Murdoch to Outline Fox's Next Chapter at Key TMT Conference

NEW YORK, NY – February 23, 2026 – All eyes in the media and investment world will be on Fox Corporation's Executive Chair and CEO, Lachlan Murdoch, as he takes the stage at the Morgan Stanley Technology, Media & Telecom Conference on March 2. The high-profile appearance, announced by the company, comes at a critical juncture for the industry and provides a platform for Murdoch to articulate Fox's strategy for navigating a landscape being rapidly reshaped by digital consumption and technological change.

While the press release was concise, the implications of the address are significant. Investors and industry analysts will be listening intently for insights into the company's future, particularly concerning its booming streaming division, its high-stakes strategy for live sports rights, and its vision for growth in an increasingly competitive environment. The presentation offers a chance for Fox to reinforce the narrative of a legacy media giant successfully transforming into a digital-first powerhouse.

The Digital Juggernaut: Tubi and FOX One

A key focus of Murdoch's presentation will undoubtedly be Fox's aggressive and successful digital pivot. The company has poured significant resources into its streaming assets, and the results have reshaped its growth trajectory. The star of this transformation is Tubi, the free ad-supported streaming television (FAST) service. In fiscal year 2025, Tubi surpassed major milestones, generating over $1.1 billion in revenue and attracting more than 100 million monthly active users.

This performance taps directly into one of the industry's most powerful trends: the explosive growth of FAST channels as consumers seek alternatives to subscription fatigue. Recent data shows viewing hours on major FAST services surged 43% year-over-year, with the sector projected to capture 10% of all TV viewing in 2026. By Q2 of fiscal 2026, Tubi not only grew its revenue by 19% but also achieved EBITDA profitability for the second straight quarter, a significant achievement in the cash-intensive streaming wars. The company has signaled long-term margin expectations for Tubi in the 20-25% range, indicating its confidence in the platform as a core profit center.

Alongside Tubi, Fox is building its direct-to-consumer future with FOX One, a new streaming service bundling live news, sports, and entertainment. Launched in fiscal 2026, the service is designed to appeal to cord-cutters and has reportedly seen subscriber momentum exceed initial expectations. Crucially, the company has noted this growth has occurred without significant cannibalization of its traditional subscriber base, suggesting it is capturing a new market segment.

Anchored in Live: The High-Stakes Game of Sports and News

Despite the digital push, Fox's strategy remains firmly anchored in the proven, enduring value of live content. Its portfolio of premier sports rights and its dominant news brand are the bedrock of the company, serving as powerful moats against competitors. FOX Sports concluded 2025 as the leader in live sports event viewership, a title it has held for six of the past seven years, driven by marquee properties like the NFL, the World Series, and the upcoming FIFA World Cup in 2026.

This live content is the primary driver for engagement on the new FOX One platform and a key differentiator in a crowded market. However, the value of these rights comes at a steep price. The upcoming negotiations for NFL media rights are expected to be particularly costly. Recent commentary from the company indicates a strategic preparedness to "re-balance" its sports rights portfolio if necessary, potentially by scaling back on other sports to ensure it can retain its most valuable NFL package. This highlights a disciplined, if ruthless, approach to content investment.

The combination of premium live sports with the reach of FOX News, which maintains a broad appeal across demographics, creates a powerful flywheel. This synergy allows the company to command higher advertising rates and secure stable affiliate fee revenues, providing the financial firepower to invest in digital growth engines like Tubi.

A Financial Fortress Amidst Industry Shifts

Murdoch's address comes from a position of considerable financial strength. Fox Corporation reported an outstanding fiscal 2025, with revenues climbing 17% to $16.30 billion and a record $3 billion in free cash flow. This momentum continued into the first half of fiscal 2026, with the company reporting what it termed the "most robust advertising market" it has seen in some time for its core verticals.

This financial health has enabled an aggressive capital return program. In August 2025, Fox boosted its share repurchase authorization by $5 billion and increased its dividend. By the end of 2025, the company had executed a $1.5 billion accelerated share repurchase, part of a program that has returned approximately $8.4 billion to shareholders since 2019.

This disciplined financial management provides a crucial buffer against the headwinds facing the broader media industry, including cord-cutting and economic uncertainty. While Fox is not immune to these pressures, its strong balance sheet and the premium nature of its content assets position it to continue investing in its strategic priorities without sacrificing shareholder returns.

Investor Eyes on the Horizon

The market has rewarded Fox's performance and strategy. The company's stock (FOXA) climbed over 40% in 2025, significantly outperforming the broader market. The current analyst consensus is a "Moderate Buy," reflecting optimism about the digital strategy balanced with awareness of the challenges ahead.

Investors will be looking to Murdoch's presentation for reassurance and a clear vision for the future. Key questions revolve around the long-term profitability of streaming, the ability to manage escalating sports rights costs, and the path to continued growth as traditional television viewing declines. While analysts project a potential dip in earnings per share for fiscal 2026, the outlook for fiscal 2027 is more positive, banking on the continued scaling of the company's digital initiatives.

Ultimately, Murdoch's message at the Morgan Stanley conference will be a critical opportunity to define Fox's narrative for the coming years. It is a chance to prove that the company has not just adapted to the new media landscape but has positioned itself to be one of its enduring leaders, successfully blending the power of live content with the vast potential of digital distribution.