We attended the Fox Broadcasting 2015 Upfront Programming Presentation at The Beacon Theatre in New York, which marked the first upfront for Fox Broadcasting under the helm of Dana Walden and Gary Newman, both of whom also have oversight of Fox's TV studio. FOX's Television segment represents ~20% of FOXA's revenue and ~14% of EBITDA (with the broadcast network a smaller portion thereof); given its impact on the stations group, the broadcast network continues to be of considerable strategic significance for FOXA. Given this year's ratings headwinds at the Fox broadcast network, which in fact contributed to the December quarter's modest downward revision to FOXA's fiscal 2015E guidance, we were interested to hear about the company's new programming strategy for the upcoming season. FOXA had previously highlighted that 2015 would be a year of investment with a priority focused on building hit shows.
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