Fox (FOXA) UBS Global Media & Communications Conference summary

Strategic positioning and priorities

• Focused on news and election coverage in early fiscal 2025, with Super Bowl and sports as key pillars for the remainder of the year.

• Fox News now considered among the top five networks, achieving a 20% primetime share and outpacing cable news competitors.

• Digital growth, especially through Tubi, remains a priority, aiming for top-line expansion and eventual profitability.

• No strategic changes anticipated from Comcast's cable network spin-out; Fox continues to emphasize focus and simplification.

• Maintains leadership in broadcast, sports, and news, with a strong belief in the power of the bundle.

Distribution and bundle strategy

• Sports and news content remain exclusive to TV, avoiding D2C for core assets to preserve bundle value.

• Bundle strategy has saved significant investment and driven affiliate revenue growth: +2% on cable, +9% on TV over the trailing 12 months.

• Venu designed to target sports fans outside the traditional bundle, offering integrated access at lower price points; legal challenges are ongoing.

• Open to new bundle models but remains committed to the bundle as the best value for consumers.

Sports rights and portfolio management

• Sports rights portfolio is built on foundational assets like NFL, college football, MLB, and major soccer events.

• Willingness to trade in and out of non-core sports rights, focusing on financial discipline and mass audience draw.

• Current sports rights spend is about 40% of the cost base; all opportunities are evaluated for strategic fit and financial return.