Operator: And that will come from the line of Ben Swinburne with Morgan Stanley.
Ben Swinburne: I just want to ask about advertising. As you guys look into the rest of the year and head into the upfront, does Tubi give you guys an advantage as you go in to what is, at least, I would describe it as a soft demand environment for advertising and trying to drive pricing kind of across your properties, particularly with the new Tubi Media Group, just wondering if you think that’s going to matter enough this year for us to maybe notice as we head into the fall. And then just on the direct response weakness at FOX News, do you guys have any visibility on sort of whether that’s improving here in Q4 or what the drivers of that are? Any relationship to sort of some of the broader volatility around FOX News? Just wanted to get your updated thoughts on that.
Lachlan Murdoch: Thanks, Ben. I’m glad Robert left your question. But on advertising, look, we — I think you’ve alluded to a softness in the market. We’re really not seeing that across our major platforms. I’ll give you a bit of the detail. The national market, the sports market for us is very strong, very robust. Obviously, as we enter the summer, it’s a slower acquired, a quieter — always is a quiet period for us until the fall when our key marquee sports programming is on air, but we are seeing pretty robust demand for time and availability in the sports market. So we’re very confident with sports. In news, the direct response issues, which is a market issue, it’s not a FOX News issue, has stabilized. So we’re not seeing any more deterioration in direct response pricing.
So we feel pretty confident in the stabilization of that piece of revenue. Again, that’s really a product or a result of oversupply in — with our competitors with direct response. It’s not so much a FOX News issue, but it’s something that certainly has affected our ability to achieve the premium pricing that we’ve been used to. But again, that issue has stabilized, and we think it offers us a pretty good platform going forward. Another thing to mention on news, which is just a small data point, we’re seeing political revenue earlier than we’ve ever seen before. It’s still small, but it’s sort of unheard of to have it this early in the political cycle. So again, we think that bodes well for the fall and as we enter the more significant part of the political cycle.
And then coming on to Tubi, the revenue is accelerating there. It’s — revenue is — while it’s accelerating pretty strongly — Gabby doesn’t want me to give the number. It would break most of your models. But it’s not keeping pace with TBT. TBT continues to grow even faster, which is a great metric. So we have the avails. We’re looking forward to Tubi being a central part of our upfront negotiations. It’s clearly not only a strategic driver for us but have been an important driver going forward. Then when you get down to local base markets, that’s where we’re seeing more mixed results in the different kind of verticals of revenue. We’re very pleased to see auto, again, continuing its rebound with strong growth in the auto category. The entertainment category, we’re also seeing growth in and the restaurant category, where we’re seeing growth in.
But this is offset by weakness across other categories such as retail, telecom, and sports wagering and betting. So the local market does feel — overall. But again, we’re looking forward for our businesses. Particularly in sports and news, we’re looking forward to a strong — a decent summer and a strong fall season. I think that’s all the questions. Thanks, Ben.
Operator: We’ll go to the line of Phil Cusick with JPMorgan.
