NFL-ESPN deal is a big win for Disney, says MoffettNathanson's Robert Fishman

Disney's Strategic Positioning - Disney's alignment with the NFL is a significant win for ESPN, securing a long-term partnership with a key IP in US media [3] - ESPN is well-positioned with the launch of its DTC platform, marking a pivot towards direct-to-consumer offerings for its TV assets [4] - Hulu will be integrated into Disney Plus, consolidating the streaming video product [5] Key Growth Drivers - DTC and parks are highlighted as the key drivers for Disney's future earnings potential [7] - Strong performance and stability in parks are expected to continue, presenting an upside opportunity despite competitive pressures [7][8] - Investors are anticipated to be excited about Disney's pivot to streaming and the potential upside to margins from the consolidated app [8][9] Financial Outlook - Disney increased its guidance to the upper end of the range for the year after a strong third quarter in the domestic parks business [11] - Upside potential in the DTC story is crucial, requiring investor confidence in the longer-term margin outlook [12] - The collective performance of all Disney assets, including the studio, is expected to drive the stock price higher [12]