Q1 2023 Fox Corp Earnings Call

November 1, 2022

Okay.

Ladies and gentlemen, thank you for standing by welcome to the Fox Corporation first quarter fiscal year 'twenty 'twenty three earnings conference call.

At this time all participants are in a listen only mode. Later, we will 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.

If you should require assistance during the call. Please press Star then zero as a reminder, this conference is being recorded.

Now I'll turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead Ms Brown.

Thank you operator, good morning, and welcome to our fiscal 2023 first quarter earnings call.

Joining me on the call today are Lachlan Murdoch Executive Chair and Chief Executive Officer, John Nolan, Chief Operating Officer, and Steve Tomsic, Our Chief Financial Officer, first Lachlan and Steve will give some prepared remarks on the most recent quarter and then we'll take questions from the investment community.

Please note that this call may include forward looking statements regarding Fox Corporation's financial performance and operating results.

These statements are based on management's current expectations and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings. Additionally, this call will include certain non-GAAP financial measures, including adjusted EBITDA or EBITDA as we refer.

Two it on this call reconciliations of non-GAAP financial measures are included in our earnings release, and our SEC filings, which are available in the Investor Relations section of our website and with that I'm pleased to turn the call over to Lachlan. Thanks.

Thanks, Debbie and thank you all for joining us this morning to discuss our first quarter results.

Im happy Halloween everyone.

I was trying to think of our Halloween.

Reference or a joke, but I in fact theres nothing scary in these results.

Actually fiscal 'twenty three has started off highway that's called out that joke.

In my household.

Fiscal 'twenty three has started off on a solid footing for us supported by healthy viewership at sports and news revenue growth across our platforms and impressive momentum at <unk>.

Financially, we delivered 5% growth in our top line revenues led by an 8% increase in advertising and 3% growth in affiliate revenues.

Our advertising growth in the quarter was driven by strong pricing at Fox News and Fox Sports record first quarter political revenues at the local stations.

And in a quarter, where industry wide digital advertising revenues appear to have been under pressure to be posted standout revenue growth of almost 30%.

These are great results for Fox. However, we recognize that there is a lot of commentary around advertising headwinds as the macro environment evolves.

Yes, the broader national advertising market is looking more fluid compared to the time of our last earnings call. However, the macro impact is not uniform across our verticals.

While we have observed some softness in the linear entertainment scatter marketplace remember that Fox does not over index to network Entertainment.

So any impact there is nominal to us and has been more than offset by the digital entertainment strength delivered by <unk>.

Additionally, despite the economic headwinds we are seeing continued strength across our linear news and sports portfolios led by the pharmaceutical restaurant and streaming categories.

These dynamics underscore a flight to quality and the importance of our focus on live content with over two thirds of our advertising revenue generated by live sports and news.

At our local stations, we've generated record political revenues for the September quarter second quarter to date political revenues have also been very strong given the combination of races, and bala issues across our markets.

And I can confirm with a week still to go before election day, we have already speed our fiscal year 2021 record at the local stations, excluding the Georgia Runoffs.

Meanwhile, based market sales at the local stations were stable in the first quarter.

Too early to gauge how much of an impact of macro uncertainty will have on local based market advertising in the December quarter.

But we are encouraged by the continued positive growth we are seeing in the automotive category, but a recognized industry specific dynamics that are impacting sectors, such as wagering and government public health advertising.

On the distribution side of our business, we have completed the first round of our multiyear affiliate renewal cycle.

So far the results are consistent with our expectations and we are pleased that the market recognizes the value of our brands as they deliver.

Their customers.

Turning to our business units Fox news turned in another stellar performance, finishing the fiscal first quarter as the number one channel on cable and the third most viewed network in weekday prime in all of television behind only NBC and CBS .

Fox Nation had a standout quarter for subscribers and engagement with total subscription our growth north of 45% and total hours watched up almost 70% over last year, making our fiscal first quarter Fox nation's highest quarter ever for hours watched.

Fox Sports has had a very exciting calendar or has a very exciting calendar ahead of it. This fall the NFL on Fox is off to a great start and we're pleased to report that America's game of the week is averaging nearly 23 million viewers up 9% over last year.

The 'twenty to 'twenty two college football season also got off to an outstanding start with $10 6 million viewers for Alabama, Texas and the season's first big noon Saturday game.

It's no surprise that Fox is big news Saturday remains the number one window in college football with viewership up 15% over last year.

And Fox continues to be the primary home for baseball's postseason, where our coverage across Fox started in October and culminates with the World series throughout this week.

As always we're backing for Titan seven game series.

You know quite well that we have assembled an array of marquee sports rights M&A of many of them will be on full display later this month during the Thanksgiving weekend, when Fox will play host to four of this year's biggest mash ups the giants versus Cowboys on Thanksgiving. The U S men's soccer team versus in England, and the World Cup on Friday.

Michigan, and Ohio State on Saturday afternoon, and of course, we're present Americas game of the week on Sunday afternoon.

Which is between the Rams and the chiefs it'll be a terrific game. This extraordinary holiday weekend slight sets us up nicely as we prepare to broadcast Super Bowl 57 in February .

Elsewhere the story at <unk>.

Is breathtaking with first quarter revenue growth re accelerating to almost 30% over last year.

This marks the first time that <unk> revenue has surpassed the advertising revenue generated by Fox Entertainment in a meaningful way.

And in the December quarter for <unk> looks to be a continuation of that momentum with revenue growth. The revenue growth rate. Currently pacing ahead of the September quarter at nearly 40%.

Driving revenue or to be a strength across all major kpis, particularly total viewing time, which was up over 50%. In fact, this was <unk> highest quarterly viewership ever with TVT, reaching $1 3 billion hours.

Two was impressive progress and growing audience engagement and monetization is indicating.

That our investment strategy and operational focus is working nicely.

At Fox Entertainment, we saw some changes last month with Charlie Collier moving on to new challenges. We are happy to Rob Wade has stepped into the role of CEO of Fox Entertainment and those who know Rob will share my view that he will be a tremendous stuart to our entertainment businesses.

Our fiscal year is off to quite a start to the <unk>.

Timber quarter results once again highlight the strength of our leadership brands and we are just getting started in what promises to be a banner year for Fox.

We are encouraged by the operating trends across the portfolio and the early returns on our digital investments when paired with our strong balance sheet and low leverage the Fox story remains a differentiated one amongst its media peers.

And while we continue to be mindful of how the macroeconomic environment evolves. During the months ahead, Fox remains well positioned to navigate and outperform through any potential uncertainty.

Finally, let me comment on the announcement made earlier this month regarding a potential combination of Fox News Corporation.

As has been made public both Fox and news Corp have form separate special committees to explore a potential combination. Following letters received from my father, Rupert Murdoch and the Murdoch family Trust.

For a combination transaction to proceed it will need the approval of both special committees and a supportive vote by the majority of the minority non affiliated shareholders of each company.

The Special Committee has not made any determination at this time and there can be no certainty that the company will engage in such a transaction.

Given the importance of the work of the special committees I'm not in a position to take any questions on the proposed transaction at this time.

And now Steve will take you through the financial highlights of the quarter.

Thanks, a lot Glenn and good morning, everyone.

As Lachlan mentioned, we've made a solid start to fiscal 223, delivering total company revenue growth was 5%.

This top line momentum was led by 8% growth scenario declining revenues were in the quarter. We continued to see healthy scatter demand for our leading news and sports properties and generated meaningful revenue reacceleration of television.

We also benefited from a record fiscal first quarter for political advertising revenues at our owned and operated television stations.

Notably we were able to drive 3% affiliate fee revenue growth without the benefit of any significant renewals impacting the quarter and trailing 12 months subscriber losses running at approximately 7%.

Quarterly adjusted EBITDA was $109 billion.

Up 3% as our revenue growth was partially offset by higher expenses led by continued investment in digital initiatives and increased rights amortization of Fox sports.

Net income attributable to stockholders of 605 million or $1 10 per share compares to the $701 million or $1 21 per share reported in the prior year period.

Once again this was impacted by the change in fair value of the Companys investment in Florida, which we recognized in other net.

Additionally, our effective tax rate was slightly higher in the quarter, primarily due to the re measurement of our net deferred tax assets associated with a reduction in state, Texas has had no impact on our cash taxes in the quarter.

Excluding this impact and other noncore items adjusted EPS was $1 21 up 9% over last year's $1 11.

Turning now to our segments, starting with cable network programming.

Cable advertising revenues were up 2% as our market leadership in us continue to drive linear pricing gains at the Fox News channel.

This was partially offset by lower programmatic revenues at our digital news properties in the current period as.

As well as the impact of scheduling effects at our National Sports cable networks, where last year's revenues benefit benefited from the <unk> Gold Cup and Copa America settlements.

Cable affiliate fee revenues were consistent with the prior quarter as we've signaled previously we are in the early days of that next distribution renewal cycle.

We are pleased with the outcomes of our earlier earlier earliest renewals and we continue to expect to see these benefits take effect in the back half of the fiscal year and initially concentrated towards the television segment.

Cable other revenues increased 9% in the quarter, primarily due to higher Fox nation subscription revenues.

EBITDA at our cable segment and $742 million compared.

Compared to the $774 million reported in the prior year period and includes the impact of elevated breaking news costs.

And the timing of digital investments at Fox News media.

At TV, we delivered 8% revenue growth led by an 11% increase in advertising revenues.

A TV station saw a record September quarter for political advertising revenues, while the Fox network benefited from continued strength in pricing and additional <unk>.

It will be broadcast at Fox sports.

We offset by softer ratings.

Notably we saw a sequential reacceleration of growth at <unk> with revenues up 29% to approximately $165 million. This was on the back of a 53% increase in total view time and stable CPM.

Television affiliate fee revenues were up 6% as healthy as healthy growth in fees across all Fox affiliate Fox affiliated stations more than offset any impact from subscriber declines.

Other revenues increased 5% in the quarter, primarily reflecting the impact of the TMC and <unk> acquisitions, partially offset by the timing of deliveries of Bento box.

EBITDA at <unk> television segment was up 14% in the quarter, where we saw the typical seasonal increase NIM marquee rides costs at Fox sports, including the impact of our MLD renew partially offset by lower marketing and programming expenses and Fox Entertainment.

We are clearly, making strong progress in both audience growth and monetization of <unk>, which underscores our confidence in the long term value this asset.

It is worth noting that the EBITDA, we delivered in the quarter. The TV segment and Fox more broadly incorporates an approximately $50 million EBITDA investment in <unk>.

Now turning to cash flow, where we generated $196 million of free cash flow in the quarter.

Consistent with the seasonality of our working capital cycle, where the first half of the fiscal year is characterized by a concentration of payments for sports rights and the buildup of advertising related receivables both of which reversed in the second half of the fiscal year.

From a capital deployment perspective fiscal year to date, we have repurchased a further 300 billion by our share buyback program.

We remain committed to Youtube utilizing a full buyback authorization of $4 billion.

Having now cumulatively repurchased two 9 million.

Representing approximately 40% of that total shares outstanding since the launch of the buyback program in 2019.

Finally, we continue to maintain a very robust balance sheet, where we ended the quarter was approximately $5 billion in cash and $7 2 billion in debt.

Fiscal 2023 is now well underway.

And with a strong program of showcase events still to come coupled with the strongest balance sheet in the industry.

<unk> is uniquely placed to navigate any micro and macro uncertainty and deliver value to our shareholders and with that I'm happy to turn the call back over to Gabby.

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

Thank you, ladies and gentlemen, I would like to emphasize the functionality for the question and answer queue.

SaaS a question. Please press one zero on your Touchtone phone, you will hear tone, indicating that you've been placed in Q and you can't remove yourself from queue at any time by once again pressing one zero if youre using a speakerphone. Please pick up the handset before pressing the numbers.

It has been requested that you limit yourself to one question. Once again, if you have a question. Please press one zero at this time.

One moment please for the first question.

That will come from the line of Jessica Reif Ehrlich of bag.

Of America Securities. Thank you good morning.

One question, Okay, Let me think about this.

Well first on the decline in the pay TV universe.

Can you talk about how that impacts your affiliate discussions both cable and Retrans on the broadcast side and how youre thinking about maybe hedging your reliance on the pay TV bundle and then Lachlan I heard you say you don't want to talk about news Corp, but obviously it's out there.

Maybe you can just talk a little bit about why now what do you think the benefits from the combination and the balance sheet. Our balance sheet has some incredibly strong but so is there how do you think about using those balance sheets.

Hi, Good morning, Jessica Thank you very much.

And.

I appreciate keeping here.

Keeping your questions.

Short number of questions. So thank you I know it's tough.

Because it does a lot to talk about but on the decline in the pay TV universe as Steve called out.

We've seen a decline of about 7%.

We're not seeing an integral to our most recent remix that that decline.

Getting any worse. So it's all through last year was 5%. This time last year. This year, we've seen a tick down to 7%, but it looks.

To have stabilized at 7%.

And our focus is really in continuing to.

To invest in our brands, particularly on news and sports, which are really essential.

To the pay TV bundle so.

We're not in a position I think a lot of the.

Cable General Entertainment channels, which are are more.

At risk to people.

Going to asphalt services and streaming to get that.

The type of content.

There's only one place you can get Fox news and there's only one place you can get Fox sports. So our strategy is to continue to invest and be essential for all of our.

Distributors.

For their pay TV bundles, and we've seen that play out through our renewals were at the beginning of our renewal cycle.

<unk> three year cycle I think.

Fiscal 'twenty, 334% of our aggregate cable and TV segment.

Distribution revenue.

Is up for renegotiation next fiscal year. It's also a 34% a primary negotiation and in fact, a fiscal 'twenty five but still 28%. So we almost over the next three years completely.

Renew and refresh and extend our cable distribution agreements.

We're well underway with the first star having completed the first round of those renewals and I have to say we are extremely pleased with the outcome of those renewals because our distribution partners.

Do value, what we bring to the bundle and on our commitment to the bundle. So those those renewals have gone.

You know very well and have met every expectation we had for them.

The split between cable.

Affiliate revenue in the TV segment affiliate revenue will shift slightly I think youll see the TV affiliate segment grow at a faster pace.

The cable.

Affiliate revenue and Thats just in terms of how we how we negotiate.

Those agreements with them with the distributors.

In terms of the.

Potential.

Recombination with news Corp.

Really cant talk about it it's actually an independent process going through with the with the independent Committee is and it's not for me too.

Ah.

Discuss the conference here, while I don't know that the conversations we're having or nor can I discussed I'm. So sorry.

Sorry about that Jessica operator next question. Please we will go to the line of Robert Fishman with Moffett Nathan.

Hi, good morning, everyone.

Maybe just more broadly can you discuss the importance of scale in the media industry.

Are there advantages to having a smaller portfolio, where you can focus on the core sports and news assets that you just purchased.

Talk about especially what when thinking about the cable network negotiations that you have.

Okay.

Good morning, Robert how are you look I think scale.

It has to be focused right and scale scale is important and what we've seen among.

Amongst our media peers.

Over the last.

Few years off.

Our peers getting bigger through mergers and acquisitions and so.

So I think scale.

Lens.

Flexibility.

In many way so so.

We continue to grow our business we continue.

Two.

To be.

Look at M&A in and be very disciplined in how we look at it but we also do look at the importance of scale, particularly over the next couple of years.

When opportunities I think in the marketplace will will emerge.

But having the scale to be flexible in how we deal with them will be important.

Operator next question please.

And that will come from the line of Ben Swinburne of Morgan Stanley .

Thank you good morning.

You guys may be the only ones to talk about revenue grow advertising revenue growth accelerating into the December quarter during earnings is particularly.

With your comments around <unk>.

A lot of weakness in digital advertising broadly can.

Can you talk a little bit about the drivers there I know you mentioned TVT.

But are there other aspects to what <unk>.

<unk> is offering advertisers that explains the strong growth this quarter and what youre seeing.

Q4, and just to come back to capital allocation, if I can sneak one more in I guess I'm a little surprised the buyback isn't accelerating just your stocks got like a.

15%, plus free cash yield and youre sitting on cash.

$5 billion on a percent or 3% it seems given the position of the company's cash flow profile like a pretty attractive opportunity to sort of increase the pace.

So Steve if you have anything you want to add in terms of just what you guys are waiting for looking at to resolve itself to maybe get more aggressive or maybe the environment. Just means you want to be more conservative I'd love to hear your thoughts there. Thank you guys.

Good morning, Ben I'll start obviously with the <unk> and Steve you can talk about.

Buyback and capital allocation so.

Just to start with <unk>.

If you look at the <unk> as a as a business and we know what the the team. There have built is really a best in class.

<unk> our service and they have had several years head start in this business they are entirely focused.

On Avon, but thats both from a.

Having established a really superior AD tech stack and AD Tech team.

And also now combined with Fox.

And advertising sales team with a proven track record.

You couple that with the largest library.

Available in the United States with 48000 titles, which by the way is five times, the Netflix library the cross platform.

Opportunities that we are executing on across sports and news.

In entertainment.

Really sort of.

<unk>.

Provides a tremendous platform.

Absolutely.

Taking off.

<unk> was up 53%.

That really drives our trend is true.

This amount of this of the monetization of that flows through we hold are.

CPM.

Our rates are pretty steady.

At <unk>. So it's really it's not pricing that is.

This increase but its not pricing that's accelerating is really with the <unk>.

<unk> the TVT time.

<unk> on our clients and advertisers.

More opportunities.

On the platform so.

We are.

Tremendously excited about the future of <unk> as we sit here today.

He then its Dave just on the capital allocation I think within the environment, obviously lends itself to being more conservative on balance sheet management, but it has its own nature to be measured in the way we manage the balance sheet. If you look at what we've done since the establishment of Fox <unk> capital has been direct.

<unk> with St 4 billion back to shareholders, whether it be in the form of the $2 9 billion in buybacks plus over $1 billion in dividends versus M&A, which sits at net M&A sits at below opinion side. So I think the bias. Thus far has been to return capital to shareholders, where we havent heard other alternative uses for it but right at the moment we see.

Feel like being measured in a touch more conservative is the right place to be.

Next question. Please will go to the line of Phil Cusick of J P. Morgan.

Hi, Thank you first a follow up on the to be data points. Those are helpful. Thank you can you discuss the potential of that business to evolve maybe from what it looks like today and I know you are in specifically in investment mode, but what does it take to get that EBITDA number to a positive overtime and then second any sort of update on the flutter.

Negotiation or tightening there. Thank you.

So.

Sure.

<unk>.

To be as being profitable.

In past quarters, and we've made the.

Proactive and I think.

<unk>.

The decision to use this opportunity to invest.

In <unk>.

It's a modest investment compared to.

Very modest investment compared to what our peers are.

Investing in their in their S thawed.

Our platform, but we think it is.

It's a stage investment because we have the opportunity to really lead in the AVR market is absolutely there.

For the taking.

We are leading the <unk> market, but there's sort of.

Cement that lead in.

When in the urban market is absolutely.

Our goal will continue to invest.

<unk>.

The short to medium term and Tobey I think particularly in an environment where.

There are potential sort of.

Economic stress.

And households.

A free service.

This is a great position to be in.

I think <unk> will benefit.

For many of them frankly from any economic.

Chills the people people might feel it's the right time to divest its the right time to extend our lead.

I'll, let flutter.

We expect.

A decision and their flutter arbitration.

In Italy.

Sure.

And.

Once we once we have there.

Uh huh.

That handed down.

We'll assess our position but.

We expect to.

Imminent decision.

We expect to be police buyouts.

Next question, please operator that.

That will come from the line of Steven <unk> of Wells Fargo.

Thank you I know youre not commenting on the merger itself, but I think you mentioned that a majority of independent shareholders need to approve it. So I was wondering if you could at least comment as to whether shareholders are going to be provided with some incremental information between now and I guess, what it'll be a required shareholder vote and the reason I ask is I think that.

And my opinion is a great business. So I think shareholders are wondering why they want to mix a great business with just a different business. So if you could at least comment not not specifically on the deal, but what that Investor education is going to look like I think that would help everybody envision what's going on thank you.

Thank you very much as I mentioned I can't really comment on it because we don't know if there is a deal or if there will be a deal what that deal would look like so.

It's hard to comment on anything are impossible to comment on anything that I am.

That doesn't exist today so.

We we like you.

After the patients are.

And wait to see what the special committees.

The outcome of their.

Discussions and <unk>.

Processes.

Operator, we have time for one more question.

And that will come from the line of John Hodulik of UBS.

Great. Thanks, guys, maybe first a couple of follow ups on the on the <unk> data.

And you may have covered this topic, what content is driving that that 50% increase in.

TVT there and then is the $50 million investment that we saw in the quarter is that a good run rate going forward in that.

I would imagine that's not that doesn't.

Constitute a change in the guidance for sort of flattish digital dish dilution in the quarter and then lastly, just back to the AD market. I mean anything you can say about sort of AD trends, especially in the local TV market ex political as we head into the December quarter, because again, there's been there's been a number of sources of weakness there I'm just wondering what youre seeing in that part of the market.

So.

Let me start on to be Steve can talk about their run rate run rate and then I'll come back to the.

The local ad market.

Political in <unk>.

With political as well so.

The.

The TPG growth across <unk> has really been across all genres.

30.

Our wide widespread <unk>, whereas we have discussed on previous calls <unk>.

Core proposition.

Is.

No.

Video on demand so it's their movies on their TV series on demand they have worked hard over the last.

The year or so launching I think is now over 200 fast channels, which are a combination of both both news, but also general entertainment and sports fast channels. Those fast channels are doing very well, but our.

And are growing rapidly, but our overall a smaller percentage there.

TVT.

But it's pleasing that this is the <unk>.

<unk> has been really across the entire platform. If you want to see it run rate just.

Sure.

Run rate for <unk> said, 50, 50 median absolute EBITDA.

In the quarter.

Last year, we sort of across to <unk> across the whole year was in the low two hundreds in terms of EBITDA deficit for the company.

I would anticipate that the 50.

We saw last year and I expect this to be the same case issue, where the second half of the had relatively more investment in first half and changes. So you should expect to see a relatively consistent pattern with that listen we.

It doesn't change sort of that guidance in terms of the dilution around digital investments across the company whether that includes to the nation with the.

Blockchain the rest of the rest of the portfolio that remains intact disease.

<unk> listen as we see that business develops we will continue to invest in as we say that top line continue to grow which is exceeding our expectations.

And then on the advertising market.

It's interesting as you sort of look at the.

What's the word.

The sort of the ins and outs of the market like you know in some categories where.

Local.

Might have.

Some softness or more fluidity in the market youre seeing it being picked up in national advertising in the same category. So.

Sectors.

We're strong in local and now we're strong in national So there is some sort of swings.

And roundabouts, there, but overall.

The trend is really a flight to quality.

Particularly around our news and sports.

Brands and platforms. So internationally I think I called out pharmaceutical are very strong our restaurants, particularly quick service restaurants, and more particularly pizza category is doing very well and now my householders.

The advertising is working.

And media really streaming, particularly.

<unk> services are more and more competitive theyre spending a lot of <unk>.

Yeah.

Our marketing themselves on our platforms.

On the.

On the soft side.

We're seeing softness in wagering.

Again, thats more of a local softness in wagering, but we're picking picking up a lot of that national wagering.

Bedding.

Spend on government health services right. So this time last year, there was still a lot of our of COVID-19.

Health.

Advertising.

Messaging from governments and obviously, that's a best.

Very significantly less.

This year round.

Sure.

Locally.

Automotive remains very strong again. This is the first time in a couple of years that we've seen on local automotive advertising.

Strong as it is now the other category locally that that's very strong.

General just general services.

Which is which was good to see and any softness elsewhere is more than made up by this record political year. I think you have to remember that in our markets.

Tremendous some local station footprint and there are Senate races in 13.

Out of our 18 markets.

And particularly the.

The heartfelt ones, Arizona, Georgia, Pennsylvania, and we're certainly seeing.

Tremendous amount of political spending flow through those markets, but also this year gubernatorial races, we have seven seven.

17 gubernatorial races.

In our 18 markets. So it's an incredibly busy time.

We're certainly see it flow through in our political revenues.

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

Thanks, Eric.

And ladies and gentlemen that does conclude your conference for today. Thank you for using AT&T executive teleconference. You may now disconnect.

We're sorry your conferences ending now please hang up.

Yes.

Okay.

Yes.

Okay.

[music].

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Sure.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Sure.

[music].

Sure.

Yes.

Okay.

Yes.

Sure.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

[music].

Okay.

Yes.

Okay.

Yes.

Sure.

Okay.

Thank you.

Yes.

Okay.

Yes.

Okay.

Thanks.

Sure.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

[music].

Okay.

<unk>.

Sure.

Okay.

[music].

Yes.

Thanks.

Okay.

Sure.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

Sure.

Okay.

[music].

Okay.

Yes.

Sure.

[music].

Yes.

Sure.

Yes.

Okay.

[music].

Yes.

Sure.

Yes.

Yeah.

Okay.

Sure.

Okay.

Sure.

Okay.

[music].

Yes.

Sure.

Yes.

[music].

Okay.

Sure.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

[music].

Okay.

[music].

Yes.

Okay.

[music].

Okay.

Yes.

[music].

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Yeah.

Okay.

Sure.

Okay.

Thanks.

Thank you.

Great.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

[music].

Yes.

Sure.

Okay.

Hi.

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

Thank you.

Okay.

Yes.

Okay.

Yes.

Okay.

Alright.

Yes.

Sure.

Yes.

Sure.

Okay.

Yes.

Thanks.

Yes.

Okay.

Thanks.

Okay.

[music].

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Sure.

[music].

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

[music].

Yes.

Okay.

Yes.

Okay.

Yes.

[music].

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

Thank you.

Okay.

Yes.

Okay.

Yes.

Okay.

Thank you.

Yes.

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Ladies and gentlemen, thank you for standing by welcome to the Fox Corporation first quarter fiscal year 2023 earnings Conference call.

At this time all participants are in a listen only mode.

Later, we will conduct a question and answer session I would like to emphasize that question Natalie for the question and answer queue will be given at that time.

If you should require assistance during the call. Please press Star then zero as a reminder, this conference is being recorded.

Now I'll turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead Ms Brown.

Thank you operator, good morning, and welcome to our fiscal 2023 first quarter earnings call.

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

First Lachlan and Steve will give some prepared remarks on the most recent quarter and then we'll take questions from the investment community.

Please note that this call may include forward looking statements regarding Fox Corporation's financial performance and operating results.

Two it on this call.

Reconciliations of non-GAAP financial measures are included in our earnings release, and our SEC filings, which are available in the Investor Relations section of our website and with that I am pleased to turn the call over to Lachlan.

Thanks, Kathy and thank you all for joining us this morning to discuss our first quarter results.

And happy Halloween everyone.

I was trying to think of our Halloween.

Reference or a joke, but are in fact theres nothing scary in these results.

Actually fiscal 'twenty three has started off by the way that's call that that joke.

My household.

Fiscal 'twenty three has started off on a solid footing for us supported by healthy viewership at sports and news revenue growth across our platforms and impressive momentum at <unk>.

Financially, we delivered 5% growth in our top line revenues led by an 8% increase in advertising and 3% growth in affiliate revenues.

Our advertising growth in the quarter was driven by strong pricing at Fox News and Fox Sports record first quarter political revenues at the local stations.

And in a quarter, where industry wide digital advertising revenues appear to have been under pressure to be posted standout revenue growth of almost 30%.

These are great results for Fox. However, we recognize that there is a lot of commentary around advertising headwinds as the macro environment evolves.

The broader national advertising market is looking more fluid compared to the time of our last earnings call. However, the macro impact is not uniform across our verticals.

While we have observed some softness in the linear entertainment scatter marketplace remember that Fox does not over index to network Entertainment.

So any impact there is nominal to us and it has been more than offset by the digital entertainment strength delivered by <unk>.

Additionally, despite the economic headwinds we are seeing continued strength across our linear news and sports portfolios led by the pharmaceutical restaurant and streaming categories.

These dynamics underscore a flight to quality.

And the importance of our focus on live content with over two thirds of our advertising revenue generated by live sports and news.

At our local stations, we generated record political revenues for the September quarter second quarter to date political revenues have also been very strong given the combination of races and ballot issues across our markets.

And I can confirm with a week still to go before election day, we have already feed our fiscal year 2021 record at the local stations, excluding the Georgia run offs.

Meanwhile, based market sales at the local stations were stable in the first quarter. It is still too early to gauge how much of an impact the macro uncertainty will have on local based market advertising in the December quarter, but.

While we are encouraged by the continued positive growth we are seeing in the automotive category, but a recognized industry specific dynamics that are impacting sectors, such as wagering and government public health advertisement.

On the distribution side of our business, we have completed the first round of our multi year affiliate renewal cycle.

So far the results are consistent with our expectations and we are pleased that the market recognizes the value of our brands as they deliver.

For their customers.

Fox Nation had a standout quarter for subscribers and engagement with total subscription growth north of 45% and total hours watched up almost 70% over last year, making our fiscal first quarter Fox nation's highest quarter ever for hours watched.

Fox Sports has had a very exciting calendar or has a very exciting calendar ahead of it this fall.

Fox is off to a great start and we're pleased to report that America's game of the week is averaging nearly 23 million viewers up 9% over last year.

The 'twenty to 'twenty two college football season also got off to an outstanding start with $10 6 million viewers for Alabama, Texas and the seasons first Big noon Saturday game.

It's no surprise that Fox is big news Saturday remains the number one window in college football with viewership up 15% over last year.

And Fox continues to be the primary home for baseball's postseason, where our coverage across Fox started in October and culminates with the World series throughout this week as always we're backing for tight seven game series.

You know quite well that we have assembled an array of marquee sports rights M&A or many of them will be on full display later this month during the Thanksgiving weekend, when Fox will play host to four of this year's biggest mash ups the giants versus Cowboys on Thanksgiving. The U S men's soccer team versus in England, and the World Cup on Friday.

Michigan, and Ohio State on Saturday afternoon, and of course, we're present Americas game of the week on Sunday afternoon.

Which is between the ramp and the chiefs it'll be a terrific game. This extraordinary holiday weekend slight sets us up nicely as we prepare to broadcast Super Bowl 57 in February .

Yeah.

Elsewhere the story at <unk>.

Is breathtaking with first quarter revenue growth re accelerating to almost 30% over last year.

This marks the first time that <unk> revenue has surpassed the advertising revenue generated by Fox Entertainment in a meaningful way.

And in the December quarter for <unk> looks to be a continuation of that momentum with revenue growth. The revenue growth rate. Currently pacing ahead of the September quarter at nearly 40%.

She was impressive progress and growing audience engagement and monetization is indicating.

That our investment strategy and operational focus is working nicely.

Our fiscal year is off to quite a start.

For the September quarter results once again highlight the strength of our leadership brands and we are just getting started in what promises to be a banner year for Fox.

We're encouraged by the operating trends across the portfolio and the early returns on our digital investments when paired with our strong balance sheet and low leverage the Fox story remains a differentiated one amongst its media peers.

And while we continue to be mindful of how the macroeconomic environment evolves. During the months ahead, Fox remains well positioned to navigate and outperform through any potential uncertainty.

Finally, let me comment on the announcement made earlier this month regarding a potential combination of Fox News Corporation.

For our combination transaction to proceed it will need the approval of both special committees and a supportive vote by the majority of the minority non affiliated shareholders of each company.

The Special Committee has not made any determination at this time and there can be no certainty that the company will engage in such a transaction.

Given the importance of the work of the special committees I'm not in a position to take any questions on the proposed transaction at this time.

And now Steve will take you through the financial highlights of the quarter.

Thanks, a lot Glenn and good morning, everyone.

As Lachlan mentioned, we've made a solid start to fiscal 223, delivering total company revenue growth was 5%.

This top line momentum was led by 8% growth in air advertising revenues were in the quarter. We continued to see healthy scatter demand for our leading news and sports properties and generated meaningful revenue reacceleration of television.

We also benefited from a record fiscal first quarter for political advertising revenues at our owned and operated television stations.

Quarterly adjusted EBITDA was $1 89 billion.

Up 3% as our revenue growth was partially offset by higher expenses led by continued investment in digital initiatives and increased rights amortization of Fox sports.

Net income attributable to stockholders of $605 million or $1 10 per share compares to the $701 million or $1 21 per share reported in the prior year period.

Once again this was impacted by the change in fair value of the company's investment in Florida, which we recognize the net.

Additionally, our effective tax rate was slightly higher in the quarter, primarily due to a remeasurement of our net deferred tax assets associated with a reduction in state, Texas has had no impact on our cash taxes in the quarter.

Leading this impact and other noncore items adjusted EPS was $1 21 up 9% over last year's $1 11.

Turning now to our segments, starting with cable network programming.

Cable advertising revenues were up 2% as our market leadership in used continue to drive linear pricing gains at the Fox News channel.

This was partially offset by lower programmatic revenues at our digital news properties in the current period as.

As well as the impact of scheduling effects at our National Sports cable networks, where last year's revenues benefit benefited from the Comcast Goldcup and Copa America zones.

Cable affiliate fee revenues were consistent with the prior quarter as we had signaled previously we're in the early days of that next distribution renewal cycle.

Cable other revenues increased 9% in the quarter, primarily due to higher Fox nation subscription revenues.

EBITDA at our cable segment and $742 million.

Compared to the $774 million reported in the prior year period and includes the impact of elevated breaking news costs and the timing of digital investments at Fox News media.

At TV, we delivered 8% revenue growth led by an 11% increase in advertising revenues.

A TV station saw a record September quarter for political advertising revenues, while the Fox network benefited from continued strength in pricing and additional <unk>.

It will be broadcast at Fox sports.

We offset by softer ratings.

Notably we saw a sequential reacceleration of growth with revenues up 29% to approximately $165 million.

This was on the back of a 53% increase in total view time and stable CPM.

Television affiliate fee revenues were up 6% as healthy as healthy growth in fees across all Fox affiliate Fox affiliated stations.

More than offset any impact from subscriber declines.

Other revenues increased 5% in the quarter, primarily reflecting the impact of the TMC and <unk> acquisitions, partially offset by the timing of deliveries of Bento box.

EBITDAR that television segment was up 14% in the quarter, where we saw the typical seasonal increase NIM marquee rights costs at Fox sports, including the impact of our MLP renewal, partially offset by lower marketing and programming expenses thoughtfully Entertainment.

We are clearly, making strong progress in both audience growth and monetization of <unk>, which underscores our confidence in the long term value this asset.

So it is worth noting that the EBITDA, we delivered in the quarter at the television segment and Fox more broadly incorporates an approximately $50 million EBITDA investment in <unk>.

Now turning to cash flow, where we generated $196 million of <unk>.

Free cash flow in the quarter.

From a capital deployment perspective fiscal year to date, we have repurchased a further $300 million via share buyback program.

We remain committed to use utilizing a full buyback authorization of $4 billion, having now cumulatively repurchased two 9 million.

Representing approximately 14% of that total shares outstanding since the launch of the buyback program in 2019.

Finally, we continue to maintain a very robust balance sheet, where we ended the quarter was approximately $5 billion in cash and $7 $2 billion in debt.

Fiscal 2023 is now well underway.

And with a strong program of showcase events still to come coupled with the strongest balance sheet in the industry.

Fox is uniquely placed to navigate any micro and macro uncertainty and deliver value to our shareholders and with that I'm happy to turn the call back over to Gabby.

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

Thank you, ladies and gentlemen, I would like to emphasize the functionality for the question and answer queue.

I wish to ask a question. Please press one zero on your Touchtone phone you will hear tone, indicating that you've been placed in Q and you can remove yourself from queue at any time by once again pressing one zero if youre using a speakerphone. Please pick up the handset before pressing the numbers.

It has been requested that you limit yourself to one question. Once again, if you have a question. Please press one then zero at this time one moment. Please for the first question.

That will come from the line of Jessica Reif Ehrlich of.

Bank of America Securities.

Thank you good morning.

One question, Okay, Let me think about this.

Well first on the decline in the pay TV universe.

Benefits from the combination and the balance sheet your balance sheet. So incredibly strong, but so is there how do you think about using those balance sheets.

Hi, Good morning, Jessica Thank you very much.

<unk>.

And.

I appreciate keeping here.

Keeping your questions.

Short number of questions. So thank you I know it's tough.

Because it does a lot to talk about but on the decline in the pay TV universe as Steve called out.

We've seen a decline of about 7%.

We're not seeing an integral the most recent <unk> that that decline.

Getting any worse. So it's obviously last year was 5%. This time last year. This year, we have seen this.

Down to 7%, but it looks.

To have stabilized at 7%.

And our focus is really in continuing.

To invest in our brands, particularly on news and sport, which are really essential.

To the pay TV bundle so.

We're not in a position I think a lot of the.

Cable General Entertainment channels, which are are more.

At risk to people.

Going to asphalt services and streaming to get that.

The type of content.

Whereas there's only one place you can get Fox news and there's only one place you can get Fox sports. So our strategy is to continue to invest and be essential for all of our.

Distributors.

For them for their pay TV bundles, and we've seen that play out through our renewals were at the beginning of our renewal cycle. So it's a massive three year cycle I think in.

Fiscal 'twenty, 334% of our aggregate cable and TV segment.

Distribution revenue.

Is up for renegotiation next fiscal year. It's also a 34% up from a negotiation and in fact, the fiscal 'twenty five but still 28%. So we almost in over the next three years completely.

Renew and refresh and extend our RK will distribute distribution agreements.

We are well underway with the first are having completed the first round of those renewals and I have to say we are extremely pleased with the outcome of those renewals because our distribution partners.

Do value, what we bring to the bundle and on our commitment to the bundle. So those those renewals have gone.

You know very well and have met every expectation we've had for them.

The split between cable.

Affiliate revenue in the TV segment affiliate revenue will shift slightly I think youll see the TV affiliate segment grow at a faster pace.

On the cable.

Affiliate revenue and Thats just in terms of how we how we negotiate.

Those agreements with them with the distributors.

In terms of the.

Potential.

Recombination with news Corp.

Really cant talk about it it's actually an independent process going through with the with the independent committees and it's not for me too.

Yeah.

Discuss e-commerce, thereby I don't know their conversations are having or nor kind of discussing some sarver.

Sorry about that Jessica operator next question. Please will go to the line of Robert Fishman with Moffett Nathan.

Hey, good morning, everyone.

Maybe just more broadly can you discuss the importance of scale in the media industry.

Are there advantages to having a smaller portfolio, where you can focus on the core sports and news assets.

Talk about especially when thinking about the cable network negotiations.

Good morning, Robert how are you look I think in our scale.

It has to be focused right and scale scale is important and what we've seen.

Amongst our media peers.

Over the last.

Few years.

Our peers getting bigger through mergers and acquisitions and so.

So I think scale.

Lens.

Flexibility.

In many way so so so we continue to grow our business we continue.

Two.

To be.

Look at M&A in and be very disciplined in how we look at it but we also do look at the importance of scale, particularly over the next couple of years.

When opportunities.

And the marketplace will will emerge that have.

Bringing the scale will be flexible in how we deal with them will be important.

Operator next question please.

And that will come from the line of Ben Swinburne of Morgan Stanley .

Thank you good morning.

You guys may be the only ones to talk about revenue advertising revenue growth accelerating into the December quarter during earnings is particularly.

With your comments around <unk>, we've seen a lot of weakness in digital advertising broadly can.

Can you talk a little bit about the drivers there.

And TVT.

But are there other aspects to what.

<unk> is offering advertisers that explains the strong growth this quarter and what youre seeing into Q4, and just to come back to capital allocation. If I can sneak one more in I guess I'm a little surprised the buyback is an accelerating just your stocks got like a.

15%, plus free cash yield and youre sitting on cash.

$5 billion on a 2%, 3% it seems given the.

The company's cash flow profile, like a pretty attractive opportunity to sort of increase the pace.

Steve If you have anything you want to add in terms of just what you guys are waiting for looking at to resolve itself to maybe get more aggressive or maybe the environment. Just means you want to be more conservative I'd love to hear your thoughts there.

You guys.

Good morning, Ben I'll start obviously with the <unk> and see if you can talk about the buyback.

Buyback and capital allocation so.

Sure.

Just to start with <unk>.

If you look at the <unk> as a as a business.

The team there have built is really a best in class AA Vaughan our service and they have had several years head start in this business. They are entirely focused on an Eva but thats both from a.

Having established a really superior AD tech stack and AD Tech team.

And also now combined with Fox.

And advertising sales team with a proven track record.

You couple that with the largest library.

Available in the United States with 48000 titles, which by the way is five times, the Netflix library the cross platform.

Opportunities that we are executing on across sports and news.

Entertainment.

Really sort of.

<unk>.

Provides a tremendous platform.

Absolutely.

Taking off.

<unk> was up 53%.

That really drives.

This amount of this of the monetization as it flows through we hold are.

CPM.

Our rates are pretty steady.

At <unk>. So it's really it's not pricing that is.

<unk> increase but it's not pricing that's accelerating is really with the TBD.

Time that Thats all.

<unk> on our clients and advertisers.

There are more opportunities.

On the platform so.

We are.

Tremendously excited about the future as we sit here today.

Hey, Ben it's stay just on the capital allocation I think within the environment, obviously lends itself to being more conservative on balance sheet management, but it is it's in our nature to be measured in the way we manage the balance sheet. If you look at what we've done since the establishment of Fox and where capital is being direct.

<unk> with St four.

<unk> billion back to shareholders, whether it be informed with the $2 9 billion in buybacks plus over $1 billion in dividends. This is M&A, which sits at net M&A receipts of globe medium size.

I think the bias has been to return capital to shareholders, where we haven't had other alternate uses for that right at the moment, we feel like being measured in a touch more conservative is the right place to be.

Next question please.

Go to the line of Phil Cusick of Jpmorgan.

Hi, Thank you first a follow up on the <unk> data points. Those are helpful. Thank you can you discuss the potential of that business to evolve maybe from what it looks like today and I know you are in specifically in investment mode, but what does it take to get that EBITDA number to a positive over time, and then second any sort of update on the flutter.

<unk> our timing there. Thank you.

So.

Yeah.

<unk>.

<unk> been profitable.

In past quarters, and we've made the.

Proactive and I think prudent.

Decision too.

This opportunity to invest.

<unk>.

It's a modest investment compared to.

Very modest investment compared to what our peers are.

Our <unk>.

Investing in their in their S thawed.

Our platforms, but we think it is.

It's a stage investment because of the opportunity to really lead in the API market is absolutely there.

For the taking.

We are leading there about market potential of.

Cement that lead in.

When in the API market is absolutely our goal. So we will continue to.

Invest.

Into the.

The short term medium term and Tobey I think particularly in an environment where.

There are potential sort of.

Economic stress and households, having a free service.

<unk> is a great position to be and I don't think I think <unk> will benefit.

For many of them frankly from any economic.

Chills the people our people might feel it's the right time in Nebraska is the right time to extend our lead.

Got it.

Flutter.

We expect.

A decision in the flutter arbitration imminently.

<unk>.

And.

Once we once we have there.

Sure.

That handed down.

We'll assess our position but.

But we expect.

Imminent decision in.

We expect to be pleased by it.

Next question please operator.

That will come from the line of Stephen Cahill.

Wells Fargo.

Thank you I know you are not commenting on the merger itself, but I think you mentioned that a majority of independent shareholders need to improve it. So I was wondering if you could at least comment as to whether shareholders are going to be provided with some incremental information between now and I guess, what it'll be a required shareholder vote and the reason I ask is I think that.

Thank you very much as I mentioned I can't really comment on it because we don't know if there is a deal or if there will be a deal what that deal would look like so.

It's hard to comment on anything are impossible to comment on anything that I am.

That doesn't exist today so.

We we like you.

After the patients are.

And wait to see what the special committees.

But the outcome of their.

Discussions and <unk>.

On processes.

Operator, we have time for one more question.

And that will come from the line of John Hodulik of UBS.

Great. Thanks, guys, maybe first a couple of follow ups on the on the <unk> data.

First and Mark you may have covered this topic, what content is driving that that 50% increase in.

TVT there and then is the $50 million investment that we saw in the quarter is that a good run rate going forward in that.

Imagine that's not that doesn't.

Constitute a change in that in the guidance for sort of flattish digital dish dilution in the quarter and then lastly, just back to the AD market. I mean anything you can say about sort of AD trends, especially in the local TV market ex political as we head into the December quarter, because again, there's been there's been a number of sources of weakness there I'm just wondering what youre seeing in that part of the market.

So.

Let me start on <unk>, Steve can talk about the runway run rate and then I'll come back to the.

The local ad market.

Political in <unk>.

With political as well so.

Got it.

<unk>.

The TPG growth across <unk> has really been across all genres.

Pretty.

While widespread <unk>, whereas we have discussed on previous calls <unk>.

Core proposition.

Is.

No.

Video on demand so it's their movies on their TV series on demand they have worked hard over the last.

A year or so launching I think is now over 200 fast channels, which are a combination of both both news, but I'll also general entertainment and sports fast channels those fast channels are doing very well, but our.

And are growing rapidly, but our overall a smaller percentage of their.

TVT.

But it's pleasing that this is the <unk>.

<unk> has been really across the entire platform. So if you want to see it run rate.

Sure.

Run rate for <unk> said, 50, 50 median absolute EBITDA.

<unk> in the quarter.

Last year, we sort of across two to be across the whole year was in the low two hundreds in terms of EBITDA deficit for the company.

I would anticipate that the 50.

It doesn't change sort of that guidance in terms of the dilution around digital investments across the company whether that includes to the nation with the.

Blockchain. The rest is the rest of the portfolio that remains intact disease.

<unk> listen as we see that business develops we will continue to invest in as we say that top line continue to grow which is exceeding our expectations.

And then on the advertising market.

It's interesting as you sort of look at the.

What's the word.

These are the ins and outs of the market and some categories were.

Local.

It might have.

Some softness or more fluidity in the market youre seeing it being picked up in national advertising in the same category. So.

Sectors.

We're strong in local and that now are strong and national So there is some sort of swings.

Roundabouts there, but overall.

The trend is really a flight to quality.

Particularly around our news and sports.

Brands and platforms. So internationally I think I called out pharmaceutical are very strong our restaurants, particularly quick service restaurants, and even more particularly pizza category is doing very well and now my householders.

The advertising is working.

Media really streaming, particularly.

As as asphalt services are more and more competitive either spending a lot of.

Money.

Our marketing themselves on our platforms.

On the.

On the soft side.

<unk>.

We are seeing softness in wagering.

Again, thats more of a local softness in wagering, but we're picking picking up a lot of that national wagering betting a spend on government health services right. So this time last year, there was still a lot of our of COVID-19.

Health.

Advertising.

<unk> from governments and obviously that's that's.

Very significantly less.

This year round.

Locally.

Automotive remains very strong again. This is the first time in a couple of years that we've seen on local automotive advertising.

<unk> is now the other category locally that's very strong.

General General services.

Which is which was good to see and any softness elsewhere is more than made up.

This record political year, I think you have to remember that in our markets.

Tremendous some local station footprint.

And there are Senate races in 13.

Out of our 18 markets.

And particularly the.

<unk>.

The heartfelt ones, Arizona, Georgia, Pennsylvania, and we're certainly seeing.

This amount of political spending flow through those markets, but also this year gubernatorial races, we have seven <unk>.

17 gubernatorial races.

In our <unk> market. So it's an incredibly busy time in.

We certainly see it flow through in our political.

Local revenues.

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

Thanks, Eric.

And ladies and gentlemen that does conclude your conference for today. Thank you for using AT&T executive teleconference. You may now disconnect.

Q1 2023 Fox Corp Earnings Call

Request a DemoDemo

FOX

Fox

Earnings