Q4 2025 Versant Media Group Inc Earnings Call
Greetings welcome to Virgin Medias full year, 2025, operating and financial results Conference call.
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A question and answer session will follow the formal presentation.
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Please note this conference is being recorded.
At this time I'll turn the conference over to Wiley colleagues Executive Vice President of Investor Relations and Treasury.
Thank you you may now begin.
Thank you and good morning, everyone welcome to Virgin Media's fourth quarter and full year, 'twenty 25, operating and financial results Conference call George.
Joining us today are Mark Lazarus, Chief Executive Officer, and I'm, Kenny Chief Financial Officer, and Chief Operating Officer also with US are Jordan Fassbender General Counsel, and Natalie Candela VP of Investor Relations.
Before we begin I'd like to remind you that certain statements made during this call may constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
For a discussion of these risks and uncertainties. Please refer diverse medias filings with the SEC and today's earnings release.
All forward looking statements are made as of today March three 2026, and we undertake no obligation to update them. During today's call. We may refer to certain non-GAAP financial measures reconciliations of these measures to the most directly comparable GAAP measures are included in today's earnings release in the materials posted in the Investor Relations section.
<unk> of our website with that I'll turn the call over to Mark.
Thank you Eiley and good morning, we are pleased to report versus 2025 operating and financial results as an independent well positioned media and entertainment company.
2025 was a pivotal year for burst, we completed our transition to a standalone public company, while advancing our clear and deliberate strategy continuing to win with premium content extending the reach of our iconic brands and accelerating the growth of our digital platforms.
We operate in four large and growing markets business news and personal finance political news and opinion golf and athletics participation in sports and genre Entertainment.
In each of our brands hold leadership positions with clear opportunities to extend beyond T. T V.
It enters its next phase with meaningful scale, reaching an average of approximately 100 million people every month.
Our live news live sports and premium entertainment programming continue to attract large engaged audiences and generate robust advertiser demand.
Approximately 60% of our audience comes from news and sports, which is most valued by audiences and advertisers in.
In 2025 C N B C solidified its position as the number one global business media brand delivering exclusive breaking news and more than 6000 hours of live on air coverage.
That leadership was on full display in Davos last month, where viewership surged across all three days of coverage as CNBC was at the center of the world's most consequential business conversations.
We built on that position of strength in 2025 with a multiyear partnership with Cal She.
Integrating real time protection market data directly into C N B C's editorial coverage.
This important commercial relationship introduces new revenue streams and connects us with a younger highly engaged and data driven investor audience.
We're extending that strategy, even further C. N B C will launch our next generation direct to consumer subscription service tailored to retail investors.
A fully integrated platform combining C N B C editorial insights investment recommendations portfolio tracking advanced charting AI powered analysis and powerful decision, making tools all built on our brand and talent that investors Trust.
We believe this service addresses a significant market need with a product only C. N B C can deliver.
On election night in 'twenty twenty-five M. S. Now was the most watched network across all of cable reinforcing the strength of the brand at the most consequential moments in politics.
Since the rebrand to M. S. Now in the fourth quarter that momentum has not only held it has accelerated with double digit growth in total viewers since November.
That momentum extends well beyond traditional TV as well in 2025 M. S. Now generated nearly 8 billion views across Tictoc and Youtube along with more than 140 million podcast downloads.
Demonstrating the depth and demand of a highly engaged audience.
To build on that engagement later this year, we will launch a new M. S. Now direct to consumer platform centered on community.
Excess and exclusive content, extending the breadth and depth of M. S now's audience reach.
Yeah.
The golf channel is the number one golf media outlet and in 'twenty 'twenty five we aired over 2000 hours of live coverage across more than 200 events accounting for 35% of all hours watched for golf.
The inaugural Golf Channel games aired in December and we also extended our U S. G. A partnership through 'twenty 32, and our PGA of America partnership, including the Ryder Cup through 'twenty thirty-three securing long term rights and reinforcing our leadership in golf for years to come.
Beyond pay TV, our teatime platform golf now delivered a record year with 40 million Tee times booked over 9000 courses globally.
Demonstrating bursts and scale in the broader golf ecosystem.
Across our broader sports portfolio USA sports added Pac 12 football.
And basketball and expanded our leadership in women's sports through long term agreements with the W. M. B a N ligue one volleyball.
Last month, we also brought the Olympic Winter games from Alon Cortinas to audiences nationwide on USA network N C N B C and we'll provide more on that during our first quarter call.
In entertainment USA delivered the number one scripted cable original premiere of 2025 with the Rainmaker and it has already been renewed for a second season.
And forcing our ability to launch and develop premium franchises.
We also broadcast the Critic's choice awards, which delivered their strongest ratings since 'twenty 'twenty. Two a reminder of the enduring appeal of live unscripted Entertainment.
At Fandango, we will launch new AD supported streaming service later this year, enabling audiences to watch films and TV series for free leveraging fandango as broad distribution footprint scaled customer base and burst and strong library of content.
This is a natural extension for the Fandango platform growing audience and deepening engagement, while driving incremental monetization.
In addition, we completed the acquisition of indie cinema group, expanding our offering for cinema operators with a cloud based operating system now deployed across theaters worldwide.
We also added free television networks to our portfolio with national over the air distribution, expanding our presence in the fast growing free AD supported market and extending our footprint beyond traditional pay TV.
These acquisitions reinforce our strategy of building on our leadership in our core markets by expanding distribution deepening engagement and developing new audience touch points through both existing and new platforms.
We view revenue mix as a critical indicator of our strategic transformation in 'twenty 'twenty, 417% of our revenue came from non pay TV platforms in 'twenty twenty-five that increased to 19% and that was achieved without the benefit of the new initiatives launching this year our target is 33.
Percent over the next three to five years and over time to get closer to 50% positioning versus two a platform for growth overtime.
We are committed to continue investing in the business and returning capital to shareholders. Our board has declared the Companys first dividend and has also approved a 1 billion dollar share repurchase authorization.
This program reflects our confidence in the business and our strong balance sheet.
Which provides us the flexibility to invest in growth, while also delivering meaningful shareholder returns.
As we move forward, we have a clear strategy and the infrastructure operating discipline and leadership required to when we enter this next chapter from a position of strength profitable scaled and disciplined.
None of this would be possible without our team across every part of our company our people executed and a complex separation, while continuing to deliver for audiences partners and shareholders I am incredibly proud of what we have built an even more confident in what we will accomplish next.
With that let me turn it over to Ireland.
Thanks, Mark and good morning, everyone.
As Mark noted we are focused on disciplined execution and positioning the company for long term value creation.
I'll review, our full year 2025 results.
Discuss key performance drivers and provide our outlook for 2026.
Unless otherwise noted all comments reflect standalone results, meaning a view of 2025 and 2024 as if we were already operating as an independent company aligned with how we presented at Investor Day, and how we will report going forward.
2025 performance is consistent with the forecast we shared in December with strong profitability healthy margins and significant free cash flow generation.
Total revenue was approximately $6 7 billion down 5% year over year.
The decline primarily reflects ongoing secular pressure in pay TV and advertising normalization following the prior year's presidential election cycle par.
Partially offset by growth in our platform businesses.
Standalone, adjusted EBITDA, which excludes transaction and separation related costs. It was about $2 2 billion down 9% year over year.
Standalone adjusted EBITDA margins remained above 30% consistent with the framework outlined at Investor Day.
An estimated standalone free cash flow totaled a healthy 1.5 billion for the year.
Turning now to revenue details Lynn.
Linear distribution revenue was $4 1 billion down 5% year over year, driven by continued moderate cord cutting partially offset by contractual rate increases.
Importantly, more than half of our pay TV subscribers are under agreements not subject to renewal until 2028 and beyond providing meaningful revenue visibility.
Advertising revenue was approximately $1 6 billion down 9% year over year, reflecting ratings declines and post election normalization in use.
Quarterly growth trends were affected by sports timing differences and certain assumptions related to the impact of the 2020 for Paris Olympics understand alone results.
Platforms revenue, primarily golf now Fandango increased 4% to approximately $826 million.
Golf now delivered another strong year with growth in bookings payment volumes and subscriptions fin.
Fandango performance reflected a softer than expected theatrical slate, particularly in the second half.
We expect platforms to return to high single digit revenue growth organically in 2026.
Supported by a stronger box office slate and continued growth in golf now. Additionally.
Additionally, we anticipate favorable contributions from our recent indie cinema acquisition.
Content licensing and other revenue was approximately $193 million down 9% year over year.
Merely due to timing of entertainment licensing agreements.
On expenses cost of revenues declined by about $130 million in 2025, driven by programming cost savings, including from our new long term NASCAR agreement.
SG&A, excluding transaction and separation related costs were slightly lower year over year and reflects the resources required to operate as a standalone public company.
Turning now to the fourth quarter results were broadly consistent with the full year trends revenue was $1 6 billion down 7% year over year.
<unk> adjusted EBITDA was $521 million down 19% impacted by production tax benefit in the prior year quarter.
Full year results better reflect the underlying financial profile.
We begin the year with approximately $850 million of cash and total liquidity of approximately 1.6 billion, including availability under our $750 million revolving credit facility.
Gross debt totaled approximately 3 billion, resulting in net leverage of one times trailing 12 months Standalone adjusted EBITDA, providing.
Stansell financial flexibility.
With respect to capital allocation, returning capital to shareholders remains a top priority for us alongside disciplined investing to support long term growth.
As Mark noted the board has authorized a share repurchase program of up to $1 billion and has declared a <unk> 37, and a half cent per share quarterly cash dividend.
Representing an expected annualized dividend of $1 50 per share.
Our 2026 outlook remains consistent with the framework provided at Investor day.
We expect revenue between $6, one 5 billion and $6 4 billion supported by midterm political advertising and new product initiatives.
We expect adjusted EBITDA between $1, eight 5 billion and $2 billion as we continue to invest in growth with some quarterly volatility caused by sports rights timing, particularly in second half.
Depreciation and amortization will remain elevated in 2026, largely due to amortization of intangibles related to the 2011 Comcast acquisition of NBC Universal.
This amortization will be substantially complete by year end 2026.
We anticipate our cash tax rate for 2026 to be approximately 26%, excluding the impact of intangibles on the balance sheet.
From a capital expenditure standpoint, we expect 2026 capex to be modestly above standalone 2025 levels.
The increase primarily reflects the build out of our new Manhattan headquarters and targeted investments in our platforms and other growth businesses.
Over the medium term, we expect capital intensity and normalize following completion of these projects.
We continue to expect free cash flow between 1 billion and $1 2 billion in 2026.
Free cash flow conversion will be modestly lowered in 2025, reflecting working capital timing.
One time cash tax benefits in 2025.
And the incremental capital expenditures I just outlined.
On working capital, we anticipate quarterly variability, particularly in the fourth quarter.
This is principally caused by separation related timing effects, including NBC Universal's pre funding of certain receivables that separation, which increased our opening cash balance with a corresponding Q1 working capital impact.
With that I'll hand, it back to the operator to open the line for Q&A.
Thank you.
At this time, we'll be conducting a question and answer session.
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Thank you and the first question comes from the line of Mike Lang with Goldman Sachs. Please proceed.
With your question.
Hey, good morning, Congratulations on your first quarter as a standalone public company I just have two questions if I could.
First platform. This is obviously a critical part of getting to your revenue diversification goals can.
Can you talk a little bit about your confidence in achieving that.
One third of revenue and non from non PE pay TV over the next three to five years.
Key new product launches and features that you expect to be the most meaningful in the next couple of years here. Thank you.
Yes, sure Michael Thanks.
So we're really confident in our platforms business as we mentioned earlier, though the results for 2025, we are a little bit impacted by a slightly softer film slate for the industry.
And unearned mentioned, we expect high single digit revenue growth for 2026, which is consistent with the history that we have with these businesses. So we're very bullish on strong growth both top and bottom line long enough into the future. When you think about those core businesses golf now Fandango are established leaders they are really strong.
A preeminent brands in their respective markets.
They still have a lot of room to grow organically and to grow penetration golf now for example represents less than 10% of the total rounds book. It is very early on in the international expansion trajectory that we've undertaken.
We can extend these businesses very easily in the adjacent markets. We're launching a free Avon services part of Fandango, which will complement the movie ticketing and the home rental business that we purchased in the cinema, which we mentioned which enables us to offer the industry's best.
Operating software.
Two the same cinema operators, who already use.
Our partners on the ticketing business, so theres a lot of.
Any more expansion opportunities for Fandango hadn't golf now.
We will also launch brand new platforms associated with our brands Cnbc's D to C is targeted to the retail investor analysts now D to C. All the offering community insights perspective relevant to that brand. These are big powerful brands.
Big existing audiences and we're in a great position for these to be adopted at scale around the D to C places, we have not really invested before.
Yeah, I would just add is I think as Mark Mark mentioned.
Michael It's a good question and for US. It's a combination as you saw organic investment, where we're making quite a bit as we just talked about the different brands and then also M&A. Our bar is high I think in the sentiment is a good example.
An M&A opportunity that we found very compelling very good use of capital.
A significant value creation fits with our brand fits with Fandango, it's kind of an opportunity to add incremental value right away because we already have a sales channel to those exhibitors, who buy ticketing products. So I think that between the organic investment and then selective inorganic just kind of reinforces how confident and how bullish we are about our platforms.
Wonderful. Thank you for that and just as a follow up could you just provide an update on the four Tien tsin strategic review process and on the M&A point.
To support platforms, just some clarity on kind of tuck ins versus.
Maybe something more mid size. Thank you very much.
Sure I'll start with sports engine so.
As we discussed we're evaluating kind of value maximizing alternatives for that business. So just to be very clear, we see a lot of consolidation in youth sports market wide. So we think it's the right time for this review, but we haven't made a decision yet we just to be very clear, we like sports engine. It's been a very good business for US is a very good business and so we're only going to pursue.
Opportunities that genuinely maximize value for the long term.
Broadly on M&A.
We'll consider obviously all opportunities that add value I think in the cinema as a very good example of a tuck in as you called it and we think there very well may be more I mean for example, golf now we built golf NAV over time, it was really a roll up of a lot of independent operators, you can kind of consider that in some ways a tuck in type as well so definitely we will look at those.
Could there be something bigger sure, but I think the key point is our thresholds here are very high.
As part of our capital allocation M&A is one area, but the the brand's ability to drive value right away and the synergies.
Or something that we obviously considered very carefully is that have to kind of satisfy all of those thresholds and make sure. It delivers premium returns and we will continue to be very disciplined in pursuing that.
Great. Thanks, Mark Thanks, Ron.
Thank you.
Our next questions are from the line of Brent Peters with Raymond James. Please proceed with your questions.
Hey, good morning, everyone. Thanks for taking the questions first one for me good to see the shareholder return plans.
Buy back authorization.
What's your philosophy going to be on buybacks do you plan on being pretty opportunistic or should we expect them to be.
Pretty regular and is there a 10 <unk> hundred one program in place already.
Yeah.
This point, we're going to be opportunistic we're gonna be thinking through.
The total capital allocation program sort of Holistically.
And we'll handle it that way.
Okay.
And then.
Realize it's very early in the year journey as a Standalone company and and majority of your renewals are beyond 'twenty six 'twenty seven but can you just update us on your confidence on.
On the affiliate fee trajectory in and what you might be hearing from distribution partners at this point.
Well, we were able to execute.
A bunch of deals last year, when we were long announced as a stand alone company and we were able to do that on terms that work for us and work for the distribution partners. We have a few deals up later on in this year and we anticipate being able to have very productive.
Similar discussions with them at that time.
Our life portfolio of news and sports.
We think plays into what people are still looking to watch on linear TV and that's a big part of our asset play.
Okay got it and then final question for me.
The Warner Brothers discovery process, obviously kind of moving into the next phase now.
<unk> from the sidelines what have you all learned.
From this process in terms of the industry in terms of some of your competitors in terms of evaluation.
What does all this mean for <unk>.
Well.
We have our plan to go as an independent company, we have a strong set of assets. We are very focused on our vertical markets.
And.
The wider view was it was interesting because.
The assets from from Warner Brothers were interesting to a couple of people in a couple of different ways and we look at that as well.
Being reinforcing of the value of our company.
I think the later thing I'd add is I think maybe what we've learned is.
As you kind of went through that process. The assets that had a tremendous amount of I often went around news and sports.
I think you've heard us say before that that's about 60% of our audience has news and sports. So we think in many ways that process validates.
The quality of our brands in our portfolio and a strategy that we're pursuing to kind of continue to drive those businesses, which are permanent.
Currently positioned within the pay TV ecosystem and it also gives us the opportunity then to extend them outside of it. So we think in many ways kind of validating the approach that we have.
Okay. Thanks, guys.
Our next question is from the line of Peter Zaffino with Wolfe Research. Please proceed with your questions.
Good morning.
Couple of questions about the way your brands go to market.
Firstly I.
I'm wondering if you could talk about the size of the audience that you're reaching them.
Linear pay TV.
We obviously can see ratings data.
On individuals' shows, but I wonder how many households are are engaging with your news and sports content every month and with enough frequency to be important to your negotiations with pay TV distributors and the background on that question is you just here in our conversations with clients and enormous preoccupation with the possibility that you all might have.
I mean, it might someday lose a distributor and then a second go to market question relates to your brands DTC opportunity.
Could you talk about your economics.
Extremely CNBC and MFS now direct to consumer and whether Sunday, a partnership with a third party streamer with a massive audience might be interesting. Thank you.
So on the audience engagement we have.
Big Big brands that are well known and ubiquitous ubiquitously known to to the to the to the marketplace.
We reach around as we stated earlier 100 million people each and every month with our brands.
If you look at some of them individually.
MFS now has doubled its audience in prime time in the last 10 years, reaching over 1 million people on average $1 million to people on average in prime time on MFS now each and every day. So that's massive scale and those people are watching with huge engagement they are watching roughly.
To nine hours, a week, which is the second highest engagement across the entire media television landscape.
<unk> Similarly, as a law.
Large loyal following in the financial sector, and with retail investors and Youll see that as we talk about the D to C and eventually launch that.
In the future.
Across our sports Premier League WWE NASCAR WNBA The Olympics was them.
We were reaching 234 million people at a time with USA network over the last few weeks.
So we have scale.
And we do it by go on individual networks and the accumulation of the total audience across our portfolio.
On the <unk>.
DTC programs on the economic profile.
We feel very confident that we already have an infrastructure. So the build out of these as is.
Is not a massive capital not massively capital intensive we're creating product product suites that will appeal for CIBC to the retail investor and MFS now to that highly engaged audience. Yeah. That's right, Brian I think any theater, what part of that also kind of maybe implicit or embedded in your question is would we go to market.
In different ways and I think that answer is yes. So sure we're going to operate directly to consumers, but clearly we're open to different opportunities to distribute to other partners, whether that's bundling or packaging or other distributors.
We will in fact be active in kind of striking that I mean, it's all about driving value and driving scale.
And there's actually a lot of folks that are interested frankly in working with us on that and those conversations will discuss them at the right time, but they are ongoing.
Thanks, gentlemen.
Thank you.
Our next question is from the line of Jessica Reif Ehrlich with Bank of America. Please proceed with your question.
Thank you good morning, two questions.
First one is on advertising.
And to your existing business.
Okay. Thank you.
Advertising component you have new businesses, whether it's direct to consumer or free T. V are dependent at least in part on advertising. So could you give us a little bit of color on the current market and talk to some of the levers that you can control to maybe improve the advertising trajectory in the current year, but the pricing or sell through.
Quest platform packaging measurement etcetera data.
So you said that would be great. If you can Vale color and then secondly, second completely different topic, but on sports with the larger media companies chasing what's likely a very expensive NFL renewal.
Can you just opened the door for you to buy what would be considered a secondary or tertiary tertiary sport's been calling for it whether it's like women's sportswear upcoming sport.
Maybe you can take a picture and unfortunate to have anything a focus how do you think that your sports strategy will evolve. Thank you.
Yeah.
So why don't I take the second one first.
Yes.
<unk> is the NFL comes to market and will discuss new arrangements with with.
Some of the other media companies, we believe that there will be some one of our competitors actually set a rebalancing of the sports portfolios.
We believe that there will be a rebalancing of the sports portfolios and that that will leave opportunity for for US who have a heritage in sports who have strong sports properties.
And legacy to begin with but we also have broad reach and with USA network in particular.
It's as broader reach vehicle as is any other cable TV.
Asset and where pay TV asset and we believe that there will be opportunity for us to to get involved in properties that we might not have otherwise gotten involved we're open to conversations we're having ongoing conversations.
We built out our own production unit.
And we are prepared for the sports landscape to be shifting and we will be in the middle of that.
It will be disciplined but will be in the middle of that.
As it relates to advertising I'll start out I mean, I think you know.
We're still for the next two years NBC Universal is representing US that has been a very strong and proven go to market strategy not just for us but for them to have the scale of our assets and their assets under one umbrella. That's the way we've done it for the last 15 years and it's been a very successful model.
We will continue that at least for the next two years and then they will pay and we will decide on the right future strategy for higher Ed sales and theirs.
Are moving some of our.
Advertising outside of pay TV, you mentioned D to C and free TV networks that allows us to reach other marketers and allows us to be involved more in.
In the programmatic sales and more of the more technology, driven sales with Fandango with golf now.
We have a lot of data and information about our customers and what would you use that to target advertising.
In the free TV and digital spaces.
Thank you.
Our next question is from the line of cooking morale with Evercore ISI. Please proceed with your question.
Good morning, and thanks for taking the questions I just had a follow up on linear distribution.
I think we're all aware of the secondary challenge across challenges across the industry, along with more skinny and genre based packages coming to market, but as you go into your future negotiations do you see any offsets to some of these industry wide headwinds when it comes to pricing for example, and networks like EMS now, which seems quite underpriced in terms of affiliate.
Fees per subscribers compared to its cable network peers.
Our cable news network peers and is there anything more specifically you can share on expectations for linear distribution revenue growth in 2026, specifically thank you.
Well on the broader question I mean sure. We all believe all of our networks are underpriced. Thank you for recognizing that we are.
We oh.
News and.
Sports have been the predominant focus on the new the new packaging, we are fortunate and where we are strategic.
Strategic and having both of those sets of assets. We have two news networks into networks that are sports with golf channel and USA network. So we're in all of those packages.
And that has been very helpful for us in retaining our distribution and our revenues.
I think those kind of packages you will continue on.
<unk> kind of talked about it a little earlier on the DTC side.
We're a new Standalone company, we don't have as many competing constituencies as we had in the larger company. So we will be flexible and creative as we can be well, making sure. We retain the value that we are able we think our networks deserve and that the audiences.
Have shown that they deserve.
And on the on the 2026 question, we have pretty good visibility here, we've got converted visibility I should say I think we've mentioned that we have about 16% of our subscribers are up for renewal, but obviously I mean, 84% are not.
Kind of security on that and so in terms of what that kind of trajectory would be and what we assume is it that the pace of cord cutting is something getting worse, we assume that it's kind of at roughly the same that we've seen now for a while kind of that high single digit has been offset by some contractual rate increase.
So that probably dimensionalize in terms of what we're kind of looking for as you look forward in 2006.
Perfect. Thank you both.
The next question is from the line of David Joyce with Seaport Research. Please proceed with your questions.
Thank you.
Couple of clarifications on the other questions on the affiliate fees are you starting to negotiate your carriage on your own as they expire.
Or is there a complete separation already versus the Comcast and universal NBC Universal deals.
And then secondly on your various other.
Platform companies.
No.
Do you anticipate providing.
Providing trends on the data of the users are subscription numbers.
Just wondering what we could look for in terms of some more data points and trends there. Thank you.
So on the distribution question, yes, we have our own distribution negotiation team and we are handling all of those deals on a going forward basis.
Ourselves.
We're already in.
We have an established group of people that came to us some from Comcast from NBC use some from outside and have strong relationships across the industry and where we're out there in the marketplace building upon those relationships.
I think in terms of then the kind of the platform revenue.
Right now we're just we're going to continue to report of course kind of good visibility in the platform's revenue line, which we think provides a good meaningful indicator of how that business is scaling. It again just to be very clear. What's in there is kind of the big businesses are golf now Fandango sports engine and some of the new DTC initiatives that we just talked about.
And like over time again, we will provide a little color commentary as we launch these services I think mark referred to earlier with if you're launching in 2026 do you expect it to talk a little bit more about them, but like I said, we think right now that that's the way we're running the business is really looking at that platforms revenue in Poland. Also then looking at our revenue mix as well I mean, we referred to earlier the person.
<unk> of our revenues that come from outside pay TV, which platforms is a big percentage going from 17 to 19 and our goals of that getting that to about 33% over three to five years. So we will continue to have high visibility on that as well.
Okay I appreciate that and one final question actually on Fandango Avon service that youre going to be launching what's the anticipated library availability there.
Is there anything that you have exclusive or what are the kind of the windowing availabilities that are going to be on there.
Yeah.
Yes, it'll be a combination of content, we own content, we license as part of our linear deals. We have licensed content from a lot of different studios in particular, universal and where we will be able to use part of our windows.
That we were that were met for.
For the linear networks to run on our on the the new Avon service. So the combination of those and then other third party deals yeah. That's right. So some of it will be as Mark just mentioned it will be kind of exclusive in a way to reverse at some times, where it may be available.
He just sat on our TV networks as well as in Danville anybody, but you wouldn't you wouldn't be able to watch it anywhere else.
And then other types of programming it may be available also on other platforms. The thing that we've seen on <unk> success is aimed at you don't need to be exclusive for the vast preponderance than what the market doesn't really necessarily want that or because they need that a lot of it's about the brand and fandango as a really big brand.
Having a great user experience and we're continuing to invest in that so you can actually discover the programming that is there and then also a lot of knowledge of the customer and one of the big advantages we have in our in Penang away about it we already know the customer. These are scaled services, where people are logging onto their connected TV. So we can provide recommendations to them the advertising will be.
Targeted and so we think theres a lot of areas not only on content, but another features where we have a real life I think to enhance one of items points as fandango as already.
A big broad brand, it's already on People's phones, and connected Tvs because of buying movie tickets and also it's a top five home video service for buying and renting movies and TV series. So.
So we already have a large installed base, it's now a matter of converting them and showing them.
Two we have a strong free <unk> service is something that we have seen the trends across the industry.
As a growth vehicle and we believe that the combination of our brands and our content and our large installed base will will help us grow quickly.
Alright, Thank you very much.
Thank you.
Anil question today comes from the line of Doug Kurtz with TD Cowen. Please proceed with your questions.
Okay.
Thank you.
Ladies and gentlemen, this will conclude today's conference. We thank you for your participation you may disconnect. Your lines at this time and have a wonderful day.
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