FOX - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. I would like to emphasize that functionality for the question-and-answer queue will be given at that time. Instructions]. [Operator

this recorded. reminder, is conference a being As

Now Relations go Officer, the conference ahead. Chief Investor over to Mr. I'll turn Joe Dorrego, please

Joe Dorrego

XXXX Thank to afternoon, Good first fiscal you, call. quarter and earnings Operator. our welcome

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

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

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

Lachlan Murdoch

time. growth that migrating operational streaming news, all Thanks, FOX News, healthiest our the the ad year Fox and market and our slate off Joe. from the includes Corporation. momentum revenue history exceptional and businesses, as the the afternoon, at defined strongly, clearly affiliate of events expansion This growth, underscoring which financial to ratings of at some for live continued are sports, leadership is pillars our and operating short XXXX to Audiences supported XB. results. we We joining you seen Sports, have full Good a live return us and discuss FOX fiscal quarter seen to thank first started by across in industry-leading have

growth affiliate XX% of led a our in and in the XX% by delivered businesses, advertising quarter increase where revenues. we to strength demonstrate growth in top-line continued This revenues, double-digit near

Fox front, and market seeking healthy audiences advertising Fox engaged strong scale market advertisers only deliver. platforms local a This the uniquely increasingly also our sports across benefiting News digital comparisons at ad real-time are that where and provide audiences year, is is are despite assets, live from last also platforms. a out benefiting well. news ad which And our heavy On national performing Tubi to targeted many to cycle markets brands political

the brands affiliate we the of hold On our that best-in-class universe. reflective side, in core revenue the growth power pay-tv again have

keeping to we Our annual the like will over commitment brands us over our commanded that healthy confidence for escalators our next. the into highest profile renewal partners, gives NFL, have carry our the content, the past to exclusive cycles, distribution price

Steve While in across businesses. through will I detail shortly, to you will more performance our now operating turn highlights our financial walk the

is seeing that its great fact. NFL heard And You've and all up baseball Baseball And off solid of more proof is College throughout football overall of live our all, highly Fox industry. is Sports start, viewership League in postseason. a been want. this has to first and growth the before, weeks they fall competitive The the content Fox the the is our fall it concluded viewership once of have that in a through Fox that just Major at we coverage football well full to viewers the season. of owns advertisers know force. it Sports. through again And expanding X from deliver back coverage across me NFL

to the growth. X% Fox's games our XX% most here. given comparison, solid show, start Noon viewership gets it's By nearly and viewers, College Saturday football also more in rather schedule. football than our average over better postponements NFL up Noon Excluding Window, the up to memory, date, COVID-impacted over off of seeing Big viewership is on year up has Marquee, levels. over appropriate is Fox X Season X from only seen is characterized XXXX and comparison recent best is averaging Fox's last million our college Big its XXXX. also viewership all last a complicated measures, morning nearly while XX% cancellations year's pregame Week Kickoff, schedule that

delivering bright August underpinned forward look Baseball could by clocking League again Moving nearly We from games, This team this of optimism. the field an a nostalgia Sports diamond, and season great translated nation's game inaugural post-season. summer women notably generating million in from for viewers, It season drew revenue was tapping a momentum superb football baseball that was the 'XX highest the regular success, all the Baseball season a X The baseball most World Fox. viewers something and to and And spot season's all year. to Dreams the game of watched to The standpoint, and dreams teens. has Iowa the has into this and Major mass, envision been years. Major desire regular for next time. game has in XX field the what regular Field Fox was and business of League Series only the for produce, event game. into a uplifting returning from definitely been

fact, event expansion for agreement international over number championship with rights this European as to today, portfolio this a outright sports X finals the Series landmark a and In is UEFA Championship. announce the our easily the year. And NBA to the soccer professional viewers in season we're of the will outside XX NFL million rank the average World to content of only happy

XXXX the friendlies. along and We and top FIFA will UEFA and our portfolio, matches boost already more of as soccer Women's Euro existing highlighted XXXX Cup, World to than on the Nations XXXX access this have Euros, qualifiers, you Men's the know, is international by And which League, international World and with Cups.

competitions, At the base our UEFA with end Bet the alongside country. it million these our exceeded game in sports Super which players, Fox opportunities Fox Bet of portfolio. the Importantly, sports X the are from betting betting including sports Super making benefiting also the we've for X quarter, user and already existing Bet integration X, acquired biggest coverage Fox of free-to-play rights

with Beyond written XX% only across and investments Television of an and betting betting fiscal more particularly area, as in the across advertising, our XXXX combined. and from the our end local categories networks Fox local of that options This did country. direct as revenue the XX in and sports of category all are legalization the benefiting at wagering local robust. one proving this positive the this early gambling for Fox are market we Take pharmaceutical trends than Sports point fiscal approximately yet have advertising. implies with already quite X entertainment, Stations stations of new will overall in example. us is year year travel, legalized we our of markets, largest national Staying the the the

continue in growth we is automotive, to softness including observe betting. more by While this some being sports areas in than other offset

News Media, of day, the multi-year are up advertising levels during that of of for XX%. MSNBC performing our here state At first saw very Channel as total total all The market night of news Fox more a Channel the solidified over combined. cable should Excluding Fox again channel has Fox accelerated an News position Channel XX% news cable accounting Fox quarter, both October. has local XX% And quarter. the news, of CNN core News the leadership In cable and segments further XX% News and with Fox accounted at its aside, share linear the this just of was are prime digital viewership for reaching I last News news momentum political in day well. of now of cable viewing, in viewership share into and than This time, viewership current highs. and spending, quarter, month primetime

hours. the quarter outpaces the first primetime. channel up staying of late-night quarter News, total regularly to this Not broadcast number the XX% count At cable streaming straight all our only on all quarter, subscriber subscribers was nearly are our nights. mark selected Nation, platform with new Stephen besting over CBS compared into XXX% television. Fox Late also last complementary longer. of Fox the late-night and X was continues in our Gutfeld! year. The to cable also same leadership basic compared they Fox on Colbert Show nearly service last the ratings to and Even for up quarter seeking with even Fox the Nation, And the seventh programs news

Using and app we into umbrella, for And quarter product XX/X of downloaded million has digital our over Weather and on best near Nation spent first subscriber distribution The the as Fox streaming as the and minutes of continued addition the term, prospects of the quarter and the and Fox reach engaging of XX quarter with expand highest the well on News Fox retention. Weather availability a for the many live was Nation Now, to with our which launched all will the for content by engagement, show, month local serving one 's quickly has quarter The years, Fox current momentum over of become the operations, October for and at platform. This on national was has properties, leading of a Cops. Fox the for series titles popular Network iconic ability million-page Xst available staple is and followed so currently a to the valuable to most generated over Fox platforms. Fox platforms, this Media Weather most XX ad-supported a free for news audiences. streaming week of strength under Since week later Fox downloaded ubiquitously the YouTube, the service compelling Weather. been as well Fox as fiscal ahead on another on in debuted app launch, other excited TikTok, delivering be Media in the free Tubi, times. existence, launched Fox viewers platform users service just free The the X Weather we with it's App In available desirable Fox the product. Weather the and and News Fox Store the and space, first before its making digital of recently Weather app advertisers streaming The million media about social last our launch major the Fox TV, our end are in views player year. YouTube

focused Fox its from is media apart strategy digital peers. sets Our and

in is capital less others what industry strategy intensive pursuing. currently deliberately are Our than the

to for investment of creating are businesses other many to truly revenue is landscape. others monetize that replacements existing that of our example compared streams Tubi companies, approach with of are extensions incremental to SVOD of our Our to results. lines than pleased rather streaming is a are to Fox. and business, the and develop thereby in the we unique distinct in than approach to Tubi the media media more We contrast approach program prime

aggressively heavily which in opportunity the AVOD, a advertiser the investing approach promotion, While a and our with identified others content in we leader space, compete Company-wide. audience-focused strategy to and in SVOD be aligns

of and solid carved face acquisition unique subscriber path. and measured delivering differentiated challenges library a SVOD original As the in retention and content costs, out its programming is Fox's returns. investment platforms ever-increasing and programming Tubi's

continues In original that performed original early first so is with their they on addition well a a of already of its have original Tubi's Out released audience of content Netflix's more in content costs. than seeing already well the platform, is understanding unique have exceed than the first expectations deep quarter Tubi movies the success. XX,XXX this more Tubi the generate acquired. of The And last view best In for we 's purchase [Indiscernible] when year-over-year. the revenue metric, time XXXX. supercharged total and fiscal this to quarter Meaning, key serving films times X titles, of compared platform have the generating year. its growth TVT, year to already the in they're to to year library of to production significantly climb X movies on is outperformed doubled which asset, at revenue revenue above be business investment. the and size with early our than XX% blockbuster platform. viewers generated return the more recent of which positive the Tubi's strategy cost signs growth content year, than local revenues Fox more Tubi available to Tubi our will advertising continues as library, X on even fiscal to audience. reach

with on TMZ. cornerstones on time. collection periods at our give fits of fall, over Tubi of brand the news TMZ drawn Tubi, of of on viewership anchored of array one programming, long an that Since and XXX%, to our The Fox acquisition channels, focus live our by long us increasingly news possibilities XX perfectly News to Stations Television viewers us has for developing for Fox and last from rapidly is leverages the News to TV platform gives and on parts of have stations. TMZ launching premium on expand local -- been TV has live acquired focusing further Tubi the TMZ Tubi, NFL presence. its further brand sports our 's the monetizing content launch is across branded TMZ Fox the amplifying Fox's bringing expertise and the and recently Fox brand TMZ MLB Tubi Sports Entertainment Fox the Fox expand of digital of the channels, which portfolio. all Stations, including continues including Also, network. offerings with content linear Entertainment and with recent Network, grown Sports,

is We wallets the the through forward technologies and the marketing all Through results of underpinning in Blockchain Clearly, lot the of drive this broadcast the our packs off current new next-generation are investment just further fiscal The the a platform. an of rest downloaded encouraged season of the network creative NFT is over a pleased recently by show XXX,XXX the created and investment, wallet of Fox. the Fox of fans NFT and We share the spirit we to early the and Finally, of business us that XXX,XXX Labs. Creative start excellent year the alongside of Singer, which with and look partnership are the power and at to fun, we outlook for have we the here WWE. launched power this our on in of businesses entrepreneurial expansion with Masked the year. marketplace these own MaskVerse This very highlights of to over this experiences.

sports strategy the further of for shareholders. on event news, enviable Tubi, and and approach focus value growth coupled portfolio in to us and broadcast exceptional will like Our which intentionally This the programming drive position. with that our of an live puts competitive audiences crave, addition differentiated propel

take Steve of through first us the details quarter. the Now, will financial

Steve Tomsic

And Lachlan. good afternoon. Thanks,

impressive businesses across financial operational strong has another our As to results. execution led of quarter

excluding Total total XX% In segment first quarter think first the you start revenue the in reflecting return with fiscal the boxing comparative me all markers at revenues News million, share the in at of as our reflecting higher walk and fiscal call, Total will quarters return the through Company year-end steady of the the held Quarterly EBITDA we cable down attributable -payment movement we variance the continued with return quarter. normalized operating of one-time net increased and the again of political with year, in before the I the fiscal billion, that income is to subscriber increased when to $X.XX of X% due the year quarter was recognized expenses this following with and Net into last the relating running Total -- X.X%. X% sublicensing presidential programming, acquisition Company's compared marketplaces, XX%, the associated 'XX growth investment $X.XX million quarter, in strength against per was fiscal growth trailing reported the $X.XX of quarter $X.XX and of strong and This sub-losses, total at or year its $XXX generated with programming other the COVID-related in advertising normalized adjusted reflects down Tubi. 'XX, versus postponements $X.XX XX% primarily advertising other reflecting prior industry to the approximately adjusted worth Company billion of segment. quarter. that This at and Fox growth prior-year up year, Century Company billion signaled of The share 'XX, the the as across pay-per-view text quarter EPS XX% over in XXst in stockholders down sports a segments. providing despite local the growth 'XX, $X.XX cable reinvestment in EBITDA impact year growth relation schedules digital quarter. Let the of of X.X% XX-month to cancellations prior $X.XX or revenues to described, through pre operating our some It to current television was helpful achieved entertainment in the Company non-core along associated affiliate when revenues and was $XXX ahead. Media completely comparison on of revenues we be the sports revenues fiscal election. declines in net just the segment. the cash in revenues noting nearly Tubi. quarter rate of increased Fox, modestly gain increased and the at period national reported was per the prior-year the items, down the

due Turning also the performance to cable our the to partially News. Football revenues period, following versus costs, and including other pay-per-view News Fox the Sports the increased National helped these the gains led scheduling anticipated changes the the a by advertising million at primarily sports year, increased cycle Fox News full-slate $X cable investment subscription programming was due revenues the of at that associated last well in the addition pricing political with again, in soccer as advertising of digital digital national Cable Fox continued prior-year Cable matches, COVID News Fox X% Media. by as following affiliate healthy linear double-digit by year, costs prior Networks, of $XX absence in international due networks lower maintained Cable by offset Gold -related last growth Nation. the the revenues. I X% week's was disruption boxing of by the our growths Media, including well of segments advertising at a sports the Fox as networks, the as experienced of Fox last games of Cup. offset The quarter, revenue reported revenues disruptions primarily mentioned, return growth in occurred Weather. EBITDA at COVID higher Cable million Channel at double-digit and was return revenues down the increase sports operating segment revenues year. increased of just as X.X%, to revenue we sublicensing once increase College at with the that by supported to the launch

scripted on At All-Star World Game, college a disrupted from of slate traditional Entertainment, strong all Sports, and schedule, Fox full the Fox ad of Fox Now COVID of reported of turning by at Cup supported XX%, primary and we the increase we in direct This marketplace, affiliate the our Television for game, normalized the station reflecting once anchored double-digit programming a and revenues to XX% revenue more benefited return revenues resumed on were achieve schedules Television a Television, operated last which year. and the we field track both by we in of dreams well outlined increased increases MLB affiliate to revenues growth the revenues unscripted Tubi. sustained for non-owned heats. are where by phase from the owned network, we quarter. our affiliates, stations. momentum our football, retransmission our and XX%, of full At Investor Television at inaugural reaffirms Day. again increased advertising

experienced the COVID-related up revenues Television rebound revenues As a Stations, of Rounding single-digits, Television which continue with quality year of we which observe hampered in compromise high slate. political the segment. the we year. meaningful last to the At absence Fox offset by delays, that compared to a was market core last ad the that out partially schedule base programming historic advertising the our production

Tubi fact total testament As the Lachlan than bringing revenues growth view outpacing monetization its prior is revenue doubled more the into mentioned, to Tubi in in time year. portfolio. The growth against delivered the the is significant synergies from Fox that

higher as normalized period, at programming the Tubi. was was increased EBITDA segment healthy sports schedules prior primarily and network, at year Fox million Television and at with entertainment $XX revenue against this associated our growth Finally, digital costs the offset down investment by

half characterized flow advertising sports our in a the of where consistent Turning cycle, fiscal our with fiscal cash now to buildup of of related our which $XX of the year. cash capital free for the million by and with of payments half of reverse year deficit seasonality concentration of receivables, first our second rights, working both flow, is is the

now we $X our dividend to $XXX with fiscal November billion shares we our payment, this semi-annual of repurchase far, we and over million the since of share billion outstanding form approximately enhanced approximately in representing sheet a repurchased towards From $XXX in capital year, ended buyback returned our in of launch have a million total the of $X.X in program. cumulatively balance the authorization million further of program the shareholders, $XXX billion buyback XXXX. So $X.XX comprising have $X.X Against X% directed ongoing billion, quarter perspective, debt. and our cash

we we'd of As you to fiscal of over handful the out of markets. year, our remind look a like remainder

will of our the we at to today, into there television which call, phasing $XXX the least million Company of fiscal a on nearly the cycle last deployed at revenue perspective, EBITDA and three be of two worth are year. and the assets. modest From the net $XXX million segment. skewed affiliate expansion was the of final On calling million Firstly, of the relatively record comp a amount quarter things out. delivered fiscal will discussed these acceleration revenues toward an basis year, $XXX With our investments most digital ending quarters plans December heightened to of invest our across we political last in new our that against QX

a shortened number college was Firstly, that recall last of and will year's cancellations. game you football season included

Company the as comparing last live on a credits Networks we potential And cycle our with that accrual X% of call, will total affiliate December renewal quarter year. we the have year. of only distribution have As an for last tailwind up I in of renewal such, secondly, Sports booked this for distribution at mentioned revenues against National the

cycle expect in this of affiliate start our As progress Company comes total a 'XX the year, meaningful more we fiscal In moderate affiliate pace it's of the next for revenues with of revenue an result, that the from World year, will affiliate and we increases the growth 'XX. exceptional course the Super now as Bowl for night over of the ahead fiscal call Fox, Cup, elections. I we XX% 'XX just fiscal midterm revenues turn across XX, say the our what football of one the year before And to to rate look our FIFA to Thursday exit should be deal, November's back Joe. and that,

Joe Dorrego

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

Operator

Ladies Instructions]. question-and-answer the requested It [Operator I'd Instructions]. to [Operator you the limit of queue. yourself been to and like emphasize X functionality question. has that gentlemen,

first Our go question Please of ahead. Alexia comes line from JPMorgan. from the Quadrani

Alexia Quadrani

will sports your digital of side. you sports question on about Tubi? Is a you're brand you and already beyond talk in in the incredible to you maybe longer-term? can all -- have there how a sports, rights bit you Thank is, doing you with how your that consideration the strategy one what a ability have you. and -- Can My greater more leverage

Lachlan Murdoch

currently focused a sports us. and Fox Hi. Look, it's is Alexia. What for leveraging brand our Bet. Thanks, two-fold sports we're on content obviously think I through

as Fox obviously down insights then into First the sports drop wagers through Bet. X, we and Bet wager Super at Fox

that us, like promoting and to foremost unique marketing live of it drives to sports drive sports assets. we wagering and business, and this And our think X. That's continue really building business spend continue a is is time sports number through for really what pretty and that value we first sports businesses So, and content. obviously and number the important X, because live lot I

it and taken so, best most open and that we on networks. for is our partner fees. a for about value very value and very that drives and believe us, with the for for vocal clear premium very broadcast And with the sports is strategy, very affiliates place clear it it, about That our us the distributors most drives we've been -- we've retransmission our

a content exclusive whole think ecosystem. keeping amount by but drive of for just us, really So, we the our tremendous partners, we value, for our not with

Joe Dorrego

to Operator, the next we can question. go

Operator

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

Jessica Reif Ehrlich

course. I one Hi, multipart question, have of

Lachlan Murdoch

Hi, Jessica.

Jessica Reif Ehrlich

Hi.

So, question. this is a news

share is raised -- pretty that, lot XX% more from late-night and parties probably astounding. money is even the amount But been after come. of before the there's a record a So, yesterday both before to the election,

for question second how Can change content I -- it Does So, of just monetization you how Does is the Fox talk you your monetize that guess you assets, -- on your you about talk Tubi's I was news? affect guess. I on News And coming various news, TV. Thank will across profile and up can outlook about everybody. issue then brought measurements since News year? Tubi, in just part the you. and real is, a general, the for that your just content just like been in

Lachlan Murdoch

Thanks, Jessica.

seen monetization what revenues over elections connected see. News and the this and months us next And staggering. the to we're XX we we've and Let me share think on with that contest political to some believe past year of bode mid-term continuing be I you truly

So, as hard impressive. news incredibly of our build cable in mentioned, lot a viewers it. maintain share the XX% is a is in-and-out It's share -- you to News work that monetization and of audience of

of just really audience well. we the the becoming number advertisers the things One Nielsen. platform. democrats is the new breadth more to then than as CNN of of advertisers equal News have new [Indiscernible] watching categories Fox to of bringing is The audience byproduct have in Fox share an broader a [Indiscernible] about of the our watching the independents And demographically actually when of news is we breadth on as according watch and anyone also that News as else. fact audience, And

well. So, of big and it's our if battleground business the Many is them are incredibly pricing We night, Obviously, now they're hours this -- market now battleground well stations pleasing political for seeing as states in before, as the local now opportunity local to strong. -- in above over news weren't next of scatter our see week. per now a part approaches. -- news And last is a going for we'd news states. X,XXX tremendous produce see. they We're cycle upfronts they're of after forward news

think data invest Nielsen I like As we imperfect. their see believe that far further gathering as Nielsen data goes, is like we all capabilities. in We'd know -- others Nielsen Nielsen's to

more the the I think it of mass audiences of sections sports us, our more than scale than affects news fragmented market audiences. particularly lower-rated, more and in

I Jessica. to Tubi, -- question, remember can't get Lastly, the that was your question specific to third want

Steve Tomsic

Billing Tubi content. the of

Lachlan Murdoch

Billing original the Tubi the on inexpensive It's content. very Made-for-TV of obviously there's it. Tubi. know, are These, elements movies. content as of you It's two

very of Two but is such drive are mentioned, on profitable the I now within as see. cost the very with be fast tremendous all to them they which months, the Tubi streaming them which news strategy channels. low sports Linear TVT. help and channels we on As profitable was to with Tubi, And element designed are the in short-term. of second were have

Joe Dorrego

to question. go the can we Operator, next

Operator

of line Swinburne go Please Our next Ben from the ahead. from come Stanley. Morgan question

Benjamin Swinburne

afternoon. Good you. Thank

issues of you, of focus for lot ad any verticals. a there the obviously and For chain supply market the has potential on some been

as just us share plans of sitting platform curious into guys that I'm to the want I didn't overseas And on the you'd over so any substantial seeing international that, you of had You softness was with a in couple mention in the Tubi, if on next here that head you're if holidays. wondering way television we taking any market years. just

Lachlan Murdoch

you're well. Hope Ben. Thanks,

of issues. categories, sort you supply chain specifically In talked auto terms of in seen about softness we've [Indiscernible]

if across both the staffing of supply But there one auto some in some continues also mentioned markets. couple platforms. in it's I into the of the and for and you side, largest coming that than in chain, coming think -- are are I made being think categories, back and is be growing And comments, categories, local across of it's is shortage and local softness. -- certainly the where employment. more clearly up categories our locally. -- to these is those But new where look booming restaurants a are and wagering local my prepared it Travel the key onto

a pricing is the making So, and than a we continue XX%, are XX% couple above some averaging upfront supply than about is about national XX%, New benefit which as From is in crypto XX chain Entertainment is not than around pricing. very that categories it's softness nationally, And wavering averaging as the is are sports, category, more strong Sports XX%, as as currently, upfront brand-new to and these Tubi there's particularly some well a booming up a and much category, But scatter And is categories International, a finance. for in lower in Mexico, a than from little local. money, then little so seeing higher Zealand, up international point-of-view as of issues. But focus our U.S. U.S. has a in big domestically see do we Australia, business. opportunity. New other Canada. driving the is been Tubi the

Joe Dorrego

question. next the to go can We

Operator

line go the ahead. from come Please question of next MoffettNathanson. Robert Fishman Our from

Robert Fishman

incremental Good up your Hi. Tubi. your not, sports the deal. and help negotiations rights the on or can you for discuss rights, plan pay to exclusive how UEFA And UEFA negotiations. on whether If follow does see keeping you sports ecosystem I focus TV Can if the you ROI how with to on monetize these afternoon. with future

Lachlan Murdoch

Robert. Thanks,

will The available us. through of will be backbone those -- matches and X that we the practically its Fox them as with capital Sports the with of held. a summers carefully all sports where X,XXX rights, we our them we make to -- on our studied you have -- as Euros would return Fox were all with very X and to have be positive return we sure Sports on UEFA, So, on all

have Euros Cups being soccer -- summers. And the so, soccer. on backbone really some you'll summers, the the And the World of you'll have FIFA, our summer other

X. think tremendous to -- we Fox it's So, for addition a Sports

And our will XX some putting could. Euro on the versus previously when have this rights. X stage, live as we on we Tubi those aired ABC at Broadcasting. games games had on games We'll We although that revisit X that's up many only Fox times have ABC, showed as don't about games but games on they were

Joe Dorrego

to we next the question. Operator, can go

Operator

go line of Mitchelson from Suisse. Doug Please Our Credit next question from comes ahead. the

Doug Mitchelson

And John, to it the just the in and marketing that health, exclude usage? Thursday growth everyone. OpEx good we've costs for the exit. throw we've of pull these us or measure growth Company, and to it's Super and think But your I left versus of really you core what attracting And Night you're you Bowl affiliate afternoon, I'm revenue scale pandemic you. a in my for going what my tough like that ratings I'll Thank curious have linear but basis we NFL to question Steve, can Can levers guess much. are past the because then for like monetize understand still what to higher and that follow-ups, views businesses, how network growth understand whether so then if and core will unusually in need business. Football on help that upfront. for I talked away. Thanks know And core was obviously visibility for all always as about of XX% you to Tubi forward? we new users look investment doing spending had distribution and these matters I swings. continue highlight all like Lachlan, advertising Tubi the sold lastly looks you funnel that for huge usage

Lachlan Murdoch

easy the get I one.

TVT. growing is in engagement both and users Now look, in Tubi

losing and the again, if for spend you you how depending instance. tool. but users. And toggle short new platform Very when you want spend, or and on that's quickly, to strategy a you do, things then word on engaged period re-market market are for the much balance can, down. then those them, only better to probably to up juggle new juggle, then digital you time that users of that can than One of you through have balanced a not you a is acquisition users, in you But and

they very users team in those that platform And on metric, that really viewers the best and as well engaged of measure and includes is experienced total they far so scientific as of and it remains why ahead are new really have. a because very onto the the the versus And view how just it users coming the they balancing are. quality acquire new the all the viewers which engagement includes time,

John Nallen

Hey, at we cost details. And just profile, over Doug. on our probably the our take cost the comment envelope. Doug, heart I'll of Yeah, the the the visibility well. of But is cost your overall have and Steve question some let --

John Nallen

what got us last over securing XX next gives contract into baseball NFL particularly or be in going with well just at next confidence it the year for we've the the If we're to you about the we've announcement goes look us the done X, cost about years, having the for great today's envelope. the that visibility over year UEFA, where of rest because great future such decade,

like or So, we're one it's out of coming the areas. division, not any We entertainment. stations, news great the surprises of expecting had sports,

So to business. again, for us the outlook the it just brings to as confidence

perspective, same Tubi from that to But with sure come say the our in investment also, a marketing of really cost cost see net basis the costs particularly can we've with for an amount numbers, against Lachlan pricing within with that the the make from into through we'll after and which premium the couple subscriber XX% sports ramp of we're and entertainment business overall and scatter cost And pretty will obvious got mentioned. segment, next or money investment the leaning ROI. that Tubi pay ahead of the to as like-for-like in has look that to that Just -- -- upfront. schedules you'll light with quarter. From Scatter an over robust absolutely and on user that you quarters. monetize so perspective in you delivers us we're we'll there -- when obvious, of ratings acquisition a selling we that envelope look moderate saying, NFL over obviously state terms costs side, the there to upfront this still a been put incredibly

definitely of season. we of the monetize look the remainder the will to that So, over course

Joe Dorrego

time we Operator, for have question. one more

Operator

Thanks.

Fargo. will come then question of ahead. the from Please go final Wells line Your Steven from Cahall

Steven Cahall

it Thanks And a the $X from Bet Fox if about strong free-to-pay. you I ask to wanted point million. Super we How role more that financials data of also a to any just using X to and Bet. more X. for the wondering sort Super us you. show that make I Fox metrics act Super funnel you operational rights about I around sports that taking some passive, or a of X at may might should for are I as seeing think guess, could give I Bet. point. in participant know Fox an be Thank was Thanks. know start in platform, you with you differentiated so your on of up conversion

Lachlan Murdoch

Sure. I that for Steven. you, very that -- get as obviously, X, was us. to the and to Super I are Bet it took surprised the Thank is appreciate question. X business meaningful Fox questions

have Fox people Bet Fox sensitive in million give the are want this if So Fox I hold give joint X But night. that that X first itself. includes Bet I not to a much we of understand structure over reported and on business, as the number market don't Bet. closer to And as critical remember any X venture the users and data sure they venture, can information or into It's includes of the you joint realize operator how last free-to-play Bet chess. Super our that to all, national to game. Fox drops with I'm of Bet I Flutter PokerStars that Fox iCasino. That the want though

and order the over the time beginning we iCasino of shareholders. And fully getting take to through as all really sports what take of and to assets monetizing full opportunity we fully, so have Bet. in of these as value full our in process PokerStars of to wagering, that means the are capture explore grasp we the we for And go benefit wagering Fox license, also licensed, of monetize tremendous value

So where operate that's these partner would It's state-by-state a just process it's venture process we beginning. assets. go a a because terms with complicated joint our that we're of in

some take will process that a And probably time. it's so,

are Of expect year. option by some elements That's to Flutter FanDuel. Fox XX.X% I complete Bet of also in option much say options our of probably of we the we're And of course, Bet. with that under on next that are Fox arbitration XX% and June be our in arbitration can

Joe Dorrego

have of Thank if we're you today's At any [Indiscernible] questions, joining further you give out time. carrier call. this again call. for your please me But point, once

Operator

for the using ladies AT&T and your does conclude for Thanks today. Executive call That you, gentlemen. Teleconferencing. Thank conference

now disconnect. may You

Fox (FOX) 4 Nov 212022 Q1 Earnings call transcript