Mike Morris

Lachlan reframed the World Cup as a unique event and emphasized FOX's amplification strengths but did not quantify the Q4 or Q1 ad-revenue and profitability contribution requested.

Lachlan provided clear details on the 2 new NFL games (week 10 triple header from Munich, week 15 Saturday game) and directly addressed relationship concerns, noting 4 years left on current deal with no substantive extension discussions yet.

Tubi revenue grew 19% on 27% view time growth. 70% of Tubi users are cord-cutters or cord-nevers, higher than any competitor. Strong upfront, healthy DR and partner trends, and big direct client trends all driving growth.

Murdoch specified 6.3% subscriber decline excluding Fox One, a meaningful sequential improvement. Skinny bundles emerging as positive factor. Fox sells channels as a bundle to distributors with flexibility in marketing, providing downside protection.

Murdoch noted FOX News CPMs at half of broadcast networks, making it efficient for the 350 new national clients this year who continue to increase spending.

Murdoch confirmed the $350M investment envelope will be moderated by earlier-than-expected Tubi profitability but declined to give a specific number.

Murdoch highlighted 300K+ title library, 2/3 cordless audience, advanced ad tech, and 25% of upfront committed revenue now from Tubi.

Murdoch deflected specifics but emphasized strong NFL relationship, expressing confidence in deepening the partnership going forward.

Murdoch said pricing won't be discounted, targeting cordless market only. Will enter bundling partnerships with other streaming services.

Tomsic outlined FY26 headwinds (no political, no Super Bowl margin deficit) and tailwinds (Fox News and Tubi advertising, affiliate growth, FIFA).

Murdoch said goal is first-party data capture through user registrations, which will support higher CPMs. Technology costs are tiny relative to opportunity.

Murdoch confirmed over 100 new national clients joined FOX News due to record ratings and audience share, with Q3 revenue accelerating off Q2.

Management acknowledged improvement but hedged on timing, saying they believe a subscriber floor exists but don't know where it is.

Murdoch directly addressed that Fox's cross-platform synergies make separation unthinkable for Fox, regardless of what peers do.

Hugh said priority one is reinvesting for growth (including $9B FY26 CapEx and $24B content), and the buyback was raised from ~$7B to at least $9B using cash freed from the OpenAI deal and expected A&E proceeds.

Hugh framed One Disney as connected businesses focused on the fan, not a portfolio of assets. On noncore, indicated the company has already evaluated strategic alternatives and will continue to do so.

Johnston attributed Q2 improvement to network show launches. Back half driven by strong theatrical slate: Devil Wears Prada 2, Mandalorian, Toy Story 5, Moana. Iger added Zootopia 2 and Avatar hitting Disney+ will drive significant streaming value.

Johnston cited cruise expansion (especially H2 past launch costs), pricing/attendance growth balance, and consumer products tied to film slate. NBA drives scale audience for advertisers. Q1 bookings up 3%, also up for the year.

Johnston deferred FY26 specifics but flagged cruise ship launch costs in early FY26. On ESPN app, both Iger and Johnston emphasized reaching fans wherever they choose, linear, streaming, or bundled.

Johnston said China demand not worsening, attendance still good but per cap spending down as Chinese consumer is challenged. Not a significant drag on overall results.

Johnston shared WDW Q3 bookings up 4% at 80% booked and Q4 up 7% at 50-60%. Experiences guidance likely at higher end of 6-8%. Declined to comment on FY26 specifics.

Johnston confirmed summer bookings remain positive with more visibility 90 days further into the curve. Consistent messaging with prior quarter but premature to change guide.

Johnston confirmed $300M Q1 DTC profit and $1B+ full year target. Signaled willingness to over-deliver but called it premature to raise guidance after one quarter.

Iger and Hugh flagged modest incremental content spend, especially international, and a balanced attendance-plus-pricing model for parks returns; direct.

Asked about convergence timing and early success signals; Ellison confirmed Pluto web live since June 30th and O&O completion by end of summer.

David cited 10M+ households, 100M+ hours, 15x average pay-per-view viewership, UFC subscribers 15 years younger engaging with broader content. CBS UFC cards averaged 2.8M viewers, 50% higher than ABC NBA primetime. On licensing: not one-size-fits-all, being able to place projects on own or third-party platforms makes them more desirable for creators.

Dennis clarified: studio revenue grows overall from licensing/Skydance combination, but theatrical declines due to Mission Impossible comp. David added core franchises won't return until 2027 due to 2-year production cycle. On Pluto, engagement up but monetization headwinds being addressed.

Naveen confirmed viewership is leading indicator for monetization. Provided directional OIBDA guidance but did not directly quantify Super Bowl/political benefit, instead framing full-year OIBDA as 'probably down slightly' on reported basis.

Chopra noted Charter contribution to Q3 sub growth is still ramping and expected to grow over time, with early results encouraging on both take-up and direct acquisition impact. On Q4, flagged headwinds from higher content expenses, no international ad true-up, and marketing shift from Q3 to Q4, but confirmed the vast majority of Q3 overperformance should flow through to full year.

Gustav met the competitive risk with creator-choice and ubiquity: creators can be on Spotify and elsewhere, and syndication strengthens the creator offer and drives growth. Direct.

Alex explained price changes weigh household income, market maturity and value-to-price ratio, sized to each market when timing is right, without addressing the specific UK-versus-Australia gap. Partial.

Alex and Daniel described higher-tier 'Super Fan' offerings as an early-innings opportunity requiring industry-partner alignment; no launch timing was given.

Christian confirmed the Universal/Warner rights renewals and direct publishing deals are fully reflected in Q1 IFRS financials.

Christian attributed the Q1 slowdown to a post-Wrapped hangover and normal first-quarter seasonality.

Peters said no impact to pricing approach from the WB deal or regulatory review process; business continues to be run the same way regardless.

Peters said Netflix stays open to evolving plans but the bundle delivers strong value and simplicity; principles are choice, accessibility, reasonable returns and low complexity.

Neumann said content amort and sales/marketing ramp in H2 on slate timing and ad-sales build-out; no meaningful difference between Q3 and Q4 beyond a typically heavier film slate in Q4.

Charlie said Amazon is early innings and ramping, without quantifying the contribution.

Anthony framed Ads Manager and third-party DSPs as complementary to different advertiser segments.

Dan named both SSD and advertising as drivers of the Q1 guide, a direct answer.