Fox Corp at Goldman Sachs Communacopia & Technology Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>Maybe we can just start out big picture, strategy, talk about the interplay of FOX One, Tubi, the linear assets.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Earlier this week, the company announced a resolution of the matter related to the Murdoch family trust to the extent that you're willing to talk about it, how should Investors interpret what that means for the company.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : I'd love to ask you a little bit about FanDuel. The company has an option to acquire nearly 19% of FanDuel. Maybe you can just discuss the timeline, how FanDuel can fit into the broader sports strategy, and how sports betting could help the Fox Sports strategy be differentiated relative to others in the marketplace.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : It's great. Shifting gears to FOX One, the direct consumer product launched on August 21 at $19.99 per month. Can you talk a little bit about the FOX One go-to-market strategy, early indications of the consumer demand and market reaction? And maybe you can loop into that the bundle with ESPN. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 5:10PM, FOXA.OQ - Fox Corp at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. And on advertising, could you just describe how you're seeing the current state of advertising? You guys concluded the upfronts with double-digit volume increases. So it's been quite good for you all, but maybe you can talk about the market, what verticals you're seeing, some strength and weaknesses?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yes. And maybe in the last couple of minutes that we have, could you just talk about what the strategic priorities are at for FOX at this juncture? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 5:10PM, FOXA.OQ - Fox Corp at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Lachlan, thank you so much for the time. It's a pleasure and a privilege to have you on stage here with us.