21st Century Fox FY 2Q16 Earnings Call Notes

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Lachlan K. Murdoch

The people vs OJ Simpson premiered to FX’s highest ratings ever

” Just this last week, one of our productions, the People versus OJ Simpson premiered to the highest ratings ever on FX”

James Murdoch

Broadcast ratings have stabilized. Al viewers are alive so all viewers need to be measured

“Broadcast season to date prime time ratings have stabilized and overall Ad revenues for the network were up in the quarter. While linear ratings at Fox show much improvement, the more meaningful measure of video consumption is 30 day multi-platform viewing, which is up mid-single digits season to date. Whether the show is being watched on linear broadcast or on a time-shifted basis all viewers are alive, so all live viewers need to be measured.”

Technology doesn’t have a bearing on the production of creative assets. We are goign to see a continued competition for creative talent

“I am not sure that the investment and technology you referred to really has a bearing on the production of creative assets and getting into original production. I think that is kind of a different issue. We feel very good about our ability to do that. I think in the future as we did today, we are going to see a continued competition for talent, continued competition for story tellers, and a continued favorable appetite for various players to invest and there will be multiple internet TV companies doing that including our own. So I don’t think — I don’t think the investment technology necessarily has a bearing on that creative output or that competitive dynamic that you mentioned.”

John Nallen

I don’t think there is a dramatic outstanding issue on a macro basis

“We got good visibility around affiliate fees, the advertising market feels pretty good. So I don’t and internationally businesses are operating pretty well also. So I am not — I don’t think there is a dramatic issue outstanding on a macro-economic basis. I think we put into it what we know today. We don’t know beyond what we know today so that’s whats reflected in our outlook.”