Fox Corp Q1 FY2025 earnings call

• Strong operating and financial results with EBITDA over $1 billion, up 21% on 11% revenue growth. - Fox Networks reached over 145 million people in October. FOX News had strong viewership during election cycle, with FOX News Channel being most-watched cable network. - Tubi had 19% revenue growth in quarter, expected to cross $1 billion revenue this fiscal year. - FOX Sports had strong fall season with MLB postseason and NFL on Fox performing well. - FOX Entertainment had strong debuts like 'Universal Basic Guys' and 'Rescue: HI-Surf'.

Cable Networks segment: Revenue grew 15% y-o-y. EBITDA grew 23% y-o-y to $748 million. Television segment: Revenue grew 10% y-o-y. EBITDA increased 6% to $372 million. Total company revenues grew 11% to $3.56 billion, EBITDA was over $1 billion, up 21%.

• Tubi is expected to cross the $1 billion revenue mark this fiscal year. - Super Bowl 59 is sold out and at record pricing. - TV segment expected to have strong second, third, and fourth quarters with various tailwinds.

Q: Comcast considering separating cable network business, impact on Fox?

A: Lachlan says Fox's synergies across platforms make breaking apart difficult. On subscriber declines, sees a sub-floor.

Q: Thoughts on political advertising and Tubi's role?

A: Political spend shifted back to local, Tubi captured money not taken on stations, no cannibalization.

Q: Future of Tubi and venue?

A: Tubi continues to grow with strong AVOD library, venue awaits appeal; Fox not a significant sub-licensee of sports rights.

Q: Ad environment post-election and Fox News comps?

A: Ad environment healthy, Fox News has strong ratings and direct response pricing, expect momentum to continue regardless of election outcome.

Q: Flutter/FanDuel approval process and Tubi acceleration?

A: Flutter/FanDuel process to take time but expected smooth; Tubi accelerating due to improved fill rate.

Q: EBITDA bridge components at TV?

A: TV segment has cyclical tailwind with political, Tubi momentum, MLB postseason uplift, and future strong quarters despite some headwinds.