Fox

Affiliate fee increases and ad pricing partially offset subscriber and rating pressures. In Q2 FY2026, distribution revenues at Cable Network Programming grew 5% on higher rates, despite net subscriber declines.

Television ad revenue was flat year‑over‑year but benefited from digital growth led by Tubi and additional MLB postseason games, suggesting selective pricing power in news/sports and CTV. Tubi’s expanded Nielsen partnership should improve measurability and CPMs over time.

Offsetting factors include continued MVPD churn and fragmented streaming ad markets.