Fox Corp Q3 2025 Earnings Call Summary

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

Question: Michael Morris - Guggenheim Securities - Analyst : Thank you. Good morning. I wanted to ask about Fox One. I know you said details will follow, but love to try to get some details on your view of pricing of the product, the addressable market, and whether you expect to take on any partnerships or bundle or things like that. And if I could squeeze in one more, I know it's a little early, but Steve, could you give us any thoughts on looking into fiscal '26 and how we should think about any of the puts and takes after the strong fiscal '25 to date? Thank you.

Question: John Hodulik - UBS Investment Bank - Analyst : Great, thank you. In the past, you guys have talked about increasing demand from brand advertisers on Fox News. Could you update us on that? Are you seeing any quantifiable shift from DVR to brand advertising? And I know it's sold differently, but can you comment on the sort of difference in sort of price between what you're getting from DVR and what you're getting from brand advertising. Thanks.

Question: Jessica Reif Ehrlich - BofA Securities, Inc. - Analyst : Thank you. Like, well, a couple of things. One, all parts of your business are pretty much surprised on the upside over, I don't know, a while, but maybe nothing more surprising than to be. Can you talk about the path to profitability and the drivers, whether it's programmatic and fill rates or content like what you're doing or what your plans are. And then the balance sheet is just so strong, so clearly you have lots of options. Can you give us some color on how you're thinking about that?

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks. Good morning, everyone. Everyone's doing well. I want to ask about your strategy around direct-to-consumer and sort of the broader affiliate revenue growth at the company. You guys are growing nicely even with cord cutting, which is not true for your competitors, and a lot of them have gone down this path that you talked about Lachlan of sort of bundling the streaming service in with their linear networks. And well, it's hard to tell from outside. In some cases, it looks like 1+1 is less than 2 for those competitors, and I'm just wondering how you're thinking about what you can get out of launching D2C versus any risk you see in your MVPD relationships because you're now going to be essentially competing with your networks through those bundles. And just to finish up the risk conversation, there's been some FCC noise around capping reverse retrans, and I would love to hear your thoughts on that if you see that as a real risk. Thanks so much.

Question: Steven Cahall - Wells Fargo Securities - Analyst : Thanks. So, on Fox One, I think that's a pull forward in timing, if I recall it was going to be year end and now it's before the football season. So I think, is that right? And congrats on that. And how are you thinking about bundling opportunities with Fox One? I just think about cord-cutters and cord-nevers are probably looking for some integrated subscription options, some integrated viewing experiences that go across sports and across the NFL. So just curious how you're thinking about partnering opportunities on Fox One. And then, Steve, maybe just following up on Jessica's question, could you talk about the timeline for the FanDuel licensing that you need to go through? And is it correct for us to assume that as soon as you're able to exercise that, it's in your interest because the option only gets higher over time, or are you still balancing the exercise of that option with other capital allocation opportunities and priorities? Thanks.

Question: Michael Ng - Goldman Sachs Group, Inc. - Analyst : Hey, good morning. Thank you very much for the question. I was just wondering if you could give us an update on the digital investments. I think last quarter it was a high 200 millions. Obviously with the, outperformance of Tubi to date as well as the greater clarity into the timing and launch of on Fox One, I was wondering if you could just talk about that for this year and perhaps into next again. And then secondly, there have been reports of plans for Disney to vacate the Fox Lot in Century City. I was just wondering if you had any future plans there that you could discuss or options that you may have. Thank you.