FOX - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]. I'll now turn the conference over to Chief Investor Relations Officer and Executive Vice President of Corporate Initiatives, Mr. Joe Dorrego. sir. ahead, go Please

Joseph Dorrego

Hello, to Noah. year-end fiscal earnings call. and you, our welcome XXXX Thank

the are Operating call Chairman on Officer. me Joining today Executive Tomsic, Chief John Steve and Lachlan Officer; Nallen, and Chief Officer; our Financial Chief Executive Murdoch,

will operating questions and prepared some and community. current this note from results differ and the Steve fiscal we'll take call remarks as and performance that forward-looking Fox's and statements management's filings. company's from recent factors These investment quarter, stated in financial First, then based the on certain SEC statements may call results. a expectations, are is year give on of and Lachlan on could most couple today's a the identified regarding actual include result of what Please

our call non-GAAP the this as EBITDA, call. refer over Additionally, measures, financial website. include measures turn both section SEC non-GAAP that, pleased the available financial And EBITDA the are to release Reconciliations will to including Investor on call of I'm in or adjusted in Relations Lachlan. filings, which to earnings this of and are it with our we certain included

Lachlan Murdoch

and our and like we story. will on a year. be and quarter us first fiscal on It's But and sure back and Fox's I'm consider us any on with, the today reflect XXXX to our calendar our this as a Joe. soon. is we just as you and to to year of been we businesses, keep as great have possible. from know families. for have year on brief as doubt lot through done will all fiscal Thanks, come call, our so tight new fourth phone another a Good a year thanks, our of I extraordinarily everyone, results looking full be to afternoon, another joining day long would health try and discuss on difficult earnings on Fox. it's had XXXX I

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brought an Netflix Bento Of is FOX shows, and been including fiscal into May Central Box Bento Box More a recently, we and strength animated Park, also as to third-party new XXth Box's XX studio such launch Not to the course, of customers for capabilities family. TV+ FOX, follow Fox. and new Emmy-winning be enhance has producing animation impactful It's proven the animation Fox the Comedy the Bento streamed Bento has renew phenomenal of seen Bento shows of Apple HBO on Max. Fox, These the impacted Series. than to June, platform, Tubi. show, XXX completed growth was we of joined it acquisition FOX Tubi advertising million year-over-year. representing month, always that XXX% our not already Entertainment the investment. a has video-on-demand coronavirus Box Bob's note addition only year, the in In it natural more earlier April, Entertainment growth animation pandemic. production per has since Burgers significantly an Box's in surpassed did hours important by been season for

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been years extraordinary all it. the another because won't years. that's number channel number the That's achievement, in cable one the running News and say FOX in I Now in X for me XX could news channel for has one etymologist allow but cable

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to XXXX total XXXX. up time have network prime highest-rated XX% our calendar viewers pacing in are with We year over history,

platforms for the is viewers comparison, such us are but Our for programming FOX FOX now viewership. channel lifestyle viewers CBS Morning Good eclipsing news million to News a and Meet broadcast and stalwarts FoxNews.com. documentary And night. content and not a not Though America, news programs TODAY, just notching like increasingly This Morning are the head-to-head routinely coming Press around on Nation opinion, as in and X

its year traffic digital year, impactful Nation hours In fiscal second minutes content with the XX as monthly progressed, also XXXX, and News of News, rate over of spent fiscal platforms. FOX News in base up a billion and the digital to our views of to FOX digital its pay Users and XXX% Momentum of record Within than XX the XXX% compared over over FOX fiscal more spent. year most XX%. organically we sustaining built subscriber XX% the the under Media doubled this pages over first a conversion page billion on record platforms trial starts churn up in total have highest digital rate time fact, half FOX a one and viewed watched charted cultivated country. half. in year with

Republican differentiator will stations. The as viewers season the our News for expect continue take. at independent in on viewers to We fall organizations the political study of doubled to independent expect balanced bring News Democratic this have of has a be according than key by our we a competitors our record news coverage MSNBC. will news ago. than cycle at month, our impact national is viewers the they we more and political this to channels equivalent as COVID-XX, head is of political be a and number points that busy and trend than national important into inclusive News our FOX both revenue X and the Nielsen period more FOX more between And to MRI across reporting trusted, for form FOX XXX% of accelerate stations. we CNN, November. advertising. Later note election highly This amount than And It's us XX% close ahead our pacing revenue exact. achieve XX% to more clearly advertising November, in Fusion, to of In conventions, in whatever of to and the we years local today, political

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already center hotly have and close markets in house of and are contested. Record local of some a lower the races markets. to has impact all, offset expected XX political We from which in COVID-XX races revenue be in number

While we our XX% businesses top QX. fully pacing, X yet have overall, at not the markets are now start where of down reopened,

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with fiscal and brand's past Verizon, the company we with our year, revenues significant agreements, YouTube well an For partners our channels. have strength This of with Comcast Cox, increased distribution deals distribution rate early each others, as increases underscore new completed year, including with and important of that renewal an affiliate the total TV, and Charter full prominence alike. illustration audiences X%, importance as among our

We year a we deliberate during to and vision, M&A the than opportunities date, to taking are at the our intentional business assess to our are we've of expanding operations strengths selective within well-executed of and properly strong ago As of and articulated with and our with integrated company. fit as rest our continually the lines Investor which excel. demonstrated and approach a we by more Day acquisitions and deepen disciplined we businesses types

and connect has with by the end diversifying assembling Fox challenges brand's clarity We deliberately Fox Our crisis revenue. businesses of demonstrated order turning goal our remains growth assets opportunities strategically we structure ways COVID-XX simultaneously in success current portfolio the to environment. The the operationally. have as and to firm each vision the by and unrivaled The our by key to efficient before embrace reinforce engagement. to of we year. evolving in and while brands, the the trajectory consistent first time. fiscal sources let underscored and me stability Steve, our entered one on are of meet the viewer revenue and mark company audiences media of financially, to footing expand of were But the over composed things interact our of point and for

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Steven Tomsic

differentiate we macroeconomic Thanks, broader and Lachlan, our affecting delivering on the highlighted, our time that factors and spin are as Lachlan just fiscal year that good Despite businesses, stand-alone a truly the afternoon. company of outlined the as strategies at first that public we the Fox. demonstrates

key as fiscal minutes since fourth made before to me our year markets concluding the the the spin, financial financial you also months now investments ahead. as through well review take I'll Let results the quarter. for the few a take some with we've for

renewed revenue saw full revenue affiliate of led Our broad-based affiliate and industry-leading of $XX.X in of XX% fiscal revenue this on base, revenue fiscal year back growth despite total of retransmission growth, 'XX. rate delivered billion. increases X% the total results an We segment. revenue 'XX Using subscriber net affiliate This by growth at uptick X% television to was revenues declines. the in as a we increased the

of the renewal Full future forward, the immediate lighter, this 'XX. of was profile COVID-XX X% in of broadcast our Super revenue in led LIV. affiliate recent is months. revenues significantly Partially due Looking around for in growth the year and X%, 'XX with each total Bowl fiscal of offsetting by advertising increased impact 'XX fiscal renewal

was to fall events at television for most well as our were back foreshadowed local we live as Sports new As our and schedule. May, in FOX impact scripted due pronounced programs FOX the postponement stations of Entertainment at held as the

net primarily consolidation the also full X% segment beginning Total August XX%, Box in beginning increase Bento EBITDA in This of from impacted adjusted and prior guidelines. the with was in in the services basis of by at last the accounting billion to year costs other while was television year. on the certain was attributable share, Again, presented of overhead was an year Full stockholders first being the a our of comparison October. or SEC versus $X.XX and carve-out shared and the comparison costs consolidation segment accordance income quarters of We shared prior treatment prior increased year. $X.XX $X.XX delivered services billion, overhead $X year. $X.X is nearly despite the year EPS in the growth certain other adjusted through year-on-year negative Credible over a X benefit to revenues the in

excluding than Adjusted contributions was $XXX the prior restructuring with lower segment. was year to noncore Turning share on stockholders our May year this negotiated more extent, to by agreement call posting $X.XX overwhelmingly revenues segment settlement in declines declines were versus to other last share We in actually down the year, quarter. the both at stations, influenced X%. to net in fourth the $XXX due perspective, $XXX News to revenue with and lesser EBITDA of exit the charges, was growth items higher affiliate in our approximately advertising ended ahead per attributable June the COVID-XX led revenues across offset with growth across impairment our a with quarter, $X.X the down market million X% at FOX in headwinds the advertising years, last range, the be offset FOX year This $XXX over X% revenues, line XX%. indicated company and businesses, local year-on-year notably the advertising our most generated bottom for quarter. that than million, Total with of increase including television higher the as revenue our weakness. the a expected $X.XX $XXX billion, our due the EPS advertising We our Network, we cable local quarter, million the down consistent partially related From these the closer to million Controlling sports, COVID-related XX% business a was gain. to a income the to adjusted the per local COVID-XX-related and market from in prior and advertising $X.XX of USGA. million quarter Television by of expectations, or approximately rights million $XXX being these to down

including of sports postponement XX% helped in EBITDA of Media quarter year. cable the of the segment Networks' most X%. a Now quarter. fourth revenues decline performance revenue segment million at $XXX events by of by primarily with EBITDA or increased Media. News subscribers. X% XX% pay were segments XX%, period, down million, revenues last business, and of operating affiliate absence higher production FIFA programming offset by and Meanwhile, in the of sports the to partially increased last revenues, pricing impact sports FOX the due grow X%, events compared Cup revenues of radio our our cable the due partially to our reflecting decrease of $XX COVID-XX our absence a turning prior and the the offset at supported of the the News to notably lower rights the FIFA fourth advertising down television revenues our to Fox notably up was Cable live quarter in being rates, Other Nation fourth Cable over compared at the were on World Women's and despite revenues quarter, World and Women's amortization impact to to net ratings postponement year. at due networks most higher The higher to lower live costs Cup advertising the for FOX average the

reported in down quarter. million, television $XXX the prior the segment million year EBITDA from $XXX of Our reported

expenses growth affiliate FOX with reflects spring Box. premiers at of May by in declines growth advertising Tubi we response the across our from and we and Sports. fall Tubi Furthermore, certain sports FOX Bento the in at the declined decreased at of the partially grew scripted and of programs nearly first postponement were the XXXX. X% These by revenue declines pandemic in XX%, planned in of that our Television COVID-led outlined deferred As Station XX%, affiliate FOX consistent offset the Entertainment revenues to live Bento offset Box. primarily COVID-XX, the at businesses, Sports of on Day FOX and run revenue the events FOX The offset the overall market than from impact into along airing partially new decrease local Investor advertising X%. Television trajectory revenues From Television of more primarily programming, events our programming consolidation or Entertainment. amortization expenses revenues with not lower schedule.

moment. 'XX the business. million majority related, into shift COVID-XX created our the with headwind more be aggregate, amortization-related we to timing We entire expect the our that on In to fiscal that EBITDA across financials, estimated savings an expected in quarter of but a of $XX approximately costs in

given Bet we with value $XXX million multiple-based to are simple and The the worth their Investor digital time, Fox reflected acquisitions pay-to-play strategic $X.X billion recent our strategic At XX-year This outlined improvement the P&L we demonstrating Fox quarter. free P&L The million our partnership to including the Stars perspective, and year. since which the less perspective, billion to cash at Sports from EBITDA billion free-to-play to loss raised provided group a free FOX $XXX ended to other operating sheet the invested slight with TSG And strong generated and and and properties, debt, rate that billion tax past announced property, XX% which invested a balance cash our the EBITDA valuations. through billion cash this and XX%. investments as $X.X activities, $X.XX we is brand invested approximately cash in net includes the the organic cash M&A. the over the $X in cash segment quarter suite EBITDA of publicly-traded prior Finally, an notes highlighting overall we've over the businesses of approximately a relaunch inherent our senior we through amounted This At minority in results flow, year, from we year operations, the and million, equates that in months spin, calculate our our quarter overall in the X- core quarter profile the by In Investor free licensed our in games. just Day, plant our equipment year. in comparable into in the under in Group. not $XXX XX flow P&L robust investments net in flow of $X conversion we in and our in ended the for XXXX over Day. from at latter Meanwhile,

confidence fintech up $XXX to businesses, million, Subsequent our million. to segment. but to $XXX the These coupled come. Lachlan own in effective the hiding we XX% usage addition, have acquired with in option from expect promotional businesses, COVID-XX, right roughly to growth a key a recently of many million with to FanDuel more years of an emerging alongside also asset, a $XX was brand merger over have equity represents In marketplace, along the and approximately the buy an October, now Fox exercise XX Credible revenue of tax of is at announcement, it acquisition Fox current of through approximately early option approximately reported Corporation. Labs, stake invest XX% to approximately XX% call completed report make significant supporting which the since the collectively part from and over continue revenue a in as Tubi the parent of of capabilities the of Notwithstanding the in We on April, -- investment of TSG's below-the-line years. an with an key secured in X% Since the monetization, the we news refresh million plain Studio the sight equity our grown estate of TSG's company Tubi, equity source lot part platform. closed businesses. resources our local we XX.X% of public the renowned As a retain to earlier, business valuation has quarter, the incremental of to our in Flutter, Credible's boom momentum of our more U.S. trailing and for in in Television partnership, we Flutter our market period XX-month real U.S. than now with pools integrating that Last company, we stand-alone growing we at in with cross XX of Credible $XX June assets. TSG's Fox value, challenges which this outlined production stages and announcement, -- stake up now to in national acquisition

that fiscal World Cup, of 'XX let few events our fiscal of we reminder create markers comparability help 'XX, rotation. in financial and issues up Fox's Series, businesses the a FIFA the included a Before the me Q&A, call open the the between along navigate to you Emmy culmination where with Bowl, to Beginning with X-game Super the swings Women's across FY XXXX provide FY Awards XXXX. World

to political XXXX will year, investments, including include and strong fiscal our and playoff what recent a alternating a year NFC consolidating While shapes divisional be the Credible. full game Tubi

at compared roughly $XXX QX, reduce QX combined fiscal to in by COVID million revenue is Looking specifically of expected effect advertising comparability to as the in XXXX.

these our and While enjoy of the season we regular Tubi, be acquisition QX will games entertainment Cup, programming, more college political and the in MLB offset the absence advertising will volume the races, lower greater schedule with the of benefits Emmys of football at a All-Star game. advertising, our of NASCAR from MLB than and fewer local stations, slate and games along fresh NFL a reduced by World base

costs will air of You our recall games actually the our that programming the when amortize live on networks. we sports

of conference-only number through college the million sports the MLB September postponement no anticipate in creates now quarter will sports sports course, is and we the intention with fall. football hold full expenses total season we all, that Singer, of XXXX quarter we relatively season in as of the available a spring the behind including $XX into shift run network. our cable to season. end a the us change, broadcast XXXX what and of optimistic NFL, includes in a Furthermore, can The made amortization, where today, business. enjoy full NASCAR this are originally key the shifted increase that in call a our take on content is completes. underlying schedule and could of at approximately into calendar such, Masked season and XX-game we fiscal a list primarily that mid-season are our titles across using quarter the this costs These be The offsetting segment, first our that Entertainment, sports we if of same seeing our steps of looking for we appropriate we savings. broadcast other the by COVID-driven and June of is. the the broadcast season amortize titles, that returning are As for MLB major 'XX. assumptions the This the broadly will for intended operating We holds, dialogue constant outlook of have disruptions assumes up programming rights, partners, this remain We're valid to our a circumstances fundamentals for FOX If our What returns.

However, our QX cadence not from the a and costs our absorbed across normal be with of to programming its quarters. Again, follow Rather, likely of timing heavier year, lighter an a may than QX standpoint, are concentration amortization in high Arizona amortization of a production. fiscal pending of being facility a facilities. From we normal the fiscal level broadcast flow station our return and cash planning capital to final a are the in for of perspective, of phases technical of supporting upgrade the build-out in our expenditure some 'XX, QX.

capital in strength X, a our a to today we raised the Underscoring $X.XX our with October pre-COVID declared line semiannual will payable We declare and we payments have debt related from allocation higher dividend this financial February. perspective, dividend have also quarter. a past in interest on share right confidence

future for make company of us financial position performance our of crisis strength. continued uncertainties to in business, a the the While entered and operating estimate it the this challenging

advantage balance continue that I'd sheet to that, recovery. a Joe. possible like to our to manage take we emerge opportunities the turn will the during disciplined as and back in manner And call We with and conservative our as of so well-positioned business the to

Joseph Dorrego

questions happy Thank now community. we you, would be from Steve. few take a investment to And the

Operator

[Operator Instructions].

We Swinburne question have Morgan from a with Stanley. Benjamin

Benjamin Swinburne

quite are myself the successful that's COVID, will to You've that, bit I we Group and was that's about limit booming more been be even talk one to really investment, The I and and optimistic. But talked the market if guys you wondering appears states, a question. very with a Stars one. in sports betting? could about followed little prospects this obviously a

your you're in about even a the than have? sort and even So you to already lean you it the the I'm sports doing how of FOX bigger more part wondering Are of Network story? strategically of business a make just things part betting on there or taking advantage of to that think opportunity really partners to with

Lachlan Murdoch

Ben. Thanks,

makes So that agree look, the it think what fans of be we projection -- us big it to billion-dollar a could is medium and I larger be like, we we reinforces long not And we've seen that, in it opportunity. industry to will term. that. Every date from sports that I with believe betting think everything than several are even you, sounds the only but

to venture Fox have option ownership I very we the in feel But which the buy go joint on Bet, to today mentioned, we XX.X% think well the having positioned have in as both into we depending -- option licensing. the XX% to Steve we of, FanDuel. also

in a us we and X we the that puts dogs think effectively great position. So in have race,

necessarily see how into the all of not forward, that in have to markets. a each It's FanDuel case Bet same and you'll point Moving from regulatory we the up states move have obviously, view and open market. FOX as we the

our Bet those a the will subset played. when gaming as FanDuel of experience. Super our app into free-to-play example, the think the into of the then Those a move -- gaming sports of sort we've environment, And found customer sports us, betting about go FOX and best sports funnel FOX market being no funnel there's Colorado, consumer, When will For Bet people, the a the have monetize for X Bet a in them that start actually betting FOX some game. both but just the markets betting, licenses. through we'd in opened with or we also you

look, So -- to think the and we something to invest continue and opportunity promote to is FOX to we'll is spend in. Sports drive to time on huge that

Operator

question of from Reif We have Jessica with Ehrlich Bank a America.

Jessica Reif Ehrlich

are you question. there your I news, be in can all sales and will expectations, the next strong you're months, given growth and Lachlan talk platforms, -- his how have expectations upfront. is of for you News, upside across Will about Tubi? monetized Can is be give? still and on the ratings Or from do as the an then color feel timing broadcast your advertising sports, as FOX there an remarks the monetizing you ratings given mentioned And ratings well here? any opening or that should the ratings few be? in they -- your like for the being way

Lachlan Murdoch

Thanks, Jessica. on I about of know about there's lot talk it calls. a been the and discussion upfront other some

the not would middle that a say this the of end. an the of is a and beginning, it very year a well, I in I has first like sales rolling sort upfront a for the right, upfront. that but It's call thing active -- to it's process than at different is past I'd moment, think years. sort a everyone, thing

last reengage I We the clients -- call, are agency consumers and the our all said they in groups across each with platforms. of of with and customers with working, our as think as I their

been COVID-XX. highly impacted are are others. theatrical entertainment, have by retail, And impacted that than Obviously, affected, by restaurants. COVID-XX much Obviously, so heavily some the all food travel more categories fast

So we're with each of negotiating go as with clients, we forward. those sort of engaged and

season. what I the -- we right of we incredibly have close as see the that through scatter and football the market. think see strength until upfront to beginning up are by going And we you'll as negotiations, heartened in you'll is of the really closed

I think the teens. scatter, board, in the across is to mid- high

way. and that mass air market shows marketers broad for get the on to in I think back a demand

News, Tubi a of of sale, We is not add entertainment XX% astronomical. FOX demographic obviously the News been platforms, are have all, now sports, our conversations. FOX and and most, if your over upfront Jessica, selling more Tubi client reach Tubi. integrated it across And increases younger When news, makes all and question for our to by in the also on we diverse. ratings to it

We them are monetizing well. very

advertisers new One platform. news advertised to the brought advertisers larger has audience. gotten benefits audience News, COVID-XX FOX has of on The younger, and hadn't with actually also that on of the new that's been a

strong News. story a FOX positive for very So it's

Operator

We have a question from Michael Nathanson with MoffettNathanson.

Michael Nathanson

I have two quick ones, I promise.

was this, So made a given one Night? at your guys your your I first to -- in about returning business what asset Thursday much TV are FOX out about stock, What's -- Second, at thinking Steve the flow, terrible P&L? did thinking the is a job look less again, and really Night it. valuation is value as And you laying cash profits echo, how Thursday you very question Thursday it how on and Football have cheap your case for good before any way second.

Lachlan Murdoch

on of part second you second the lost little bit question. the of we a Michael,

that answer Steve let I'll So one.

foundation for Sports, Major Baseball the out of of really in and that but so the a for I we obviously, of any don't market value we negotiation though, we'll bit, think Night is And us, their our Football, us. no incredible we with got the the the and came there's our is I form and nor with Thursday of all should comes close the Thursday sort as NFL which to have a what of negotiations update update about it. details would of content, You on beyond important and gist afternoon. or League we market said of content the an football Football frankly, say brand years. the And have XX been But FOX partnership for Sunday they NFL already, them. it's partner our updates the with Night we've are with they

Steven Tomsic

And Yes. think try and I'll I Michael, asking. you're answer the question

attributed element sort of an value is the there of in to company. think frustration I the

of you've bought is throws we're sort that highlighted my way of lot getting cash. strong, even we acquisition off position, get aspects I generating businesses. for remarks, business, a value highly in it We other flow competitive and cash think into where strategic though then opening don't profitable, investments, traditional at not got sort of various which benefit the those and the this we've the it, of a from look business I in the feels as

So which helpful, both getting extent torches price think, is we on of more aspects place. appropriate the the we can a of share to to business to shine the sort

Operator

Quadrani We Alexia from have question with a JPMorgan.

Alexia Quadrani

I -- and But it come if relationship return are part with understand on speaking your of sports any in question My distributors, guys alternatives speculate guess contracts broadly back of these do the about, on is just of these totally I curious leeways some affiliate sort and college the or want year? canceled you breaching is of will there? the sort I'm you or or what danger later there don't really your more whether they NFL. have of about don't to of outright not. football, sort sort

Lachlan Murdoch

Alexia. Thanks,

both say, the and we fall. expect should in fully college I NFL come back First, to the football

this coming a from September schedule conferences hear NFL And terms to later of back expect seasons. their announced We the in college for our XX. on think has week I

safe in And conferences speed for So consistent student seasons and their we season with full are so the working NFL their full the ensuring and minimize conferences ahead, NFL. with football, and college travel within in reduction play for a the athletes. that they college there's and a the for

expect to forward we So back, and to it. both looking we're come

Operator

with Janedis question Wolfe Research. a from John have We

John Janedis

I better seeing quarter? are trying in underlying was terms what to What your in I'm what guess comments hoping given I you saying, outlook. you and political first to your fourth improvements demand? little quarter, guys advertising the understand the sports seeing to can a about you're I'm of more on expand relative extent

Lachlan Murdoch

seeing strong we're So demand.

You've -- break to and have down, so categories we a I clients News. ratings it got suppose, news the for by And are last I of as us, clients above vertical. far FOX There's on new year's. mentioned, new

news to There's so to continue through an the So of -- be no flocking And year. of news Obviously, tremendous I end a -- the there. are to let cycle, I those think incredibly that ratings advertisers demand be strong audience is think really driven certainly there, ratings it's certainty the to and demand up the audience. and and we're going the by seeing in news. by

a for interest and saw demand there's Baseball. well. NASCAR, We Major expect League as when the sellouts that with sport. we NASCAR, that sports, think in advertiser great in football We pent-up I brought the saw going it we to see forward back in

certainly, spend. terms As they there. in are healthy sport, have we to budgets go visibility of what telling we're And news us through expect that and we in our the seeing upfront clients process,

happens I entertainment think to what as the of season. kettle a is people waiting are in fish different fall see

in call, aired. Singer, earlier fresh hope the for the The X the with can As a not shows have hadn't for mid-season, do that scripted Masked we And we have we we that on season but in fall, explained had be relatively to to heartened if absolutely that how smaller the quickly to there that markets. will those look coming -- local see we possible. advertising back, we're is -- as particularly would When and the revenue And stations, well. drive ratings we

clients of to -- are back shutdowns those And So say are where perhaps, but that have, they I less this which demand the is to in. the don't started half mass before, markets get then and bottom smaller as are I our mentioned to group, the all half, of sort markets due sort well. the of the density, anecdotally really population by less station think bottom back half being ones COVID-XX, buoyed advertisers strong, the pour overlay our just want of coming has And I obviously and goes to where that of of very and revenue marketing. political scatter to

Joseph Dorrego

point, time. any if of please Dan questions, But Thank Carey you again are this further a give me out once call. we joining call. or for you At have today's

Operator

Thank today. Ladies that you Executive using for and call gentlemen, Teleconference. conference does your conclude AT&T for

may now disconnect. You

Fox (FOX) 4 Aug 202020 Q4 Earnings call transcript