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

Business performance and strategic priorities

• All business segments, including news, sports, digital, and TV stations, are performing strongly, contributing to significant stock appreciation over the past year.

• Affiliate revenue grew in both cable and television despite a 7% subscriber decline; focus remains on renewing distribution deals and strengthening Fox News leadership.

• Digital investments, especially in Tubi, are a key priority for 2025.

Industry trends and distribution strategy

• Emergence of skinny/genre bundles is seen as a positive evolution, with most networks included, helping offset traditional subscriber declines.

• Direct-to-consumer (DTC) service will target cord-nevers and cord-cutters, aiming for mid-single-digit millions of subscribers, with a planned launch for the football season.

• DTC is not intended to cannibalize cable subscribers, and pricing will ensure focus on incremental, accretive users.

Fox News and content strategy

• Fox News is positioned as a top broadcast network, not just a news service, with high loyalty and strong affiliate revenue growth.

• Post-election, Fox News saw a surge in advertising clients and ratings, with over 65% share of the cable news universe and ratings up 50%.

• Fox Nation, a subscription service for super fans, has grown to 2.5 million subscribers, offering long-form content.