Fox (FOXA) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic priorities and business performance

• Achieved record revenue and profitability across sports, news, and Tubi, with strong business momentum.

• Focused on news coverage, digital expansion (FOX One, Tubi), and advertising-driven growth as top priorities.

• FOX News achieved its highest Saturday ratings in over 23 years, reflecting investment in news gathering.

• Digital platforms and podcasting (Red Seat Ventures) are driving audience engagement and content reach.

• Tubi continues to grow in advertising revenue and profitability, emphasizing AVOD over subscriptions.

Capital allocation and M&A

• Maintains a strong balance sheet, with ongoing share buybacks and $10 billion capital returned since the spin.

• Plans for more substantial M&A activity, though nothing imminent was announced.

• Accelerated share repurchase of $1.5 billion nearly completed, with continued open market buybacks.

Industry landscape and scale

• Does not pursue scale for its own sake; prefers focused, highly engaged brands in news and sports.

• Sees potential regulatory conditions for large media mergers, expecting continued third-party content sales.

• Believes smaller, focused scale has historically delivered better results than broad expansion.