Robert Fishman
MoffettNathanson LLC

All right. We're going to get going. Good morning, everyone. Thank you for being here. I'm Robert Fishman and we are very excited to have John Nallen back again this year. So thank you so much for being back. We have lots to dig into since we had the opportunity to chat last year. You also have 1 more year under your belt since getting promoted. So congrats again for that.

Robert Fishman
MoffettNathanson LLC

So let's jump in. With all the changes going on around you because there has been a lot over this past year, including the month-long Warner Bros. Discovery bidding war saga, maybe just talk to us how you would characterize where Fox is currently positioned within this larger, broader media ecosystem.

John Nallen
President & COO

So first, thanks for having us again and it's great to be here with you. The -- look, I'd say we're in a really good spot from a Fox perspective. We've -- probably 2 things that are emblematic of what -- where we are is focus and momentum. Those are 2 -- and your note the other day covered those points. And by the way, I disagree with your note that we're at fair value. But we can talk about that.

Robert Fishman
MoffettNathanson LLC

We can talk about that. Yes.

John Nallen
President & COO

But the intense focus we have around live news and live sports and increasingly around AVOD with Tubi, really doesn't -- it just doesn't distract us. We're really intensely focused on what's going on there. If you take that, coupled