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Fox (FOXA) investor relations material

Fox 34th Annual Media, Internet & Telecom Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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34th Annual Media, Internet & Telecom Conference summary9 Mar, 2026

Business performance and strategic highlights

  • Strong results over the past 12 months driven by record-breaking revenues in sports, significant rating gains in news, and successful launches of new entertainment shows and FOX One.

  • Tubi achieved notable engagement and revenue growth, turning profitable ahead of expectations, with a 19% top-line revenue increase and 27%-28% growth in TVT.

  • Advertising market remains healthy, with seven consecutive quarters of growth and nine out of ten top categories expanding, led by finance, pharma, and tech.

  • FOX One subscriber growth exceeded expectations, primarily attracting cordless users without cannibalizing pay TV.

  • Balance sheet and cash flow generation remain strong, supporting disciplined capital allocation and continued shareholder returns.

Affiliate and distribution trends

  • Subscriber decline rates have improved for seven consecutive quarters, excluding FOX One, with expectations that innovations like skinny bundles will further aid trends.

  • Recent affiliate renewals were completed quietly and successfully, with a larger renewal cycle and new rate negotiations set for fiscal 2027 and 2028.

  • Focused channel portfolio and investments in content support strong pricing power in negotiations.

  • Distribution evolution is expected, with FOX One as a key digital initiative targeting non-pay TV subscribers.

News and advertising outlook

  • Fox News continues to gain market share, achieving 70% cable news share during major events and attracting hundreds of new national advertisers.

  • Fox News ad rates remain at a 50% discount to broadcast, presenting ongoing pricing opportunity; high single-digit national rate increases have been achieved.

  • Robust political advertising cycle expected for the 2026 midterms, with local stations and Tubi positioned to benefit from record projected spend of $11 billion.

  • Tubi's audience is predominantly cordless, making it a unique beneficiary of political ad spend.

Assess FOX One's impact on pay-TV cannibalization
Closing the 50% FOX News broadcast pricing gap
Strategy for potential early NFL rights renewal
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Frequently asked questions

Fox Corporation operates as a news, sports and entertainment company in the United States. The company operates through Cable Network Programming, Television and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, sports and entertainment content for distribution primarily through cable television systems, direct broadcast satellite operators, telecommunications companies and online video distributors. The Television segment operates 28 local television stations. It also operates MyNetworkTV, a programming service that produces television dramas and other entertainment programs for distribution to local television stations; and owns national sports networks. This segment also provides digital streaming services; sells advertising time in national network programming; buys programs from independent producers or studios; owns program guides; sells products under the Fox brand in retail stores, such as home entertainment products consisting of DVD and Blu-ray discs; through online retail businesses comprising FOXShop.com; and develops mobile websites/applications based on the Company's television shows/personalities.

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