Fox Corporation Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Thanks for having us all.

So maybe if I can do it in the lens of what we achieved in 2026 and what we're looking forward to in 2027. Despite your admonition, I will comment on Roku. In looking at 2026, you're right. It was a record year across the board. We grew EBITDA 8%, hit $3.9 billion. We talked about strategic priorities. We launched FOX One, had an incredible World Cup. The news cycle was extraordinarily active. The entertainment division, we don't talk a lot about, had great rating success. Tubi, another strategic priority, ended the year with 35% top-line growth in the fourth quarter. 35%. That is very significant. As we look into 2027, our fiscal year just began, I really don't see the underlying trends for growth having changed much. If you look some of the indicators. Excuse me. From an ad sales perspective, our upfront was the highest record upfront we ever had.

Right. Double-digit gains in volume across the board, pricing gains, and it was really just a superb outcome.

In subs, I'm more constructive than most about where I think subs are headed and where we are, and the addition of FOX One has clearly been helpful in that regard. The news cycle is going to continue to be active. Tubi has started the first quarter really on pace with how it ended the fourth. So incredible top-line growth once again. Of course, we have the midterm elections. That's going to be an important element for Fox into fiscal 2027. I would be remiss if I didn't at least comment on the top strategic priority that we've got ahead of us, which is closing the acquisition of Roku, and this is going to be a transformational transaction for Fox.

We announced this morning that the DOJ has made a second request, which was entirely expected. When we announced the transaction a few months ago, we said it would close in the first half of 2027. Calendar 2027, we're not changing that at all. This was exactly as we expected, and it's going to take two companies that have their own growth profiles, and we think Roku now is at a real inflection point for growth, put them together and achieve both cost and revenue synergies on top, which is just going to end up as a superb transaction for the Fox and the Roku shareholders. I think FOX One, Tubi, Latin America, all strategic priorities as we look forward, but clearly getting the $22 billion Roku transaction done is done, integrated, and affecting all the growth strategies as one.

Great. The real top priority for us.

So take the NFL as just a wide question. Our relationship with the NFL couldn't be stronger. I put that to rest by if you look at during the off-season, we acquired two new windows coming into the '27 season. Week 10, we got a game from Munich to form a triple-header on Fox that we haven't seen in a decade. Week 15, we've got a Saturday game that's brand new to us. But as importantly, beginning Sunday, we will be the broadcaster of record for the NFL in Mexico for the next three seasons. So we bring a mutual relationship to the NFL by using our platform, Fox News, not only the broadcast network, which is obvious, but to bring Fox News, the local television stations, and Tubi to the plate for promoting the NFL and for promoting Fox as well. NFL is a real asset for us.

But our relationship with the NFL couldn't be stronger. If you look the last 30 years, we've produced over 100 games a season, every season for the NFL. My expectation is that's going to continue for the foreseeable future.

Our rights portfolio is really strong. If you look, it's anchored by a foundational group of rights, the NFL, College Football, Major League Baseball, IndyCar, which is recent to our portfolio, and NASCAR. We have a bunch of other sports around it, but those are the core elements of the rights portfolio. If you look at the timing of those rights, the NFL, we have firm until the 2029 season, baseball through the 2028 season, and then if you take College Football and the motor sports, we go to the mid-30s in the portfolio as far as expirations. You asked earlier about strategic priorities. Clearly, the renewal of these rights with baseball coming up as the earliest is going to be a key aspect of the entirety of Fox to renew what are core rights to us.

As far as the World Cup, clearly, and a shout-out to our sports group, we had an incredible World Cup spanning our Q4 and our current Q1. The next set of rights will come up over two cycles, the 2030 cycle in Iberia and the 2034 cycle in Saudi. Of course, we're interested in being the broadcaster in America for the World Cup. But to the point in your question, we're disciplined about how we look at these sports rights overall, and we need to get a return. We'll see how the bidding for those rights go. But look, if we can perform as well or close to as well as we did with the World Cup this year in the next two cycles, we'd be pleased to be the broadcaster for it.