“It’s very important that those subscribers are focused on cord-cutters and cord-nevers,” Murdoch added.

For its entertainment offerings, Fox chief financial officer Steven Tomsic suggested spending will rise over the next year due to last year’s double strikes, which he noted saved the company more than $100 million in programming costs.

“When we look at entertainment, we look at it from the perspective of, how do we get our cost-per-hour down?” Tomsic said. “When I compare what I think fiscal ’25 will look that look like versus fiscal ’23 that cost per hour is probably down 10 to 15 percent, but we want to have a balanced broadcast network that serves our cross promotional needs, serves our capacity to monetize from an advertising perspective, and serves our capacity to monetize our content in Downstream windows and as owners of the content.”