Group 1 - Disney is laying off hundreds of employees across its film, television, and corporate finance departments, affecting global teams including film marketing, TV publicity, and casting and development teams [1] - The company is undergoing a strategic adjustment to ensure efficient operations while continuing to provide top creative and innovative content, as the entertainment industry experiences rapid transformation [2] - This marks Disney's third large-scale layoff in recent times, following a reduction of 7,000 employees earlier in 2023 to save $5.5 billion, and a nearly 6% cut (less than 200 employees) in March at ABC News Group and Disney Entertainment Networks [2] Group 2 - Disney's quarterly revenue for the period ending March 29 was $23.621 billion, a 6.96% increase from $22.083 billion in the previous year, while pre-tax income surged over 369% from $655 million to $3.087 billion [2] - CEO Bob Iger expressed optimism about the second half of the fiscal year, highlighting upcoming theatrical releases, the launch of ESPN's new streaming service, and unprecedented expansion projects in the experiences division [3] - Disney announced plans to build its seventh global theme park in Abu Dhabi, UAE, aimed at serving the Middle East, Africa, India, and Eurasia [3]

Group 1 - Dow futures fell by 0.42%, S&P 500 futures dropped by 0.44%, and Nasdaq futures decreased by 0.45% [1] - Disney is reportedly planning to cut hundreds of jobs globally, focusing on employees in film and television promotion, marketing, casting, and development [1] - UBS forecasts that NVIDIA could secure up to $20 billion in orders from the Texas AI center, benefiting significantly from the project [1] - Goldman Sachs emphasizes that Alphabet's core strengths should not be underestimated, suggesting that the current price level presents a buying opportunity [1] - Li Auto shares rose over 6% pre-market, with May delivery numbers reaching 40,856 units, a year-on-year increase of 16.7% [1] Group 2 - Chicago Fed President Goolsbee stated that if trade policy uncertainties are resolved, the Federal Reserve may consider lowering interest rates [2] - Microsoft announced an additional layoff of over 300 employees, following a previous announcement of 6,000 job cuts [2] - Deutsche Bank raised its year-end target for the S&P 500 index from 6,150 to 6,550, citing reduced tariff impacts on corporate earnings and strong U.S. economic performance [2] Group 3 - Evercore ISI increased its target price for Netflix from $1,150 to $1,350, maintaining an "outperform" rating, highlighting the attractiveness of Netflix's $7.99 ad-supported plan [3]

Group 1 - Disney is laying off several hundred employees across various teams, including film and TV marketing, TV publicity, and casting and development [1][3] - The layoffs are part of a broader strategy by Disney and other companies to adapt to the shift of cable TV audiences to streaming platforms [1] - In 2023, Disney previously cut 7,000 jobs to save $5.5 billion in costs [3] Group 2 - Disney reported earnings in May that exceeded expectations, driven by an unexpected boost from the Disney+ streaming service and strong performance from theme parks [3] - Following the earnings report, Disney shares have increased by 21%, although they were down 0.5% to $112.43 on Monday [3]

Core Insights - Disney is laying off several hundred employees globally, primarily affecting the marketing teams in the Disney Entertainment division due to a declining traditional TV audience [1] - The layoffs also include a smaller number of positions in publicity, casting, development, and corporate finance, with no entire teams being eliminated [1] - The company has previously reduced headcount as TV audiences shift to streaming platforms, with significant cuts occurring in recent years [2] Employment Reductions - In March, Disney cut nearly 6% of its workforce, approximately 200 people, in its ABC News Group and Disney Entertainment Networks [2] - Last fall, around 300 employees were laid off in corporate departments, following a previous layoff of about 140 people, including those at National Geographic and Freeform [2] Strategic Direction - Bob Iger, upon returning as CEO in late 2022, indicated plans for broad cuts, aiming to reduce 7,000 jobs in 2023 [3] - Disney has achieved profitability in its streaming business for the first time last year and is seeking growth in its parks and experiences segment, including a new theme park partnership in Abu Dhabi [3]

Core Viewpoint - Disney is set to lay off hundreds of employees as part of its restructuring efforts [1] Group 1 - The layoffs are part of a broader strategy to streamline operations and reduce costs [1] - The decision reflects ongoing challenges faced by the company in the current market environment [1] - This move is expected to impact various departments within the organization [1]

每经记者｜毕媛媛 每经编辑｜张海妮 截至5月30日晚，2025年年内票房为271.87亿元。 回顾年内电影市场，除《哪吒之魔童闹海》外，电影行业一直处在一种低气压中。反观电影院外，"情绪消费"火热，老铺黄金、泡泡玛特股价屡创新高，消 费者排长队，只为购买心头好。 5月29日晚，泡泡玛特多个新品发售，其中联名正在热映的电影《星际宝贝史迪奇》的"HACIPUPU史迪奇1/8可动人偶"，上线即秒空。泡泡玛特与哪吒的联 名产品也一时卖断货。 图片来源：泡泡玛特小程序截图 《每日经济新闻》记者采访了解到，即便在没有新影视作品推出的情况下，史迪奇相关的主题产品全球零售额在2024财年达26亿美元，而五年前这一数字仅 为2亿美元。如今"星际宝贝史迪奇"成功跻身迪士尼十大畅销人物故事系列，成为消费市场的"顶流"。 从年初的"哪吒"联名款，到近期爆火于全球的LABUBU，再到"史迪奇"，"凶萌经济"正受到越来越多消费者的青睐。 从2亿美元到26亿美元，"凶萌"史迪奇全球吸金 "史迪奇还在锁单中，还有渺茫的机会""史迪奇有原价出的吗？"5月29日晚，泡泡玛特本周新品发售后，史迪奇联名款可动人偶成为热门款，有粉丝在聊天 群里希望能 ...

Investment Ratings - Walt Disney Co. (DIS): Buy-rated with a 12-month price target of $148 [27] - Fox Corp. (FOXA): Buy-rated with a 12-month price target of $61 [29] - Comcast Corp. (CMCSA): Buy-rated with a 12-month price target of $40 [30] - Warner Bros. Discovery Inc. (WBD): Neutral-rated with a 12-month price target of $10.50 [32] - Paramount Global (PARA): Not Rated [34] Core Insights - The report highlights a significant decline in traditional TV viewership, with prime time commercial ratings for broadcast (excluding sports) down 16% year-over-year in 2Q25-to-date [2] - Streaming viewership has reached an all-time high of 44.3%, with YouTube achieving a record share of 12.4% [6][10] - Cable viewership has also seen a slight increase, driven by sports and news programming, with cable share rising to 24.5% [8][9] Summary by Sections TV Viewership Trends - Streaming's share of total TV viewership increased by 0.5 percentage points month-over-month to 44.3% in April 2025 [6][10] - Broadcast share increased by 0.3 percentage points to 20.8%, driven by events like the Men's NCAA Basketball Championship [7][9] - Cable share rose by 0.5 percentage points to 24.5%, supported by strong sports viewership [8][9] Company Performance - In 2Q25-to-date, total day ratings for major networks declined significantly: DIS (-28%), PARA (-30%), WBD (-27%), CMCSA (-32%), while FOX saw an increase of 28% [3][4] - FOX's growth was primarily driven by a 46% increase in viewership at Fox News Channel [3][25] - The report indicates that linear TV has lost approximately 6 percentage points to streaming and other platforms year-over-year as of April 2025 [14] Valuation and Price Targets - The valuation methodologies for the companies include various EBITDA multiples, with DIS at 11X for Parks and Experiences, and FOX at 7.0X for NTM+1Y EBITDA [27][29][30] - The report emphasizes the importance of multi-channel and multi-platform distribution strategies for media companies to sustain growth in streaming engagement [6]

Core Insights - Disney is expanding its flagship streaming service Disney+ and Hulu by introducing new subscriber benefits aimed at retaining existing users and attracting new ones [1][2] Group 1: Disney+ Subscriber Benefits - Disney+ subscribers will receive exclusive perks such as discounts at Disney theme parks, free in-game items, and a $10 credit on the Disney Pinnacle platform [1] - As of Q2 FY2025, Disney+ has approximately 124.6 million subscribers, a slight decrease from 125.3 million in the previous quarter [1] - The peak subscriber count for Disney+ was around 153.8 million at the end of Q3 FY2024 [1] - About 30% of Disney+ subscribers are using the ad-supported plan instead of the Premium (ad-free) option [1] - Management expects a slight quarter-over-quarter growth in Disney+ subscribers for the current Q3 [1] Group 2: Hulu Subscriber Benefits - Hulu subscribers can win tickets to live recordings of "Jimmy Kimmel Live!", Comic-Con, and Lollapalooza starting June 2 [2] - Users who subscribe to both Disney+ and Hulu can enjoy benefits from both platforms [2] - Disney's Executive Vice President, Samantha Rosenberg, emphasized that these exclusive benefits are a way to thank subscribers [2] Group 3: Subscription Pricing and Bundles - Disney+ offers a Basic plan at $9.99/month and a Premium plan at $15.99/month; Hulu's pricing ranges from $7.99 to $17.99/month depending on ad inclusion and Live TV [3] - The Disney Bundle includes Duo Basic (Disney+ with Ads + Hulu with Ads) at $10.99/month and Duo Premium (ad-free versions) at $19.99/month [4] - Existing subscribers can upgrade to the Bundle with automatic deductions applied [4] Group 4: Market Position and Resilience - Analysts believe that Disney+ and Hulu have the capability to withstand the current global tariff battles and are expected to show strong revenue resilience amid a weak macroeconomic environment [4]

Core Viewpoint - The Walt Disney Company is poised for potential growth in the near term after recovering from a decline related to tariff uncertainties, with shares returning to a previously stable level [1]. Group 1 - The company's shares have quickly recouped losses and returned to a level that has historically acted as support [1].

Economic Indicators - The U.S. Consumer Confidence Index rebounded to 98 in May, significantly above the Zacks Consensus Estimate of 86, after five months of decline [1] - The Present Situation Index rose to 135.9 in May from 131.1 in April, while the Expectations Index climbed to 72.8 from 55.4, although it remains below the recession threshold of 80 [4] - 44% of respondents expect stocks to rise over the next 12 months, up from 37.6% in April, and 19.2% expect more jobs in the next six months, compared to 13.9% in April [5] Consumer Discretionary Stocks - Investment in consumer discretionary stocks is expected to be fruitful, with five stocks highlighted: Netflix Inc. (NFLX), The Walt Disney Co. (DIS), Charter Communications Inc. (CHTR), Roku Inc. (ROKU), and Roblox Corp. (RBLX), all carrying a Zacks Rank 2 (Buy) [3] Netflix Inc. (NFLX) - NFLX beat the Zacks Consensus Estimate for earnings in Q1 2025, maintaining healthy engagement levels despite trade-related challenges [8] - The company launched its Ad Suite in the U.S. on April 1, with plans for international expansion, which is expected to drive subscriber and ARPU growth [9] - NFLX has an expected revenue growth rate of 14% and earnings growth rate of 27.7% for the current year, with a 3% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [11] The Walt Disney Co. (DIS) - DIS reported steady Q2 fiscal 2025 results with year-over-year revenue and earnings growth, driven by domestic parks and experiences [12] - The company expects double-digit percentage operating income growth in fiscal 2025, with ESPN achieving significant viewership growth [13] - DIS has an expected revenue growth rate of 3.8% and earnings growth rate of 15.1% for the current year, with a 4.6% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [15] Charter Communications Inc. (CHTR) - CHTR's Q1 performance benefited from a 33.5% year-over-year increase in mobile service revenues, adding 514K new mobile lines [16] - The launch of satellite-based services through a collaboration with Skylo is expected to drive growth [17] - CHTR has an expected revenue growth rate of 0.3% and earnings growth rate of 13.2% for the current year, with a 5.1% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [19] Roku Inc. (ROKU) - ROKU benefits from increased user engagement, with the Roku OS being the 1 selling TV OS in the U.S. and streaming hours on The Roku Channel up 82% year over year [20] - The company has an expected revenue growth rate of 10.5% and earnings growth rate of 80.9% for the current year, with a 39.3% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [21] Roblox Corp. (RBLX) - RBLX operates an online entertainment platform, offering tools for users to explore and create 3D digital worlds [22] - The company has an expected revenue growth rate of 22.5% and earnings growth rate of 2.1% for the current year, with a 4.1% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [23]