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: John Hodulik - UBS - Analyst
: Great. Thanks, and good morning guys. Maybe just a couple questions on the digital efforts first, any other color you could provide
on FOX One in terms of -- I know you don't want to give some numbers but just sort of sub uptake the engagement you're seeing
what are -- what are people watching on the platform and did you guys see an acceleration growth when you launch the ESPN
bundle.
And then on to the -- yeah, congrats on turning positive there from a margin standpoint, how should we think of the long-term
margin trajectory at on that platform? Thanks.
Question: Michael Morris - Guggenheim Securities LLC - Analyst
: Thank you. Good morning. I wanted to ask you first about the stronger pricing on Fox News, and really trying to understand where
you see this pricing relative to your potential and what's driving the strength and pricing there. I think at the end of last year you
discussed some, a pretty large number of incremental advertisers coming in with interest and so trying to understand where we are
in the cycle on pricing and what you think the potential is.
And then second, you did mention moderation in the investment level, given the success that you're seeing at Tubi, which is great.
Would you be willing to give us some parameter of where you think that may come in, perhaps relative to the investment levels last
year or something else that can help us size what you're thinking at this point? Thank you.
Question: Michael Ng - Goldman Sachs Group Inc - Analyst
: Hey, good afternoon, good morning. I just have wanted a quick follow-up, just on the coming around, distribution growth for the
company for this year, I was wondering if you could just expand a little bit on, what you think the key drivers of the stable to improving
subscriber erosion trends are and how important it is FOX One to your outlook on distribution growth, and then just as the as a
follow-up I was just wondering if you could explain, a little bit more about the ASR, why now, and also why the composition between,
Class A's and B's just given the more limited float on these. Thank you.
Question: Jessica Reif Ehrlich - BofA Global Research - Analyst
: Oh thank you. Good morning everybody. So I guess the first question is, even with the accelerated share buyback, you have tons of
balance sheet flexibility. You just talk about, how you may use that. Do you think your asset mix will change in coming years, and it
seems pretty clear there will be, M&A in the industry, how it, whether you participate or not, like just the impact on Fox.
And then on advertising you Lachlan, you talked about, strengthen both up front and scatter. Can you give us some color? You gave
some color on the news side based on the broader advertising, sports and entertainment, and to be like this would be great.
Question: Benjamin Swinburne - Morgan Stanley - Analyst
: Thank you. Good morning, everyone. Maybe taking another stab just at the investment levels this year. I think Steve's conservative
estimate last quarter was [350], I believe for '26 , I don't know if maybe you'd give us an update based on how you guys are trending
so far. And then Lachlan, kind of back to FOX One, just anything you called out and you know thanked Prime Video for their
contribution, but is anything interesting or surprising to you and how you sort of your acquiring FOX One customers when you look
at all the different options and channels? I know it's early, but I'll be interested. Thank you.
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