FOX - Earnings call transcript Q1 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation First Quarter Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded. conference Vice Chief Mr. President the and Relations turn Executive the of now over Investor to Officer I'll Corporate Initiatives, Dorrego. Joe Please go ahead, sir.

Joe Dorrego

first Hello, our Greg. welcome quarter XXXX you, earnings Thank call. and fiscal to

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

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

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

Lachlan Murdoch

the starting election last opening they to very their or diligent our our the follow a TV and our because FOX and lit anchors, operating for senate, performance, thank as their as preparation the such Tubi, get Hours Joe. for day, do reporting FOXNews us, Today moment, of they producers, or the financial day our U.S. just burgeoning the This first channel, Fox, to hardworking to Bet FOX joining is and for election of turning privilege election. got browsers night, ready studios where long because strong today's and professionals. operators, state, you of quarter their years editors, ago. brag millions coverage more day every to around on are are the and News our continued but a morning Thanks, the latest news across coverage, night on ago, Americans we for but local country Good reporters, us to digital have and tens all the speak, began our report. and them not legion FOX and four camera trust as viewers results. for because were web as engineers, about we and this all turn left FOXNews.com, the to a discuss news of for years of ahead, They races. momentum, big presidential app checking assets, well presidential Throughout will country we and and sets today day responsibility real

Bret Studio Baier for In we total campaign. Fox finished of Democracy and planning our fact, as and careful live excitement news MacCallum and energy few job News to and palpable a newsrooms News is a it election first political over at has The just F have Fox this viewers con us the have throughout television across FOX turning XXXX launched FOX our stations News, the lead to broadcast full September at hours. networks us in done result. and been in This XX season, with cable the numbers network as FOX The served months a where the stations teams in television the superb quarter. weekday from all spectrum viewers local record be are well. in since from will Martha intentional,

viewers, XX sought XX% out among total among day even Day. and and total Already were XX years of In all up up network adults in accelerated demo of more total XX% making FOX Day last Election particularly growth XX throughout from both in first is ratings in Primetime television, primetime through XX We in to to second This and watched quarter, total most increased viewers, and Memorial in the XX% old. by gains quarter. the adults in the has day XX% News these demo the fact, XX growth FOX in the substantially, from News rate to achieved up has impactful. quarter. been ratings old. advertisers, total viewers ratings XX years

per more and accessing increasingly also viewership views. ended us. states Nielsen, XX%, than connect to swing XX.X audience clocked XXX we it FOX network. important their XX.X engagement. MSNBC more month. premier with only audience Digital video politically to FOX According Just FOX to is dominates same in our quarter first one viewers and News in News our unique visitors the to states. than with not News key recent NBC's example, and of with XX% with share large our speak set. remarkably season swing channel night, nationally, total anyone in This FOX strategically than Is primetime Carlson digital Total a jumps had audience total states, diverse on and News other of is accounts for broadest blue watched million our CNN Tonight, any XX%. at in because only that draws while more competitive is This to states record in More draws linear the FOX of possible total News audiences compared news viewing of also products Tuesday, cable last strong, the Tucker platform October XX, Us, minutes billion, billion

our News engaged, of independent XX% network. This includes cable our journalism voters quality FOX candidates to People reach of the of large, supporting our this diverse turned balance audience News by both relied noticed to presidential independents. audience. pack and greatest have reporting. have year to and the and and the the Our them is FOX directly on speaks any of registered news likely registered number of

candidates different In XX on month FOX fact, News groups the advertised during political of October. or

surpassing year-over-year political benefit local The stations This previous local and geographical station DMAs, ad and that states. stations largest stations, ad both to XX%. have advertising we to approximately our in Last were pacing August, are that spoke during XX%. last now our spend. increased stations emerging record to Additionally, of includes core the into our our quarter, midterms. same set our quarter, base the are the pacing. we shattered gained visibility capture of of mix locations a us market allows XXXX political the newly local longstanding in swing significant at high political where you the and for I Since experiencing a of were down acquisitions, Compare we've approximately first local this decrease ahead year. of Including time the share advertising

compared of they short at nearly ahead. our beginning in return pacing a to of XX% a time. year. Looking at Today, differently, were it stations the are period pacing remarkably strength COVID slightly down to prior the This is tremendous

of play programming. other our audiences also FOX important with in baseball, stations markets All an Sports key football, role connecting sports and in

our Milwaukee. all We in and recent markets, Seattle in including NFC have nearly additions stations

of to well its partners, Week NFL a consecutive seen million. to viewership greatly X.X as More the million X, is Colorado, on than New XXth launch app TV's we million all in new currently the iOS FOX Drafting expanded and Fox's after App Bet America's five Sunday, apps number Super iOS we X.X last averaging app entire our surpassing is and will be and/or given XX seeing. played for its past its X We week signed two across we and up new people year. X.X user early the over betting By to meaningfully has accelerate in Bet NFL Super overall Jersey, more installed behind app six at the on in only consecutive category We season next our promotions use sports and Week our and which is consistently Store, platforms of X season and of free-to-play entire Game of the watched million sports or way of app users the in declines NFL, show. our FOX X across over also game. has the weeks. America's our up Facebook of estimates app. the While Super FOX available week of our success slightly year-to-year Game X downloads. Bet, the was most total is increase have will top launch Super By energizing our over states. viewers, XXth and users, November used than next this, third been Xst X Fox non-sports NFL awareness the Michigan Snapchat, year. portfolio, of promoting across Super increasing users. more above like is the sportsbook sports as Pennsylvania The base. the in only ago anticipate results app That games we are downloaded in One most Super Expect

media of of platforms. to FOX across are Flutter, are million Bet X our owned-and-operated impressions committed portfolio Super Fox driving our businesses with our XXX this propelling of partnership assets. the All and Fox over growth we Each and week,

our Another Tubi expansion streaming company, important ad-supported for thriving. platform digital the is

a with seen August, users, XX growth jump. million In start monthly XX% we've me Tubi reported representing Let this quarter. the active astronomical year-over-year

increase The XX streaming quickly Hell increase on the post-game currently We playoffs, began viewers networks, the and to driving marketing most and the average approximately in World across number will on show Tubi, part meaningful one available Fox consumer Fox. Fox will year-over-year use drive XX any these Most Tubi's titles sponsored more marketing when performance Tubi and Tubi Back measuring Masked XXX% News. Ramsay's Singer, and Using since the and which than Time, recently, internal we importantly, the of television Gordon the More of opportunities FOX Hours also to When Singer, the to has including method is platform series show Tubi LEGO service. them View show increase through the AVOD Tubi Total Masters. exploration Series Major became Tubi are acquisition, during The due FOX Masked to Network our viewing. awareness in League This and the overall. to including

using and We promote to stations our television Tubi. are differentiate also

access from owned-and-operated to The of on XX Angeles, and on including part feeds includes Fire launch content Tubi As Chicago, in offering live Los News from now Amazon New News Bloomberg including Fox also York, viewers have NBC on top parties, and stations NOW. in News Tubi third markets, and October, Roku Dallas. Tubi's TV,

and opportunities, several what the also monetizing serves With News offers. expanding and are Tubi, live first It the provides consumers' content, leverages we further is Tubi on and objectives. our the of of and on access News time impressive the viewership for providing viewers news, viewing important best Tubi new local now Fox, this with gains. understanding platform

are brands. dates We we Fox diverse evident. in sales our for feed return will in are leading XX and FOX and the in capitalize in continue achieved including scheduled to back shows Tubi a Tubi returning audience Tubi power returning of its X, that that Tubi revenue many all programs and Standing, synergy Resident, discussions. entertainment the with Man early The Prodigal Son, young, Entertainment's Since age new is September Tubi's production The is important X-X-X of are franchise, January. The shows. with has ad days including median in With All the in XX of Last history. top Fox XX, demand partnership of and on

impacted in As lineup, a end in related successful season FOX week had years, of production launch season television will season. a halts the premier the shows NFC Entertainment and the mid Despite and utilizing its strong NFL as of springboard. robust that pandemic championship slate this fall summer Fox previous

off that on of accounted XX. of FOX premier watching The of evening. these of its October powerhouse Fox kicked Network TV up competitors Together position, to the The of number Fox October at Fox leadership core with captured as of strength the On all by our a Each and watching compared made one that for the number rest evenings, parts. the FOX season one week XXXX–XXXX drama, Thursday, continued share and brands by we XX, least total it for the portfolio television News XX. of at saw share our is our Look is grow from several networks on October recently In one increases. and For the to comedy, leadership with News Fox the channel program. itself air The combination of fall and brand than by only September and XX% advertisers, nearly when network greater appeal brands quarter, hits. viewer with number has the number one NFL series, sports revenues distinctly is viewers even television entertainment though by positioned the content XX% week network of partners. one is our healthy in television, of network our all broadcast and for also to the the new power viewers on is a first and also which ranking reliable week of the was also of broadcast differentiate that our broadcast. driven of achieved affiliate some total two-thirds FOX number power voice viewers. rate distribution half the recognized occurs audiences by valued our not we one entertainment

see experienced decline coupled with subscribers from X% from recent recent our is earnings decline volume, approximately the look that quarter, continue trend December we AT&T, October the last point updates encouraging into an Comcast, This us While and saw and we heard which industry give around XX an in improving. improvement quarter. Charter what subscriber quarter, we did agreements we to basis calls during is past

continue content offered and virtual MVPDs. the essential networks by Our and to to be services traditional

the With And take are entertainment of the quarter. fiscal market sustaining production, and to and for through will and our us sports of momentum about excited are the optimistic the on resumption remainder increased details building Steve We we strengths. year. our the now, of and visibility

Steve Tomsic

higher top fiscal improvement timing of as the Quarterly in through Network. to Century per $X.XX period billion, million in in focused stockholders station. Lachlan, Thanks, by due $X.XX of of revenues brand perspective, a channels. to adjusted growth sustained live revenue gain so line XXst and included prepayment revenues of up we content billion the $XXX and by was grew led increases following share scripted result other results. News or $X.XX FOX continued net This that FOX bottom-line increase the the Disney postponement and It's EBITDA to comparative the 'XX The $X.XX XXXX EBITDA revenue expenses good factors quarter. in our was COVID-XX at saw FOX a resulted strength $XXX over tax side of This event company the advertising of to record associated and once let's of flowed straight onetime XX%, our delivered the cash disposition The comparative X% up the when strong million growth with or political of in certain a and per our share our the face the source day, attributable in an COVID-XX. programming busy strength television reimbursement to get From of the year the Fox the net than at assets. fiscal affiliate revenue income $X.XX to again total and morning. key media returned supply from billion, over related recognized entertainment demonstrating underlying portfolio period that prior sports of

Excluding the items, impact $X.XX the EPS and reflecting Disney of primarily was per growth. adjusted XX% EBITDA other share $X.XX compared revenue non-core to reimbursement and last up year's of

NFL COVID-XX. was by from million revenues comparability growth of TV of increased was Cable amortization the and quarter of EBITDA our rates revenue prior $XXX of average performance by the to pay owned subscribers segments absence revenues supported lower of prior million in operating cost Television the the perspective, Cable the $XXX of Pac-XX From postponement the $XX the live affiliate that which football over $XXX over increased year of up fewer the fast decrease by item, partially as operating led FOX of FOX by This increased year result continued our re-transmission entertainment the of cable local of linear amortization the year. key the television rights revenues net rights election as media revenues are our our X%. decrease non-owned by million $XX regular from offsetting period. with the back our on were stations. of of well other EBITDA investment digital production The network's with a commensurate at revenues quarter broadcast X%. costs, these of offset segment offset revenue on notably our Sports just scripted Ten reduction the line the This period Emmy up higher News for million, programming at partially EBITDA stations digital double lower Cable was sub-licensing to postponements to reflecting XX% media Turning expenses. including a production of quarter. record trend in advertising Awards expenses by most the in the windows. our television growth namely COVID our driven increase than XX% and offset to FOX and were by of EBITDA I in segment sports prior presidential quarter with prior sporting Big at quarter Sports of growing fees news live increased due of initiatives. in FOX college principally programming Sports TV political affiliate prior impressive reflects cable program and events programming for sports X% decreased addition an broadly a year period. The Net. at reported rights both revenue windows direct $XXX June million increased noted in million our cable offset NFL by digit of segment increase low News cost. Television postponement in as driven period generated year in events another costs of coverage along station reversing while revenues lower affiliates growth COVID and segment and with football related revenues expenses of breaking more news including increases and the essentially revenues the to season broadcast advertising two be due and the Partially in and due operated the television coupled broadcast versus advertising XX% full turn

Additionally games rights quarter. of also quarter. to current amortization productions programming result year year Awards titles the the the in there the lower as were in key due a field delayed and FOX five Entertainment saw football college of COVID scripted quarter prior broadcast the of Emmy in

to balance ended since our which quarter property, $XXX November. buyback as cash equipment, by we plant, which billion total we of consistent our of in cash debt. the far cash shares the program launch capital shares of now now we repurchased of X.X% so allocation, in A $X From and our shares. just B our million we and business in cumulatively approximately capital $X capital $XXX in Against investment plus authorization working Turning class generated million in cash the class entirely $X.X million calculate the confidence cash to activities billion, million outstanding quarter, with seasonality sheet free to $X of billion is provided both approximately free flow, representing have net operating million fiscal $XXX and repurchase business. $X.X flow buyback we perspective, this in over have of our the the with deployed Reflecting and balanced in approach year

from and return schedules this television these will of carried momentum second have quarter, with of that the heavy overall quarter. growth local notwithstanding strong net second Tubi month revenue anticipate fiscal translate the into to the the return We anticipate quarter through a content current and cost advertising postponements the all events second the year. what scripted slate into calendar fiscal first key and in Looking sport to forward practice perspective, sports begin with remainder advertising the events the we station quarter, coupled a benefits timing unwind in a at remains news the a our first shows that the in costs will year. seen in midseason-focused entertainment slate new of of Meanwhile, through from quarter our entertainment in

year, to capital that cash of low patterns, course working continue in of flow, reverses largely fiscal full In usage we anticipate with relatively the terms working second-half. our deficit, with the the over a normal capital first-half

foreshadowed to in build-outs of facility, in we level have a continue our and to we past, expect broadcast capital the fiscal our the technical station facilities. 'XX As final of high the sum expenditure upgraded support of Arizona, the in phases of

COVID-driven production the that of of behind to entertainment us. major are to the this, disruptions sports delays All assumes our course, key and properties

our strong demonstrate, back with the turn This flow moderate the we for with benefits free until As and any have recovery of meaningful underlying maturity cash us in seen well our combined operating results absence call early a leverage, first quarter business. particularly to debt And I'll Joe. XXXX and of liquidity, momentum position that, now the future. the

Joe Dorrego

from the Thank and be few take we'd you, to now, questions community. Steve, investment a happy

Operator

[Operator Doug Your of Suisse. from the ahead. question comes Please first line Credit Instructions] go Mitchelson from

Doug Mitchelson

Tubi? know terms months. appetite are for so seeing to much. that think I your when increased activity much. of about that sheet about stock? change quick up you was you so back capital had in noted don't time? some lot are about M&A what six the follow-up, money. obvious willing the you total maybe months thinking you With if XXX%. or mind, on relative this to you you the that you are ago just Thanks billion And interesting walking-around a market, buying on deploying the one to your of viewing have we call, us visibility it like I Lachlan, $X of is, How is time know cash in focus question I Thanks that over talked balance think the what give for Does you three

Lachlan Murdoch

voice. you're to good hear well. your It's Doug. hope Thanks, I

period we've sort now $X.X thank sheet in, billion looking uncertainty visibility are hard seeing prepared -- superb period we're cash to comments, forward, our our of all think week] balance really out all, and you in worked the going forward. also through coming [either my position, f as position to improved for alluded and [ph] or of greatly pointing are, a and I of businesses, I we we for are we on create First the

So that I generation. we're have we though needs is business cash future are, means underlying confident what idea think good a our of our in deeply capital and

So, as in leaves $XXX to date, which to and was authorization, about have, us which Tubi billion To Doug. $X.X sheet the back we time look stock, your of how question, we at to XXX September our of second intend spent viewed. we on of total shareholders. the in allocate that hours viewing, we to business, really terms capacity but our deploy formula our how complete. worth We buyback million million Thanks, fully with think balancing balance under we bought our have returns cash alone investments a between categories, towards acquisitions, our in don't would organic those capital

Joe Dorrego

can to the go We next question.

Operator

Your next from the from ahead. line go Please question of Quadrani Alexia JPMorgan. comes

Alexia Quadrani

Thank very much. you

lot some really you information maybe at milestones I'm or -- get I negotiations on may on a when follow-up, Afternoon can Sunday just then you strategy, any important a NFL maybe the versus and Thursday your content. and made long-term You've Night how share bigger impressive DTC is curious color you? new to and quick some more update we Tubi, think hit more a

Lachlan Murdoch

Thanks, Alexia.

number going mentioned, our to the me continuing League we're years. top NFL, that's our as forward and NFL in Let of back partnership, see get question the can XX first. detail that partnership obviously, earnings The Obviously ratings. negotiation, not been It's programming into really the as Baseball, NFL it a to look earlier remains on and I along priorities, very calls well. second amongst partner. previously our with, address Major you one We and our but gone

sports the tremendous viewing, to sports year soft more -- where we've you this sports think fall, a XX% news overlap. sports particularly for number the remember because Cable marketplace with of a are is creating all While unique moving during audience frankly, fans. audience, believe I with, we this premium has ratings NFL NFL news particular the of have been and the which a also And factors this news news crowded to the cycle, seen year audience that have up season. NFL viewing to

in to this we in in is our some So the going of unique the the we're because season, that partnership of confident partnership think softness and ratings the -- with NFL forward.

of fragmentation as the the other particularly the gaining terms Tubi television users sits In of Tubi, market, which that audience ledger, in of linear linear markets. see entertainment. side beneficiary is you is Tubi on linear that. in and from television

think has going we're and Tubi behind and they excited as it, its on a achieved, of tailwinds So milestones forward. lot are report to

Joe Dorrego

We can to go question. the next

Operator

of next Your question ahead. comes go Please from the line Michael Morris from Guggenheim.

Michael Morris

would programming growth One we've like can share expense the disruptions have experienced. looked you expenses, morning. excluding what Good question you. thank on Hi, that

looks about you expense, of quarter, going forward. down referenced operating sort unwind an your the that XX% of think it's Steve, in I like and

also, thoughts how starting and outcome? competitively. Do on president you a outcome would scripted the an whether curious I'm think just the how how of you quick, of about based news? of programming the much going forward? in other, that election presidential could, this one curious vary has versus think you of may referenced that disruption can perhaps share mix any how ratings network, past that I'm So in I real And then can investment and unwind, and And FOX think news about sports News strategically has does today's on impact you if impacted

Lachlan Murdoch

So, Steve, I should answer the first question, you can answer the…

Steve Tomsic

QX, that would of know have QX, or impact advertising, getting harder scheduled shift at affect the QX, and -- into COVID don't three and Let you I'd just back-half about harder QX of benefited that expenses, from where say listen, QX for the just the is can things out terms of out will just been you expenses me, of try on isolate back if but the to into and million it we that quarters million I of -- because year. in look just Michael, have the in really the split expenses advertising $XXX $XXX

it's we'll reasonable of the college hit and heavy a a then of concentration see have You'll concentration because QX have entertainment QX. football, both that QX NFL when to and largely, and you'll hit,

Lachlan Murdoch

the and incredible it's on obviously your COVID far News stores the been the Michael, an massive stories the election, throughout as through cycle news the we We then see it's the election, news of question, incredible but driven a, date, revenue. And -- one. presidential course second of other to ratings, to also by as throughout impact news driven FOX being and year, that's the main way, as

this FOX is is think look at which tremendous ratings a audience, our revenue and the I whole look is result, you ways. it appetite you two have the to second and at our One at to is for news true look the you news -- and up as but different audience look have you advertising XX%, total in News at ecosystem, for the is share. news and

position watching pastimes shift the will stories and would of sort happen more Singer, are head, I that. we've years, this of cycles, to different off for to control of ecosystem, I out news control what forward as we to think of and seen has normal maintained Having See strongly believe, for I Masked and that we through Voice, aim the The appetite watching of for back the first, my the our Your news and now shift. we control, administrations expect news through eventually, that the I what a and baseball, are the that, great said watching news news and political XX and that number is football, out Can The or within appetite we of the which different look and our cycle, one American share, we've cycles, news appetite all can to enter top

So the part think I on question. your of thinking insight answers give the that some your we're how question first of you part first or about

that. news one, the maintain moderate. number So through and to will be expect We fully cycle share

I part news new think into We the your entrants competition. competition of around the was question, environment. Michael, and love second

news our today difference competition say thrived ago, reach audience always we would as some number we to through know, and from cable but network, including competition, now. FOX and I has now, as versus Day News broadcast broadcast Election only as networks, our years I grown, longer also see you Day. strong been our Labor the have as We traditional only has has the competition as with through no one providers, grown the mentioned, have and networks

Joe Dorrego

We can next question. go to the

Operator

line Your of go Nathanson from Michael Please comes ahead. the next from question MoffettNathanson.

Michael Nathanson

always gambling 'XX. you and putting I and given is disappointed. believe sports we fees how the how just how Yes, affiliate capital gambling, you about are XX.X% have on Lachlan ask you market are Lachlan, sports have think do for an next thanks. buy for year, business? Steve, I one that to wonder I that, option FanDuel valuing of excess about Steve. in you one into then when And thinking about people for

through? came affiliate perhaps update new some So This of subscriber given anything us Is be helpful. quarter, trends. you're Thanks. acceleration would pricing; on surprisingly else color in the the little on, deals more new fees you've upside; coming a any bit on

Lachlan Murdoch

Thank Thanks very you. much.

quick and option FanDuel this one. is answer easy our a So an

on of acquire the Super XX-year and a Bet we that has value increase X, of a We have think value, FOX We XX.X% venture today FanDuel. it's and think daily Flutter of huge literally also basis the with to option with value joint XX-XX our them. tremendous to and opportunity. work FanDuel both We a option increase

would to time wagering expect we wait of until excitement but our to is and the the with an the a in you So near-term. in that about do space option, appropriate sports us that option, wouldn't nature unabated, exercise long-term

Steve Tomsic

Michael, it's Steve. Hi,

just of affiliate, versus little look it bit were QX. better driver subs the the I the terms was if biggest a at sequentially In

points mentioned -- So, personal year couple there we where a QX last period this with small to XX QX with the basis Lachlan versus as things out are lapping better. were it, of we in time. these There's of quarter

particular quarter, numbers. Connected This It's we one-offs. no Americans is than more any of had sort it Keep in accrual underlined the

Joe Dorrego

go next question. to the We can

Operator

Your question go from Bank comes Reif Please of from next Jessica Ehrlich line America ahead. of Securities. the

Jessica Reif Ehrlich

a follow-up. one have question gambling also and I quick sports you. Thank on

approach lounge you're without and Bet change Tubi, Field, been built have what incorporating the with So, this your expectations into FOX contribution long-term frame then, was that long-term bricks-and-mortar partnership you. follow-up studio Bet year you quick at can advertising of various FOX what and to your being And consumer led quarter? advertising stay-at-home strategy that's opportunity and opportunity? the the Lachlan, or ago. on a maybe Tubi? Has where guess you for would Philadelphia behavior your you Lincoln launched signed Eagles just Thank you the the recently I pieces, a frame Can over what the changed with

Lachlan Murdoch

Sure.

a came I and who stay-at-home. on wagering growing sports in Fox well, think during grew sports People as Bet, while know COVID gaming wagering sports -- back, -- first has strongly, was I as exploded tremendously. particularly So, and was and hiatus,

of larger, opportunity you particularly consecutively industry where for trajectory is us. and and that this up look larger going So, open as to at wagering, a incrementally states remains or if the business

today, entity. licensed the with order remember, we in that the of as Fox value a closely partnership Jessica, Bet business in our promotion is Bet that said Corporation incredibly terms they not is the FOX that, Flutter FOX the venture. with However, to of and Having work grow control joint structure Bet FOX as you'll business within the of they fund today them

a our or is Tubi advertising unduplicated reach every audience. partners. which conversations of and Fox's young with on diverse in several I and question by your Tubi, our over spoken and are of selling -- unduplicated, Fox -- Alexia's for XX% single we part now audience one are have the selling we actually second question, we have it's Tubi months and of increases with should this largely The also now to Tubi part

that talk is regularly, I record we're to time revenue Farhad, see, hits, he is a every the to new at very beginning. be only there's to and which tremendous So, which honest, look, daily

So, when every importantly, continually Tubi case. we maybe and total think is or of and revenue, in time both as importantly exceeding spent viewing, acquisition metrics the key consistently our most expectation of users,

Joe Dorrego

have question. for one time Operator, we more

Operator

Ben line comes Please from Stanley. from the Swinburne question of Morgan That Okay. go ahead.

Ben Swinburne

in Thanks. going platform, the this package that the over FOX the wondering you if or to at could you Good be this a so for guys we that morning. that NFL cycle, on a stations, or just in there. Steve, is think it, overnight the is the retain so Lachlan reports there maybe landscape, Sunday in about month Ticket I'll model maybe may AT&T ask that just over curious not political accurately, concerned take package. I'm you broadcast that mentioned perspective that wider six -- whoever to then, either or the from quarter think size the interesting NFL wondering as record period or Tubi-like that potentially about segment the the I'm the were could press I'm satellite television some are for contribution wants and distribution about go impacting political, the have seen outcome ratings? the just past a in you than we've local you probably to if

Steve Tomsic

amount local It's to I'll Ben, it's take and cycle been a quarter of political is looking this story; about been Hey political we've significant good been a The half the not thing month to advertisement. a month quarter. just revenue. national

skills the million about across $XXX and call, ad did when which so XXX we look XX% at months, full next of for group local, just X of have to a shade north through will revenue, the of of under be ad that to six plenty quarter, then, the million earnings the the we first-half, push for revenue we July local. political we'll which across close under XXX of today, it So, of was

quarter-and-a-half an us. So, it's enormous been for

Lachlan Murdoch

also political the I importantly political And new Steve has think of a unique as sports, been on Ben advertising FOX on political particularly elements I Sunday and is before think mentioned. touch advertising, In advertising entirely national almost -- in has prior the then, market drive market, one but -- advertising cycle development, national the of years, our obviously in been of a to just local, the discuss, in Ticket, the has and positive this growth I political done News but but were political on robustness audience. quality think has really it scatter things by I what way suppose pricing and Jessica also the to asked very -- up. of is our -- usually usually the I also question about goes the the That impact the growth important more really there

negotiations, for time, scatter, and little handsomely. As roughly to X% that in more back have strategic time about across advertisers across across took time to news is find more off and hold upfront scatter we bit across normally a strongly. up We is stations, decision the bet entertainment than local advertising paying sports, scrambled we would back held our

doesn't model. tremendous a Ticket, work without Sunday than subscription, As Sunday we I a to is subscription It other offering. think move Ticket anything on a consumer under

it's So, the consider thank but we question, would model you not that or something for business monetize, have to really Ben. the

Joe Dorrego

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

Lachlan Murdoch

everyone. Thanks,

Operator

conference does you for that AT&T for your today. using your Ladies teleconference. and Thank and gentlemen, for participation, conclude

You now may disconnect.

Fox (FOX) 3 Nov 202021 Q1 Earnings call transcript