Fox (FOXA) Barclays Communications and Content Symposium 2025 summary

Strategic direction and streaming approach

• Maintains conviction in traditional media strategy, viewing recent streaming launch as supplementary, not a shift in core direction.

• Focuses on live sports and news, believing fragmentation in streaming harms consumer experience.

• Streaming product targets 50 million U.S. households outside the bundle, not aiming to compete with hyperscale SVOD players.

• Sees value in modernized, concentrated bundles with sports and news as key drivers.

• Streaming ambitions are moderate, aiming for less than 5 million subs in five years, supplementing existing distribution.

Affiliate fees, bundles, and cord-cutting trends

• Retransmission revenue doubled over five years, reaching $3.3 billion in 2024.

• Achieved 4% growth in cable affiliate fees, outpacing industry peers.

• Future affiliate fee growth will depend more on subscriber volume than rate increases.

• Encouraged by recent moderation in subscriber declines and inclusion of full channel suite in new bundles.

• Expects bundles to remain the business bedrock for years, despite ongoing cord-cutting.

Digital initiatives and Super Bowl impact

• Super Bowl broadcast on Tubi drew over 24 million unique viewers, peaking at 15.5 million concurrents.

• 17 million new Tubi registrations during Super Bowl window, boosting ad targeting and brand recognition.

• Tubi's exposure seen as complementary to broadcast, not cannibalizing it.

• Tubi revenue grew 31% in the most recent quarter, becoming a key part of upfront ad strategy.