Jessica Reif Cohen • Bank of America Merrill Lynch

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CEO Lachlan Murdoch attributed Tubi's 35% revenue growth to an 18% increase in total viewing time, highlighting its transition to a mainstream service. CFO Steve Tomsic addressed the balance sheet, confirming plans to complete the current share buyback authorization and top it up, while continuing organic investments like Tubi and FOX 1, noting the bar for M&A is 'incredibly high'.

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Executive Chair and CEO Lachlan Murdoch praised the ad sales team's performance, attributing its success to a structure that combines vertical expertise with the ability to sell across the entire 'ONE FOX' portfolio. Regarding capital deployment, Murdoch reiterated a prudent strategy that balances organic investment, shareholder returns, and M&A, stating that while M&A remains an important lever, there were no specific updates to share.

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CEO Jeff Green predicted that macro uncertainty will lead to a weaker linear TV upfront and a stronger one for programmatic and digital, benefiting The Trade Desk. He highlighted OpenPath's success in improving supply chain efficiency, citing examples like The New York Post increasing revenue by 97%. He also mentioned that a new product, 'Deal desk' in Kokai, is being developed to create a more sophisticated forward market for advertising, moving beyond the traditional upfront model.

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CEO Jeff Green detailed the evolution of their supply chain strategy, from the "Gold Standard" to UID2 and now OpenPath. He described OpenPath as a critical initiative to provide publishers with direct visibility into what advertisers are willing to pay, thereby holding the supply chain accountable and making it more efficient to compete with walled gardens. He clarified that OpenPath's goal is not to be on every impression but to serve as a "light on a hill" to benchmark and improve the efficiency of the entire open internet.

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CEO Jennifer Witz highlighted the success of podcasting, noting 30% year-over-year ad revenue growth in Q1. She attributed this to offering advertisers cross-platform packages that include audio, video, and social, leveraging creator audiences. Regarding the sales approach, she emphasized the continued importance of programmatic capabilities for capturing ad spend and the ongoing effort to build out more self-serve solutions to attract a broader range of marketers.

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President and Chief Content Officer Scott Greenstein detailed a multi-phase podcast strategy focused first on building critical mass for ad sales, then leveraging talent for exclusive SiriusXM content. He confirmed that monetization for new deals like Unwell and SmartLess is already strong and ahead of projections. Regarding Howard Stern, Greenstein described him as a 'singular talent' the company hopes to retain indefinitely, while also emphasizing SiriusXM's deep bench of other top-tier talent reaching different demographics.

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Chairman and CEO Bob Pittman explained that programmatic buying is essential for making broadcast radio's large audience accessible to modern digital ad systems, with a significant revenue impact expected next year. He noted that while the company is open to video podcasting, consumer demand remains overwhelmingly for audio. President, COO, and CFO Rich Bressler added that getting onto major platforms like Google's DV360 and Yahoo! is a critical first step for programmatic. Both executives acknowledged current market uncertainty but reiterated confidence for the full year, noting that the disruption from the L.A. fires is subsiding.

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CFO Gunnar Wiedenfels stated the new corporate structure was implemented on January 1 and work should conclude in weeks, with plans to provide incremental guidance. CEO David Zaslav added the restructure enhances strategic flexibility. On the linear business, Wiedenfels noted recent affiliate renewals secured rate growth, albeit at a slower low-single-digit pace, but provide stability. He highlighted that international renewals are already net-revenue positive due to bundling.

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CEO David Zaslav stated the stock is undervalued and the company is focused on execution to enhance shareholder value. CEO of Global Streaming JB Perrette described the DTC ad business as being in the 'very early innings' of achieving scale, with growth levers including expanding the ad-supported tier's reach, a currently light ad load, and innovating ad formats. Zaslav added they are intentionally keeping ad loads light to preserve the quality of the user experience.

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President Michael Cavanagh explained that the SpinCo assets are leaders in their genres and will be well-capitalized, giving its new leadership team strategic flexibility. For the remaining NBCU, he stated the focus is on optimizing its current assets and that while the company is open to partnerships, it does not need M&A. CEO Brian Roberts reinforced this, stating the company has a 'high bar' for any deal and is focused on its current algorithm of delivering reliable EPS and free cash flow growth. He added that SpinCo will have a 'great balance sheet' and a first-mover advantage.

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President Michael Cavanagh stated Epic will be accretive in its first year and is a long-term value driver, and that the NBA will add value by making Peacock a year-round sports destination. On the spin-off, he reiterated it's an early study. Executive Vice President David Watson described their video strategy as segmenting the market to surround connectivity with value, using StreamSaver as an example of providing choice and a great consumer price point.

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CEO Robert Kyncl emphasized a strategic shift to focus on wholesale pricing, which WMG can influence, rather than retail pricing, which it cannot. He stated the goal is to align with other industries where wholesale prices regularly increase. On technology, he explained that the focus over the last 12-18 months has been on fixing legacy infrastructure, such as royalty systems and digital supply chains. With that foundational work done, the tech team can now focus more offensively on driving growth and efficiency.

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Executive Dennis Mathew explained that the new video packages focus on curated content at specific price points, with plans to offer seamless streaming bundles early next year via 'billing on behalf of' capabilities. He confirmed that fiber is a premium asset driving higher ARPU and lower churn, as fiber customers tend to subscribe to faster, more expensive speed tiers. Executive Marc Sirota added that while they don't currently participate in streamer ad revenue, it represents a future opportunity.

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