nearly 12% year-over-year, reinforcing Fox's dominance in live sports content [5]. - Additionally, Fox announced a $1.5 billion share buyback, indicating management's confidence in the company's growth trajectory and commitment to returning capital to shareholders [5].

Core Insights - Fox Corporation will discuss its first quarter fiscal 2026 financial results through a live audio webcast on October 30, 2025, at 8:00 a.m. ET [1] - The financial results will be released at approximately 7:30 a.m. ET on the same day [1] Company Overview - Fox Corporation produces and distributes news, sports, and entertainment content through major brands such as FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment, and FOX Television Stations [2] - These brands are culturally significant to consumers and commercially important for distributors and advertisers [2] - The company has a strong track record in the news, sports, and entertainment industry, which shapes its strategy to leverage existing strengths and invest in new initiatives [2]

Group 1 - Fox Corporation will discuss its fourth quarter and full year financial results for the 2025 fiscal year on August 5, 2025, at 8:30 a.m. ET [1] - The financial results will be released at approximately 8:00 a.m. ET on the same day [1] - A live audio webcast of the presentation will be available for investors [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, and FOX Entertainment [2] - The company holds cultural significance and commercial importance, allowing it to engage audiences and develop consumer relationships [2] - Fox Corporation has a strong track record in the news, sports, and entertainment industry, shaping its strategy for future investments [2]

Core Insights - Fox Corporation has appointed Puja Vohra as Chief Marketing Officer and Executive Vice President of Advertising Sales, a newly created role aimed at centralizing ad sales marketing across the FOX portfolio [1][2][3] Group 1: Role and Responsibilities - Vohra will develop and execute ad sales marketing strategies for the FOX portfolio, which includes FOX Entertainment, FOX News, FOX Sports, and Tubi [2] - Her responsibilities include creating unified messaging, identifying customer needs, and market trends to enhance sales effectiveness across the portfolio [2][3] Group 2: Leadership and Experience - Jeff Collins, President of Advertising Sales, expressed confidence in Vohra's extensive B2B and B2C marketing experience to amplify the portfolio's value proposition [3] - Vohra previously served as Executive Vice President of Marketing for Paramount+, leading campaigns for popular series and overseeing marketing for high-impact content [3][4] Group 3: Career Background - Vohra has held significant marketing roles at Showtime and Warner Media, where she led marketing for award-winning series and brand positioning initiatives [4][5] - Earlier in her career, she worked at NBCUniversal, where she was instrumental in launching major shows and developing brand strategies [5][6] Group 4: Education and Recognition - Vohra holds a bachelor's degree in commerce and an MBA in Marketing & Economics, along with executive education from Harvard and Stanford [7] - Throughout her career, she has received numerous industry awards, including Peabody and Clio awards, highlighting her contributions to the marketing field [6]

Group 1 - Fox Corporation's President and COO John Nallen will participate in MoffettNathanson's Media, Internet & Communications Conference on May 14, 2025 [1] - A live and archived webcast of the presentation will be available on Fox Corporation's investor website [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group [2] - The company holds cultural significance with consumers and commercial importance for distributors and advertisers [2] - Fox Corporation aims to leverage its strengths and invest in new initiatives to enhance its offerings and consumer relationships [2]

Group 1 - Fox Corporation will discuss its third quarter fiscal 2025 financial results via a live audio webcast on May 12, 2025, starting at 8:30 a.m. ET [1] - The financial results will be released at approximately 8:00 a.m. ET on the same day [1] - An archived version of the webcast will be available on the company's investor relations website [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands such as FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group [2] - The company holds cultural significance with consumers and commercial importance for distributors and advertisers [2] - Fox Corporation aims to leverage its strengths and invest in new initiatives to enhance its offerings and consumer relationships [2]