二十一世紀福斯 (FOX) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the Fox Corporation second-quarter fiscal year 2025 earnings conference call.

歡迎參加福斯公司2025財年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown.

現在，我將會議交給首席投資者關係長加布里埃爾布朗女士。

Please go ahead, Ms. Brown.

請繼續，布朗女士。

Thank you, operator.

謝謝您，接線生。

Good morning, and welcome to our Fiscal 2025 Second Quarter Earnings Call.

早安，歡迎參加我們的 2025 財年第二季財報電話會議。

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.

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 (John Nallen)，營運長；以及我們的財務長 Steve Tomsic。

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

首先，Lachlan 和 Steve 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.

請注意，本次電話會議可能包含福克斯公司財務業績和經營業績的前瞻性陳述。

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.

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提交給美國證券交易委員會的文件中確定的某些因素，實際結果可能與所述的結果不同。

Additionally, this call will include certain non-GAAP financial measures, including adjusted EBITDA or

此外，本次電話會議還將包括某些非 GAAP 財務指標，包括調整後的 EBITDA 或

[EBITDA, as we refer to it on this call].

[EBITDA，我們在本次電話會議中提到]。

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.

非公認會計準則財務指標的對帳表包含在我們的收益報告和美國證券交易委員會 (SEC) 文件中，可在我們網站的「投資者關係」部分查閱。

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

現在，我很高興將電話轉給 Lachlan。

Thank you, Gabby, and thank you all for joining us this morning.

謝謝你，加布麗，也謝謝大家今天早上加入我們。

Just to start, I want to comment on the devastating impact of the Los Angeles wildfires over the past few weeks.

首先，我想評論一下過去幾週洛杉磯山火造成的破壞性影響。

At Fox, our top priority has been to support our staff who have been profoundly affected in many ways, including losing their homes and much, if not all, of their belongings.

在福克斯，我們的首要任務是支持我們的員工，他們在許多方面受到了嚴重影響，包括失去了家園和大部分（如果不是全部的話）財產。

We are one family, and we are truly with you.

我們是一家人，我們真心與你們同在。

And to aid the [broader] community, Fox has donated and raised over $5 million across our platforms thanks to the generosity of our audiences and employees.

為了幫助[更廣泛的]社區，福克斯在我們的各個平台上捐贈並籌集了超過 500 萬美元，這要感謝我們觀眾和員工的慷慨解囊。

But sadly, as we have learned from past fires, the impact on the community is measured not in days or weeks but in years.

但不幸的是，正如我們從過去的火災中了解到的那樣，對社區的影響不是以天或週來衡量的，而是以年來衡量的。

Our focus has now shifted to the longer-term recovery for those most affected and to the rebuilding of the community around them.

現在，我們的工作重點已轉向受影響最嚴重地區的長期恢復以及他們周圍社區的重建。

I want to thank our colleagues at [KT TV] and Fox News who kept viewers comprehensively informed with their coverage of the tragedy as it unfolded.

我要感謝 KT 電視台和福克斯新聞的同事，他們透過報道悲劇的發生讓觀眾全面了解情況。

We are deeply grateful for their work and also for the efforts of firefighters and many other first responders.

我們對他們的工作以及消防員和許多其他急救人員的努力深表感謝。

Thank you.

謝謝。

Now on to our earnings.

現在來談談我們的收入。

As you will have seen in the release this morning, our fiscal second quarter results again demonstrates the continued operating momentum and strong financial performance of Fox.

正如您在今天早上的發布會上看到的那樣，我們的第二財季業績再次證明了福斯持續的營運勢頭和強勁的財務表現。

Financially, Fox EBITDA more than doubled year-over-year to a second quarter record of $781 million, driven by revenue growth of 20% to just over $5 billion.

財務方面，福斯第二季 EBITDA 年成長一倍多，達到創紀錄的 7.81 億美元，這得益於營收成長 20%，達到略高於 50 億美元。

These results are underpinned by industry-leading affiliate and advertising revenue growth and reflects strong on-screen delivery through our coverage of the presidential election, both at Fox News and across our local stations, strong NFL, college football and [Major] League Baseball postseason viewership and continued audience expansion at Tubi.

這些業績得益於行業領先的聯營公司和廣告收入增長，並反映了我們通過福克斯新聞和地方電視台對總統大選的報道在屏幕呈現方面的強勁表現，以及 NFL、大學橄欖球和美國職業棒球大聯盟季後賽的強勁收視率以及 Tubi 觀眾群的持續擴大。

We are firing on all cylinders.

我們正在全力以赴。

Total affiliate revenue grew by 6% on the back of higher rates with subscriber declines improving for the second consecutive quarter.

由於費率上升且用戶下滑情況連續第二季有所改善，總聯盟收入增加了 6%。

Notably, we have now successfully completed all affiliate renewals that will impact fiscal 2025.

值得注意的是，我們現已成功完成影響 2025 財年的所有附屬公司的續約。

Total company advertising growth of 21% in the quarter was driven in part by record political revenue led by our local stations.

本季公司廣告總額成長 21%，部分原因是我們地方電台帶來的創紀錄的政治收入。

Looked at more holistically across this year's presidential cycle, our first half fiscal 2025 political revenue of over $400 million was also a record.

更全面地看今年的總統任期，我們 2025 財年上半年的政治收入超過 4 億美元，也創下了新高。

Tubi was a strong contributor to average advertising revenue growth in the quarter. achieving a 31% increase in ad revenues, showing acceleration even when excluding political revenue.

Tubi 是本季平均廣告收入成長的重要貢獻者。廣告收入成長31%，即使不包括政治收入也呈現加速成長。

And that advertising strength has continued into our fiscal third quarter where we are seeing very healthy trends across our portfolio.

這種廣告優勢一直延續到我們第三財季，我們看到我們的產品組合呈現出非常健康的趨勢。

Sports remains remarkably robust.

體育運動依然十分強勁。

Our NFL postseason broadcast of the wildcard divisional and NFC Championship saw our highest ever unit pricing and demand for these matches.

我們對 NFL 季後賽外卡分區和 NFC 冠軍賽的轉播創下了這些比賽的最高單價和最高需求。

We are sold out with record pricing for this Sunday,

本週日的門票以創紀錄的價格售罄，

[Super Bowl 59].

[第 59 屆超級盃]。

We can't wait for the big game.

我們已經迫不及待地想看這場重要的比賽了。

Advertising trends at Fox News are also strong across the direct response in national advertising categories, where there is increased demand from existing blue-chip advertisers as well as new clients coming to the network due to its record share of audience.

福斯新聞的廣告趨勢在全國廣告類別的直接反應中也很強勁，現有的藍籌廣告商的需求有所增加，而且由於其創紀錄的觀眾份額，新客戶也紛紛加入該網絡。

At Entertainment, scatter pricing is currently tracking at high single digits above upfront levels. and cancellation options are at historical lows with Fox delivering its best series debut in 5 years with the launch of the

在娛樂領域，分散定價目前正以高於預付水準的個位數高點運作。福克斯推出了 5 年來最好的電視劇首播，取消選項處於歷史最低水平

[medical drama dock].

【醫療劇碼頭】

And Tubi continues to monetize its hard-to-reach differentiated audience.

Tubi 繼續將其難以接觸的差異化受眾轉化為現金。

Now everyone on this call will know that Tubi's audience is diverse and is young.

現在，參加這次電話會議的每個人都會知道，Tubi 的受眾群體是多元化的，而且很年輕。

And it is over 65% cordless made up of [cord nevers and cord cutters], not currently in the traditional cable universe.

其中，無線產品佔比超過 65%，由「從未使用過有線產品的人」和「剪線族」組成，目前還不屬於傳統的有線產品領域。

While in past years, we have always unlocked the [Super Bowl] for viewers across our digital platform this year, we will focus these cordless viewers on Tubi with Tubi's first-ever Super Bowl livestream and related shoulder programming.

儘管在過去幾年中，我們一直透過數位平台為觀眾解鎖[超級盃]，但今年，我們將透過 Tubi 首次推出超級盃直播和相關肩部節目，將這些無線觀眾的焦點集中在 Tubi 上。

This will provide viewers a great service, broaden the reach of the game and deliver Tubi an opportunity to engage a large cohort of new users.

這將為觀眾提供優質的服務、擴大遊戲的影響力並為 Tubi 提供吸引大量新用戶的機會。

After the game, Tubi viewers will have access to our library of over 275,000 movies and TV episodes, including the recently premiered [Des-suite], the hit original sideline, the [QB and me], and much more.

比賽結束後，Tubi 觀眾將可以訪問我們超過 275,000 部電影和電視劇集，包括最近首播的 [Des-suite]、熱門的原創 sideline、[QB and me] 等等。

The game, the content and the experience on Tubi will further support its stellar growth.

Tubi 上的遊戲、內容和體驗將進一步支持其出色的成長。

The mission for all of our platforms is delivering unique content to large audiences.

我們所有平台的使命都是向廣大受眾提供獨特的內容。

Nowhere is that more evident than at Fox News where 4.5 billion hours of content was consumed across its platform during the second quarter.

福斯新聞就是一個最明顯的例證，第二季其整個平台的節目內容消費長達 45 億小時。

On [elexonite], more viewers turn to Fox News Media than any other network with over 13.5 million viewers tuning in the pure and

在[elexonite]上，福斯新聞媒體的觀眾數量超過任何其他網絡，超過1350萬觀眾收看該節目。

[primetime]. FOX News Channel once again ended the quarter as the most watched cable network in total day and prime time growing total day audience by nearly 40% and prime time audience by 45% year-over-year.

[黃金時段]。福斯新聞台在本季再次成為全天和黃金時段收視率最高的有線電視網絡，與去年同期相比，全天觀眾人數增長了近 40%，黃金時段觀眾人數增長了 45%。

Fox News meaningfully outperformed its peers more than doubling the viewing of its closest competitor and posting its highest quarterly share of [Ponton] cable news audience in its history at over 60%, which includes a 70% share in December.

福克斯新聞的表現遠遠超過其同行，其收視率是其最接近的競爭對手的兩倍多，並在有線新聞觀眾中創下了其歷史上最高的季度份額，超過 60%，其中 12 月份的份額為 70%。

Momentum in share and ratings has continued through and after the inauguration.

在就職典禮期間以及之後，份額和收視率的上升勢頭一直持續著。

On the day, Fox News Media's coverage of the inauguration grew close to 12 million viewers, making it the most watched coverage in all of television.

當天，福斯新聞媒體對就職典禮的報導吸引了近 1,200 萬觀眾，成為電視史上收視率最高的報導。

This viewership has contributed to Fox News third quarter-to-date ratings up over 50%. [Primetime] ratings up over 40% and delivering FOX News a commanding share of the [primetime] cable news audience at 69%.

這一觀眾人數使得福克斯新聞第三季迄今的收視率上升了 50% 以上。 [黃金時段] 收視率上漲超過 40%，福斯新聞在 [黃金時段] 有線新聞觀眾中佔據 69% 的絕對主導地位。

And Fox News share of the audience was not limited to the cable network.

而且福斯新聞的觀眾份額並不限於有線電視網。

For example, on YouTube, Fox News generated nearly 410 million views in the month of January, beating our closest competitor, NBC, by nearly 2.5x. The continued growth of Fox News Digital underscores that audiences are consuming their news in different ways.

例如，在 YouTube 上，福斯新聞 1 月的觀看次數接近 4.1 億次，比我們最接近的競爭對手 NBC 的觀看次數高出近 2.5 倍。福克斯新聞數位版的持續成長凸顯了觀眾正在以不同的方式消費新聞。

We clearly saw this during the past election cycle, where there was an uptick in consumers who either supplemented or solely accessed their news and information from nontraditional media sources.

我們在上一輪選舉中清楚地看到了這一點，從非傳統媒體來源補充或單獨獲取新聞和資訊的消費者數量有所增加。

We view these new media markets opportunistically and essential to our growth strategy.

我們認為這些新媒體市場對於我們的成長策略而言具有機會性和至關重要性。

Fox News outstanding achievements underscore our unwavering commitment to outstanding journalism to our insightful coverage of politics and breaking news and to our strong [primetime] lineup.

福克斯新聞的傑出成就凸顯了我們對傑出新聞報道、對政治和突發新聞的深刻報道以及強大的[黃金時段]節目陣容的堅定承諾。

Of course, our content leadership also extends to sport.

當然，我們的內容領導地位也延伸到運動領域。

Autumn is traditionally the strongest time of year for Fox Sports and 2024 was no exception.

秋季傳統上是福克斯體育一年中最強勁的時節，2024 年也不例外。

With the thrilling [Major League Baseball World Series, College Football expanding to Friday nights] and the NFL remaining the most watched content in all of television, Fox was the leader in consumption of live sports events in the second quarter.

由於激動人心的（美國職棒大聯盟世界大賽、大學橄欖球比賽延長至週五晚上）和 NFL 仍然是電視節目中收視率最高的內容，福克斯在第二季度成為現場體育賽事消費的領先者。

Our only disappointment in sports is that we will not be moving forward with [Venue], our sports streaming joint venture with [Warner Bruges Discovery] and Disney.

在體育方面，我們唯一感到遺憾的是，我們將不會繼續推進與華納布魯日探索頻道 (Warner Bruges Discovery) 和迪士尼合資的體育串流媒體計畫 [Ve​​nue]。

While the Venue team has done a tremendous amount of truly genius work preparing the digital platform for launch in the end, the legal distractions around the business became increasingly difficult to bear.

儘管 Venue 團隊為最終推出數位平台做了大量真正天才的工作，但圍繞該業務的法律幹擾變得越來越難以忍受。

Venue was to be another distribution outlet for our brands to access consumers in the market wherever they are.

Venue 將成為我們品牌的另一個分銷管道，讓我們能夠接觸到位於任何地方的市場消費者。

And that is what we continue to be focused on, maximum distribution of our content, whether that be traditional, digital streaming or our own D2C offering in the near future.

這就是我們將繼續關注的，最大限度地分發我們的內容，無論是傳統的、數位串流媒體，還是在不久的將來我們自己的 D2C 產品。

Encouragingly, the distribution market has made some major strides recently.

令人鼓舞的是，分銷市場最近取得了一些重大進展。

In the 12 months since we announced venue, we have seen key distributors announced the launch of smaller, lower-cost bundles of sports, news and broadcast networks. [Three] distributors have announced new skinny packages in recent months. and we expect this trend to continue.

自從我們宣布場地以來的 12 個月裡，我們看到主要分銷商宣布推出規模較小、成本較低的體育、新聞和廣播網絡捆綁套餐。近幾個月來，[三家]分銷商已宣布推出新的精簡包裝。我們預計這一趨勢將會持續下去。

We see this as a positive initiative by both our distribution partners and other content owners.

我們認為這是我們的分銷合作夥伴和其他內容所有者的積極舉措。

The inclusion of [our suite] of channels sports and news in each of these offerings is a real benefit to us, even more so than the sports specific venue and so gives us greater confidence for Fox over the long term.

在每項產品中加入[我們的]全套體育和新聞頻道對我們來說是真正的好處，甚至比特定體育賽事的益處更大，因此讓我們對福克斯的長期發展更有信心。

We have had a very solid first half of our fiscal year, and we are excited for what is to come.

我們的上半年財報表現十分出色，我們對未來的業績充滿期待。

Consistent with our track record, we remain committed to delivering value for our shareholders in a thoughtful and disciplined manner, and we will continue to explore every opportunity to maximize that value over the long term.

與我們的過往記錄一致，我們仍然致力於以深思熟慮且嚴謹的方式為股東創造價值，並且我們將繼續探索每一個機會，以在長期內實現價值最大化。

Let me now turn it over to Steve for his comments on the quarter's financial results.

現在，我請史蒂夫對本季的財務表現發表評論。

Thanks, Lachlan, and good morning, everyone.

謝謝，Lachlan，大家早安。

Underscoring the strong momentum we have seen since the start of the year, Fox delivered standout results in the second quarter, highlighted by a 20% increase in revenues and a 123% increase in EBITDA to $781 million, a record fiscal second quarter for Fox.

福斯在第二季取得了出色的業績，凸顯了我們自今年年初以來所看到的強勁勢頭，其中最突出的是營收成長了 20%，EBITDA 成長了 123%，達到 7.81 億美元，創下了福斯第二財季的紀錄。

Our overall revenue growth was led by a 21% increase in advertising revenues with broad-based strength across our portfolio, including significant political ad spend collected at our local stations, strong [MLB] ratings and robust pricing across our key sports properties, continued growth at Tubi and strong engagement and news.

我們的整體收入成長得益於廣告收入 21% 的成長，這得益於我們整個投資組合的廣泛優勢，包括我們在地方電台收取的大量政治廣告支出、強勁的 [MLB] 收視率和主要體育資產的穩健定價、Tubi 的持續增長以及強勁的參與度和新聞。

Total company affiliate fee revenues grew a healthy 6% over the prior year quarter, once again demonstrating the strength of our brands and focused portfolio of channels.

公司聯盟費總收入較去年同期健康成長 6%，再次證明了我們品牌和重點通路組合的實力。

As Lachlan mentioned, we have now successfully completed all affiliate renewals that impact our

正如 Lachlan 所說，我們現在已經成功完成了所有影響我們

[fiscal 2, 2025].

[2025 財政年度 2]。

Other revenues grew 70% year-over-year, driven by higher sports sublicensing revenues at our Cable segment.

受有線電視部門體育轉授權收入增加的推動，其他收入較去年同期成長 70%。

Similar to last quarter, this growth in revenue was largely offset by a corresponding increase in rights costs with no material impact on year-over-year overall EBITDA growth.

與上一季類似，收入的成長在很大程度上被權利成本的相應增加所抵消，對整體 EBITDA 年成長沒有重大影響。

Net income attributable to stockholders of $373 million or $0.81 per share was up versus the $109 million or $0.23 per share reported in the prior year period.

股東淨利為 3.73 億美元，即每股 0.81 美元，高於去年同期的 1.09 億美元，即每股 0.23 美元。

Excluding non-core items, -- adjusted net income was $442 million and adjusted EPS was $0.96. This represents a more than 180% increase over the $0.34 per share recorded in the prior year.

不包括非核心項目，調整後淨收入為 4.42 億美元，調整後每股收益為 0.96 美元。這比去年同期的每股 0.34 美元增長了 180% 以上。

Now let's turn to our operating segments, starting with the Cable Network [programming segment], which delivered 31% revenue growth and 16% EBITDA growth.

現在讓我們來看看我們的營運部門，首先是有線電視網絡（節目製作部門），其收入增長了 31%，EBITDA 增長了 16%。

Cable advertising revenues grew 32% (inaudible) over the prior year, driven by the strength in FOX News linear ratings

有線電視廣告收入較上年增長 32%（聽不清），主要得益於 FOX 新聞收視率的強勁增長

(inaudible).

（聽不清楚）。

Cable affiliate fee revenues grew 4% over the prior year quarter as pricing gains from our affiliate renewals outpaced the impact from net subscriber declines of approximately 7%, improving from just under 8% last quarter.

有線電視聯盟費收入比去年同期成長了 4%，因為我們的聯盟續約帶來的價格收益超過了淨用戶下降約 7% 的影響，比上一季的不到 8% 有所改善。

Cable other revenues grew $350 million due to the higher sports sublicensing revenues I mentioned earlier.

由於我之前提到的體育轉授權收入增加，有線電視其他收入增加了 3.5 億美元。

Revenue growth at the cable segment was partially offset by a 38% increase in expenses, primarily attributable to the increase in sports amortization that correspond to the incremental sports sublicensing revenues, along with modest increases in news and sports production costs.

有線電視部門的收入成長被 38% 的費用成長部分抵消，這主要歸因於與增量體育轉授權收入相對應的體育攤銷的增加，以及新聞和體育製作成本的小幅增加。

Now turning to our Television segment, which delivered 16% revenue growth.

現在談談我們的電視部門，其收入增加了 16％。

Advertising revenues at our television segment grew 19% over the prior year, boosted by political advertising revenues, strong [MLB] ratings and pricing strength across our sports schedule and continued growth at Tubi.

我們電視部門的廣告收入比上年增長了 19%，這得益於政治廣告收入、強勁的 [MLB] 收視率和整個體育賽事的定價實力以及 Tubi 的持續增長。

Television affiliate fee revenues increased 9% in the quarter as healthy growth in fees across Fox owned and affiliated stations more than offset the impact from industry subscriber declines.

本季電視附屬費用收入成長了 9%，因為福斯旗下和附屬電視台的費用健康成長超過了產業用戶下降的影響。

Television Other revenues were up 33% year-over-year, primarily due to higher content revenues tied to our entertainment production studios.

電視其他收入年增 33%，主要由於與我們的娛樂製作工作室相關的內容收入增加。

Partially offsetting the revenue growth at our television segment was a modest 3% increase in expenses, which were driven by our continued investment at Tubi.

部分抵消了我們電視部門收入成長的是支出的小幅成長 3%，這得益於我們對 Tubi 的持續投資。

All in, EBITDA at our Television segment grew by $343 million year-over-year to reach $205 million.

總體而言，我們電視部門的 EBITDA 年成長 3.43 億美元，達到 2.05 億美元。

Turning to free cash flow, where we recorded a deficit of $436 million this quarter.

談到自由現金流，本季我們記錄了 4.36 億美元的赤字。

This is entirely consistent with the seasonality of our working capital cycle where the first half of our fiscal year reflects the concentration of payments for sports rights and buildup of advertising-related receivables, both of which reversed in the second half of our fiscal year.

這與我們營運資本週期的季節性完全一致，我們財政年度的上半年反映了體育版權支付的集中和廣告相關應收帳款的積累，而這兩項情況在我們財政年度的下半年都出現了逆轉。

In terms of capital allocation, fiscal year-to-date, we have repurchased an additional $550 million through our share buyback program, bringing the total cumulative amount repurchased to $6.15 billion or approximately 29% of our total shares outstanding since the launch of the buyback program in 2019.

在資本配置方面，本財年迄今，我們已透過股票回購計畫額外回購了 5.5 億美元，使自 2019 年啟動回購計畫以來的累積回購總額達到 61.5 億美元，約占我們總流通股的 29%。

We remain committed to utilizing our full buyback authorization of $7 billion.

我們仍然致力於利用 70 億美元的全部回購授權。

In addition, today, we announced a 27% per share semiannual dividend.

此外，今天我們宣布每股 27% 的半年股利。

With this dividend payout of approximately $120 million, our total cumulative cash returned to shareholders in the form of both dividends and share buybacks will have reached approximately $7.9 billion since the establishment of Fox Corp. These capital return measures are supported by the strength of our balance sheet where we ended the quarter with approximately $3.3 billion in cash and $7.2 billion in debt.

加上約 1.2 億美元的股息，自福克斯公司成立以來，我們以股息和股票回購形式返還給股東的累計現金總額將達到約 79 億美元。

And with that, I'll turn the call back over to Gabby.

說完這些，我將把電話轉回給 Gabby。

Thank you, Steve.

謝謝你，史蒂夫。

And now we will be happy to take questions from the investment community.

現在我們很樂意回答投資界的提問。

(Operator Instructions) John Hodulik, UBS.

(操作員指示) 瑞銀 (UBS) 的 John Hodulik。

Okay.

好的。

Great.

偉大的。

Thanks, guys.

謝謝大家。

Lachlan, I got a follow-up on the [D2C] comment that you talked about launching in the near future.

Lachlan，我對您談到的在不久的將來推出的 [D2C] 評論進行了跟進。

Any additional details you could provide in terms of timing what's included and whether you need additional rights or any costs associated with launching the [DTC] service.

您可以提供任何其他詳細信息，包括時間表、包含的內容以及是否需要額外權利或啟動 [DTC] 服務所涉及的任何費用。

And then on affiliate, you saw some nice acceleration there, and it sounds like you guys got all the renewals done.

然後在聯盟方面，你看到了一些不錯的加速，聽起來你們已經完成了所有的續約。

Any color in terms of pricing or what you see in terms of volumes that have been driving that acceleration?

在定價方面或銷售方面，您認為有什麼因素推動了這種加速？

Thanks.

謝謝。

Thanks, John.

謝謝，約翰。

So on [D2C], I should just start by sort of explaining the strategy and going back to make it very clear that we see the traditional cable bundle as still the most value for our consumers and then frankly, the most value for the company.

因此，關於 [D2C]，我應該先解釋一下該策略，然後回過頭來明確表示，我們認為傳統的有線電視捆綁服務對我們的消費者來說仍然是最有價值的，坦白說，對於公司來說也是最有價值的。

So we are huge supporters of the traditional cable bundle and we will always be.

因此，我們是傳統有線電視捆綁服務的堅定支持者，並且我們將永遠支持它。

But having said that, we do want to reach consumers wherever they are, and there's a large population, obviously, that are now outside of the traditional cable bundle, either cord cutters or cord nevers.

但話雖如此，我們確實希望接觸到世界各地的消費者，而且顯然，現在有一大部分消費者已經脫離了傳統的有線電視套餐，他們要么是剪線族，要么是從未使用過有線電視。

And we are designing and we'll be able to say more about it shortly.

我們正在設計，很快就會透露更多相關資訊。

But we are designing an offering to really target those cord cutters and cord nevers that are not traditionally in the cable bundle.

但我們設計的產品的真正目標客戶是那些傳統上不屬於有線電視捆綁服務的剪線族和從未使用過有線電視的人。

We don't want, and we have no intention of turning a traditional distribution customer into our D2C customer.

我們不想、也沒有打算將傳統分銷客戶轉變為我們的 D2C 客戶。

And so our subscriber expectations will be modest and we're going to price the service accordingly.

因此，我們對用戶的期望會比較適中，並且我們會據此為服務定價。

And it's also important to note with those modest expectations, we do not expect any exclusive rights costs or additional incremental rights cost.

還需要注意的是，對於這些適度的預期，我們並不預期任何獨家權利成本或額外的增量權利成本。

This service will be a package of our existing content on our existing brands, [targeting] consumers that are not currently in the bundle.

該服務將是我們現有品牌的現有內容的打包服務，針對的是目前尚未加入該捆綁服務的消費者。

So the incremental cost will be relatively low, certainly relative to what our peers have spent in this space.

因此，增量成本將相對較低，肯定相對於我們的同業在這個領域的投入而言。

And we're excited to be able to talk about it more in the coming weeks and months.

我們很高興能夠在接下來的幾週和幾個月中進一步討論這個問題。

In terms of timing and launch, we're certainly targeting a launch by the end of this calendar year.

就時間和發布而言，我們的目標是在今年年底前推出。

On affiliate, Steve, if you want to talk?

關於附屬機構，史蒂夫，你想談談嗎？

John, it's Steve here.

約翰，我是史蒂夫。

So in terms of affiliate, I think we've seen, obviously, from a volume perspective, the rate of attrition is off a little bit over the last couple of quarters, which is encouraging for us.

因此，就附屬公司而言，我認為我們已經看到，從數量的角度來看，過去幾季的流失率略有下降，這對我們來說是令人鼓舞的。

And hopefully, these skinny bundles continue to see that trend continue.

希望這些精簡的捆綁服務能持續維持這一趨勢。

In terms of pricing, listen, I think it's reflective of strategy.

至於定價，聽著，我認為這反映了策略。

It's reflective of the fact that we've got a very focused portfolio of channels that distributors really want, and you're seeing them because of their inclusion in those skinny bundles.

這反映出我們擁有經銷商真正想要的非常集中的通路組合，而您之所以看到它們是因為它們被納入了那些精簡套餐中。

And it's also a reflection of the fact that our distribution strategy prioritizes the bundle.

這也體現了我們的分銷策略優先考慮捆綁銷售。

And so obviously, these are tough negotiations.

顯然，這是艱難的談判。

But as we've said for the last 5 years, we think that strategy of both content and distribution, should lead us to take share of wallet.

但正如我們過去五年來所說的那樣，我們認為內容和分銷策略應該能夠讓我們贏得市場份額。

And I think we're starting to see that.

我想我們已經開始看到這一點了。

Operator, next question, please.

接線員，請問下一個問題。

Michael Morris, Guggenheim.

古根漢的邁克爾·莫里斯。

Thank you.

謝謝。

Good morning.

早安.

I wanted to ask about the strength that you're seeing at Fox News advertising.

我想問一下您認為福克斯新聞廣告的優勢是什麼。

Maybe you can expand on that a bit.

也許你可以稍微詳細說明一下。

It sounds like you're seeing incremental and arguably sustainable demand from some of -- from advertising buyers.

聽起來你看到來自一些廣告買家的增量且可以說是可持續的需求。

And I'm curious if you think I'm interpreting that right?

我很好奇您是否認為我的解釋正確？

And just sort of what the dynamic and what the sustainability is of the changes that you're seeing there?

您所看到的變化的動態和可持續性是怎樣的？

I also want to ask about the Tubi Super Bowl live stream.

我還想問一下有關 Tubi 超級盃直播的問題。

It seems like a big deal.

這看起來是一件大事。

Can you talk a little bit about what you hope to achieve by doing that?

您能否談談透過這樣做您希望達到什麼目的？

And then are there any incremental costs related with that?

那麼，這是否會產生相關的增量成本？

Are there concerns about service quality?

是否擔心服務品質？

Because I know that streaming big live events can be complicated.

因為我知道直播大型活動可能會很複雜。

Appreciate it.

非常感謝。

Thank you very much, Mike, and.

非常感謝，麥克，還有。

So on FOX News advertising, there's 2 elements here.

因此，對於福斯新聞廣告來說，這裡有兩個要素。

You're 1,000%, right?

你已經 1000% 了，對吧？

We are seeing really a tremendous amount of new advertisers, clients coming on to the platform, and that's due to 2 reasons.

我們確實看到大量新廣告商、客戶加入該平台，這是出於兩個原因。

I think the first reason is the strength in our ratings, which are really tremendous.

我認為第一個原因是我們的收視率非常高。

And as I mentioned in my prepared comments, it's very pleasing to see that, that strength and momentum continue post the election and post the inauguration.

正如我在準備好的評論中提到的那樣，我很高興看到這種力量和勢頭在選舉和就職典禮之後繼續保持。

With that strength, we've seen over 100 new clients who have not been FOX News advertisers, major national clients come onto the platform.

憑藉這一實力，我們已經看到 100 多家之前不是 FOX 新聞廣告商的新客戶和主要的國家客戶加入了該平台。

And so that's driving demand and driving pricing as well.

這既推動了需求，也推動了定價。

And we see that continuing.

我們看到這種情況還在繼續。

In fact, we see in the third quarter, our ratings and revenue are accelerating off the second quarter.

事實上，我們看到第三季的收視率和營收都比第二季加速成長。

So the -- onto Tubi's Super Bowl.

那麼——進入 Tubi 的超級盃。

It's a different question.

這是另一個問題。

We're excited that to be [unspent] it's not a change in strategy.

我們很高興，這並不是策略的改變。

We have always unlocked our digital platform for the Super Bowl.

我們一直為超級盃解鎖我們的數位平台。

But this year, with -- obviously, it's a unique opportunity, and we're going to focus that audience on Tubi.

但今年，顯然這是一個獨特的機會，我們將把觀眾的注意力集中在 Tubi 上。

Obviously, one of the great -- there's some technology streaming costs, obviously, but it's tiny compared to the opportunity in front of us.

顯然，其中最大的一個——技術串流媒體確實存在一些成本，但與我們面前的機會相比，這些成本微不足道。

So very low incremental costs.

因此增量成本非常低。

The benefit for Tubi, obviously, you got a tremendous exposure and sort of marketing platform.

Tubi 的優勢顯然在於獲得了龐大的曝光率和行銷平台。

But also critically, we hope to capture a lot of first-party data.

但同樣至關重要的是，我們希望獲得大量第一方數據。

We'll be driving people to register on Tubi on many of them for the first time.

我們將鼓勵人們在許多 Tubi 上首次註冊。

And that first-party data obviously is really critically important to our programmatic and other advertisers and partners and will help us drive our CPMs as we go into the future.

顯然，第一方數據對於我們的程序化廣告、其他廣告商和合作夥伴來說至關重要，並將幫助我們在未來提高每千次曝光費用 (CPM)。

So we're excited about the opportunity.

因此我們對這個機會感到非常興奮。

It's not a necessarily a big change in strategy, but it's a huge opportunity for Tubi and it's something we were very keen to focus very intensely on.

這不一定是策略上的重大變化，但對 Tubi 來說卻是一個巨大的機遇，也是我們非常熱衷於集中精力的事情。

And what was the third question?

第三個問題是什麼？

It was I think it was at -- right.

我認為是 — — 對的。

Okay, thank you.

好的，謝謝。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯威伯恩 (Ben Swinburne)。

This is [Thomas] on for Ben.

這是 [托馬斯] 為本主持的。

I just wanted to double tap on the Tubi growth.

我只是想讓 Tubi 加速發展。

Can you dimensionalize the investment needs that you see ahead?

您能否具體描述您所預見的未來投資需求？

Should we think about the incremental investment as largely content-related?

我們是否應該將增量投資視為主要與內容相關？

And when do we think the business kind of begin to benefit on an EBITDA front for FOX?

那麼我們認為什麼時候福斯的業務會開始從 EBITDA 方面受益呢？

And then as a follow-up, any update on the progress you've made on the various states requiring sports betting licensing just a time line coming into shape and how you might get approval over time would be helpful.

然後作為後續問題，您在各州要求體育博彩許可方面取得的進展的任何更新，只是時間表的形成以及您如何隨著時間的推移獲得批准都會有所幫助。

Thank you so much.

太感謝了。

Great.

偉大的。

Thank you very much, Thomas, and say good day to Ben for us all.

非常感謝，湯瑪斯，代我們大家向本問好。

The -- on Tubi profitability, our investment in Tubi has reduced this year as the business continues to scale and really generate very positive advertising growth.

關於 Tubi 的獲利能力，由於業務不斷擴大並真正產生非常積極的廣告成長，我們今年對 Tubi 的投資有所減少。

We see that we'll continue to invest in Tubi throughout this year and next before it reaches profitability, but it's on track and on schedule to meet breakeven or profitability as per our kind of business plans and expectations for the business.

我們認為，在 Tubi 實現盈利之前，我們將在今年和明年繼續對其進行投資，但該公司將按計劃按計劃實現收支平衡或盈利，這符合我們的業務計劃和業務預期。

So we are really excited about Tube's future and it's a positive impact for our overall revenue base and EBITDA going into the future.

因此，我們對 Tube 的未來感到非常興奮，它將對我們未來的整體收入基礎和 EBITDA 產生積極影響。

.

。

On sports betting, we are talking to, I think, 27 -- 26, sorry -- 26 states for licensing.

關於體育博彩，我想我們正在與 27 個州（26 個州，抱歉）商談發放許可證事宜。

That process is obviously relatively complicated one, but it's moving forward.

這個過程顯然相對複雜，但正在向前推進。

And we expect there to be sort of no significant hurdles with that process, but it will take time.

我們預計這一過程不會遇到重大障礙，但需要時間。

Of course, we've given ourselves plenty of time because our option is not do for another -- end of 2030.

當然，我們給自己留了充足的時間，因為我們的選擇是等到 2030 年底。

So we've given ourselves another sort of 5 years to get through the process, but we would expect to be license very significantly before that.

因此，我們給了自己另外 5 年的時間來完成這項流程，但我們希望在此之前就獲得許可。

And we're (inaudible) happy the [option] today, the 18.6% of FanDuel is in the money on current consensus valuation by over $2.8 billion and our 2.5% holding in [flutter], the parent company is worth over $1.1 billion.

我們 (聽不清楚) 很高興今天 [選擇]，FanDuel 的 18.6% 的股份按目前的普遍估值計價超過 28 億美元，而我們持有的 [flutter] 2.5% 的股份，母公司的價值超過 11 億美元。

So our sports betting strategy has really been very positive for the company and for our register.

因此，我們的體育博彩策略對於公司和我們的登記來說確實非常積極。

Operator, next question, please.

接線員，請問下一個問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, good morning.

嘿，早安。

Thank you for the question.

感謝您的提問。

I wanted to ask about the subscriber trends, declines of 7% improving -- are you seeing any of the impact from the benefits of skinny bundle inclusion yet?

我想問一下用戶趨勢，下降 7% 的情況有所改善——您是否已經看到精簡套餐帶來的好處的影響了？

Do you expect to outperform the market on sub declines over time because of inclusion there?

您是否預計，隨著時間的推移，由於納入該板塊，您的表現將超越市場？

And then just a quick follow-up to Steve.

然後只是對史蒂夫的快速跟進。

You had said that you expect digital losses to go from, I think, mid-$300 million last year to high $200 million.

您曾說過，預計數位損失將從去年的 3 億美元中段增加至 2 億美元以上。

Any updates there just given the comments around investing as well as the 2b outperformance today?

鑑於今天有關投資以及 2b 優異表現的評論，有任何更新嗎？

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

So I'll let Steve talk to the losses.

所以我讓史蒂夫談談損失。

(inaudible).

（聽不清楚）。

But we see them as good investments.

但我們認為它們是很好的投資。

But on sub trends, look, you're right, look, 7% subscriber lines in this quarter is the second consecutive quarter where sub trends have -- sub declines have reduced.

但是就子趨勢而言，看，你是對的，看，本季度 7% 的用戶線路是連續第二個季度子趨勢 - 子下降幅度有所減少。

We see that as a very positive trend.

我們認為這是一個非常積極的趨勢。

I think it's too early really for these sort of skinny bundles, if you want to call them skinny bundles, I'll call this something a little bit different.

我認為現在談論這類“瘦身套餐”還為時過早，如果你想稱它們為“瘦身套餐”，我會給它們一個稍微不同的名字。

But it's too early really say that, that's having a major impact.

但現在說這個還為時過早，這會產生重大影響。

Although I think there probably is some seasonality in subscriber trends with obviously being in the middle of energized and exciting sports season.

儘管我認為訂閱用戶趨勢可能具有一定的季節性，但顯然正處於充滿活力和令人興奮的運動賽季中。

So there probably is some seasonality in that, but we are very heartened by the trends moving in the right direction.

因此，其中可能存在一些季節性，但我們對趨勢朝著正確的方向發展感到非常高興。

With these skinny bundles, if you look at the bundles from a FOX perspective on [DIRECTV with MySports or on Comcast with Xfinity Sports and News TV], pretty much the entirety of our portfolio, our bouquet of channels, a couple of small exceptions are in those bundles.

有了這些精簡的捆綁包，如果你從 FOX 的角度來看待這些捆綁包（DIRECTV 上的 MySports 或康卡斯特上的 Xfinity Sports 和 News TV），幾乎我們的全部產品組合、我們的頻道組合，只有幾個小的例外，都在這些捆綁包中。

So in both of those I mentioned, the FOX Network, FOX News, FOX Business, FOX Sports 1, FOX Sports 2 and the [Big 10] network.

所以在我提到的這兩個頻道中，有福斯電視網、福斯新聞、福斯商業、福斯體育一台、福斯體育二台和十大電視網。

And so from a FOX perspective, this is not a skinny bundle.

因此從 FOX 的角度來看，這並不是微薄的待遇。

This is a lean and mean bundle.

這是一個精簡且實惠的捆綁包。

So like it's Jack.

就像是傑克一樣。

And from us, we -- from a financial perspective, we do as well in the [JAK] bundle as we do in our normal traditional bundle.

從我們的財務角度來看，我們在 [JAK] 套餐中的表現與在正常傳統套餐中的表現一樣好。

So we're very pleased with this trend of the bundle.

因此，我們對這種捆綁趨勢非常滿意。

It's financially and economically a positive for us.

從財務和經濟角度來說這對我們來說都是一件好事。

We would hope that this bundle will be attractive to the cordless customers, the cord cutters and cord nevers.

我們希望這個捆綁產品能夠吸引無線客戶、剪線族和從未使用過電源線的用戶。

But to the extent that it does turn a traditional cable subscriber, I hope it doesn't.

但就其確實吸引傳統有線電視用戶而言，我希望不會如此。

But if it does, we are certainly whole and if not, in some instances, better off.

但如果確實如此，我們肯定是完整的；如果不是，在某些情況下，情況會更好。

So we're pleased with the [emergent] bundle, and we think it bodes well for our -- for the business going forward.

因此，我們對[新興]捆綁服務感到滿意，我們認為這對我們未來的業務發展來說是個好兆頭。

Steve, do you want to talk to the....

史蒂夫，你想和…談談嗎？

Yes, that -- so in terms of digital, Mike, we're staying on track in terms of improvement in digital investment that you alluded to for the full fiscal year.

是的，麥克，就數字方面而言，我們在整個財年的數位投資改善方面仍保持著正軌。

In fact, just this quarter, we have probably close to $40 million to the good in terms of lower digital investment.

事實上，光是本季度，我們在數位投資方面的減少就可能接近 4,000 萬美元。

Half of that comes from better EBITDA Tubi.

其中一半來自於 Tubi 更好的 EBITDA。

I would say just with Tubi, as you look to the outlook for the sort of balance of the year, obviously, with the Super Bowl Tubi's going to take [MAX] advantage of the marketing and user acquisition that comes with that.

我想說的是，就 Tubi 而言，當你展望今年的平衡前景時，顯然，隨著超級盃的到來，Tubi 將利用 [MAX] 的營銷和隨之而來的用戶獲取優勢。

So you should expect them to step on the gas a little bit in terms of investing around that next in Q3.

因此，你應該預期他們會在第三季加強投資。

But no, we're spot on track in terms of bringing that digital investment down.

但在降低數位投資方面，我們的進展順利。

But to the extent that we see more opportunities, then we'll remain opportunistic, but at the moment, we've been on track.

但只要我們看到更多機會，我們就會繼續抓住機會，但目前，我們已經走在正軌上。

Great.

偉大的。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納森森。

Hi.

你好。

Good morning, everyone.

大家早安。

Just following up on the sports strategy.

只是跟進體育策略。

After?

後？

Netflix won the rights for Women's World Cup, can you just talk about how you feel FOX is positioned to continue to compete with Netflix and the other digital bidders for future sports rights.

Netflix 贏得了女足世界盃的轉播權，您能談談您認為 FOX 將如何繼續與 Netflix 和其他數位競標者競爭未來體育賽事的轉播權嗎？

And then just to clarify on the [D2C] offering coming back to that, will that plan include FOX News or [FOX Nation] content?

然後只是為了澄清一下[D2C]提供的服務，該計劃是否包括 FOX News 或 [FOX Nation] 的內容？

Or is that just a sports-only offering.

或者這只是一項僅限體育的活動。

Thanks so much.

非常感謝。

Thank you very much, Robert.

非常感謝，羅伯特。

So on the sports strategy overall, we continue to believe that our reach is the #1, 2 and 3 priority for leagues and certainly for our business.

因此，就整個體育策略而言，我們仍然相信，我們的覆蓋範圍是聯盟和我們業務的第一、第二和第三要務。

And what we will continue through -- and it actually ties into the direct-to-consumer strategy because to put our content in front of every consumer that wants it on any platform and every platform.

我們將繼續推行——它實際上與直接面向消費者的策略緊密相關，因為我們將在任何平台上將內容呈現給每個想要它的消費者。

And so by really driving our engagement with consumer viewers across traditional linear platforms across cable distribution across the digital MVPDs and across our own D2C services targeting these cord cutters and cord nevers that will put us in absolutely the best position with the broadest reach to continue to serve both our viewers, but also sports fans.

因此，透過真正推動我們與消費者觀眾的互動，跨越傳統線性平台、有線電視分銷、數位 MVPD 以及我們自己的 D2C 服務，針對這些剪線族和從未收看有線電視的用戶，我們將處於絕對最佳的位置，獲得最廣泛的覆蓋面，繼續為我們的觀眾和體育迷提供服務。

That package, the D2C package, we'll announce more as we -- in the coming future, but we would see that package as our package is holistic of all of our content of sports and news.

我們將在未來宣布更多有關 D2C 套餐的內容，但我們認為該套餐涵蓋了我們所有的體育和新聞內容。

Great.

偉大的。

At this point, we are out of time.

現在，我們的時間已經不夠了。

But if you have any further questions, please give me or Charlie [Costanzo] a call.

但如果您還有其他問題，請給我或 Charlie [Costanzo] 打電話。

Thanks so much for joining our call today.

非常感謝您今天參加我們的電話會議。

Thank you.

謝謝。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude the Fox Corporation second-quarter fiscal year 2025 earnings conference call.

女士們、先生們，福斯公司 2025 財年第二季財報電話會議到此結束。

Thank you.

謝謝。