二十一世紀福斯 (FOX) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Fox Corporation's First Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabriele Brown. Please go ahead, Ms. Brown.

女士們先生們，謝謝你們的支持。歡迎參加福斯公司 2024 財年第一季財報電話會議。 （操作員指示）我現在將會議轉交給首席投資者關係官 Gabriele Brown 女士。請繼續，布朗女士。

Thank you, operator. Good morning, and welcome to our fiscal 2024 first quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, 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.

謝謝你，接線生。早安，歡迎參加我們的 2024 財年第一季財報電話會議。今天與我一起參加電話會議的還有執行主席兼執行長拉克蘭默多克 (Lachlan Murdoch)；約翰‧納倫，營運長；以及我們的財務長 Steve Tomsic。首先，拉克蘭和史蒂夫將就最近一個季度發表一些準備好的評論，然後我們將回答投資界的問題。

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 to 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.

請注意，本次電話會議可能包括有關福克斯公司財務業績和經營業績的前瞻性陳述。這些聲明是基於管理層目前的預期，由於今天的電話會議和公司向 SEC 提交的文件中確定的某些因素，實際結果可能與所述結果有所不同。此外，本次電話會議將包括某些非公認會計準則財務指標，包括調整後的 EBITDA 或 EBITDA，正如我們在本次電話會議中所提到的。非 GAAP 財務指標的調節包含在我們的收益發布和 SEC 文件中，這些文件可在我們網站的投資者關係部分找到。

And with that, I'm pleased to turn the call over to Lachlan.

至此，我很高興將電話轉給拉克蘭。

Thank you, Gabby, and thanks, everyone, for joining us this morning. I just want to start with a comment and a note of thanks. We are living through tumultuous times. And at the outset, I want to acknowledge the work our journalists are doing covering the horrific October 7 terrorist attack and the subsequent ongoing war in the Middle East.

謝謝你，加比，也謝謝大家今天早上加入我們。我只想先發表評論和致謝。我們正生活在動盪的時代。首先，我要感謝我們的記者在報導 10 月 7 日可怕的恐怖攻擊以及隨後發生的中東戰爭所做的工作。

From the reporting of Trey Yingst, Greg Palkot, Mike Tobin and Lucas Tomlinson in Israel; and Steve Harrigan in (inaudible) to the deep analysis and insightful commentary by our reporters and hosts, including John Roberts and Trace Gallagher, to the essential and brave work of our on-the-ground producers and camera crews, Fox's fulfilling its mission defined, report and analyze the news of the day without fear or favor.

來自 Trey Yingst、Greg Palkot、Mike Tobin 和 Lucas Tomlinson 在以色列的報告；史蒂夫·哈里根（聽不清），我們的記者和主持人（包括約翰·羅伯茨和特雷斯·加拉格爾）的深入分析和富有洞察力的評論，我們的現場製片人和攝製組的重要而勇敢的工作，福克斯正在履行其定義的使命，毫無恐懼或偏袒地報道和分析當天的新聞。

News reporting is hard and word reporting is perhaps the hardest. And while the horror Central to this new cycle and were heavily on those we ask to expose them, their exposure is necessary. And so our team deserves our admiration and our gratitude as they continue to work tirelessly and under demanding conditions to keep us up to date on events far away and on their impact closer to home. My sincere thanks to them all.

新聞報道很難，文字報道也許是最難的。雖然恐怖是這個新周期的核心，並且對我們要求揭露它們的人來說很重要，但他們的曝光是必要的。因此，我們的團隊值得我們欽佩和感激，因為他們在艱苦的條件下繼續不懈地工作，讓我們了解遠方發生的事件及其對家鄉的影響。我衷心感謝他們所有人。

Now turning to today's first quarter earnings release. Against a backdrop of an active news cycle and a robust sports schedule, fiscal 2024 has started off on a solid operational and financial footing. Fox's focused portfolio of assets continues to distinguish itself and deliver exceptional results. Financially, we are now comparing against the fiscal '23 cycle of events that delivered then record revenues and EBITDA. Despite this comparison, we posted total revenues this year slightly ahead of last year's record.

現在轉向今天發布的第一季收益。在活躍的新聞週期和強勁的體育賽事安排的背景下，2024 財年的營運和財務基礎穩固。福克斯的重點資產組合繼續脫穎而出並取得卓越的業績。在財務方面，我們現在正在與 23 財年的事件週期進行比較，當時該事件帶來了創紀錄的收入和 EBITDA。儘管如此，我們今年的總收入仍略高於去年的紀錄。

On the affiliate side, we reported 2% total affiliate growth, led by 8% growth of the TV segment in the quarter. Importantly, we have continued to secure constructive renewals, which deliver for our partners and reinforce the value of our brands and program. Advertising revenues in the quarter decreased by around 2%, principally due to a comparative quarter last year that was much heavier in political ad revenues at our local TV stations.

在聯盟行銷方面，我們報告了 2% 的聯盟行銷總成長，其中本季電視業務成長了 8%。重要的是，我們繼續確保建設性的更新，這為我們的合作夥伴帶來了好處，並增強了我們品牌和計劃的價值。本季的廣告收入下降了約 2%，主要是由於我們當地電視台的政治廣告收入較去年同期要高得多。

We understand there is inconsistency around the broader advertising market, particularly in entertainment, but our focus on live sports and news continues to deliver with healthy national pricing and demand in addition to continued momentum at Tubi. Underpinning revenue are our core brands, which consistently resonate with viewers and the consumption data clearly shows this. With total viewing of FOX brands up 2% in the quarter.

我們知道更廣泛的廣告市場存在不一致的情況，特別是在娛樂領域，但除了 Tubi 的持續增長勢頭之外，我們對體育直播和新聞的關注繼續以健康的全國定價和需求提供。支撐收入的是我們的核心品牌，它們始終與觀眾產生共鳴，消費數據清楚地表明了這一點。本季 FOX 品牌的總觀看次數成長了 2%。

FOX Sports was a big driver of that consumption, especially with its broadcast of the Women's World Cup, where the U.S. versus the Netherlands on FOX was the most watched Women's World Cup game match ever on U.S. English language television. From summer to fall, our lineup is bolstered by our football packages led by the NFL on FOX, we are averaging over 17 million viewers Tubi gained. Based on the strength of our remaining schedule, especially from Thanksgiving to Christmas, we expect that engagement to improve significantly.

福克斯體育頻道是這項消費的重要推動力，尤其是它對女足世界盃的轉播，福克斯體育頻道播出的美國隊對陣荷蘭隊的比賽是美國英語電視上收視率最高的女足世界盃比賽。從夏天到秋天，我們的陣容得到了以 NFL 為首的 FOX 橄欖球頻道的支持，我們的 Tubi 平均獲得了超過 1700 萬觀眾。根據我們剩餘日程安排的強度，特別是從感恩節到聖誕節，我們預計參與度將顯著提高。

In College Football, interest is reaching new highs Fox's big new Saturday is progressing to a third straight year as the #1 game window in all of college footfall, averaging almost 6 million viewers. At Tubi, we had another enviable quarter, delivering 30% revenue growth driven by an impressive 65% lift in total view time.

在大學橄欖球方面，人們的興趣達到新高福克斯的新周六節目已連續第三年成為所有大學客流量排名第一的比賽窗口，平均觀眾人數接近 600 萬。在 Tubi，我們又經歷了一個令人羨慕的季度，在總觀看時間令人印象深刻的 65% 增長的推動下，收入增長了 30%。

Tubi surpassed 70 million monthly active users in September, logged nearly 4 billion streaming hours in the first half of the calendar year and remains the #1 AVOD player and most watched free ad-supported TV streaming service in the United States. Additionally, Tubi has beaten Pluto, Max, Paramount Plus and Peacock and Bouton for 5 consecutive months. One reason for the high engagement level that Tubi is its extensive content library that now exceeds 60,000 titles, which translates into more than 225,000 movies and TV episodes in addition to approximately 300 fast channels. And during the quarter, Tubi introduced Rabbit AI a Chat GPT 4 powered recommendation engine to help users navigate this incredible range of titles.

Tubi 9 月的月活躍用戶數超過 7,000 萬，今年上半年的串流媒體播放時長接近 40 億小時，仍然是美國排名第一的 AVOD 播放器和觀看次數最多的免費廣告支援電視串流服務。此外，Tubi 連續 5 個月擊敗了 Pluto、Max、Paramount Plus、Peacock 和 Bouton。 Tubi 參與度高的原因之一是其廣泛的內容庫，目前已超過 60,000 個標題，除了大約 300 個快速頻道外，還轉化為超過 225,000 部電影和電視劇集。在本季度，Tubi 推出了 Rabbit AI，這是一款由 Chat GPT 4 支援的推薦引擎，可協助用戶瀏覽這些令人難以置信的遊戲。

Tubi also offers a unique and compelling proposition to advertisers. Our recent MRI study of streaming peers concluded that Tubi saw the fastest growth amongst young and diverse populations. And that Tubi is able to deliver high-value net new audiences with 33% of Tubi streamers unreachable on other top AVOD services.

Tubi 也為廣告商提供了獨特且引人注目的主張。我們最近對串流媒體同行進行的 MRI 研究得出的結論是，Tubi 在年輕和多元化人群中成長最快。 Tubi 能夠提供高價值的淨新觀眾，其中 33% 的 Tubi 串流媒體用戶無法透過其他頂級 AVOD 服務獲得。

Now turning back to Fox News, the strength of our overall news coverage and the reach of our linear audio and digital content is unmatched. Whether it is the conflict in the Middle East, the upcoming 2024 election cycle or volatility in the financial markets, FOX News is increasingly their viewers first choice. The launch of our new expanded Primetime lineup in mid-July further solidified Fox News' leadership position, not only in cable news, but in all of cable, finishing the quarter as the most watched cable network in both total day and Primetime.

現在回到福克斯新聞，我們整體新聞報導的實力以及線性音頻和數位內容的影響力是無與倫比的。無論是中東衝突、即將到來的2024年大選週期還是金融市場的波動，福斯新聞越來越成為觀眾的首選。我們在 7 月中旬推出的全新擴展黃金時段陣容進一步鞏固了福克斯新聞的領導地位，不僅在有線電視領域，而且在所有有線電視領域，最終成為全天和黃金時段收視率最高的有線電視網絡。

FOX News maintained its lead as the most watched cable news network, beating CNN and MSNBC in and total viewers and in the demo for both prime and total day. We have seen that they continue and expand in the current quarter, with October viewership increasing over 20% from the first quarter with over 30% growth in the key demo. Ratings leadership during the quarter was achieved across the platform.

福克斯新聞繼續保持其作為收視率最高的有線新聞網絡的領先地位，在黃金時段和全天的收視率和總收視率以及演示中都擊敗了 CNN 和 MSNBC。我們看到他們在本季度繼續成長並擴大，10 月的收視率比第一季增長了 20% 以上，其中關鍵演示的收視率增長了 30% 以上。本季整個平台的評級領先。

The Fox News channel had the top 6 cable news programs with P2+ And the top 7 programs within the demo. In P2+, the 5 led the way in terms of viewers, followed by Jesse Watters Primetime and Hannity, of the 5 Gutfeld. Hannity and Jesse Watters Primetime were a top 4 programs in the demo. And Fox Business News ended the quarter as the most watched business cable network, beating CNBC in total viewers during the business day for the sixth consecutive quarter.

福克斯新聞頻道擁有 P2+ 排名前 6 的有線新聞節目以及演示中的排名前 7 的節目。在 P2+ 中，5 Gutfeld 的收視率領先，緊隨其後的是黃金時段的 Jesse Watters 和 5 Gutfeld 的 Hannity。 Hannity 和 Jesse Watters Primetime 是演示中排名前 4 名的節目。福斯商業新聞在本季結束時成為收視率最高的商業有線電視網絡，其工作日收視總數連續第六個季度超過 CNBC。

The election cycle started off with the successful Republican presidential primary debate, which is Fox News channel's highest-rated telecasts, since election day 2020 and the highest-rated non-sports telecast of the year across cable. While the debate kicked off the election cycle, once we get deeper into it, our local station group will benefit greatly from increased political spend in the coming quarters.

選舉週期以共和黨總統初選辯論的成功拉開序幕，這是福克斯新聞頻道自 2020 年選舉日以來收視率最高的電視節目，也是今年有線電視收視率最高的非體育電視節目。雖然這場辯論拉開了選舉週期的序幕，但一旦我們深入其中，我們當地的電視台集團將從未來幾季政治支出的增加中受益匪淺。

Over at FOX Entertainment, we started the 2023 to 2024 broadcast season as the #1 network in the key adult 18 to 49 demo, and Fox ranks as the top network and entertainment program. First in at least 10 years. FOX has 3 of the top 4 highest-rated premieres of the 2023/'24 season to date in Krapopolis, the Simpson and The Masked Singer. And the season's #1 new game show with Snake Oil. Across the company, fiscal '24 is shaping up nicely. We look forward to a great enthusiasm across the fall sports season, underpinned by the NFL college football and now the completed World Series, continued viewing growth at Tubi and renewed momentum at Fox News and our local stations as the election cycle heats up.

在福克斯娛樂公司，我們在 2023 年至 2024 年廣播季開始時，在 18 至 49 歲的主要成人演示中排名第一，而福克斯則躋身頂級網絡和娛樂節目之列。至少10年來的第一次。 2023/24 季迄今收視率最高的前 4 部首播劇中，福斯電視台 (FOX) 佔據了克拉波波利斯的 3 部：《辛普森家庭》和《蒙面歌王》。還有本季排名第一的新遊戲節目《蛇油》。整個公司的 24 財年進展順利。我們期待在NFL 大學橄欖球賽和現已完成的世界職業棒球大賽的支撐下，整個秋季體育賽季充滿熱情，隨著選舉週期的升溫，Tubi 的收視率持續增長，福克斯新聞和我們當地電視台的新勢頭也隨之增強。

Our balance sheet remains a core asset for FOX and we will continue to deploy it in a disciplined and thoughtful manner that delivers value for our shareholders. Finally, I would like to congratulate my father on a 70-year career at News Corp and Fox. His enduring legacy can be felt in both of these companies. And I can assure you that he is still very much involved and will continue to be for years to come. With that, I'll turn it over to Steve to take you through the operating details of the quarter.

我們的資產負債表仍然是福斯的核心資產，我們將繼續以嚴謹和深思熟慮的方式部署它，為我們的股東創造價值。最後，我要祝賀我的父親在新聞集團和福克斯工作了 70 年。這兩家公司都可以感受到他持久的遺產。我可以向你們保證，他仍然積極參與，並將在未來幾年繼續參與。接下來，我將把它交給史蒂夫，讓他帶您了解本季的營運細節。

Thanks, Lachlan, and good morning, everyone. FOX reported total first quarter company revenues of $3.21 billion, which is slightly above the prior year quarter. This was led by a 2% increase in affiliate fee revenues as the pricing gains from recent distribution renewals more than offset the impact from industry subscriber declines. From an advertising perspective, we, of course, faced the tough comparison to last year's record midterm political revenues at our local stations.

謝謝拉克蘭，大家早安。 FOX 公佈第一季公司總營收為 32.1 億美元，略高於去年同期。這是由聯屬費用收入增長 2% 帶動的，因為近期發行續訂帶來的定價收益遠遠抵消了行業訂戶下降的影響。從廣告的角度來看，我們當然面臨著與去年當地電視台創紀錄的中期政治收入的嚴峻比較。

This, coupled with continued softness in the direct response marketplace at FOX News more than offset the benefits we saw from the broadcast of the FIFA Women's World Cup, the 30% revenue growth generated at Tubi and continued support of national pricing for live content.

再加上福斯新聞直接反應市場的持續疲軟，遠遠抵消了我們從 FIFA 女足世界盃轉播、Tubi 產生的 30% 收入增長以及對直播內容全國定價的持續支持中看到的好處。

Taking as a whole, our advertising revenues declined 2%. Meanwhile, total company other revenues increased 2% or $6 million. Quarterly adjusted EBITDA was $869 million as compared to the $1.09 billion reported in the prior year quarter. Expenses increased this quarter driven by higher rights amortization and production costs associated with the Women's World Cup, the first year step-up from our NFL rights renewal and increased expenses at our digital businesses.

整體來看，我們的廣告收入下降了 2%。同時，公司其他總收入成長了 2%，即 600 萬美元。季度調整後 EBITDA 為 8.69 億美元，而去年同期報告的 EBITDA 為 10.9 億美元。本季費用有所增加，原因是與女足世界盃相關的版權攤銷和製作成本增加，這是我們 NFL 版權續約的第一年，而且我們的數位業務費用增加。

Net income attributable to stockholders of $407 million or $0.82 per share compared to the $605 million or $1.10 per share reported in the prior year period. This move largely reflects the EBITDA impact I just mentioned, along with the change in fair value of the company's investment in Flat recognized in other net. Excluding this impact and other non-core items, adjusted EPS was $1.09 versus last year's $1.21.

股東淨利潤為 4.07 億美元，即每股 0.82 美元，而去年同期報告的淨利潤為 6.05 億美元，即每股 1.10 美元。這項措施很大程度上反映了我剛才提到的 EBITDA 影響，以及公司在其他淨額中確認的 Flat 投資公允價值的變化。排除此影響和其他非核心項目，調整後每股收益為 1.09 美元，去年為 1.21 美元。

Turning to our operating segment results, starting with television, where we delivered total quarterly revenues of $1.78 billion or a 4% increase year-over-year. This was driven by an 8% increase in TV affiliate revenues with healthy growth in fees across all FOX-affiliated stations more than offset the impact from industry subscriber declines. Advertising revenues at our TV segment grew 1%, led by the benefits from the broadcast of the Women's World Cup, continued growth at Tubi and the timing of college football broadcast, partially offset by the absence of last year's midterm political revenues and lower ratings of the FOX network.

談到我們的營運部門業績，首先是電視業務，我們的季度總收入為 17.8 億美元，年增 4%。這是由電視附屬收入增長 8% 推動的，所有福克斯附屬電視台的費用健康增長，足以抵消行業訂戶下降的影響。我們電視部門的廣告收入增長了 1%，這得益於女足世界杯轉播、Tubi 的持續增長以及大學橄欖球轉播的時機，但部分被去年中期政治收入的缺乏和收視率較低所抵消。福克斯網絡。

Television Other revenues increased 6% in the quarter, primarily a result of the timing of participations tied to our entertainment production initiatives. The growth in revenue at our television segment was more than offset by a 10% increase in expenses, including costs associated with the Women's World Cup, the first year step-up associated with the renewal of our NFL rights and continued investment at Tubi. Together, these revenue and expense impacts led to quarterly adjusted EBITDA of $351 million in our Television segment compared to the $409 million reported in the prior year quarter. Our Cable segment reported total quarterly revenues of $1.39 billion, a 3% decrease year-over-year.

本季電視其他收入成長了 6%，這主要是由於與我們的娛樂製作計劃相關的參與時間表所致。我們電視部門收入的成長被 10% 的支出成長所抵消，其中包括與女足世界盃相關的成本、與續訂 NFL 轉播權相關的第一年費用以及對 Tubi 的持續投資。這些收入和費用影響共同導致我們電視部門的季度調整後 EBITDA 達到 3.51 億美元，而去年同期報告的 EBITDA 為 4.09 億美元。我們的電纜部門公佈的季度總收入為 13.9 億美元，年減 3%。

Cable affiliate revenues were down 2% in the quarter, largely a result of industry subscriber declines, which continue to run in the 8% range. Cable advertising revenues were down 8% as a broadcast of the Women's World Cup and the Men's CONCACAF Gold Cup were more than offset by the continued impact of a softer direct response marketplace and lower ratings at FOX News Media. Notably though, we continue to see healthy national linear and digital demand from advertisers of Fox News Media.

本季有線電視附屬公司營收下降了 2%，主要是由於行業訂戶數量下降，目前訂戶數量仍維持在 8% 的範圍內。由於直接反應市場疲軟和福克斯新聞媒體收視率下降的持續影響，女子世界盃和男子中北美洲及加勒比海金盃的轉播抵消了有線電視廣告收入下降 8% 的影響。但值得注意的是，我們繼續看到福斯新聞媒體廣告商的全國線性和數位需求。

Cable other revenues increased by $6 million in the quarter due to the timing of sports sublicensing revenues. Meanwhile, expenses at our Cable segment increased 13%, led by higher programming rights amortization and production costs for the Women's World Cup and Gold Cup, the timing of college football broadcast at FOX Sports One and contractual rights increases across our sports portfolio.

由於體育轉授權收入的時機，本季有線電視其他收入增加了 600 萬美元。同時，由於女足世界盃和金盃賽的節目版權攤銷和製作成本增加、福克斯體育一號大學橄欖球轉播時間安排以及我們體育賽事組合的合約權利增加，我們的有線電視部門的支出增加了13% 。

All in all, this resulted in adjusted EBITDA at our Cable segment of $607 million compared to the $742 million reported in the prior year period. Turning to cash flow, where free cash flow, which we define as net cash provided by operating activities less CapEx, was negative $70 million in the quarter. This is consistent with the seasonality of our working capital cycle with the first half of our 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 our fiscal year.

總而言之，我們的電纜部門調整後 EBITDA 為 6.07 億美元，而去年同期報告的 EBITDA 為 7.42 億美元。談到現金流，自由現金流（我們定義為經營活動提供的淨現金減去資本支出）在本季為負 7,000 萬美元。這與我們的營運資金週期的季節性是一致的，我們財年上半年的特點是體育版權付款的集中和廣告相關應收帳款的積累，這兩者在我們財年下半年都出現了逆轉。

From a capital deployment perspective, fiscal year-to-date, we have repurchased a further $300 million through our share buyback program. We have now cumulatively repurchased 4.9 billion, representing approximately 24% of our total shares outstanding, since the launch of the buyback program in 2019, and we remain committed to utilizing our full buyback authorization of $7 billion. This is supported by the strength of our balance sheet, where we ended the quarter with approximately $3.8 billion in cash and $7.2 billion in debt.

從資本部署的角度來看，本財年迄今，我們已透過股票回購計畫進一步回購了 3 億美元。自 2019 年啟動回購計畫以來，我們現已累計回購 49 億股，約佔已發行股份總數的 24%，我們仍致力於利用 70 億美元的全額回購授權。這得到了我們強勁的資產負債表的支持，本季末我們擁有約 38 億美元的現金和 72 億美元的債務。

This excludes the $1.25 billion of senior notes that we issued in early October. The proceeds from which we intend to use to pay down the corresponding maturity coming due in January 2024. And with that, I'll turn the call back over to Gabby.

這不包括我們在 10 月初發行的 12.5 億美元優先票據。我們打算用所得收益來償還 2024 年 1 月到期的相應到期款項。這樣，我會將電話轉回給 Gabby。

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

謝謝你，史蒂夫。現在我們很樂意回答投資界的問題。

(Operator Instructions) One moment for first question. And that will come from Robert Fishman from MoffettNathanson.

（操作員說明）請稍等一下第一個問題。這將來自 MoffettNathanson 的羅伯特·菲什曼 (Robert Fishman)。

After deciding on passing on the WWE renewal, can you share anything specific on how you evaluated the ROI of the deal in the context of driving higher advertising and affiliate fee revenue? And then maybe just more broadly, can you discuss, whether you expect to see any impact on future sports right negotiation, if the Disney, Charter renewal impacts the industry rate of cord cutting or affiliate fee growth going forward?

在決定放棄 WWE 續約後，您能否具體分享您如何在推動更高的廣告和聯盟費用收入的背景下評估該交易的投資回報率？然後，也許更廣泛地說，您能否討論一下，如果迪士尼、憲章續約影響了行業的斷線率或未來附屬費用的增長，您是否期望看到對未來體育權利談判的任何影響？

Rob, there's a lot in there. So let me unpack it bit by bit and if I -- I hope I don't miss anything. So how we -- I think we've talked about this before, but how we analyze the WWE renewal, and we look at all of our sports portfolio in the same way and on all new rights, opportunities are for new rights in the same way. We -- on the base of analyst -- analysis, sorry. We on both an advertising point of view, we were not hitting the advertising numbers, due to the audience of the WWE to make return for our return on investment to be above the levels that we would accept. But also we didn't attribute enough significant retransmission revenue to WWE either, so it made sense for us to move on from them. They've been a great partner for many years.

羅布，裡面有很多東西。所以讓我一點一點地解開它，如果我——我希望我不會錯過任何東西。所以我們——我想我們之前已經討論過這個問題，但是我們如何分析WWE的續約，我們如何以同樣的方式看待我們所有的體育項目組合以及所有新的權利，新權利的機會是相同的方式。抱歉，我們是根據分析師的分析。從廣告的角度來看，我們沒有達到廣告數字，因為 WWE 的觀眾對我們的投資回報率的回報高於我們可以接受的水平。但我們也沒有將足夠的轉播收入歸功於WWE，所以我們放棄他們是有道理的。多年來他們一直是很好的合作夥伴。

But just quite simply, we're very disciplined and the RR didn't meet our pretty disciplined parameters. So we wish them luck and we've moved on from them. We're currently in, I think, the final status of a very constructive negotiation for our NASCAR renewal. We look forward to continuing that partnership with NASCAR. It's been a great partnership for many years. And obviously, NASCAR exceeds our expectations from an ROI point of view. In terms of Disney and Charter and how that affects our view going forward. I think it's a net positive for us. I think that we want our distributors to do well. We want them to continue to invest in high-quality programming, and high-quality brands.

但很簡單，我們非常有紀律，而 RR 沒有達到我們相當有紀律的參數。所以我們祝他們好運，我們已經離開他們了。我認為，我們目前正處於關於 NASCAR 續約的非常有建設性的談判的最終階段。我們期待繼續與 NASCAR 保持合作關係。多年來，雙方一直是良好的合作關係。顯然，從投資報酬率的角度來看，NASCAR 超出了我們的預期。就迪士尼和憲章而言，以及這如何影響我們未來的觀點。我認為這對我們來說是積極的。我認為我們希望我們的經銷商表現出色。我們希望他們繼續投資於高品質的節目和高品質的品牌。

And obviously, between FOX News and Fox Sports, our station group and our network, we have a very focused, very valuable set of core brands, that distributors such as Charter value. So net-net, the Disney, Charter deal has been positive for us and positive for our strategy.

顯然，在福克斯新聞和福克斯體育、我們的電視台集團和我們的網絡之間，我們擁有一組非常專注、非常有價值的核心品牌，這是像 Charter 這樣的發行商所重視的。因此，net-net、迪士尼、Charter 交易對我們來說是正面的，對我們的策略也是正面的。

The next question is from Ben Swinburne from Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

My one question is on sort of unlocking value, although it does immediately have to spend 2 pieces that might be connected, I guess first -- it's a confession. I wanted to ask about sports and Tubi. So arguably, the popularity of sports, particularly football and even more particularly college football, has probably never been higher. I mean your college rights are probably more valuable today than ever. I'm just wondering if you guys have ideas on capitalizing and maximizing the return on those rights. Beyond the kind of stuff we always think about was advertising on the live rights and retrans fees.

我的一個問題是關於某種解鎖價值，儘管它確實必須立即花費 2 個可能連接的部件，我想首先 - 這是一個坦白。我想問有關體育和 Tubi 的問題。因此可以說，體育運動，特別是橄欖球，更特別是大學橄欖球的受歡迎程度可能從未如此之高。我的意思是，你的大學權利今天可能比以往任何時候都更有價值。我只是想知道你們是否有關於利用這些權利並最大化其回報的想法。除了我們一直在考慮的事情之外，還有關於直播權和轉播費的廣告。

And then kind of related, maybe is leveraging Tubi, both in terms of sports, but also just broadly, like your stock doesn't have I think, probably objectively credit for what Tubi is worth, and it continues to grow. Are you guys thinking about ways to try to highlight that value more or scale it up maybe through for some strategic activity? And any thoughts on helping to unlock some value around an asset that's obviously doing quite well and probably it will be worth a lot more in the public company than what it is currently priced at inside of Fox. So I know that's a lot, but would love your thoughts.

然後，某種相關的，也許是利用 Tubi，無論是在運動方面，還是廣義的，就像你的股票沒有我認為的那樣，可能客觀地認可 Tubi 的價值，而且它還在繼續增長。你們是否正在考慮如何嘗試更多地強調該價值或透過某些策略活動擴大其價值？任何關於幫助釋放一項資產的價值的想法，該資產顯然表現得相當不錯，而且在上市公司中的價值可能會比福克斯目前的定價高得多。所以我知道這很多，但會喜歡你的想法。

No that's fine. I think the best way I can answer both questions sort of with one answer, I suppose, which is the value -- you're 1,000% right, college football has never been more popular. It's rating extremely well. And 1 of the things we haven't talked about is, frankly, advertisers have found it. Advertisers are pouring in to call triple with tremendous rates and with tremendous appetite for volume because they can see the value in this audience.

不，沒關係。我認為回答這兩個問題的最好方法就是用一個答案，我想，這就是價值——你說得1000%正確，大學橄欖球從未如此受歡迎。評價非常好。坦白說，我們沒有談論的一件事是，廣告商已經找到了它。廣告商以巨大的價格和巨大的需求量湧入 Triple，因為他們看到了這些受眾的價值。

And perhaps it's been underpriced in past years, I'm not sure. But certainly, advertisers are recognizing the opportunity in college football and obviously, we're the leader. But ultimately, we build value through our brands and through the Fox Sports brand and Fox Sports and station distribution. And so we'll continue to build value through college football through the Fox Sports brand and monetizing it that way. The same thing with Tubi.

我不確定，也許過去幾年它的價格被低估了。但當然，廣告商正在認識到大學橄欖球的機會，顯然，我們是領導者。但最終，我們透過我們的品牌、福克斯體育品牌以及福克斯體育和電視台分銷來創造價值。因此，我們將繼續透過福克斯體育品牌透過大學橄欖球創造價值，並以這種方式貨幣化。圖比也是如此。

First of all, we don't envisage any kind of significant live sports on Tubi in the near or frankly, median, perhaps even long-term future. But Tubi is very focused on primarily entertainment, and particularly in video-on-demand entertainment, which makes that content and then engagement with their users, all the more valuable.

首先，我們不認為在近期或坦白說，中位數，甚至長期的未來，Tubi 上不會出現任何重要的體育賽事直播。但 Tubi 主要專注於娛樂，尤其是隨選視訊娛樂，這使得內容以及與用戶的互動變得更有價值。

And I think it will be a long time before we see significant live sports on Tubi. In terms of how we unlock the value in Tubi. Tubi will be the way our audiences engage -- primarily engage with entertainment in the future. It's a core part of our business and a core part of our strategy. And so we're building value there organically through driving its growth. I couldn't be more pleased with the arrival of our new CEO, Anjali Sud. She's doing a tremendous job and has very clear and strategic sort of retention and view for how we continue to drive Tubi's success. So thank you, Ben.

我認為我們還需要很長時間才能在 Tubi 上看到重要的體育賽事直播。就我們如何釋放 Tubi 的價值而言。 Tubi 將成為我們觀眾參與的方式——未來主要是參與娛樂活動。這是我們業務的核心部分，也是我們策略的核心部分。因此，我們透過推動其成長來有機地創造價值。我對新任執行長 Anjali Sud 的到來感到非常高興。她的工作非常出色，對於我們如何繼續推動 Tubi 的成功有著非常清晰和策略性的保留和看法。所以謝謝你，本。

And that's from Jessica Reif Ehrlich from Bank of America Securities.

這是來自美國銀行證券公司的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich) 的發言。

First of all, I want to say, I really appreciate your introductory comments regarding news reporting and of course, about your father, who was -- is definitely one of a kind. But my question, I guess, 2 part 2 as usual from all of us. First on advertising, can you give us your outlook for political advertising and what the current tone of sports advertising is. We know the general marketing still seems pretty tepid.

首先，我想說，我真的很感謝你對新聞報導的介紹評論，當然還有關於你父親的評論，他絕對是獨一無二的。但我想，我的問題是我們所有人像往常一樣提出的第二部分。首先關於廣告，您能否為我們介紹一下您對政治廣告的展望以及當前體育廣告的基調是什麼。我們知道整體行銷似乎仍然相當不溫不火。

And then maybe kind of a nuance on what Ben just asked, but the longer-term vision for Tubi, like it's clear there's tremendous growth near term, but is this the vehicle as you think about possibly transitioning to streaming, given the decline in the universe? Or how are you thinking about it?

然後，也許Ben 剛才問的問題有些細微差別，但Tubi 的長期願景，就像很明顯，短期內會有巨大的增長，但考慮到串流媒體的下降，這是你考慮可能過渡到串流媒體的工具嗎？宇宙？或者說你怎麼想的？

So let me start with advertising. So the -- we also hear and understand that the advertising market appears to be I use the word mixed, right, or sort of unsettled. However, we are not seeing that to the same extent due to our focus on sports and news. So let me start with sports, where we're seeing high demand around our NFL and we just discussed our cost football schedule particularly in the national sort of market, pharmaceuticals, auto, quick service restaurants and CPG categories have all been quite active and I think importantly our pricing has been added premium to our modest premium, but we are pricing above our [upfront] which certainly in a sports category, the market remains healthy. This will be somewhat tampered by post season baseball, including their conclusion of their world series last night.

那麼就讓我從廣告開始吧。因此，我們也聽到並了解到，廣告市場似乎是「混合」、「正確」或「不穩定」這個詞。然而，由於我們對體育和新聞的關注，我們並沒有看到同樣的程度。讓我從體育開始，我們看到 NFL 的需求很高，我們剛剛討論了我們的橄欖球賽程表，特別是在全國市場、藥品、汽車、快餐店和 CPG 類別中都非常活躍，我重要的是，我們的定價已經超出了我們適度的溢價，但我們的定價高於我們的[前期]，這當然在體育類別中，市場仍然健康。這將在某種程度上受到季後賽棒球的影響，包括他們昨晚結束的世界大賽。

I think sometimes you get lucky and you get 7 series -- 7-game series with a matchups that are in sight the imagination of a national audience and sometimes you're less lucky. So that's how that could be combos. And so I think we would like to have seen more games and we'd like to have seen a bit more sort of national excitement around these games, but it is what it is. Having said that, we should congratulate the Texas Rangers for a great season and winning the world series.

我認為有時你很幸運，你會得到 7 個系列賽——7 場系列賽，其中的對決可以在全國觀眾的想像中看到，但有時你就不那麼幸運了。這就是組合的方式。所以我認為我們希望看到更多的比賽，我們希望看到這些比賽帶來更多的全國性興奮，但事實就是如此。話雖如此，我們應該祝賀德克薩斯遊騎兵隊度過了一個偉大的賽季並贏得了世界大賽。

At FOX News Media, national advertising is solid with growing pricing. And it's important to note that we have over 80 new national advertisers in Primetime specifically in our 8 p.m. hour in the first quarter. So the refreshing of our schedule and our lineup has worked from both a ratings perspective, but also from an advertising perspective really, really very well. Direct Response continues to face some headwinds really from last year from the previous upfront, where there was which technically created sort of an oversupply in the market for direct response and put downward pressure on pricing.

在福斯新聞媒體，全國性廣告隨著價格的上漲而穩固。值得注意的是，我們在黃金時段新增了 80 多家全國性廣告商，特別是在晚上 8 點時段。第一季的一個小時。因此，我們的日程安排和陣容的更新無論從收視率角度還是從廣告角度來看都非常非常有效。直接響應繼續面臨去年以來的一些阻力，從技術上講，直接響應造成了市場供過於求，並對定價造成下行壓力。

We would expect as we go forward for that pressure to be relieved. There will be some -- and we've got increased audiences due to the new cycle, which is a positive from a ratings point of view, but that's partially offset by an increased level of preemptions due to our kind of really in-depth and incredible reported. So overall, I should just overall sports and news, we are very happy with the overall performance of both of those verticals in our business.

我們預計隨著我們的前進，這種壓力將會得到緩解。會有一些——由於新的周期，我們的觀眾數量有所增加，從收視率的角度來看，這是積極的，但這部分被我們的真正深入和深入的搶佔程度增加所抵消。令人難以置信的報道。因此，總的來說，我應該只關注體育和新聞，我們對我們業務中這兩個垂直領域的整體表現感到非常滿意。

We're also very happy with Tubi. We announced we had 30% revenue gains, which is well driven off the 65% growth in total view time. I think going forward, we'll see continued growth in view time. Anjali is very focused on that. And what there is softness in the entertainment advertising market and Tubi is not immune from that softness. But Anjali is focused on how we better monetize. We've written this incredible growth in audience and viewership, and now it's time, we really focus on how we more effectively and efficiently monetize that huge audience.

我們對 Tubi 也非常滿意。我們宣布營收成長了 30%，這很​​大程度上得益於總觀看時間 65% 的成長。我認為展望未來，我們將看到觀看時間持續成長。 Anjali 非常關注這一點。娛樂廣告市場存在疲軟，而 Tubi 也不能倖免。但 Anjali 專注於我們如何更好地獲利。我們已經實現了觀眾和收視率的驚人增長，現在是時候，我們真正關注如何更有效和高效地利用龐大的觀眾貨幣化了。

We've earned the right because of the audience growth to really start to take a greater share of wallet from our advertising partners. Finally, the local stations. We are pacing slightly ahead of last year in the base market, if you exclude political. You have to remember, this quarter last year of October, particularly, I think it had over $125 million worth of political revenue in the month of October alone. So it's a huge year-on-year comparison. But ex-political, we're very pleased with the base market is strong.

由於受眾的成長，我們已經贏得了真正開始從廣告合作夥伴那裡獲得更大份額的權利。最後是當地電台。如果排除政治因素，我們在基礎市場的步伐略快於去年。你必須記住，特別是去年10月份的這個季度，我認為光是10月份它的政治收入就超過1.25億美元。所以這是一個巨大的同比比較。但除政治因素外，我們對基礎市場的強勁感到非常滿意。

And that's really led by the auto and recently, the retail categories are very strong, also financial services. That's offset with bedding, wager and also entertainment, right? It's -- there's not a lot of (inaudible) they strike in Hollywood. There's no movie launches. So that's offsetting some of the growth in auto, retail and financial services.

這確實是由汽車主導的，最近零售類別非常強勁，金融服務也是如此。這可以透過床上用品、賭注和娛樂來抵消，對吧？他們在好萊塢罷工的人並不多（聽不清楚）。沒有電影上映。因此，這抵消了汽車、零售和金融服務業的部分成長。

Now I should go on to some of your -- the other part of your question, in the -- sort of taking too long, Jessica. That's what happens when you ask 3 questions in one. But so the longer-term strategy for Tubi. Look, I think we have a multipronged strategy. I think Tubi is in an enviable position. It's the leading AVOD player. It's free. It's focused. It's entirely advertising-driven. That's appreciated by all of our clients and obviously, by our audiences.

現在我應該繼續回答你的問題的另一部分，有點花了太長時間，傑西卡。這就是當您同時提出 3 個問題時會發生的情況。但這是 Tubi 的長期策略。聽著，我認為我們有一個多管齊下的策略。我認為 Tubi 處於令人羨慕的地位。它是領先的 AVOD 播放器。免費。它是專注的。這完全是廣告驅動的。我們所有的客戶，當然還有我們的觀眾，都對此表示讚賞。

And I couldn't be happier with our transition from Farid, who is an incredible entrepreneur, who deserves all the credit for founding and building and driving Tubi to-date. It's always a difficult transition, when you move to -- from a founder to new leadership. So far, it's early days, but Anjali's very focused on all the issues and all the opportunities that Tubi has in front of it to continue it to grow at impressive levels. But Tubi is our free AVOD streaming service that does not -- it's not our only strategy in the streaming space. Direct-to-consumer is obviously something that we look at closely. We have a small direct-to-consumer SVOD service in Fox Nation, and we have optionality of expanding those services further into news and potentially sports. I hope I answered most of your questions, Jessica.

我對法里德 (Farid) 的轉變感到非常高興，他是一位令人難以置信的企業家，他因創立、建設和推動 Tubi 發展至今而值得所有讚譽。當你從創辦人過渡到新的領導層時，這始終是一個艱難的過渡。到目前為止，還處於早期階段，但 Anjali 非常關注 Tubi 面臨的所有問題和所有機會，以使其繼續以令人印象深刻的水平增長。但 Tubi 是我們的免費 AVOD 串流服務，但它並不是我們在串流媒體領域的唯一策略。直接面向消費者顯然是我們密切關注的事情。我們在 Fox Nation 有一個小型的直接面向消費者的 SVOD 服務，並且我們可以選擇將這些服務進一步擴展到新聞和潛在的體育領域。我希望我回答了你的大部分問題，傑西卡。

The next question is from John Hodulik from UBS.

下一個問題來自瑞銀集團 (UBS) 的約翰‧霍杜里克 (John Hodulik)。

First, can we just get an update on the affiliate renewal process? I think you guys had said that it would be more weighted on the TV side, but I think a lot of the new agreements kick in, in January. So just any color on the trends we should see there.

首先，我們能否了解聯盟行銷續約流程的最新情況？我想你們已經說過電視方面的權重會更大，但我認為很多新協議在一月份就會生效。因此，我們應該在那裡看到趨勢中的任何顏色。

And then getting back to the Charter, Disney renewal, you guys seem to be somewhat unique in that you don't really have any long-tail networks or I would say, a major SVOD platform. Lockwood, you talked about Fox Nation, but it's obviously very different than what we're seeing in the rest of the industry. Just any thoughts on the implications for Fox is this model that we've seen out of this renewal and it would be broadly adopted over time for the industry.

然後回到憲章，迪士尼續訂，你們似乎有些獨特，因為你們實際上沒有任何長尾網絡，或者我想說，沒有一個主要的 SVOD 平台。 Lockwood，您談到了《Fox Nation》，但它顯然與我們在業內其他公司看到的非常不同。關於對福克斯的影響的任何想法都是我們在這次更新中看到的這種模式，隨著時間的推移，它將被行業廣泛採用。

Thanks, John. On affiliate renewal, let me start with the big picture and Steve can talk to any of the numbers going forward, or not depending on -- but look, the main thing on affiliate renewal is we -- really due to our focus strategy, our focus on our core brands. Also, I think our focus on being good partners with our distributors and wanting their businesses to succeed, because frankly, from a FOX perspective, the Cable bundle, Cable distribution or Pay TV distribution remains our largest and really the most important revenue stream.

謝謝，約翰。關於聯屬續約，讓我從大局開始，史蒂夫可以與未來的任何數字交談，或者不取決於 - 但看，聯屬續約的主要事情是我們 - 實際上是由於我們的重點戰略，我們的專注於我們的核心品牌。此外，我認為我們的重點是與我們的分銷商成為良好的合作夥伴，並希望他們的業務取得成功，因為坦率地說，從福克斯的角度來看，有線電視捆綁、有線電視發行或付費電視發行仍然是我們最大且真正最重要的收入來源。

And that we believe that it will remain our largest for years to come. So we are -- we feel the success of our distribution partners is our success as well. We want them to succeed and we want them to do well, which is one reason, why we've kept our premium content within the cable bundle. We are not interested in at this stage, moving premium content away from our cable distribution partners. That would be, I think, a mistake for us and for them.

我們相信，未來幾年它將仍然是我們最大的。所以我們 - 我們認為分銷合作夥伴的成功也是我們的成功。我們希望他們成功，我們希望他們做得很好，這就是我們將優質內容保留在有線電視捆綁包中的原因之一。現階段我們無意將優質內容從我們的有線電視發行合作夥伴手中轉移出去。我認為這對我們和他們來說都是一個錯誤。

And so due to that, since our last call a quarter ago, we have renewed a number of distribution contracts. And in every case, we've been rewarded by that focus, rewarded by our partnerships with our affiliate partners, our distribution partners with our rate increases and distribution agreements that are -- that fit absolutely in line with our plan. And that's because they value our brands, they value Fox News, they value Fox Sports and obviously, our local stations and networks.

因此，自從我們上一次通話一個季度前以來，我們已經續簽了一些分銷合約。在每種情況下，我們都因這種專注而得到回報，因我們與附屬合作夥伴、分銷合作夥伴的合作夥伴關係而得到回報，我們的費率上漲和分銷協議完全符合我們的計劃。這是因為他們重視我們的品牌，他們重視福克斯新聞，他們重視福克斯體育，顯然還有我們當地的電視台和網路。

So we are very pleased with our pace of renewals, and we haven't seen any changes to the way we're able to work constructively with our partners. And that goes to the second part of your question with Charter and Disney. It's hard for me to say how -- I don't want to talk about other people -- a lot of people are -- have their earnings calls next week. I think we're early in the media cycle. They can talk about how that renewal affects them and particularly the entertainment channels for us because we're not in that space.

因此，我們對更新的速度感到非常滿意，而且我們與合作夥伴建設性合作的方式沒有任何變化。這就是你關於憲章和迪士尼的問題的第二部分。我很難說——我不想談論其他人——很多人都是——下週將召開財報電話會議。我認為我們正處於媒體週期的早期。他們可以談論這種更新如何影響他們，特別是我們的娛樂頻道，因為我們不在那個領域。

I think it's a net positive. We like to see our partners focus on the core brands, the core brands, where all the audiences and frankly, where the leverage is in terms of retransmission and less so on channels that might not be as popular.

我認為這是一個淨積極的結果。我們希望看到我們的合作夥伴專注於核心品牌，核心品牌，所有受眾，坦白說，槓桿作用在於轉播，而不是那些可能不那麼受歡迎的頻道。

So Steve, do you want to...

那麼史蒂夫，你想...

Yes. So John, just to reinforce Lachlan's point, we had -- just over 1/3 of our distribution renewals, due this fiscal year, and we're virtually through all of that. So that's -- and as Lachlan mentioned, we've achieved our pricing objectives against those renewals, which goes to, a, the fact that we haven't gone back with any distributors and the fact that we've been able to achieve objectives. And assuming the distributors are also happy those renewals.

是的。所以，約翰，為了強調拉克蘭的觀點，我們在本財年完成了超過 1/3 的分配續約，而我們實際上已經完成了所有這些。正如拉克蘭所提到的，我們已經實現了針對這些續訂的定價目標，這意味著，我們沒有與任何經銷商合作，而且我們已經能夠實現目標。假設經銷商也對這些續訂感到高興。

It goes to a constructive relationship. We have with those distributors. And so, listen we negotiate our full portfolio as a bundle. And I think you should expect to see that coming into the new calendar year, you'll see the impact of those renewals, and I suspect that the benefit of those will be skewed towards the Television segment, but you should also expect to see some progress on the cable side in the new calendar year, I should say.

它會建立建設性的關係。我們與那些經銷商有聯繫。因此，請聽我們將整個產品組合作為一個捆綁包進行談判。我認為你應該期望看到進入新的日曆年，你會看到這些續訂的影響，我懷疑這些好處將偏向電視領域，但你也應該期望看到一些我應該說，在新的一年裡，電纜方面取得了進展。

And that question will come from the line of Phil Cusick from JPMorgan.

這個問題將來自摩根大通的菲爾·庫西克（Phil Cusick）。

A lot has been asked, but Lachlan, thinking about your comments on DR and recognizing that some of those upfront issues hopefully fade. But it makes me curious about your view on the future of the linear video ad landscape you have Tubi, which allows you to benefit from the shift to digital. But do you think we've reached a tipping point where linear video advertising is it secular, not just cyclical decline?

人們問了很多問題，但拉克蘭考慮了您對災難復原的評論，並認識到其中一些前期問題有望消失。但這讓我很好奇您對 Tubi 線性影片廣告領域未來的看法，它可以讓您從數位化的轉變中受益。但您是否認為我們已經達到了線性影片廣告長期化而不僅僅是周期性衰退的臨界點？

The short answer is ,we got to, you have to, I think, break it up by category, right? And so if we look at sports and news, there's no sign of a slowdown in sort of demand for the really incredible and unique reach that those platforms deliver our advertising clients.

簡短的答案是，我們必須，我認​​為你必須按類別分解，對嗎？因此，如果我們看看體育和新聞，我們的廣告客戶對這些平台提供的真正令人難以置信和獨特的影響力的需求並沒有放緩的跡象。

I think on the DR issue is a specific issue that really relates to upfront before last, we're -- there was a -- due to the negotiating strategy of some of our competitors, there was an oversupply of direct response in the market, and that's driven pricing down. And we see -- we didn't see the same activity in this past upfront.

我認為災難復原問題是一個具體問題，確實與先前的前期相關，我們——有——由於我們一些競爭對手的談判策略，市場上的直接反應供過於求，這導致價格下降。我們看到—我們在過去沒有看到同樣的活動。

And so we expect the pricing pressure on DR to ameliorate or wash out in the coming quarters. So we do see that as a shorter-term problem and not a structural problem at all. And so it comes back to particularly in news and sports, there is no other content or platform that offers the reach that those categories offer. And so we are optimistic is not a strong enough word.

因此，我們預計 DR 的定價壓力將在未來幾季得到緩解或消除。因此，我們確實認為這是一個短期問題，而不是一個結構性問題。因此，特別是在新聞和體育領域，沒有其他內容或平台可以提供這些類別所提供的影響力。所以我們樂觀這個詞還不夠強烈。

We are very confident in the future of linear advertising, when you can deliver and the audiences that we deliver with the brands and the brand safety that we also can offer our clients.

我們對線性廣告的未來非常有信心，當您可以透過品牌和我們也可以為客戶提供的品牌安全來交付和交付受眾時。

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.

此時，我們已經沒有時間了。但如果您還有任何疑問，請打電話給我或丹·凱裡。再次感謝您今天的加入。

Thank you, everyone. Thank you.

謝謝大家。謝謝。

Ladies and gentlemen, that does conclude your conference call for today. Thank you for using AT&T Executive Teleconference. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您使用 AT&T 高階主管電話會議。您現在可以斷開連線。