The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: Okay, great. So before we dive into your cable networks and television assets, we'd like to focus on sports gambling a little bit. I know this is a big
focus of yours. So first of all, we're wondering if you can share any updates on the Flutter relationship, understanding that you guys are in arbitration
process now. But even more broadly, how do you think about FOX's long-term goals for sports betting?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: Okay, great. And so given the opportunity that you just laid out for the entire industry, it's clearly a very competitive marketplace right now. So
curious if you can touch on FOX Bet as part of that and where FOX Bet plays in as this industry evolves very quickly.
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: Okay. And given the marketing spend that needs to happen to drive awareness, I'm curious, how does FOX Sports 1 and FOX Sports 2 play into
this quickly evolving industry?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: So you're teeing me up for the next question, so thank you. So on affiliate fees, given the backdrop that they just alluded to with locking up the
NFL, and following up on my question on the earnings call. Coming back to this, so we have this view that exclusivity that you will have with the
NFL and keeping that within the pay TV ecosystem will benefit FOX. Clearly, there's been some chatter from other distributors about cuts to affiliate
fees for anyone not looking to keep that within the exclusive ecosystem. So just curious, how do you think FOX is now positioned with that backdrop,
given how long your current contract is with the NFL?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: Got it. And so given the backdrop of cord-cutting that we all follow very closely, I'm curious, and you alluded to your strong results this past quarter,
any update you can share with us about your confidence to hit your goal on affiliate fees in general or specifically around the retrans targets that
you guys have laid out.
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: Switching back to the FOX network. You mentioned it before, clearly, with upfronts coming up, but longer term, how do you think about the right
mix of scripted programming, sports and layering in the success of the unscripted competition type shows on the FOX network?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: And so we've been pretty clear in our research, at least, that we think the overall FOX company is receiving little to no credit for your FOX Television
assets, including the stations. So I'm wondering how are you thinking about or the general management team around improving investors'
understanding of where FOX can go and maybe even tying it back into the renewed relationship with the NFL and removing the losses on Thursday
night there.
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: So again, you teed me up nicely. So you want to talk about how Tubi is playing a part in that? And with the upfront strategy, how Tubi is involved
in the broader sales of advertising going forward?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: You also announced on the earnings call, you're going to invest more original content for Tubi. So can you give us a sense of what the vision is, the
overall content vision is what Tubi will be in a couple of years?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: And then I guess I'm curious, how does the programming strategy play into what the international opportunity is for Tubi? Clearly, I understand
what we're early innings there. But as you own more of that content, does that play into where international can go? Or is international an opportunity
unto itself, aside from the programming?
Question: Robert S. Fishman - MoffettNathanson LLC - Analyst
: So promise last Tubi question. But as we think about where this is going and the guidance that you guys have provided of hitting $1 billion there
in advertising revenues, how much of that is incremental to your company, given the other backdrop that you just provided for us where you're
not taking viewership away from your existing linear networks?
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