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: Ben Swinburne - Morgan Stanley - Analyst
: Thank you. Good morning. I want to ask about Venu, which is launching quite soon. You guys have announced, or they've announced
the price point. I guess, Lachlan, how are you thinking about this product now that it's about to launch and pricings out? You've
given us some sense of longer-term subscriber potential, but I didn't know if you wanted to revisit that or to share your thoughts
on how you think that product fits and who the audience is.
And Steve, is there anything we should be thinking about in terms of the impact of the financials in fiscal '25 from Venu. Sort of
across the income statement or cash flow statement that we should be keeping our eyes on. I know you guys are obviously equity
partners and also will benefit from any revenue generation product. Thanks so much.
Question: John Hodulik - UBS Investment Bank - Analyst
: Maybe a couple of quick questions on the ad market. First of all, on the TV side, you had mentioned lower pricing that you're seeing.
Can you delineate what you're seeing on the sports side versus entertainment.
And on cable, just any outlook you can provide on the cable ads outlook, just given the strong ratings we've seen thus far in 3Q?
And then lastly, on political, as we head into this, what I would call unprecedented political situation, I mean, just any way to size
what you expect from political spending versus other previous presidential elections would be great. Thanks
Question: Robert Fishman - MoffettNathanson LLC - Analyst
: Hi, good morning, everyone. Can you share your latest expectations to keep growing affiliate fees than fiscal '25 after the pricing
increases roll through from your recent renewals? And how much more room is there to drive retrans price, given the importance
of Fox's exclusive sports content in the pay TV ecosystem?
And then just separately, if I can, how should investors think about the level of content spend across the company? Maybe just help
us with the right balance between sport and scripted entertainment, unscripted and even Tubi? Thanks so much.
Question: Jessica Reif Ehrlich - BofA Securities - Analyst
: Thanks. One follow-up and one questions. So on the follow-up, it sounds like you had a great upfront. I'm wondering this is the first
year of your new ad sales team. Is there anything that they're doing that's like anything different in their approach? You've obviously
had a great result, but you also have like great events.
And then secondly, one of the key assets of the company is your balance sheet front. And just wondering since you're already in like
live news and sports, like couple of areas of the traditional media industry that are still growing, where do you see your next
opportunity, like where do you expect to deploy capital?
Question: Michael Ng - Goldman Sachs - Analyst
: Hey, good morning. Thank you very much for the question. I'll ask one on Tubi, mid teens revenue growth, which is great in the
quarter despite some heightened competition on the connected TV side. I was wondering if you could just talk a little bit more about
that strength and then give us an update on what are the digital investment losses ended up this year in fiscal '24 and your outlook
for fiscal '25. Thank you.
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