FOX · Earnings call · 2026Q2T · Full report

Pay-TV Subscriber Trends

Fox Corp · 2026-08-06 · Importance 31 · Surprise 32

Cable distribution pricing gains from affiliate renewals exceeded the effect of continuing subscriber losses. Net subscriber declines across third-party distributors remained below 6.5%, consistent with the prior quarter. FOX One provided a meaningful positive contribution to distribution and was positioned toward the cordless population, limiting cannibalization of the traditional pay-TV business. Management expects both Cable and Television to contribute to distribution revenue growth in fiscal 2027.

Key facts

• Lachlan said FOX is seeing minimal cannibalization of traditional pay-TV from FOX One and that FOX One subscribers are incremental.
• Net subscriber declines at third-party distributors remained consistent with the prior quarter at under 6.5%.