二十一世紀福斯 (FOXA) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation third-quarter fiscal year 2025 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加福斯公司2025財年第三季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。

I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. 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。請繼續，布朗女士。

Thank you, Pauly. Good morning and welcome to our fiscal 2025 third-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，保利。早安，歡迎參加我們的 2025 財年第三季財報電話會議。今天與我一起參加電話會議的還有執行主席兼首席執行官拉克蘭·默多克 (Lachlan Murdoch)、首席營運官約翰·納倫 (John Nallen) 和首席財務官史蒂夫·湯姆斯克 (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.

請注意，本次電話會議可能包含福克斯公司財務表現和經營成果的前瞻性陳述。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結果有所不同。

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.

此外，本次電話會議還將包括某些非 GAAP 財務指標，包括我們在本次電話會議中提到的調整後 EBITDA 或 EBITDA。非公認會計準則 (GAAP) 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，您可以在我們網站的「投資者關係」部分找到這些文件。

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. It's a particularly beautiful spring morning in New York this morning. I hope everyone's had a chance to enjoy it.

謝謝你，加布麗，也謝謝大家今天早上加入我們。今天早晨，紐約的春天的早晨格外美麗。我希望每個人都有機會享受它。

Our fiscal third quarter underscored the central role Fox plays in informing and entertaining America, and our financial performance once again illustrates the strength of the Fox platform. Whether it be our market leading coverage, what has been a sustained active news cycle, or a record-breaking broadcast of the Super Bowl, we delivered across the board milestones during the third quarter.

我們的第三財季凸顯了福斯在美國資訊與娛樂領域所扮演的核心角色，我們的財務表現再次證明了福斯平台的實力。無論是我們市場領先的報導、持續活躍的新聞週期，還是創紀錄的超級盃轉播，我們在第三季都取得了全面的里程碑。

Total company advertising revenue grew 65% in the quarter, including the Super Bowl, which generated over $800 million of gross advertising revenue across our businesses, a record for both our national broadcast network and our local TV stations.

本季公司廣告總收入成長了 65%，其中包括超級碗，它為我們的業務帶來了超過 8 億美元的廣告總收入，創下了我們國家廣播網絡和地方電視台的最高紀錄。

This year's matchup between Kansas City and Philadelphia delivered 128 million viewers across Fox platforms, making Super Bowl 59 the most watched telecast in US history. Our affiliate revenues also had a notable quarter, with total revenue growth of 3% on the back of higher rates and improved subscriber declines for the third consecutive quarter.

今年堪薩斯城和費城之間的對決在福克斯平台上吸引了 1.28 億觀眾，使第 59 屆超級盃成為美國歷史上收視率最高的電視轉播。我們的附屬收入本季也表現突出，由於費率上升和用戶下降連續第三個季度改善，總收入增長了 3%。

These robust results continue to build upon Fox's noteworthy first half and put us on track to complete a strong fiscal year. Notably, these third-quarter results reflected the highest free cash flow in Fox's history.

這些強勁的業績繼續鞏固了福克斯值得稱道的上半年業績，並使我們有望完成強勁的財年。值得注意的是，第三季的業績反映了福斯歷史上最高的自由現金流。

While we recognize the commentary around the macro environment, we have seen no impact to our business. Our ratings and engagement are strong. National advertising scatter pricing is outpacing last year's upfront rates with solid demand, and Tubi continues its top line momentum.

雖然我們認識到宏觀環境的評論，但我們沒有看到對我們的業務產生任何影響。我們的評級和參與度很高。由於需求強勁，全國廣告分散定價超過了去年的預付費率，Tubi 繼續保持其營收成長動能。

We remain confident that our best-in-class assets, disciplined approach, and fortress-like balance sheets will continue to set us apart. In fact, in just a few hours, we will host America's top advertisers at this year's upfront presentation here in New York.

我們堅信，我們一流的資產、嚴謹的作風和穩固的資產負債表將繼續使我們脫穎而出。事實上，再過幾個小時，我們就將在紐約舉辦今年的預付演示會，邀請美國頂級廣告商參加。

We approach this upfront cycle on a uniquely strong footing, knowing that our focus on live sports and news programming combined with Tubi's commanding position in the AVOD Segment and our exceptional entertainment offering will continue to offer rare value to our advertising partners.

我們以獨特的優勢為基礎來處理這個預付週期，因為我們知道，我們對現場體育和新聞節目的關注，加上 Tubi 在 AVOD 領域的領先地位和我們卓越的娛樂產品，將繼續為我們的廣告合作夥伴提供罕見的價值。

Nowhere is Fox's leadership more evident than Fox News, where once again the Fox News Channel finished the quarter as the most watched cable network. But even more remarkable is that during the quarter, Fox News was the second most watched network in Monday through Friday prime in all of television, surpassing all but one broadcast network. This combination of an engaged audience and a dynamic news cycle led to record audience share in the quarter.

福克斯的領導地位在福克斯新聞中得到了最明顯的體現，福克斯新聞頻道在本季再次成為收視率最高的有線電視網。但更引人注目的是，在本季度，福克斯新聞是周一至週五黃金時段收視率第二高的電視網絡，超過了除一家廣播網絡外的所有廣播網絡。積極的觀眾參與和動態的新聞週期相結合，使得本季的觀眾份額創下了歷史新高。

Fox News Channel had one of the highest rated quarters in cable news history, growing total day audience 48% in total viewers and 58% in the demo, and reaching our highest quarterly share of cable news audience ever. In fact, since the election, Fox News has delivered the top 1,013 cable news telecasts. This rating and share momentum has carried into the current quarter with April total ratings up nearly 30%, primetime ratings up over 30%, and primetime cable news audience share in the 60% range.

福克斯新聞頻道迎來了有線新聞歷史上收視率最高的季度之一，全天觀眾總數增長了 48%，演示觀眾增長了 58%，並達到了有線新聞觀眾季度份額的最高值。事實上，自大選以來，福斯新聞已播出了 1,013 檔最佳有線新聞節目。這種收視率和份額的勢頭一直延續到本季度，4 月份總收視率上漲近 30%，黃金時段收視率上漲超過 30%，黃金時段有線新聞觀眾份額達到 60% 左右。

I should also highlight our digital consumption trends which demonstrate our news content is resonating with an expanded audience beyond the linear world. Fox News digital group page views 18% year-on-year to a record 11 billion views and closed the quarter with the highest number of YouTube views in its history.

我還應該強調我們的數位消費趨勢，這表明我們的新聞內容正在引起線性世界之外的更廣泛受眾的共鳴。福斯新聞數位集團頁面瀏覽量年增 18%，達到創紀錄的 110 億次，並在本季度創下了 YouTube 歷史上的最高瀏覽量。

Engagement at Fox Sports is also unmatched in the industry, especially after a solid NFL postseason. For the 2024-2025 television season today, Fox Sports ranks as the industry leader in live sports event viewership, accumulating 3.3 billion hours of sports event viewing, 17% better than our closest competitor.

福克斯體育的參與度在業界也是無與倫比的，尤其是在 NFL 季後賽表現強勁之後。對於今天的 2024-2025 電視季，福克斯體育在現場體育賽事收視率方面位居行業領先地位，累計體育賽事收視時長達 33 億小時，比我們最接近的競爭對手高出 17%。

While the sports calendar in our fiscal fourth quarter tend to be quieter, we see strong audience and advertiser demand for our schedule, including NASCAR, the inaugural season of IndyCar on Fox, and the start of the baseball season.

雖然我們第四財季的體育賽事日程趨於平靜，但我們看到觀眾和廣告商對我們的賽事安排有著強烈的需求，包括 NASCAR、福克斯的 IndyCar 首季以及棒球賽季的開始。

Turning to Digital, to be delivered another outstanding quarter with revenue growth of 35% year-on-year. This marks an acceleration compared to the 31% growth we posted in the December quarter, which is even more impressive when considering the last quarter benefited from political revenue.

轉向數位業務，本季將再創佳績，營收年增 35%。與去年 12 月季度公佈的 31% 的增長相比，這是一個加速增長，考慮到上一季度受益於政治收入，這一增長就更加令人印象深刻。

As you know, to be played an essential role in extending the reach of the Super Bowl, bringing in over 24 million unique viewers on game day and 16 million peak concurrent viewers during the game. Of those unique viewers, 40% were in the 18 to 34 demo, and half of those were female.

如您所知，在擴大超級盃的影響力方面發揮了至關重要的作用，比賽當天吸引了超過 2400 萬獨立觀眾，比賽期間同時觀看人數峰值達到 1600 萬。在這些獨立觀眾中，40％ 年齡在 18 至 34 歲之間，其中一半為女性。

Reciprocally, the Super Bowl provided a unique promotional opportunity for Tubi, which attracted over 8 million new registered viewers. While engagement on the platform was certainly helped by the Super Bowl, retention and consumption trends at Tubi post the Super Bowl are also very encouraging, with total view time up 24% year-over-year in April.

反過來，超級盃為 Tubi 提供了一個獨特的宣傳機會，吸引了超過 800 萬新註冊觀眾。雖然超級盃確實有助於提高平台的參與度，但超級盃之後 Tubi 的留存率和消費趨勢也非常令人鼓舞，4 月的總觀看時間比去年同期成長了 24%。

Tubi has established itself as a leading player in the streaming world, offering premium on-demand entertainment and original content that is 100% free for consumers. We think this combined with Tubi's large, young and diverse, highly engaged audience of mostly cordless viewers, offers advertisers an unrivaled value proposition.

Tubi 已成為串流媒體領域的領先企業，為消費者提供優質的隨選娛樂和 100% 免費的原創內容。我們認為，這一點與 Tubi 龐大、年輕、多樣化、高度參與的無線觀眾群體相結合，為廣告商提供了無與倫比的價值主張。

Also well positioned for the upfront is Fox Entertainment, which had a strong broadcast season, levering the Super Bowl lead-in to launch the third season of The Floor. This, along with other top-rated shows like Doc and Universal Basic Guys, helped propel Fox to the top spot in primetime season to date among adults 18 to 49.

福斯娛樂 (Fox Entertainment) 也為前期做好了準備，該劇本季播出效果很好，借助超級盃的先機推出了《The Floor》第三季。這部影集與《Doc》和《Universal Basic Guys》等其他高收視率劇集一起，幫助福斯公司佔據了迄今為止黃金時段 18 至 49 歲成年人收視率冠軍寶座。

As we wrap up another successful quarter, it is clear that Fox's differentiated and focused strategy continues to outperform. The reach of our brands and our compelling programming led to impressive annual consumption growth of 34% across the entire Fox portfolio during the third quarter.

隨著我們結束又一個成功的季度，很明顯福克斯的差異化和專注策略繼續表現出色。我們的品牌影響力和引人入勝的節目製作，使得福斯整個產品組合在第三季度實現了令人印象深刻的 34% 的年消費成長率。

When it comes to live events and news, Fox's leadership has never been clearer. There's a lot to be excited about as we look ahead. The work of our dedicated team of journalists and staff at Fox News and other local stations across which we make substantial investments in news reporting nationally and locally, a compelling spring sports schedule taking viewers from the racetrack to the ballpark and the leverage, the elevated brand awareness of Tubi has to drive increased engagement in homes across America.

在現場活動和新聞方面，福克斯的領導地位從未如此明顯。展望未來，有很多事情值得我們興奮。我們在福克斯新聞和其他地方電視台的記者和工作人員組成的專業團隊的工作，我們在全國和地方的新聞報道方面投入了大量資金，引人入勝的春季運動會日程安排將觀眾從賽馬場帶到了棒球場，而 Tubi 的品牌知名度的提升也推動了全美家庭的參與度的提高。

We're also excited about our direct-to-consumer plans. Since the formation of Fox, we have created a unique platform of America's best known media brands across the key verticals of news, sports, and entertainment. These are the brands that resonate with our audiences and that advertisers value so highly. Whether it's the Super Bowl, the election cycle, or the upfront, our company is at its best when we work together as one.

我們也對我們的直接面向消費者的計劃感到興奮。自福克斯成立以來，我們已經創建了一個獨特的平台，涵蓋美國新聞、體育和娛樂等主要垂直領域最知名的媒體品牌。這些品牌能夠引起我們觀眾的共鳴，並且受到廣告商的高度重視。無論是超級盃、選舉週期還是預付款，當我們齊心協力時，我們的公司就會處於最佳狀態。

That key attribute is the basis of our upcoming D2C offering named FOX One, where targeted consumers, the cordless market outside of pay TV can find all the Fox brands they love. FOX One is on track to launch before the football season this fall, and we look forward to sharing further details about the service in the coming months.

這個關鍵屬性是我們即將推出的 D2C 產品 FOX One 的基礎，透過該產品，目標消費者（付費電視以外的無線市場）可以找到他們喜愛的所有 Fox 品牌。FOX One 預計將於今年秋季足球賽季前推出，我們期待在未來幾個月分享有關該服務的更多細節。

With the brisk tailwinds from both our strong operating momentum and financial results, we will continue to focus on execution and remain committed to delivering long-term value for our shareholders in a thoughtful and disciplined manner.

在強勁的營運動能和財務表現的推動下，我們將繼續專注於執行，並繼續致力於以深思熟慮和嚴謹的方式為股東創造長期價值。

And with that I will turn the call over to the thoughtful and disciplined, Steve Tomsic to take you through the details of the quarter.

說完這些，我將把電話交給深思熟慮、嚴謹的史蒂夫·湯姆斯克 (Steve Tomsic)，讓他向您介紹本季度的詳細信息。

Thank you, Lachlan. Good morning, everyone. As Lachlan said, Fox delivered another quarter of impressive results highlighted by a 27% increase in total revenues and record free cash flow. Our advertising revenues increased 65%, led by the combination of a record-breaking Super Bowl, accelerating growth at Tubi, and strong engagement and pricing at News.

謝謝你，拉克蘭。大家早安。正如拉克蘭所說，福斯又一個季度取得了令人印象深刻的業績，其中總收入增長了 27%，自由現金流創下了歷史新高。我們的廣告收入成長了 65%，這主要得益於創紀錄的超級盃、Tubi 的加速成長以及新聞的強勁參與度和定價。

Total company affiliate fee revenues grew 3% over the prior year quarter, once again, demonstrating the strength of our brands and focused portfolio of channels. Other revenues grew 20% year-over-year, driven by high sports sub-licensing revenues at our cable segment.

公司聯盟費總收入較去年同期成長 3%，再次證明了我們品牌和重點通路組合的實力。其他收入較去年同期成長 20%，這得益於有線電視部門體育分授權收入的增加。

Similar to prior quarters, 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. Quarterly adjusted EBITDA was $856 million as compared to the $891 million reported in the prior year quarter, as these revenue increases were offset by higher expenses. This was primarily due to higher sports rights amortization and production costs associated with our broadcast to the Super Bowl.

與前幾季類似，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。季度調整後的 EBITDA 為 8.56 億美元，而去年同期為 8.91 億美元，因為這些收入的成長被更高的支出所抵銷。這主要是因為我們轉播超級盃的運動版權攤銷和製作成本較高。

Net income attributable to Fox stockholders was $346 million or $0.75 per share as compared to the $666 million or $1.40 per share reported in the prior year period. Excluding non-core items, adjusted net income was $507 million and adjusted EPS was $1.10, up slightly compared to $1.09 per share recorded in the prior year.

福斯股東淨利為 3.46 億美元，即每股 0.75 美元，去年同期為 6.66 億美元，即每股 1.40 美元。不包括非核心項目，調整後淨收入為 5.07 億美元，調整後每股收益為 1.10 美元，較上年同期的每股 1.09 美元略有增長。

Now turning to our operating segments, starting with the cable network programming segment, which delivered 11% revenue growth and 7% EBITDA growth. Cable advertising revenues grew 26% over the prior year, driven by the strength in Fox News linear ratings and digital engagement and supported by healthy national and direct response pricing.

現在談談我們的營運部門，首先是有線電視網絡節目部門，該部門實現了 11% 的收入增長和 7% 的 EBITDA 增長。有線電視廣告收入比上年增長了 26%，這得益於福克斯新聞線性收視率和數位參與度的強勁增長，以及健康的全國和直接響應定價的支持。

Cable affiliate fee revenues grew 3% over the prior year quarter as pricing gains from our affiliate renewals outpaced the impact from net subscriber declines, which continued to improve to under 7%. Cable other revenues grew 79% due to the high sports up licensing revenues I mentioned earlier.

有線電視聯盟費收入較去年同期成長 3%，因為我們的聯盟續約帶來的定價收益超過了淨用戶減少的影響，而淨用戶減少的影響繼續改善至 7% 以下。由於我之前提到的體育許可收入高，有線電視的其他收入增加了 79%。

Revenue growth at the cable segment was partially offset by a 16% increase in expenses, primarily attributable to an increase in sports rights amortization and production costs, including amortization corresponding to the incremental sports sub-licensing revenues.

有線電視部門的收入成長被 16% 的費用成長部分抵消，這主要歸因於體育版權攤提和製作成本的增加，包括與增量體育分許可收入相對應的攤銷。

Turning to our television segment which delivered 40% revenue growth. Advertising revenues at our television segment grew 77% over the prior year, led by Super Bowl 59, which generated over $800 million in gross revenues. If we exclude the tremendous revenue contribution from the Super Bowl, we still saw solid underlying growth in our TV segment advertising revenues, led by accelerating growth at Tubi.

我們的電視業務收入成長了 40%。我們電視部門的廣告收入比前一年增長了 77%，其中第 59 屆超級盃的廣告收入最高，創造了超過 8 億美元的總收入。如果我們排除超級盃帶來的巨大收入貢獻，我們仍然看到電視部門廣告收入的穩健成長，這主要得益於 Tubi 的加速成長。

Television affiliate fee revenues increased 4% in the quarter, as healthy growth in fees across both Fox-owned and affiliated stations more than offset the impact from industry subscriber declines. Television and other revenues were up 3% year over year, primarily due to high content revenues tied to our entertainment production studios.

本季電視附屬費用收入成長了 4%，因為福斯旗下和附屬電視台的費用健康成長足以抵消行業用戶下降的影響。電視和其他收入年增 3%，主要得益於與我們的娛樂製作工作室相關的高內容收入。

Expenses at the television segment increased 47%, driven by our broadcaster Super Bowl 59, as well as continued investment at Tubi. All in, EBITDA at our television segment was $60 million as compared to the $145 million reported in the prior year quarter.

電視部門的支出成長了 47%，這得益於我們的轉播商第 59 屆超級盃以及對 Tubi 的持續投資。總體而言，我們電視部門的 EBITDA 為 6,000 萬美元，而去年同期為 1.45 億美元。

Turning to cash flow, where we generated a record quarterly free cash flow of over $1.9 billion. This strong quarterly free cash flow delivery is 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 build-up of advertising-related receivables, both of which reverse in the second half of our fiscal year.

談到現金流，我們創造了超過 19 億美元的創紀錄的季度自由現金流。強勁的季度自由現金流交付與我們的營運資本週期的季節性相一致，其中我們財政年度上半年反映了體育版權支付的集中和廣告相關應收款的積累，這兩者在我們財政年度下半年都發生了逆轉。

In terms of capital allocation, fiscal year-to-date, we have repurchased an additional $800 million through our share buyback program. This brings the total cumulative amount repurchased to $6.4 billion or approximately 30% of our total shares outstanding since the launch of the buyback program in 2019.

在資本配置方面，本財年迄今為止，我們已透過股票回購計畫額外回購了 8 億美元。這使得回購總額累計達到 64 億美元，約占我們自 2019 年啟動回購計畫以來流通股總數的 30%。

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 $4.8 billion in cash and $7.2 billion in debt. And since quarter end, we repaid our $600 million debt maturity, which came due in April.

我們仍然致力於利用 70 億美元的全部回購授權。這得益於我們強勁的資產負債表，本季末我們的現金餘額約為 48 億美元，債務約為 72 億美元。自本季末以來，我們已償還了 4 月到期的 6 億美元債務。

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。

Thanks, Steve. And now we would be happy to take questions from the investment community.

謝謝，史蒂夫。現在我們很樂意回答投資界的提問。

(Operator Instructions)

（操作員指示）

Michael Morris, Guggenheim.

麥可·莫里斯，古根漢。

Thank you. Good morning. I wanted to ask about FOX One. I know you said details will follow, but love to try to get some details on your view of pricing of the product, the addressable market, and whether you expect to take on any partnerships or bundle or things like that.

謝謝。早安.我想問一下關於FOX One的問題。我知道您說過之後會公佈細節，但我想了解您對產品定價、目標市場的看法，以及您是否計劃進行合作、捆綁銷售之類的。

And if I could squeeze in one more, I know it's a little early, but Steve, could you give us any thoughts on looking into fiscal '26 and how we should think about any of the puts and takes after the strong fiscal '25 to date? Thank you.

如果我可以再插播一句，我知道現在有點早，但是史蒂夫，你能否給我們談談對 26 財年的看法，以及我們應該如何看待在 25 財年表現強勁之後迄今為止的任何得失？謝謝。

Thanks, Mike. So, I'll answer the FOX One questions, and I can't give you a great amount of detail, but we'll be rolling these things out obviously as we get closer to the fall and to the start of the football season, which we will be launching beforehand.

謝謝，麥克。因此，我將回答 FOX One 的問題，我無法向您提供太多細節，但隨著秋季和足球賽季的臨近，我們顯然會推出這些事情，我們將提前推出這些事情。

The pricing will be in line with our wholesale, well our wholesale pricing. So, we think that's the appropriate level at the most fair to our distributors. So the pricing will be healthy. It will not be discounted price, and very much just targeted to the -- which goes to your addressable market question, we're targeting the service entirely to the cordless community, the cordless market out there.

定價將與我們的批發價一致，也就是我們的批發價。因此，我們認為這是對我們的分銷商最公平的適當水平。因此定價將會是健康的。它不會是折扣價，而且主要只是針對——這涉及到你提出的可尋址市場問題，我們的服務完全針對無線社區，即無線市場。

It would be a failure of us if we attract more connected subscribers or we do not want to lose a traditional cable subscriber to FOX One, and we're doing everything we can to make sure as much as is humanly possible that's the way we market and that's the way we plan the business.

如果我們吸引更多的連網用戶，或者我們不想讓傳統有線電視用戶流失到 FOX One，那將是我們的失敗，我們正在盡一切努力確保這是我們行銷的方式，也是我們規劃業務的方式。

But yes, we will be entering partnerships with other distributors and services to offer FOX One as you see other streaming services do. So we will be working with partners to gain the broader possible distribution within the focus of that cordless viewer. Steve?

但是的，我們將與其他經銷商和服務建立合作夥伴關係，以提供 FOX One，就像您看到的其他串流媒體服務一樣。因此，我們將與合作夥伴共同努力，在無線觀看器的關注範圍內實現更廣泛的分銷。史蒂夫？

Yeah, thanks, Lachaln. Hi, Mike. So if I look at fiscal '26 versus fiscal '25, obviously -- you look at sort of the big seasonal cyclical drivers of our business. So the big one from a net margin perspective for us this year is political, which obviously is not there in an off year next year.

是的，謝謝，Lachaln。你好，麥克。因此，如果我將 26 財年與 25 財年進行比較，顯然，你會看到我們業務的季節性週期性驅動因素。因此，從淨利潤的角度來看，今年對我們來說最大的因素是政治因素，而明年是淡季，顯然不會出現這種因素。

But then Super Bowl from a purely advertising revenue versus rights cost perspective was a deficit for us this year. That's not there in fiscal '26. But then we have FIFA coming through in the very, very back end, which crossovers fiscal '26 versus fiscal '27.

但從純粹的廣告收入與版權成本的角度來看，今年超級盃對我們來說是一個虧損。26 財年則不存在這種情況。但隨後，我們在最後階段迎來了國際足總 (FIFA)，這跨越了 26 財年和 27 財年。

Against all of that, we've got really nice tailwinds with our advertising business, both particularly both at Fox News and Tubi. And then we're also continuing to see solid tailwinds with our affiliate revenue growth. And so I think some of the swing factor with fiscal '26, which is probably a little bit too early to call is the extent to which we moderate the investment into the versus the B2C investment, particularly that launch cost investment going into the early part of next fiscal year. So hopefully that gives you a few breadcrumbs.

儘管如此，我們的廣告業務還是獲得了良好的順風，尤其是在福克斯新聞和 Tubi 方面。然後，我們也持續看到聯屬公司營收成長的強勁順風。因此，我認為 26 財年的一些波動因素（現在下結論可能還為時過早）在於我們在多大程度上減少對 B2C 投資的投資，特別是進入下一財年初期的啟動成本投資。希望這能給你一些線索。

Operator, can we go to the next question, please?

接線員，我們可以進入下一個問題嗎？

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Great, thank you. In the past, you guys have talked about increasing demand from brand advertisers on Fox News. Could you update us on that? Are you seeing any quantifiable shift from DVR to brand advertising? And I know it's sold differently, but can you comment on the sort of difference in sort of price between what you're getting from DVR and what you're getting from brand advertising. Thanks.

太好了，謝謝。過去，你們曾談到福斯新聞上品牌廣告商的需求不斷增加。能向我們通報一下最新情況嗎？您是否看到從 DVR 到品牌廣告的可量化轉變？我知道它的銷售方式不同，但您是否可以評論一下從 DVR 獲得的產品和從品牌廣告獲得的產品之間的價格差異。謝謝。

Thanks, John. So I think we're now up to over 200 new advertisers since the election. I think when Steve let the cat out of the bag, it was over 100 or something, but that's grown to over 200 new advertisers. And I think the really positive and important data point to know here is that they are continuing to advertise.

謝謝，約翰。所以我認為自選舉以來我們已經有超過 200 個新廣告商。我認為，當史蒂夫透露秘密時，這個數字超過了 100 個左右，但現在已成長到超過 200 個新廣告商。我認為這裡真正積極和重要的數據點是他們正在繼續做廣告。

So this is not a knee jerk or one-off reaction to the election, but these advertisers have found our audience, the creative work and the position is working for them, and they're sticking on our air and continue to advertise. So we see that as a very positive of a recognition of the power of Fox News, the power of our ratings and our programming, and that it's working for these new 200 advertisers and they're sticking with us.

所以這不是對選舉的下意識或一次性反應，而是這些廣告商已經找到了我們的觀眾，創意工作和職位對他們有用，他們堅持在我們的節目上播出並繼續做廣告。因此，我們認為這是對福斯新聞實力、我們收視率和節目製作實力的積極認可，這對我們這 200 個新廣告商來說很有效，他們也一直支持我們。

In terms of direct response, so I don't think this directly answers your question, I don't want to give specific pricing out, but just so direct response during the quarter on Fox News was up over 30% direct response and our scatter pricing was up over 50% up-front pricing. So the momentum that we're seeing within Fox News obviously driven first by really record setting audience and share that's flung through nicely to the revenue line and that momentum seems to be continuing.

就直接回應而言，我認為這並不能直接回答您的問題，我不想給出具體的價格，但本季度福克斯新聞的直接回應價格上漲了 30% 以上，而我們的分散定價上漲了 50% 以上的預付定價。因此，我們看到福克斯新聞的發展勢頭顯然首先受到創紀錄的觀眾和份額的推動，這對收入產生了良好的影響，而且這種勢頭似乎還在持續。

Okay. Next question please.

好的。請問下一個問題。

Jessica Reif Erlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Erlich)。

Thank you. Like, well, a couple of things. One, all parts of your business are pretty much surprised on the upside over, I don't know, a while, but maybe nothing more surprising than Tubi. Can you talk about the path to profitability and the drivers, whether it's programmatic and fill rates or content like what you're doing or what your plans are? And then the balance sheet is just so strong, so clearly you have lots of options. Can you give us some color on how you're thinking about that?

謝謝。就像，嗯，有幾件事。首先，你們業務的所有部分都出現了相當令人驚訝的上升趨勢，我不知道，但也許沒有什麼比 Tubi 更令人驚訝的了。您能否談談盈利之路和驅動因素，無論是程序化和填充率還是您正在做的事情或計劃的內容？而且資產負債表如此強勁，顯然你有很多選擇。您能否告訴我們您對此有何看法？

Sure. Hi Jessica. I'll start and then hand over to Steve for the second part of the question. So, thank you for acknowledging the strength of Tubi and the continued growth in Tubi. It's certainly not a surprise to us. We've had a great faith in this business and in its management over the long term, and we believe not only has it had a great track record to date, but we'll continue to have a great prospects and has huge opportunity going into the future.

當然。你好，潔西卡。我先開始，然後把問題的第二部分交給史蒂夫。因此，感謝您對 Tubi 實力和 Tubi 持續成長的認可。這對我們來說當然不是什麼意外。長期以來，我們對這項業務及其管理充滿信心，我們相信，它不僅迄今為止擁有出色的業績記錄，而且我們將繼續擁有良好的前景並在未來擁有巨大的機會。

The growth in this quarter was fundamentally and Tubi, like any free media service, it comes back to engagement. And Tubi grew 18% in total viewing time during the quarter, but this flowed through to a 35% revenue improvement in the quarter. So directly from TBT, then your, obviously, your pricing and on your fill rates, but this translate in a 35% revenue improvement in the quarter.

本季的成長從根本上來說與任何免費媒體服務一樣，Tubi 也回歸到了參與度。本季度，Tubi 的總觀看時間成長了 18%，但這也帶來了本季 35% 的營收成長。因此，直接從 TBT 來看，顯然您的定價和填充率會轉化為本季 35% 的營收成長。

I think it’s important to know, and without Gabby kicking me on the table, in April, that rate has accelerated in April. And so we are really pleased as we see the progress of our Tubi. But there’s a solid advertising base where people continue to advertise on the platform, and it’s a very healthy both direct response and partner revenue streams.

我認為了解這一點很重要，而且在四月份，沒有 Gabby 踢我，這個速度已經加快了。因此，當我們看到 Tubi 的進展時，我們真的很高興。但有一個堅實的廣告基礎，人們繼續在平台上做廣告，這是一個非常健康的直接反應和合作夥伴收入來源。

Tubi really is becoming a mainstream service across America. That’s what we’ve seen the difference over the last year or two, is Tubi becoming something that’s a very, very good business that serves 65% of its audience.

Tubi 確實正在成為美國主流服務。這就是我們在過去一兩年看到的變化，Tubi 正在成為一家非常非常好的公司，為 65% 的受眾提供服務。

It’s hard to reach the cord-less audience, but it’s more and more becoming something that mainstream everyday Americans are using as their free entertainment service. And the only frustrating part about the business is that we don’t get the appropriate evaluation within our stock. We think it’s a tremendously valuable business, and we’re looking forward to outperforming with Tubi for years to come. Steve?

它很難觸及無線用戶，但它越來越成為美國主流民眾日常使用的免費娛樂服務。而這項業務唯一令人沮喪的部分是我們沒有對我們的庫存進行適當的評估。我們認為這是一項非常有價值的業務，我們期待在未來幾年與 Tubi 一起取得優異成績。史蒂夫？

Yeah. Thank you, Jessica. And thanks for noticing the balance sheet. So yeah, we're at $4.8 billion of cash. The debt position is comfortable. And listen, that's only going to improve through the back half of the year because Q4 is typically a strong free cash flow quarter for us. So obviously, as we think about the usage of that capital, obviously, we look at that on a balanced basis across buybacks and kind of running out of what our authorization. So you should expect that to be topped up as part of the normal cost board business over the course of the remainder of the year.

是的。謝謝你，潔西卡。感謝您關注資產負債表。是的，我們有 48 億美元現金。債務狀況尚可。聽著，這種情況只會在今年下半年有所改善，因為第四季通常是我們自由現金流強勁的季度。因此，顯然，當我們考慮如何使用這些資本時，我們會在回購和授權用盡之間進行平衡的檢視。因此，您應該預計，這將在今年剩餘時間內作為正常成本板業務的一部分補充。

And then if we look at it sort of the other options with respect to that capital, we've obviously invested organically in the business and Tubi, which Lachlan just described, who's been a key beneficiary of that investment over the last couple of years, and that has paid dividends for us. We'll continue to do that, and I guess the next cap off the rank there will be our FOX One venture. And then we look at everything from a non-organic basis, but the bar is incredibly high. So ultimately, we'll deploy capital where it's best for the shareholders.

然後，如果我們看一下與該資本相關的其他選擇，我們顯然對該業務和 Tubi 進行了有機投資，正如 Lachlan 剛剛描述的，Tubi 是過去幾年該投資的主要受益者，並為我們帶來了紅利。我們會繼續這樣做，我想我們的下一個目標將會是與 FOX One 的合作。然後我們從非有機的基礎來看一切，但標準非常高。因此，最終，我們會將資本部署到對股東最有利的地方。

Next question, please.

請回答下一個問題。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thanks. Good morning, everyone. Everyone's doing well. I want to ask about your strategy around direct-to-consumer and sort of the broader affiliate revenue growth at the company. You guys are growing nicely even with cord cutting, which is not true for your competitors, and a lot of them have gone down this path that you talked about Lachlan of sort of bundling the streaming service in with their linear networks.

謝謝。大家早安。大家都過得很好。我想問一下你們在直接面向消費者方面的策略以及公司更廣泛的聯盟收入成長方面的情況。你們甚至在用戶掐線的情況下也實現了良好的增長，而你們的競爭對手則並非如此，很多競爭對手都走上了你和 Lachlan 談到的這條道路，即將流媒體服務與線性網絡捆綁在一起。

And well, it's hard to tell from outside. In some cases, it looks like 1+1 is less than 2 for those competitors, and I'm just wondering how you're thinking about what you can get out of launching D2C versus any risk you see in your MVPD relationships because you're now going to be essentially competing with your networks through those bundles.

從外表來看，這很難看出來。在某些情況下，對於那些競爭對手來說，1 + 1 似乎小於 2，我只是想知道您如何考慮推出 D2C 可以獲得什麼，以及您在 MVPD 關係中看到的任何風險，因為您現在基本上要透過這些捆綁與您的網路競爭。

And just to finish up the risk conversation, there's been some FCC noise around capping reverse retrans, and I would love to hear your thoughts on that if you see that as a real risk. Thanks so much.

最後，為了結束關於風險的討論，FCC 一直在談論限制反向重傳，如果您認為這是一個真正的風險，我很想聽聽您的看法。非常感謝。

Thanks, Ben. So first, on D2C and how we view that with, and how the balances with our affiliate relationships and the obviously ongoing growth in the affiliate revenue line for us. So, I should start with saying we remain incredibly supportive of and positive about our, the traditional cable bundle and the traditional cable distribution. And as that applies to both our cable channels and also our broadcast affiliate stations.

謝謝，本。首先，關於 D2C，我們如何看待它，以及如何平衡我們的聯盟關係以及聯盟收入線的顯著持續成長。因此，首先我要說的是，我們仍然非常支持並積極對待我們的傳統有線電視捆綁業務和傳統有線電視分銷業務。這既適用於我們的有線頻道，也適用於我們的廣播附屬電台。

So we will continue to support in every way possible, the traditional model. It's served really the whole industry very well and it served us very well, and we will not be engaging in sort of activities or strategies that undermine or the purpose that undermine the traditional distribution models.

因此，我們將繼續盡一切可能支持傳統模式。它確實為整個行業提供了很好的服務，也為我們提供了很好的服務，我們不會參與破壞傳統分銷模式的活動或策略。

Having said that, we think that D2C, it's time for us to launch a D2C service. It's time for us to target that service specifically to cord-nevers. Now, going back to Jessica's question before, when I mentioned that 65% of the Tubi audience is cord-nevers. That's remarkably high, and I failed to mention that that is actually higher for Tubi than anyone in our competitive set.

話雖如此，我們認為 D2C，現在是時候推出 D2C 服務了。現在是時候讓我們把這項服務特別定位到 cord-nevers 上了。現在，回到傑西卡之前的問題，我提到 65% 的 Tubi 觀眾從未使用過有線電視。這個數字非常高，我忘了說的是，Tubi 的實際數字比我們競爭對手中的任何一個都要高。

So 65% of our audience is cord and users being cord-nevers. That's higher than Roku. It's higher than Pluto, it's higher than Freebie, Max, Paramount+, or Peacock, and that shows us two things. It shows us why Tubi is so valuable to advertisers who need to reach, who can't get to that audience without us, but it also shows a growing expertise in the company about h ow we focus on this cordless segment.

因此，我們的受眾中有 65% 是使用 cord 的，而有 65% 的用戶是從未使用 cord 的用戶。這比 Roku 還要高。它比冥王星更高，也比 Freebie、Max、Paramount+ 或 Peacock 更高，這向我們展示了兩件事。它向我們展示了為什麼 Tubi 對於需要接觸受眾的廣告商如此有價值，如果沒有我們，他們就無法接觸到這些受眾，但它也表明了公司在如何專注於這一無線領域方面的專業知識日益增強。

And so we're going to really take a lot of the learnings we have from Tubi to focus our D2C strategy away from people who might be churning out of the cable universe. We do see the part of the ecosystem that we're talking about. Obviously the emergence of the skinny bundles we think are positive for Fox. The fact that our broadcast, our news, and our sport are in all of these skinny core bundles, we think is very positive. It's too early yet to see the impact of the skinny bundles, but we are very optimistic about them.

因此，我們將真正吸收 Tubi 的許多經驗，將我們的 D2C 策略重點從可能大量流失的有線電視公司轉移開來。我們確實看到了我們正在談論的生態系統的一部分。顯然，我們認為精簡套餐的出現對福斯來說是有利的。事實上，我們的廣播、新聞和體育都包含在這些核心業務中，我們認為這是非常積極的。現在還無法看出精簡捆綁計畫的影響，但我們對此非常樂觀。

And even though we've had a few quarters now of declining sub erosion in the market, it's too early to see how much of that is working -- the market getting towards a base level of subscribers or whether it's the impact of skinny bundles. But I'd remind you that in the fourth quarter of '24, the sub declines are about 8.7%.

儘管我們已經經歷了幾個季度的市場訂閱量下降，但現在判斷其中有多少是有效的還為時過早——市場正在向基本訂閱量水平邁進，還是精簡套餐的影響。但我要提醒你，24 年第四季度，子季度的跌幅約為 8.7%。

They then went in the first quarter of 25% to 7.8%. In the second quarter, 7.2%, and now minus 6.5%. So continuing decline in sub erosion, which we see is a very healthy trend.

而第一季度，這一比例從 25% 降至 7.8%。第二季是7.2%，現在是負6.5%。因此，我們認為地下侵蝕持續下降是一個非常健康的趨勢。

And in terms of the FCC, we can't speculate on what the FCC is going to do, but we certainly see the affiliate network relationship as a healthy one. It's always a negotiation that's left to the market. And we think it's best left to the market.

就聯邦通訊委員會 (FCC) 而言，我們無法推測 FCC 將會採取什麼行動，但我們確實認為聯盟網絡關係是健康的。這始終是留給市場去談判的問題。我們認為最好還是交給市場決定。

We also do know that our affiliate agreements are unique and our network is unique in one very important way because we broadcast the fewest amount of network hours of any of the national networks, that leaves our stations to really be able to invest in their own programming, particularly in local news, which we think is critically important to the health of both the local broadcast industry and also to the local communities that they serve.

我們也確實知道，我們的附屬協議是獨一無二的，我們的網絡在一個非常重要的方面也是獨一無二的，因為我們播出的網絡時長是所有全國網絡中最少的，這使得我們的電台能夠真正投資於自己的節目，特別是地方新聞，我們認為這對地方廣播業以及他們所服務的當地社區的健康都至關重要。

Next question please, operator.

接線員，請問下一個問題。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thanks. So, on FOX One, I think that's a pull forward in timing, if I recall it was going to be year end and now it's before the football season. So I think, is that right? And congrats on that. And how are you thinking about bundling opportunities with FOX One? I just think about cord-cutters and cord-nevers are probably looking for some integrated subscription options, some integrated viewing experiences that go across sports and across the NFL. So just curious how you're thinking about partnering opportunities on FOX One.

謝謝。因此，在 FOX One 上，我認為時間上有所提前，如果我沒記錯的話，那本來是年底，但現在是足球賽季之前。所以我想，是這樣嗎？對此我表示祝賀。您如何考慮與 FOX One 捆綁合作機會？我只是覺得那些剪線族和從未剪線過的人可能正在尋找一些綜合的訂閱選項，一些涵蓋體育賽事和 NFL 的綜合觀看體驗。所以我很好奇您如何看待與 FOX One 的合作機會。

And then, Steve, maybe just following up on Jessica's question, could you talk about the timeline for the FanDuel licensing that you need to go through? And is it correct for us to assume that as soon as you're able to exercise that, it's in your interest because the option only gets higher over time, or are you still balancing the exercise of that option with other capital allocation opportunities and priorities? Thanks.

然後，史蒂夫，也許只是跟進傑西卡的問題，你能談談你需要經歷的 FanDuel 許可的時間表嗎？我們是否可以正確地假設，只要您能夠行使該選擇權，這就會符合您的利益，因為選擇權的價格只會隨著時間的推移而上漲，或者您仍在平衡該選擇權的行使與其他資本配置機會和優先事項？謝謝。

Thanks, Steve. So first with FOX One, I think we might have originally, you might be right, or you might be half right in that. I think we might have originally said that in the year, but I think we did say, after that, that it would be available for the football season. So I think we have said that before. So once again we're not breaking any news on this call. I'll check with the name and the names are breaking news.

謝謝，史蒂夫。首先是 FOX One，我想我們最初可能認為，你可能是對的，或者你可能只對了一半。我想我們可能最初在今年就說過這個，但我想我們在那之後確實說過，它將在足球賽季推出。我認為我們之前已經說過了。因此，我們再次聲明，不會在這次通話中透露任何新​​聞。我會核實名字，這些名字都是突發新聞。

So, it's not -- it's an aggressive timeline you're correct to launch a service, but we've been planning this for a long time. We've had the technology in place for a long time. Obviously, we benefit from a lot of the work done around the venue service, which didn't go forward. So we feel confident in reaching that time frame.

所以，這不是——推出一項服務的時間表很緊迫，但我們已經計劃了很長時間。我們早已掌握這項技術。顯然，我們從場地服務方面所做的大量工作中受益，但這些工作並沒有取得進展。因此，我們有信心實現這一目標。

Of course, being up before the football season is a critical day for us, but we are very confident moving forward that we're going to make that date and we'll announce a specific day in the weeks or months ahead.

當然，足球賽季開始前對我們來說是至關重要的一天，但我們非常有信心在未來幾週或幾個月內確定這個日期，並宣布具體日期。

We will be bundling with a number of other services. Again, I wouldn't want to announce that prematurely on this call, but obviously with our services as valuable as Fox, a lot of other streaming services have approached us about bundling, and we'll be moving forward with a number of those relationships.

我們將與許多其他服務捆綁在一起。再次強調，我不想在這次電話會議上過早宣布這一消息，但顯然，由於我們的服務與福克斯一樣有價值，許多其他串流媒體服務已經就捆綁服務與我們聯繫，我們將繼續推進其中的一些合作關係。

FOX One will also be available to every traditional subscriber of our services. We don't want to compete with our distributors. That's not our intent. So if you're already paying for the Fox services through your cable subscription, you'll be able to download and receive a FOX One as well.

FOX One 也將向我們服務的每個傳統訂閱者開放。我們不想與我們的分銷商競爭。這不是我們的本意。因此，如果您已經透過有線電視訂閱支付了 Fox 服務費用，那麼您也可以下載並接收 FOX One。

Steve, Just to pick up on the FanDuel option, just the level set there. So we've got until the end of 2030 to exercise our option over 18.6% of that business. So it's a state-by-state licensing regime and so we're actively in discussions with each of the 26 states that we need to get licensed with.

史蒂夫，只是想了解 FanDuel 選項，只是在那裡設置了等級。因此，我們必須在 2030 年底之前對該業務的 18.6% 行使選擇權。所以這是一個各州的許可製度，因此我們正在積極與我們需要獲得許可的 26 個州中的每一個州進行討論。

As you would know, there's an incredible amount of value locked in that option. So if I just look at where the streets are in terms of the -- in the money, that sort of, the value of the 18.6% versus the strike price is worth about $2.8 billion to us in intrinsic value. And so it's absolutely in our interest to get licensed and we will get license over the coming years.

如您所知，該選擇權中鎖定了巨額價值。因此，如果我只看街道在價位方面的位置，那麼，18.6% 與執行價格的價值對我們來說約為 28 億美元的內在價值。因此，獲得許可絕對符合我們的利益，而且我們將在未來幾年內獲得許可。

But I think when you look at the accretion in the strike price of about 5% a year, that's not a driving factor in terms of our decision on when to deploy capital towards that. It's really about getting through the licensing regime and then we go.

但我認為，當你看到執行價格每年增長約 5% 時，這並不是我們決定何時為此部署資本的驅動因素。這其實就是要通過許可證制度，然後我們就可以開始了。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, good morning. Thank you very much for the question. I was just wondering if you could give us an update on the digital investments. I think last quarter it was a high $200 millions. Obviously, with the outperformance of Tubi to date as well as the greater clarity into the timing and launch of on FOX One, I was wondering if you could just talk about that for this year and perhaps into next again.

嘿，早安。非常感謝您的提問。我只是想知道您是否可以向我們提供有關數位投資的最新情況。我認為上個季度的金額高達 2 億美元。顯然，鑑於 Tubi 迄今為止的出色表現以及在 FOX One 上推出的時間和發布的更加清晰，我想知道您是否可以談談今年以及明年的情況。

And then secondly, there have been reports of plans for Disney to vacate the Fox Lot in Century City. I was just wondering if you had any future plans there that you could discuss or options that you may have. Thank you.

其次，有報告指出迪士尼計劃撤離世紀城的福斯主題樂園。我只是想知道您是否有任何可以討論的未來計劃或可能擁有的選擇。謝謝。

Thanks, Mike. So on the digital investment and Steven can give more detail, but Tubi continues to improve financially. We are continuing to invest in Tubi, however, and we'll continue to do that really as we see fit that sort of suits the business. We think we're built on an incredibly valuable business in Tubi, and so we don't want to create kind of a false hurdle for us in terms of profitability, but it's sooner rather than later.

謝謝，麥克。關於數位投資，史蒂文可以提供更多細節，但 Tubi 的財務狀況持續改善。不過，我們將繼續對 Tubi 進行投資，並且只要我們認為適合業務，我們就會繼續這樣做。我們認為，Tubi 的業務非常有價值，因此我們不想在盈利能力方面給我們自己設置虛假的障礙，但宜早不宜遲。

And Tubi as you know has now reached beyond $1 billion in revenue for the trailing 12 months, so that the business is on absolutely the right trajectory. But we'll continue to invest in it for the near- to medium-term future.

如您所知，Tubi 過去 12 個月的收入已超過 10 億美元，因此業務發展完全走在正確的軌道上。但我們將在近期至中期內繼續對其進行投資。

Obviously though, that business reaches profitability. We continue to invest organically in the future of our businesses. And so the overall investment in digital properties remains broadly in line. Steve can give you more detail on that but just let me quickly answer the Disney, Fox Lot, question.

但顯然，該業務已經獲利。我們將繼續對我們業務的未來進行有機投資。因此，對數位資產的整體投資基本上保持穩定。史蒂夫可以為您提供更多詳細信息，但請允許我快速回答有關迪士尼、福克斯地段的問題。

So, obviously the sound stages are in very high demand, and we'll continue to work with Disney and others is to see them effectively booked out. What Disney has announced, they will -- or indicate to us that they will vacate, is their office space on the Lot that is not connected to production, and that represents like less than a third of the office space on the Fox Lot.

因此，顯然攝影棚的需求非常大，我們將繼續與迪士尼和其他公司合作，以確保攝影棚能夠被預訂一空。迪士尼已經宣布，或者向我們表明，他們將騰空福克斯影城園區內與製作無關的辦公空間，這些辦公空間的面積還不到福克斯影城園區辦公空間的三分之一。

It's highly valuable real estate, probably valuable real estate in the center cities of the Santa Monica region of Los Angeles, and we think we'll have no problem in filling it. Steve, do you want to add anything? Yes.

這是非常有價值的房地產，可能是洛杉磯聖莫尼卡地區中心城市中有價值的房地產，我們認為填補它不會有問題。史蒂夫，你還有什麼要補充嗎？是的。

Yeah. So Mike, just on digital investment, I think in fiscal '24, we're in the mid 3s. We'd expect that to come down for fiscal '25. Tubi included in our numbers this quarter was a bit of a surge into the investment spend. It obviously had the Super Bowl and marketed heavily around that and really went -- really use that as a sort of marketing piece as well as a user acquisition piece. But you should expect to see that come back a bit in the final quarter and see our overall digital growth investment envelope shrink over when you look at full year versus full year, and it's probably a bit premature to talk about where we land in fiscal '26. I definitely expect Tubi, as Lachlan mentioned, to continue improve and answer the question of how we start to see Fox Lot investment.

是的。所以麥克，僅就數位投資而言，我認為在 24 財年，我們處於 3 中期。我們預計 25 財年這數字將會下降。本季數據中納入的 Tubi 的投資支出略有增加。顯然，它有超級碗，並圍繞它大力行銷，真正地將其用作一種行銷手段和用戶獲取手段。但你應該會看到，在最後一個季度，這一數字會略有回升，而當你將全年與全年進行比較時，我們的整體數字增長投資範圍會縮小，現在談論我們在 26 財年的業績可能還為時過早。正如 Lachlan 提到的那樣，我確實希望 Tubi 能夠繼續改進，並回答我們如何開始看待 Fox Lot 投資的問題。

Great. At this point, we're out of time, but if you have any further questions, please give me or Charlie Costanzo a call. Thanks once again for joining us today.

偉大的。現在，我們已經沒有時間了，但如果您有任何其他問題，請給我或 Charlie Costanzo 打電話。再次感謝您今天加入我們。

Thank you.

謝謝。

Thank you.

謝謝。

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

女士們，先生們，福克斯公司 2025 財年第三季財報電話會議到此結束。謝謝。