Results looks fine to me. Below are my notes from the call:
"Fox has established itself as the #1 broadcast network." NFL ratings are high. Friday night WWE Smackdown is off to a strong start. Expect a robust political ad market next year. Sub declines in the traditional MVPD universe have accelerated in recent months, but mostly this is just one distributor (they didn't mention AT&T/DirectTV by name, but that's who they meant). Super Bowl will be streamed/aired in 4K for the first time this season. Fox Business unveiled a new brand refresh ~1 month ago with a new logo and redesigned digital properties. Beginning to integrate Credible Labs' services into Fox Business' digital properties.
BOD has authorized a $2B stock buyback. $500M of this will be completed "in the near term." "We believe we are undervalued in respect to our peers and other investment opportunities."
TV advertising market remains strong. News ad market is a little weaker than sports and entertainment markets as news competitors haven't held the line on price. Super Bowl ads are selling through well and they are confident that the price per 30 second ad will be the highest of any Super Bowl to date.