Tom Rogers, a media industry veteran and senior adviser at Versent, says Walt Disney Co (NYSE: DIS) earnings on November 13 aren't just about numbers – they're about proving the giant's evolution is w... ...

Core Insights - Walt Disney has extended the employment contract of CFO Hugh Johnston by approximately two years as part of a significant operational overhaul focusing on its streaming business [1] Group 1 - The extension of Hugh Johnston's contract indicates the company's commitment to stability during a period of transformation [1] - The media company is undergoing a sweeping overhaul of its operations, highlighting a strategic shift in its business model [1] - The renewed focus on streaming suggests that Disney is prioritizing digital content delivery in response to changing consumer preferences [1]

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This is going to report quarterly results tomorrow morning. The company is in a dispute. And as you know, with YouTube TV leaving Disney owned channels The Dark on the service.Joining us now, Tom Rogers, founder, one of the founders, says it says you're the sole founder here of CNBC. Thank you for doing that. Tom, success has many lived.>> Up to the promise, Joe. >> Many, many fathers. You're also a senior advisor and a CNBC contributor.You're you're all over the place with all kinds of hats. What. This.I d ...

Core Viewpoint - Disney is facing challenges in its streaming and legacy media operations, with a significant focus on subscriber metrics and the impact of recent disputes with YouTube TV on its brand strength and market position [1][4][8]. Streaming Performance - Disney will report its quarterly results, marking the last time it will release subscriber numbers, which have been a critical metric for the company [3] - The introduction of the $29.99 bundle for Disney Plus, Hulu, and ESPN is a key area of interest, as it aims to leverage Disney's diverse content offerings [4] - Streaming revenue has now surpassed legacy media revenue for Disney, indicating a shift in its business model [4][6] Market Position and Brand Strength - Despite streaming growth, Disney's stock performance has stagnated, trading at levels comparable to a decade ago and at a discount to the S&P multiple [6][7] - The ongoing YouTube TV controversy, which has left Disney channels off the platform for two weeks, highlights a decline in the brand's market clout, especially during a critical sports season [8][9] - The company is perceived to be losing its competitive edge among legacy media players, with questions about its ability to transition successfully to a streaming-focused model [12][16] Competitive Landscape - The media landscape is evolving, with potential mergers among competitors like Comcast, Warner, and Paramount, which could reshape the industry dynamics [15][16] - HBO Max is gaining traction globally, posing a challenge to Disney's previously held leadership position in the legacy media streaming sector [16][17]

Core Insights - The article discusses the challenges and opportunities facing the themed hotel industry in China, highlighting the need for innovation and adaptation to meet changing consumer demands [1][10][25] Group 1: Current Market Dynamics - Over 2.433 billion people traveled across regions during the National Day holiday, boosting the hotel market [1] - Themed hotels, particularly in first and second-tier cities, are facing homogenization and operational challenges, leading to high vacancy rates and compressed profits [9][11] - Major hotel chains are entering the themed hotel space, leveraging their scale and service advantages, which further pressures smaller players [1][17] Group 2: Emerging Trends and Innovations - New entrants like Disney and other cross-industry players are redefining the hotel experience by integrating entertainment and dining into their offerings [6][8] - The themed hotel market in China has surpassed 120 billion RMB and is projected to exceed 200 billion RMB by 2028, with a compound annual growth rate of 12%-15% [13] - The rise of niche themed hotels is evident, with significant growth in unique hotel concepts, as indicated by a 290% increase in related hotel numbers and a 172% increase in transaction volume [13][16] Group 3: Consumer Behavior and Market Opportunities - Younger consumers are increasingly seeking unique and culturally rich experiences, favoring lesser-known destinations over traditional tourist spots [18][20] - Themed hotels must adapt to local cultures and preferences to succeed in emerging markets, moving away from a one-size-fits-all approach [21][24] - Successful themed hotels will need to focus on strong IP management, content creation, and precise market positioning to meet diverse consumer needs [25][26]

Core Insights - Disney's stock has shown a modest increase of 3% in 2025, remaining close to a 52-week high of $124 per share, despite a somewhat stagnant performance throughout the year [1][2] - The company is transitioning from aggressive cost-cutting measures implemented by CEO Bob Iger to a focus on long-term growth, raising investor concerns about the effectiveness of this strategy [2][3] Financial Performance Expectations - For Q4, Disney's sales are projected to rise by 1% to $22.88 billion, while EPS is expected to decline by 9% to $1.03 due to challenges in traditional TV and sports broadcasting [6] - Annual earnings for fiscal 2025 are anticipated to increase by 18% to $5.87 per share, with total sales expected to grow by 4% to $94.84 billion [6] Streaming and Profitability - Wall Street is keenly observing the profitability of Disney's streaming segment, which became profitable in Q2 2025, generating $346 million in operating income [7] - The combined streaming subscribers of Disney+, now merging with Hulu, exceed 200 million, positioning Disney in close competition with Amazon's Prime Video [11] Strategic Focus and Investments - Disney is reallocating resources towards high-growth areas such as streaming and global theme parks while cutting costs in underperforming assets like its legacy TV business [8] - The company plans to invest $6 billion in its Experiences segment, which includes theme parks and cruises, and is expanding into the Middle East with a new theme park resort in Abu Dhabi [9] Valuation Metrics - Disney's stock is trading at a forward earnings multiple of 17X, which is lower than the S&P 500's 25X and the industry average of 22X, indicating potential for long-term upside [12] - The stock is trading significantly below its decade-long high of 134X forward earnings and offers a slight discount to the median of 20X during this period [13] Market Outlook - The average price target for Disney shares is set at $135, suggesting a potential upside of 20% from current levels, with Q4 results and guidance being critical for demonstrating the success of the company's strategic expansion [14]

Core Viewpoint - The Walt Disney Company is expected to face scrutiny over various challenges, including the suspension of Jimmy Kimmel, tough box office comparisons, and a carriage dispute with YouTube, when it reports its fourth-quarter financial results [1]. Earnings Estimates - Analysts predict Disney will report fourth-quarter revenue of $22.75 billion, an increase from $22.57 billion in the same quarter last year [2]. - Expected earnings per share (EPS) for the fourth quarter is $1.05, down from $1.14 in the previous year [2]. - Disney has surpassed analyst revenue estimates in five of the last ten quarters and has beaten EPS estimates for nine consecutive quarters [2]. Expert Insights - Streaming is anticipated to be a significant topic in the fourth-quarter results, with a focus on the new ESPN streaming platform and price increases for Disney+ [3][4]. - The new ESPN platform is expected to reach around 500,000 subscribers in its first quarter and two million by the end of fiscal 2026, potentially generating nearly $500 million in new revenue [5]. - For Disney+, an addition of approximately 500,000 net new domestic subscribers is expected in the fourth quarter, with a projected 15% increase in average revenue per user due to price hikes [6]. Key Items to Watch - The report comes at a crucial time for Disney, with recent developments including a partnership with FuboTV, the end of ESPN Bet, and ongoing disputes with YouTube affecting subscriber access to key programming [8][10]. - Investors will be keen to see if the Kimmel suspension has led to significant subscriber losses and whether the company has gained subscribers ahead of the price increases [9]. - The fourth quarter may show a decline in box office performance due to tough comparisons with last year's hits, with the combined gross of current films being around 57% of last year's top performers [11]. Upcoming Content and Guidance - Disney is likely to highlight its upcoming content slate, including "Zootopia 2" and "Avatar: Fire and Ash," as well as a Taylor Swift docuseries launching on Disney+ [12]. - The company may provide early guidance for the next fiscal year, which could influence stock performance as the year ends [12].

Core Viewpoint - Walt Disney Co. is experiencing significant revenue loss, approximately $30 million per week, due to its ongoing dispute with YouTube TV, which has resulted in the blackout of ESPN, ABC, and other Disney-owned channels for about 10 million subscribers since October 30 [1][5][10]. Group 1: Financial Impact - Morgan Stanley analyst Ben Swinburne estimates that if the blackout continues for two weeks, Disney's revenue could decrease by $60 million, equating to about $4.3 million per day [5][6]. - Swinburne has revised Disney's quarterly net income estimate down by $25 million to $1.52 billion, indicating a potential earnings impact of about 2 cents per share [6]. - The blackout threatens Disney's viewership and affiliate payments linked to live sports broadcasts, highlighting the company's reliance on ESPN's carriage fees and advertising revenue [6]. Group 2: Subscriber and Market Reaction - YouTube TV is attempting to mitigate subscriber dissatisfaction by offering a $20 credit to affected customers, which could cost Google nearly $200 million if all subscribers redeem it [7]. - The ongoing dispute has led to millions of viewers missing key sports events, including significant NFL games [13]. - Disney executives have indicated that negotiations have stalled, with Disney accusing YouTube TV of seeking "below market" terms, while YouTube claims Disney is demanding higher fees than those charged to competitors [10][11]. Group 3: Future Considerations - Analysts suggest that Disney could potentially attract subscribers who leave YouTube TV to its own live-TV services, such as Hulu + Live TV, Fubo, and the ESPN app [12]. - Disney is scheduled to report its quarterly earnings soon, where executives are expected to address the financial impact of the blackout and the potential return of ESPN and ABC to YouTube TV [14].

Core Points - Disney is celebrating its long-standing relationship with American service members through special Veterans Day events and merchandise [1][3] - The company has a historical connection to the military, with founders Walt and Roy Disney having served during World War I [2][14] - Disney's "Heroes Work Here" initiative aims to hire, train, and support veterans, having launched in 2012 [2][14] - Disney has donated over $20 million to organizations that assist veterans and their families [14] Veterans' Experiences - Cappy Surette, a retired U.S. Navy captain, joined Disney in 2012 and has been involved in creating military-inspired merchandise [2][5] - Brian Iglesias, a veteran and ESPN Vice President, emphasizes the teamwork and leadership skills gained from military service [6][8] - Veterans working at Disney feel a sense of pride and appreciation for the company's recognition of their service [5][10] Events and Ceremonies - Special flag retreat ceremonies will be held at Walt Disney World and Disneyland on Veterans Day to honor veterans who are now Disney employees [11] - The ceremonies are part of a broader effort to celebrate the contributions of veterans to the company and its history [12][15]