Fox may be getting into the direct-to-streaming business, but it has no plans on competing with the likes of Netflix, Peacock, or Disney+.

Fox CEO Lachlan Murdoch spoke to a Morgan Stanley conference Monday, where he framed the companys surprise foray into streaming as a plan to supplement the traditional pay-TV business, and similar to the plan outlined by Venu, the ill-fated live streaming sports service that Fox, Disney, and Warner bros. Discovery announced last year.

Were not trying to attack cable, Murdoch said. In a perfect world, we wouldnt have any traditional cable bundle subscriber switch to our DTC. Now, if they do, were gonna be made whole But thats not our intent. Our intent is to really go after the people that are not currently in the system. And so similar to Venu, the aspiration is really in the single, mid, single digit millions of subscribers range. Venu was targeting the roughly 50 million U.S. households that dont pay for TV, and Foxs effort is after that same cohort, Murdoch added.

We think the traditional cable bundle has been the greatest value and service to consumers in this country, and it continues to be in a critical and important part of our of our revenue makeup and how we distribute, how we get our content in front of all of our all of our viewers, he said. Having said that, as you know, more and more people are outside of the bundle. More many people either severed their cord or never had a cord connection in the first place. And we want to reach all of those consumers, all of those viewers, however they want to engage with us.

Murdoch also elaborated on the deal to acquire Red Seat Ventures, the podcast creator company that is in business with Megyn Kelly, Tucker Carlson, Piers Morgan and other hosts.

Were excited about that, because well be able to put our own talent through that system, Murdoch said, teasing upcoming digital extensions of Fox talent. But were also sort of exposed to third party creators as well, and it really gives us a significant position into this new podcasting platform.

In Fact, Murdoch seemed bullish at the meeting, with the political environment and Fox News strong ratings only underscoring that. Fox Nation, the niche streaming service the company already operates, has between 2 million-2.5 million subscribers, and could further complement the larger strategic plans.

The election results have sort of validated Fox Newss position, and weve seen that most strikingly in our advertising revenues, Murdoch said. Weve had over 100 new clients since the election. Obviously, our ratings are doing tremendously well. Our share is doing tremendously well. Over 65 percent share of the cable news universe, ratings are up something like 50 percent, but I think because of the election results, many advertisers have sort of rethought their positioning in this country and understand that the Fox News viewer really does represent Middle America, And theyre responding with their checkbooks.