二十一世紀福斯 (FOXA) 2026 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen. Welcome to the Fox Corporation third quarter fiscal year 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

感謝各位女士、先生耐心等候。歡迎參加福斯公司（Fox Corporation）2026 會計年度第三季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

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

現在我將把會議交給投資人關係長 Gabrielle Brown 女士。Brown 女士，請開始。

Thank you, operator. Good morning, and welcome to our fiscal 2026 third quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, President and Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer.

謝謝您，接線員。各位早安，歡迎參加我們 2026 會計年度第三季財報電話會議。今天與我一同出席的有：執行董事長兼執行長 Lachlan Murdoch、總裁兼營運長 John Nallen，以及財務長 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. 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.

首先，Lachlan 與 Steve 將就最新一季發表事先準備的談話，接著我們將回答投資界的提問。請注意，本次電話會議可能包含有關福斯公司財務表現與營運結果的前瞻性陳述。這些陳述係基於管理層目前的預期，實際結果可能因今日電話會議中所提及的若干因素，以及公司向 SEC 提交之文件中所識別的因素，而與陳述內容有所差異。

Additionally, this call will include certain non-GAAP financial measures, including adjusted EPS and 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. We also refer to free cash flow which we define as net cash provided by operating activities, less capital expenditures.

此外，本次電話會議將包含若干非 GAAP 財務衡量指標，包括調整後每股盈餘（adjusted EPS）以及調整後 EBITDA 或 EBITDA（如我們在本次電話會議中的稱呼）。非 GAAP 財務衡量指標之調節表載於我們的財報新聞稿與向 SEC 提交之文件中，並可於本公司網站「投資人關係」專區取得。我們亦會提及自由現金流，定義為營運活動提供之淨現金，扣除資本支出。

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

那麼，我很高興把電話會議交給 Lachlan。

Thank you, Gaby, and thank you all for joining us this morning. It's a busy day for us here at FOX. This morning, we reported our fiscal third quarter results. And later today, we will host our annual upfront presentation where our advertising partners will experience firsthand the power of our programming and the platform we provide for them across our family of Fox Corporation brands. And as you will hear today, all signs point to a healthy upfront for Fox.

謝謝你，Gaby，也謝謝各位今天早上加入我們。今天對我們 FOX 來說是忙碌的一天。今天早上，我們公布了會計年度第三季的業績。而在今天稍晚，我們將舉辦一年一度的 upfront 發表會，讓我們的廣告合作夥伴親身體驗我們節目內容的力量，以及我們透過福斯公司旗下品牌家族所提供的平台。正如各位今天將聽到的，所有跡象都顯示 Fox 的 upfront 市場將相當健康。

From global news and live sports to high-quality free entertainment and essential local news coverage, Fox turns audience engagement and passion into performance for our advertising and distribution partners alike. This performance was demonstrated again in our fiscal third quarter, where our financial results continue to reflect the unabated momentum across the business.

從全球新聞與現場體育賽事，到高品質的免費娛樂內容與不可或缺的在地新聞報導，Fox 能將觀眾的參與度與熱情，轉化為我們廣告與發行合作夥伴的績效。這樣的績效在我們會計年度第三季再次獲得驗證，我們的財務結果持續反映出業務各面向毫不減弱的動能。

We reported $4 billion of revenue and EBITDA growth of 11% to just over $950 million reflecting strong core top line delivery from ongoing advertising trends and distribution revenue growth. Distribution revenue grew 3% during the quarter, benefiting from the continued early success of FOX One where both new subscriber additions, which we are confident are additive to the ecosystem and subscriber retention outperformed our expectations.

我們報告營收 40 億美元，EBITDA 成長 11% 至略高於 9.5 億美元，反映出在持續的廣告趨勢與發行收入成長帶動下，核心營收表現強勁。本季發行收入成長 3%，受惠於 FOX One 持續的早期成功；無論是新增訂戶（我們有信心這些新增訂戶對整體生態系具有增量貢獻）或訂戶留存，表現皆優於我們的預期。

Advertising revenue, as expected, declined due to the absence of last year's Super Bowl broadcast. However, excluding the Super Bowl impact, advertising revenue would have grown double digits driven by strength across the company, and that momentum continues into our fiscal fourth quarter. The strength of these trends is most evident at FOX News, which achieved its highest third quarter advertising revenue ever.

如預期所示，廣告收入因缺少去年超級盃轉播而下滑。然而，若排除超級盃的影響，廣告收入本可呈現雙位數成長，成長動能來自公司各業務的強勁表現，且此動能延續至我們的會計年度第四季。這些趨勢的強勁程度在 FOX News 最為明顯，其第三季廣告收入創下歷來新高。

In rapidly changing and consequential news cycles, audiences turned to FOX News for compelling accurate and timely reported. This is easily and clearly reflected to the Fox News channel, finishing the quarter as the most watched cable network in both total day and Prime and the sequential momentum is growing. For example, FOX News finished April with year-on-year total audience growth, which contributed to FOX News being the second most watched network in Monday through Friday Prime in all of television, surpassing all but one broadcast network.

在快速變化且影響深遠的新聞週期中，觀眾轉向 FOX News，以獲取引人入勝、準確且即時的報導。這一點清楚反映在 Fox News Channel：本季在全日與黃金時段皆為收視最高的有線電視網，且其連續性的動能仍在增強。例如，FOX News 在 4 月的總觀眾數較去年同期成長，促使 FOX News 在全電視（含所有頻道）週一至週五黃金時段成為收視第二高的電視網，超越除一家無線電視網之外的所有無線電視網。

Fox News Digital also delivered strong results in the quarter, with both YouTube and social media views up double digits over the prior year. FOX Sports delivered major wins during a slightly less hectic time of the year for our sports calendar. The World Baseball Classic across Fox were they resound in success with average ratings across the series, up over 150% versus the 2023 tournament and more than 10 million viewers tuned in for the final. That trend continued as Major League Baseball's opening weekend on Fox, scored ratings 45% over last year and IndyCar race to its best start in years, growing ratings 37% as of quarter end.

Fox News Digital 本季同樣交出強勁成績，YouTube 與社群媒體觀看次數皆較去年同期呈雙位數成長。在我們體育賽事行事曆相對不那麼密集的時段，FOX Sports 仍取得多項重大勝利。福斯平台播出的世界棒球經典賽（World Baseball Classic）大獲成功，系列賽平均收視較 2023 年賽事成長逾 150%，且超過 1,000 萬名觀眾收看決賽。此趨勢持續延伸：福斯播出的美國職棒大聯盟（MLB）開幕週末收視較去年成長 45%；而 IndyCar 賽事也創下多年來最佳開局，截至季末收視成長 37%。

Earlier in the quarter, we concluded a strong NFL season, highlighted by over 170 million viewers tuning into regular season NFL games on Fox during the 2025, '26 season culminating with the NFC Championship game, which averaged more than 46 million viewers, not bad. The NFL has been a key partner with Fox for more than 30 years, in what is a mutually beneficial relationship. To underscore this relationship with the NFL, yesterday, Fox acquired rights to two additional NFL games in national windows for this coming season. And looking ahead,

本季較早時，我們結束了一個強勁的 NFL 賽季；在 2025、26 賽季期間，福斯轉播的例行賽 NFL 賽事累計吸引超過 1.7 億名觀眾收看，並以國聯冠軍賽（NFC Championship game）作結，該場平均收視超過 4,600 萬名觀眾，還不錯。NFL 與 Fox 合作已超過 30 年，這是一段互利共生的關係。為了凸顯我們與 NFL 的關係，昨天 Fox 取得了即將到來賽季在全國時段播出的另外兩場 NFL 比賽轉播權。展望未來，

Fox will shortly be home to the world's biggest sporting event of the year, the FIFA Men's World Cup. We are proud to bring the first World Cup to the United States in over 30 years to our audience this summer. This year's tournament with an expanded schedule encompassing 104 matches over five weeks, will see Fox deliver the most matches ever on U.S. broadcast television. Tubi will also be part of our coverage as the simulcast the opening matches, including the first USA match and will be home to a FIFA World Cup hub, where Tubi's nearly 100 million monthly active users can engage with a broad assortment of soccer content. This added exposure from the World Cup builds on Tubi's strong third quarter where revenue grew a healthy 23%.

Fox 很快將成為今年全球最大體育盛事——FIFA 男子世界盃——的主場。我們很自豪能在今年夏天，為觀眾帶來 30 多年來首度在美國舉辦的世界盃。今年賽事擴增賽程，五週內共 104 場比賽，Fox 將在美國無線電視上播出史上最多場次的世界盃比賽。Tubi 也將成為我們轉播的一部分，將同步聯播開幕賽事，包括美國隊首場比賽，並將設立 FIFA 世界盃專區，讓 Tubi 近 1 億名月活躍用戶可與多元的足球內容互動。世界盃帶來的額外曝光，將延續 Tubi 強勁的第三季表現，本季其營收健康成長 23%。

Engagement was also solid with a 19% increase in total view time, maintaining strong momentum from library content, to be originals and creator led titles. Tubi now features more than 220 creators with over 17,000 episodes with plans to further expand its creator universe as this content attracts younger audiences and drives higher retention. Just like we have seen at the start of each sporting season, we also expect the World Cup on FOX to be a positive for FOX One. Trends across FOX One continue to be encouraging with strong consumption across both our news and sports offerings.

互動表現同樣穩健，總觀看時數成長 19%，延續從片庫內容到 Tubi 原創與創作者主導作品的強勁動能。Tubi 目前已匯聚超過 220 位創作者、超過 17,000 集內容，並計畫進一步擴大其創作者宇宙，因為此類內容能吸引更年輕的受眾並帶來更高的留存率。正如我們在每個體育賽季開季時所見，我們也預期 FOX 播出的世界盃將對 FOX One 帶來正面效益。FOX One 的各項趨勢仍令人鼓舞，無論新聞或體育內容的收視消費皆表現強勁。

Finally, from an entertainment perspective, our refreshed mid-season play introduced several great new shows, led by Fear Factor, Memory of a Killer and Best Medicine. These attracted robust audiences consuming live on the network and were amplified with meaningful levels of delayed digital streaming. In addition, at today's upfront, we'll be announcing the launch of several new shows for the upcoming year, including BayWatch and the Interrogator.

最後，就娛樂內容而言，我們更新的季中節目編排推出了幾檔優秀新節目，包括《Fear Factor》、《Memory of a Killer》與《Best Medicine》領銜。這些節目在電視網直播收視吸引了強勁觀眾，同時也透過具規模的延後數位串流收視進一步放大影響力。此外，在今天的 upfront，我們也將宣布明年即將推出的多檔新節目，包括《BayWatch》與《The Interrogator》。

Fox's third quarter results once again underscore the strength of our brands and our leadership in live program positioning us to deliver record EBITDA this fiscal year. As we look ahead, this strength will be showcased through the upcoming Men's World Cup and the looming midterm election cycle. These events will supplement our outstanding core sports and entertainment schedules, our continued rapid growth of Tubi, and our leading national and local news coverage where we continue to make significant investments in the work of our dedicated journalists. We have solid momentum, and our financial position is strong supported by a robust balance sheet.

Fox 第三季的業績再次凸顯我們品牌的實力，以及我們在現場節目領域的領導地位，使我們有望在本會計年度創下 EBITDA 新高。展望未來，這項優勢將透過即將到來的男子世界盃以及逐步升溫的期中選舉週期展現出來。這些事件將補強我們卓越的核心體育與娛樂節目表、Tubi 持續快速成長，以及我們領先的全國與在地新聞報導；我們也持續對敬業記者的工作進行重大投資。我們具備穩健動能，且在強健資產負債表的支撐下，財務狀況十分穩固。

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

我們仍致力於以審慎且自律的方式為股東創造價值，並將持續探索每一個機會，以在長期最大化該價值。接下來，我將把電話會議交給 Steve，請他帶各位深入了解本季的細節。

Thanks, Lachlan, and good morning, everyone. Fox delivered another strong quarter financially highlighted by our fiscal third quarter total company revenue of $4 billion and adjusted EBITDA growth of 11% to $954 million, a record third quarter for Fox. Distribution revenue grew 3% over the prior year, driven by 5% growth at our Cable segment. As expected, advertising revenue on a headline basis was down 24% as we lapped last year's broadcast of Super Bowl LXI.

謝謝你，Lachlan，各位早安。Fox 本季在財務上再度交出強勁表現，亮點包括我們會計年度第三季全公司營收達 40 億美元，調整後 EBITDA 成長 11% 至 9.54 億美元，創下 Fox 歷來第三季新高。發行（Distribution）收入較去年同期成長 3%，主要由我們有線（Cable）部門 5% 的成長所帶動。如預期，廣告收入在表面口徑（headline basis）下年減 24%，因為去年同期有轉播第六十一屆超級盃（Super Bowl LXI）形成高基期。

As Lachlan mentioned, excluding the impact of the Super Bowl and other NFL postseason schedule changes, our total company advertising revenue would have grown double digits over the prior year quarter. Content and other revenue was up 12%, primarily due to higher sports sublicensing revenue in our Cable segment.

如 Lachlan 所提，若排除超級盃以及其他 NFL 季後賽賽程變動的影響，我們全公司廣告收入相較去年同期本可呈現兩位數成長。內容及其他收入成長 12%，主要來自我們有線部門較高的體育賽事轉授權（sublicensing）收入。

Meanwhile, total expenses fell 14%, mainly a result of the NFL post-season schedule differences I just mentioned. Net income attributable to Fox stockholders was $166 million or $0.38 per share as compared to the $346 million or $0.75 per share reported in the prior year period. Excluding noncore items, adjusted net income was $570 million and adjusted EPS was $1.32, up 20% compared to the $1.10 per share recorded in the prior year.

同時，總費用下降 14%，主要也是我剛提到的 NFL 季後賽賽程差異所致。歸屬於 Fox 股東之淨利為 1.66 億美元、每股 0.38 美元，相較去年同期為 3.46 億美元、每股 0.75 美元。排除非核心項目後，調整後淨利為 5.70 億美元，調整後 EPS 為 1.32 美元，較去年同期的每股 1.10 美元成長 20%。

Now, let's turn to our operating segments. Starting with the Cable segment, which delivered 6% revenue growth and 1% adjusted EBITDA growth to $884 million. Cable distribution revenue grew 5% over the prior year quarter as pricing gains outpaced the impact from net subscriber declines, which remained stable at under 6.5% across our third-party distributors before taking into account a meaningful positive contribution from FOX One.

接下來看各營運部門。先從有線部門開始，本季營收成長 6%，調整後 EBITDA 成長 1% 至 8.84 億美元。有線發行收入較去年同期成長 5%，價格上調的增益超過淨訂戶下滑的影響；在未計入 FOX One 顯著正向貢獻之前，我們在第三方發行商的淨訂戶下滑仍維持穩定、低於 6.5%。

Cable advertising revenue was up 5% versus the prior year, driven by strength in national pricing at News and the benefit of the World Baseball Classic sports. Cable content and other revenue increased 24%, driven by higher sports sublicensing revenue. Revenue growth at our Cable segment was partially offset by a 13% increase in expenses, primarily attributable to higher sports rights amortization.

有線廣告收入較去年同期成長 5%，主要受惠於新聞（News）全國性定價走強，以及世界棒球經典賽（World Baseball Classic）賽事帶動。有線內容及其他收入成長 24%，由較高的體育賽事轉授權收入所驅動。有線部門的營收成長部分被費用增加 13% 所抵銷，主要因體育轉播權利攤銷增加。

Turning to our Television segment, which reported $2.2 billion in quarterly revenue. As anticipated, advertising revenue in our Television segment declined 30% as underlying growth led by Tubi, along with the benefit from this year's additional NFL wild card game was more than offset by the absence of Super Bowl LIX which generated over $800 million in gross advertising revenue in the prior year quarter.

再看電視（Television）部門，本季營收為 22 億美元。如預期，電視部門廣告收入下滑 30%；儘管以 Tubi 帶動的基本面成長，以及今年額外一場 NFL 外卡賽的助益，仍被去年同期缺少第 59 屆超級盃（Super Bowl LIX）所抵銷——該賽事在去年同期帶來超過 8 億美元的廣告總收入（gross advertising revenue）。

Television distribution revenue was down 1%, which continues to be in line with our expectation for TV distribution revenue to be about flat for the full year before returning to growth in fiscal '27. Television content and other revenue was up 2% year-over-year, primarily due to higher content revenue tied to our entertainment production studios. Meanwhile, expenses at the Television segment fell 24%, led by lower sports programming rights amortization and production costs due to the absence of last year's Super Bowl. As a result, EBITDA at our Television segment was $191 million, more than 3 times the level posted in the prior year quarter.

電視發行收入年減 1%，持續符合我們對全年電視發行收入大致持平的預期，並在 2027 會計年度恢復成長。電視內容及其他收入年增 2%，主要因與我們娛樂製作工作室相關的內容收入提高。同時，電視部門費用下降 24%，主要由於體育節目權利攤銷與製作成本降低，原因是去年超級盃缺席。因此，電視部門 EBITDA 為 1.91 億美元，較去年同期水準高出逾 3 倍。

Turning to cash flow, where we generated quarterly free cash flow of $1.77 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 buildup of advertising-related receivables, both of which reversed in the second half of our fiscal year. In terms of capital allocation, fiscal year-to-date, we have repurchased an additional $1.95 billion through our share buyback program.

再看現金流，本季我們創造自由現金流 17.7 億美元。本季強勁的自由現金流表現符合我們營運資金週期的季節性：會計年度上半年集中支付體育轉播權利費用並累積與廣告相關的應收款，兩者在會計年度下半年回轉。在資本配置方面，截至本會計年度目前為止，我們透過庫藏股回購計畫額外回購了 19.5 億美元。

This brings the total cumulative amount repurchased to over $8.5 billion or approximately 36% of our total shares outstanding since the launch of the buyback program in 2019. This includes the $1.5 billion accelerated share repurchase transaction, which is now complete. These capital returns are supported by the strength of our balance sheet where we ended the quarter with approximately $3.6 billion in cash and $6.6 billion in debt.

這使得自 2019 年啟動回購計畫以來，累計回購金額超過 85 億美元，約占我們流通在外股數的 36%。其中包含 15 億美元的加速股份回購（accelerated share repurchase）交易，目前已完成。這些資本回饋由我們強健的資產負債表所支撐：本季末我們約有 36 億美元現金與 66 億美元負債。

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

以上，我把電話交回給 Gaby。

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

很好。謝謝你，Steve。接下來我們很樂意回答投資界的提問。

(Operator Instructions) Michael Morris, Guggenheim.

（接線員指示）Michael Morris，Guggenheim。

I'll try to keep it to one topic, if I could. So first, congratulations on the agreement that you just announced with the NFL for the additional games. Can you share any more detail on those games when they're going to air and where they're coming from? And then more broadly on the topic, there was an article recently in the Journal saying that Rupert Murdoch expressed concern to the administration about games moving -- NFL games moving to streaming services. Does this new agreement mitigate that concern at all? And more broadly, can you just share any update on negotiations to extend the agreement just the article did raise some concern about elevated tension between Fox and the league. So it would be great to get your perspective on that.

如果可以的話，我會盡量只問一個主題。首先，恭喜你們剛宣布與 NFL 就新增賽事達成協議。能否分享更多細節：這些比賽何時播出、來源是哪裡？更廣泛地說，最近《華爾街日報》有篇文章提到 Rupert Murdoch 向政府表達對 NFL 賽事轉移到串流服務的擔憂。這份新協議是否在某種程度上緩解了那項擔憂？另外，也想請你們更新一下延長協議的談判進度；該文章確實引發外界對 Fox 與聯盟之間緊張升高的疑慮。因此很希望聽聽你們的看法。

Thanks, Mike. It's Lachlan. Let me, I guess, start in order of how you asked the question. So we're announcing this morning that we've acquired these rights -- these two additional regular season games. The first will appear in week 10, they're both National Games. The first will appear in week 10, that will give us, I think, it's the overseas game from Munich. That will give us a triple header that Sunday, which I think will be the first triple header on broadcast TV in history. So we're very excited for that.

謝謝你，Mike。我是 Lachlan。我想就依你提問的順序來回答。我們今天早上宣布已取得這兩場額外例行賽的轉播權利。第一場會在第 10 週播出，兩場都是全國轉播賽（National Games）。第一場在第 10 週，應該是來自慕尼黑的海外賽。那將讓我們在那個星期日形成三場連播（triple header），我想這會是史上第一次在無線電視（broadcast TV）出現三場連播。我們對此非常興奮。

And the second game will be Saturday game in week 15. So those are two games we've acquired. And I think the important note to take here, and this goes to your second question, is there is no tension really with the NFL. We're partners for 30 years. We look forward to being partners for the next 30 years. And as we've noted before, we have four years left on our current deal.

第二場則是在第 15 週的週六賽事。以上就是我們取得的兩場比賽。我認為這裡要強調的一點，也回應你的第二個問題：我們與 NFL 之間其實沒有什麼緊張關係。我們合作已 30 年。也期待未來 30 年繼續合作。如同我們先前提過，我們現行合約還剩 4 年。

We've read the speculation that the NFL would like to renegotiate and extend the current -- our current deal or the current deals that are in the marketplace, but we've had no substantive discussions with about that. So it's hard apart from what we read in the press around speculation around that. I wouldn't want to add to that speculation at all.

我們也看到一些揣測，認為 NFL 希望重新談判並延長目前——我們目前的合約，或市場上現行的合約；但我們並未就此進行任何實質性討論。因此，除了媒體上的推測之外，我們也很難多說什麼。我不想在此對那些推測再加油添醋。

Having said that, we'd like to sort of broaden and deepen our relationship with the NFL. But we'll only do so in a disciplined way really take some -- creates value of our long-term shareholder value for our shareholders.

話雖如此，我們確實希望擴大並深化與 NFL 的合作關係。但我們只會以嚴謹、紀律性的方式進行，確保能為股東創造長期股東價值。

Michael Ng, Goldman Sachs.

Michael Ng，Goldman Sachs。

I wanted to ask about cable network distribution revenue growth. The 5% growth when I think many investors wonder if cable network distribution can grow sustainably above 0. So maybe you could just talk a little bit about the FOX One contributions, has the success of FOX One kind of given you confidence that cable distribution could grow mid-single digits, perhaps on a multiyear basis? And maybe anything on seasonality that you would call out?

我想請教有線電視網路的發行收入成長。5% 的成長，在許多投資人看來，會疑惑有線網路發行收入是否能在 0 以上持續成長。所以也許你們可以談談 FOX One 的貢獻；FOX One 的成功是否讓你們更有信心，有線發行收入能在多年期間維持中個位數成長？另外，有沒有任何你們想特別提醒的季節性因素？

Thanks, Mike. So let me start and then Steve can answer the tough part. So, look, we are from a cable and all series from a cable distribution perspective, we feel we're in the best place we've probably been for some time. That's based on two things. One is we're seeing a amelioration of sort of sub declines stabilizing of sub declines now for a few quarters in a row below 6.5% in sub-decline erosion. We think that's a very positive trend. And it's important to note that does not include our FOX One subscriber additions.

謝謝，Mike。那我先開始，然後Steve可以回答比較棘手的部分。所以，你看，從有線電視以及整體有線分銷的角度來看，我們覺得我們正處於可能相當長一段時間以來最好的位置。這主要基於兩點。第一，我們看到訂戶下滑的情況有所改善——也就是訂戶下滑正在趨於穩定，且已連續好幾個季度維持在6.5%以下的訂戶下滑侵蝕幅度。我們認為這是非常正面的趨勢。而且要特別指出，這個數字並未包含我們FOX One的訂戶新增。

We've devided to take a very conservative approach and not include FOX One subscribers in that 6.5% because it's still early days for FOX One. We want to see at least, at the very least, sort of a full cycle flow through. So we understand there any seasonality that could be in the FOX One subscriber base. Although having said that, we're really not seeing a tremendous amount of churn within FOX One to date.

我們決定採取非常保守的做法，不把FOX One訂戶納入那個6.5%，因為FOX One仍處於早期階段。我們至少、至少希望看到一個完整週期的表現反映出來。這樣我們才能理解FOX One訂戶基礎中可能存在的季節性。不過話說回來，截至目前我們確實沒有看到FOX One出現大量流失（churn）。

So we're very pleased with that. The other side of that equation, obviously, is the strength of our brands. Our brands continue to be the most coveted and sort of valuable in the cable universe. and whether that's Fox Sports or ones that the brands are in a tremendous position. While skinny bundles are helping the ecosystem, we believe that's also early days. Skinny bundles really launched 12 to 18 months ago. We're watching that with interest, but all the signs are very positive about the evolving ecosystem.

所以我們對此非常滿意。而這個等式的另一面，顯然就是我們品牌的強勢。我們的品牌仍然是有線領域中最受追捧、也最具價值的品牌；不論是Fox Sports或其他品牌，都處於非常有利的位置。雖然精簡套餐（skinny bundles）正在幫助整個生態系，但我們認為這也仍是早期階段。精簡套餐其實是在12到18個月前才真正推出。我們正密切關注，但所有跡象都顯示這個演進中的生態系非常正向。

Yes. Thanks, Lachlan. So Mike, in terms of trajectory, I think to sort of echo Lachlan's point, I think you're going to find there's a lot more heterogeneity in the performance of cable networks going forward. And so you've got -- in the old days, used to just be cable and satellite, and then we have the virtual. Now we've got FOX One as our own sort of owned and operated service and the emergence of genre bundles. And so we think that all is well for our networks, which it must have both from a broadcast perspective as well as our sort of mainline cable nets. And so we think that serves us really well.

是的。謝謝你，Lachlan。所以Mike，談到走勢（trajectory），我想呼應Lachlan的觀點，未來有線電視網路的表現會呈現更大的異質性。因此你會看到——過去只有有線與衛星，接著出現虛擬（virtual）。現在我們有FOX One，作為我們自有自營（owned and operated）的服務，另外也有類型（genre）套裝的興起。所以我們認為我們的網路一切都很好，無論是從無線（broadcast）角度，或是我們主要的有線頻道（mainline cable nets）來看都必須如此。因此我們認為這對我們非常有利。

As Lachlan mentioned, FOX One was a significant contributor to our sub growth or sort of the subscriber trends, and that's fed into our revenues in terms of both cable affiliate and TV. We'll sort of shy away from sort of whether it's mid-singles, but I think we're seeing pricing growth that we enacted about a year ago coming through. This coming year, we're lighter on cable versus TV pricing. So we've got about just north of a third of our distribution income up for renewal in fiscal '27. And that's skewed towards TV. But we feel very good about where we're at in terms of both cable distribution revenue growth as well as TV distribution growth in fiscal '27.

如Lachlan提到的，FOX One對我們的訂戶成長、或說訂戶趨勢，是一個重要的貢獻者，而這也反映到我們的營收上，包括有線聯播費（cable affiliate）以及電視（TV）方面。我們會稍微避免去界定是否是中個位數（mid-singles），但我認為我們看到大約一年前我們所推動的定價成長正在逐步反映出來。接下來這一年，相較於TV定價，我們在有線端的定價會比較輕。因此在2027財年，我們大約略高於三分之一的分銷收入（distribution income）將進入續約。而這部分更偏向TV。但就2027財年而言，無論是有線分銷營收成長或TV分銷成長，我們對目前的位置都感到非常有信心。

Sean Diffley, Morgan Stanley.

Sean Diffley，Morgan Stanley。

So advertising trends very strong at double digits ex Super Bowl. I was hoping you could parse out national versus local trends and the new category call-outs? And then as it relates to the World Cup, how should we think about the financial impact across the company how you plan to harness the event across the portfolio, including Tubi and FOX One?

廣告趨勢非常強勁，扣除超級盃因素後仍是雙位數成長。我想請你們拆解一下全國（national）與地方（local）的趨勢，以及你們提到的新類別重點？另外，關於世界盃，我們應該如何看待它對公司整體的財務影響？你們打算如何在整個產品組合中運用這個賽事，包括Tubi與FOX One？

Thanks, Sean. So you're right, advertising trends remain strong across the entire portfolio, whether that's sports, news, entertainment to and also strengthening trends of the -- in the local stations. We you don't feel that going into this upfront. And obviously, we have a presentation today, but we're seeing a similar market, which is a very healthy market that we saw sort of around this time last year. So we think that bodes well a very healthy upfront. We're seeing low options being taken up, very low options. So it's a strong marketplace. We're not seeing cancellations and we're seeing healthy scatter prices.

謝謝，Sean。你說得沒錯，整個產品組合的廣告趨勢仍然強勁，不論是體育、新聞、娛樂，另外地方電視台的趨勢也在走強。我們在進入這次前期（upfront）時並不覺得有任何疑慮。而且我們今天也有簡報，但我們看到的市場狀況與去年這個時間點相近，是一個非常健康的市場。所以我們認為這預示著一個非常健康的前期市場。我們看到被行使的選擇權（options）非常少、非常少。因此這是一個強勁的市場。我們沒有看到取消（cancellations），而且我們看到健康的散單（scatter）價格。

So most categories are growing. I think you asked some chat ups in some of the categories like pharmaceutical, we think is growing, we'll grow on the upfront, the tech segment and also finance. When we add to this political revenue that we'll start to see flowing towards the autumn. I think there were some market third-parties estimates of $11 billion being the political ad market this midterm which would be our midterm record. We'll do obviously well out of that with our stations in key battleground states.

所以大多數類別都在成長。我想你問到一些在某些類別的亮點，例如製藥，我們認為在前期會成長；科技板塊以及金融也是。再加上政治廣告收入，我們將在秋季開始看到它逐步流入。我想市場上有一些第三方估計，這次期中選舉（midterm）的政治廣告市場規模將達110億美元，這將是我們期中選舉的紀錄。我們當然會從中受益，因為我們在關鍵搖擺州有電視台資產。

For example, at Florida and Georgia and also benefiting from a lot of the issue money flowing into states like California. And we're actually already seeing record political revenue for an off year. So the combination of a strong underlying ad market leading in these upfronts and also the political revenue that's already beginning to flow in gives us great confidence in the ad markets moving forward. In terms of the World Cup, Steve is raising his hand. So I will step about because we are very pleased with the World Cup performance.

例如佛羅里達與喬治亞，另外也會受益於大量議題資金（issue money）流入像加州這樣的州。而且我們其實已經在非選舉年看到創紀錄的政治廣告收入。因此，強勁的基本面廣告市場帶動這些前期交易，再加上已開始流入的政治廣告收入，讓我們對未來的廣告市場非常有信心。至於世界盃，Steve正在舉手。所以我先讓位，因為我們對世界盃的表現非常滿意。

There's a great deal of anticipation and excitement around the World Cup, both from our audiences and from our partners. We're -- as I mentioned in my earlier comments, we're really very proud to bring the World Cup to the United States in this 250th year, and it's going to be a very successful competition. It will be -- it will assist, I think, the additive to FOX One. Obviously, that amount of sort of sports content on FOX One will be added to FOX One. And it will be a great -- the two games Tubi has simulcast won't impact Tubi's revenue because that revenue will be recognized by Fox Sports, but it will certainly help to our, be additive Tubi's sort of brand and audience metrics.

市場對世界盃充滿期待與興奮，無論是我們的觀眾或合作夥伴都是如此。正如我先前的評論所提到的，我們非常自豪能在美國這個250週年之際帶來世界盃，而且這將會是一項非常成功的賽事。它將——我認為會對FOX One帶來增量效益。顯然，如此大量的體育內容會加入FOX One。至於Tubi同步播出的兩場比賽，不會影響Tubi的營收，因為該營收會由Fox Sports認列，但它肯定會有助於提升Tubi的品牌與受眾指標，帶來增量效益。

And Sean, just in terms of how that shakes out for us, as Lachlan said, we're going to light it up across all the assets of the company. The way you should think about it is it's basically a 50/50 in terms of where the tournament spreads financially. So Q4 of this current fiscal year into Q1 of our next fiscal year, and then from a revenue/EBITDA perspective, you should be thinking more on the broadcast side from a revenue perspective as well as being EBITDA accretive and then on the cable net side, less revenue and probably not EBITDA accretive. But on an overall company basis, absolutely EBITDA accretive.

Sean，至於對我們而言最終會如何反映，正如Lachlan所說，我們會在公司所有資產上全面點燃這個賽事。你可以這樣理解：就賽事在財務上的分布而言，基本上是50/50。也就是本財年的第四季延伸到下一財年的第一季；從營收/EBITDA角度來看，你應該預期營收更多體現在無線（broadcast）端，且會對EBITDA有增益（accretive）；而在有線頻道（cable net）端，營收較少，且可能不會對EBITDA有增益。但以公司整體而言，絕對是對EBITDA有增益。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，Deutsche Bank。

I guess I had one on FOX One, if I could, and then just wondering your sports betting investments. So on FOX One, you commented a little bit on the churn. I was wondering if you could talk about what you've seen in terms of sign-ups related to the spring sports, so Major League Baseball and NASCAR, some of the other stuff like Indy. And do you have any do you think you have any line of sight to FOX One potentially fully offsetting the traditional pay TV declines at some point? And then on the sports betting side, just wondering if you could provide an update on your strategy and your plans regarding those investments in FanDuel and Flutter and how you plan to leverage those longer term?

我想我有一題關於FOX One（如果可以的話），然後也想問一下你們的體育博彩投資。關於FOX One，你們稍微提到了一些流失率（churn）。我想請你們談談，與春季體育賽事相關的註冊（sign-ups）你們看到了什麼情況，例如美國職棒大聯盟（MLB）和NASCAR，以及其他像Indy之類的內容。另外，你們是否認為有任何可見度（line of sight）顯示FOX One在某個時間點可能完全抵消傳統付費電視的下滑？至於體育博彩方面，我想請你們更新一下你們的策略，以及你們對FanDuel與Flutter這些投資的計畫，還有你們打算如何在長期槓桿運用這些投資？

All right. Thanks, Brian. Look, on FOX One, look, overall, I think let me just say that we are very pleased with FOX One. And in almost every way, it has exceeded our expectations, but it's still early days. So we're being sort of conservative and how we view it.

好。謝謝你，Brian。你看，關於 FOX One，你看，整體而言，我想我先說我們對 FOX One 非常滿意。幾乎在各方面，它都超出我們的預期，但目前仍是早期階段。所以我們在看待它的方式上算是比較保守。

Having said that, as we've come into the quieter summer period of spring period and summer period for us, we have seen very little churn, much lower churn than we had expected, and this obviously goes to the strength of the content and the platform. It's important to note that in the third quarter that we're reporting today, over half of their viewership on FOX One is news viewership and that goes to really the strength of that content and the user base. So we're very pleased with that.

話雖如此，隨著我們進入對我們而言較為清淡的春季與夏季時段，我們看到的流失率非常低，遠低於我們原先的預期，而這顯然反映了內容與平台的實力。需要注意的是，在我們今天所報告的第三季中，FOX One 的收視有一半以上是新聞收視，這確實反映了該內容與用戶基礎的強勁。所以我們對此非常滿意。

And obviously, to your question, as we have sports added to FOX One, that's helped, obviously, with bringing in new subscribers. As to the sports betting opportunity, we remain bullish on FanDuel, and we retain our 2.5% option in Flutter. Sorry, our 2.5% equity stake in Flutter and our 18.6% option in FanDuel. We have over four years to exercise that option. We are going through, as we talked about before, a licensing process so that we can exercise. But we have four years to do that. But we're bullish on the FanDuel business.

而且顯然，回到你的問題，隨著我們把體育內容加入 FOX One，這當然有助於帶來新訂戶。至於體育博彩的機會，我們仍然看好 FanDuel，並且保留我們在 Flutter 的 2.5% 選擇權。抱歉，是我們在 Flutter 的 2.5% 股權持有，以及在 FanDuel 的 18.6% 選擇權。我們有超過四年的時間可以行使該選擇權。我們正在進行（如先前所談到的）授權流程，以便我們能夠行使。但我們有四年的時間可以這麼做。不過我們看好 FanDuel 的業務。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Steven Cahall, Wells Fargo.

Wells Fargo 的 Steven Cahall。

So first, just on FOX News, I guess as we think about the really big reach you've built over the last few years, is there any way to think about how much your pricing has come up structurally over that time? And I know the midterms will be probably another nice bump. But how do we think about just the general cycle of viewership that you have on FOX News over the next 12 months? Is it sort of down and then up as you get to the midterms? Or is it a little more stable in there.

首先，關於 FOX News，我想，當我們思考你們過去幾年建立起來的巨大觸及規模時，有沒有什麼方式可以理解在這段期間你們的定價在結構性上提高了多少？我也知道期中選舉可能會再帶來一次不錯的提振。但我們該如何看待未來 12 個月 FOX News 的整體收視循環？是先下滑，然後在接近期中選舉時再上升嗎？還是其實會更穩定一些？

And then just on net digital investments. I think this is something, Steve, that you've talked about kind of on a total company basis before. How are you thinking about net digital investments for fiscal '26 and fiscal '27. With the balance sheet, you have a ton of capacity to invest in things. I don't know if that's things like marketing around FOX One or Tubi, but would just love to know how you're thinking about that for the medium term?

另外，關於淨數位投資。我想這是你之前在整個公司層面談過的事情，Steve。你們如何看待 2026 會計年度與 2027 會計年度的淨數位投資？以你們的資產負債表來看，你們有很大的投資能力。我不確定是否包括像是 FOX One 或 Tubi 的行銷之類，但很想了解你們對中期的思考？

Great. Thanks, Ray. So on Fox News, so from a pricing perspective on FOX News, we're seeing, obviously, with strong ratings, particularly in April, now and April, but really through -- I think Q3, our share was about 57%. Ratings were down as we were to the presidential inauguration a year ago, but we're seeing very positive year-on-year growth in April. And so share and ratings are solid for us and we're seeing really advertisers respond to that. I think in fiscal year '26, we added 200 new additional advertising clients, premium advertising clients.

很好。謝謝你，Ray。關於 Fox News，從 Fox News 的定價角度來看，我們看到，顯然，隨著強勁的收視率，特別是在四月——現在以及四月——但其實整個第三季，我想我們的市占約為 57%。由於一年前的總統就職典禮，收視率曾下滑，但我們在四月看到非常正面的年增成長。因此，我們的市占與收視都很穩健，也看到廣告主對此有很明顯的回應。我想在 2026 會計年度，我們新增了 200 家新的額外廣告客戶，屬於高端廣告客戶。

And that's on top of the preannounced 350 new advertising clients in fiscal '25. So over 500 new clients yearning on to be on the platform. And what has that done? Well, that's really driven our CPMs up. Our CPMs and national pricing for Fox News are up over 45%. That's still a long way between the Seagram pricing and Fox News and the broadcast networks that we compete against. So we think there's actually a great upside opportunity for us as we endeavor to sort of narrow that gap between the number one cable network in the country.

而這是在先前已預告的 2025 會計年度新增 350 家新廣告客戶之上。所以總計超過 500 家新客戶渴望加入並在這個平台投放。那帶來了什麼影響？這確實推升了我們的 CPM。Fox News 的 CPM 與全國性定價上升超過 45%。這與我們競爭的廣播電視網相比，距離它們的定價水準仍有很長一段差距。因此我們認為，當我們努力縮小這個差距時，作為全美第一的有線電視網，我們其實有很大的上行機會。

The number two that were sort of overall, I think one broadcast network is slightly ahead of us. but with pricing where there's a ton of upside. On net digital investments, I'll let Steve go into the detail, but Tubi continues to grow. That's sort of our -- between Tubi and FOX One are the core of our digital investments, but we're seeing the investment in to be sort of moderate as it continues to sort of grow and expand. The investment in Tubi is really a launch costs, marketing costs, some tech costs and we're seeing that ameliorate as it continues to grow. And that will be offsetting some of our broader digital investments, which are pretty modest cost

整體來看，第二名——我想有一家廣播電視網在整體上略微領先我們——但就定價而言仍有大量上行空間。至於淨數位投資，我先讓 Steve 進一步說明細節，不過 Tubi 持續成長。在我們的數位投資中，Tubi 與 FOX One 是核心，但我們看到對 Tubi 的投資隨著其持續成長與擴張而趨於溫和。對 Tubi 的投資主要是上線（launch）成本、行銷成本以及一些技術成本，而隨著其持續成長，我們看到這些成本壓力正在緩解。而這也會抵銷我們更廣泛的數位投資；那些成本其實相當溫和。

Yes. Thanks, Lachlan. Just on investment in. I think we've got a track record now of how thoughtful we've been on deploying capital. And so if I look at it year-to-date, we're pacing better on investments than where we were year-to-date this time last year. And it's exactly what Lachlan said, we've had better than we anticipated success both at FOX One and Tubi. Tubi was again a little bit better than breakeven for Q3, which is a fantastic achievement. So that's three quarters in a row being breakeven or better.

是的。謝謝你，Lachlan。就投資而言。我想我們現在已經有一個紀錄，顯示我們在資本配置上一直非常審慎。所以如果我看年初至今，我們在投資節奏上比去年同期更好。而且正如 Lachlan 所說，我們在 FOX One 與 Tubi 的表現都比我們原先預期更成功。Tubi 在第三季再次略高於損益兩平，這是一項非常了不起的成就。所以這已經是連續三個季度達到損益兩平或更好。

So, look, I gave a couple of numbers out over the course of this fiscal year so far. So I think we started saying around $350 million. Last year, we did sort of $290 million. I'd expect the full year to be comfortable inside the $290 million that we did last year not anticipating any surprises for fiscal '27 in terms of an investment envelope. But as I said, we've been thoughtful about it so far. So if we see the opportunities, we won't be shy of investing in it. But where we're really happy with where the investments are right now.

所以，你看，我在本會計年度至今的過程中給過幾個數字。我想我們一開始說大約 3.5 億美元。去年我們大概是 2.9 億美元。我預期全年會很有把握落在去年 2.9 億美元的範圍之內，並且不預期 2027 會計年度在投資額度（investment envelope）方面會有任何意外。但如我所說，我們到目前為止一直很審慎。所以如果我們看到機會，我們不會羞於投資。但就目前而言，我們對投資水位非常滿意。

At this point, we are out of time. But if you have any further questions, please give me or Charlie Costanzo, a call. Thanks so much for joining us today.

此刻我們時間到了。但如果你們還有任何進一步的問題，請致電給我或 Charlie Costanzo。非常感謝各位今天加入。

Ladies and gentlemen, that does conclude the Fox Corporation Third Quarter Fiscal Year 2026 Earnings Conference Call. Thank you.

各位女士、先生，以上即為 Fox Corporation 2026 會計年度第三季財報電話會議。謝謝。