We were going to of course always look at really two parts of the strategy. One is monetization, maximizing the value of our rights, but the second just as importantly is what's the right home and platform for the future growth of our brand and our business. So if we can be in one place at the right price and in this scenario, as you said, an AAV of 1.1% per year, which is two times what we got on the last deal, we check the box on the financial part of this in terms of the brand.It was important to us to h ...

Deal Highlights - Paramount and TKO reached a 7-year agreement worth $11 billion, making Paramount Plus the exclusive US home for UFC starting in 2026 [1] - The annual average value (AAV) of the deal is $11 billion, which is two times the value of the previous deal [4] - The deal came together in 48 hours after multiple players showed interest in different configurations of content, including pay-per-views and fight nights [2] Strategic Rationale - TKO's strategy focuses on maximizing the value of its rights and finding the right platform for future growth [4] - CBS will play a significant role, with Simo casts on many fights and likely all numbered events (formerly pay-per-view) [5] - The broadcast network aims to drive subscriptions to Paramount Plus, leveraging CBS's reach and brand [7] - Integrating sports betting is a key part of enhancing the fan experience for UFC [10] - The goal is to increase Paramount Plus subscribers from 77 million to 300 million and retain them with consistent premium fights [11] Business Model Shift - TKO aims to move away from the old pay-per-view model, which is considered antiquated and a barrier for fans [14][15] - The new model offers UFC content on Paramount Plus with ads for $8, providing a more accessible option for fans [13] - TKO is purpose-built for the streaming market, focusing on big events and international reach [14]

You mentioned two things. I want to ask questions about both. One is the NFL.Uh my understanding has been and I know this there was a change in control provision uh at uh CBS in terms of the ownership there that the NFL could come to you and say, "Hey, we're going to get out of the deal unless you give us more." My understanding is you have reached a deal with the NFL. I don't know what you're paying them. Is that is that correct.You have reached a deal and can you tell us what it cost you. So, so, so what ...

Financial Data and Key Metrics Changes - Total revenue in Q2 2025 was $772 million, a decrease of 7% from 2024, but 1% above the high end of original guidance for the quarter [6] - Adjusted EBITDA was $169 million in Q2 2025, a decrease of 25% from 2024 [7] - The company reported a net loss of $56 million in Q2 2025 compared to a net income of $22 million in 2024 [6] Business Line Data and Key Metrics Changes - Political advertising revenue was lower in 2024 but exceeded expectations in Q2 2025, generating $9 million compared to a guidance of $2-3 million [20] - Core advertising revenue was down about 3% versus 2024, with automotive down high single digits, while legal advertising grew double digits [18][19] - Digital revenue increased by 8%, and new local direct business grew over 2% in 2025 [19] Market Data and Key Metrics Changes - The company is entering new markets through acquisitions, including Lafayette, Louisiana, and Lansing, Michigan, which will enhance local news offerings [10][11] - The company expects to leverage new sales and sports strategies in the newly acquired markets [11] Company Strategy and Development Direction - The company is focused on M&A activities to strengthen its market presence and create duopolies, with recent transactions expected to be cash flow accretive [11][24] - The company aims to reduce debt and leverage, finishing Q2 2025 with a first lien leverage ratio of 2.99 times and total leverage of 5.6 times [12][23] - Future strategic focus will be on obtaining regulatory approvals for announced transactions and ensuring smooth transitions for stakeholders [12] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious tone among advertisers, particularly in the automotive sector, but saw stronger core activity than projected [18] - The company anticipates challenges in providing guidance for Q3 due to various market conditions, including the impact of the Olympics on advertising revenue [21] - Management expressed optimism about the future, highlighting the potential for significant cash flow generation from upcoming political cycles [66] Other Important Information - The company declared a quarterly dividend of $0.08 per share [13] - Significant progress was made in strengthening the balance sheet, with a reduction of $22 million in outstanding indebtedness during Q2 2025 [12] Q&A Session Summary Question: Comments on the balance sheet improvements - Management acknowledged the efforts in improving the balance sheet and expressed pride in the team's work [30][32] Question: Future M&A opportunities - Management indicated that while there are no current plans for additional transactions, they remain open to opportunities that arise [33][36] Question: Impact of CBS affiliation change on retransmission revenue - Management confirmed that the change in CBS affiliation would impact retransmission revenue, but emphasized ongoing efforts to create a sustainable model [90]

Content Monitoring & Influence - Skydance explicitly promised the FCC to monitor content, particularly at CBS News [2] - The new owner will have someone inside CBS News to ensure content represents a full view of viewpoints and is ending all DEI programs [3] - The president allegedly wants more favorable coverage and cheered when Stephen Colbert was seemingly cancelled by CBS [5][6] Financial Implications & Content Value - South Park signed a $15 billion deal with Paramount for 50 new episodes and streaming of all 27 seasons [7] - South Park's economic value and status as a top 25 streaming show likely protect it from cancellation [10] - Despite White House criticism, Trump hasn't lashed out at South Park, possibly recognizing its broad appeal [10] License Transfer Conditions - Conditions on broadcast network license transfers exist, but the current situation is considered weaponized [4] - Sheri Redstone allowed the airing of a controversial South Park episode despite the deal's pending FCC approval [8][9]

Company Restructuring & Strategy - Paramount 停止了所有促进多元化、公平和包容（DEI）的项目 [1] - CBS 新闻编辑室将设立一名监察员，处理媒体偏见索赔，此前该公司刚与特朗普总统就 60 分钟节目的偏见指控达成 1600 万美元的和解 [2] - Redstone 家族放弃了对媒体帝国的控制权 [3] Business Performance & Challenges - 传统有线电视频道正在以两位数的速度萎缩，广播网络也在衰退，原因是用户转向流媒体 [5] - Paramount Plus 流媒体业务仍在亏损 [5] - Paramount 电影工作室的盈利能力很低，与华纳兄弟、迪士尼和环球等大型电影公司相比，竞争力较弱 [5] - David Ellison 需要解决 MTV、Nickelodeon、CBS 电视网、Paramount Pictures 电影制片厂等品牌面临的困境 [4][5]

No, listen, you know, if you step back, what's happening here is, you know, I think President Trump is fundamentally reshaping the media landscape. And the way he's doing that is when he ran for election, he ran directly at these legacy broadcast media outlets, ABC, NBC, CBS for years, you know, government officials just allowed those entities with execs sitting in Hollywood and New York to dictate the political narrative. And he has fundamentally changed the game.I mean, you see that really having conseque ...

Bring in show music, please. Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, him to lower interest rates. Other than that, what can I tell you? The presidential field trip that pitted the White House's numbers against the Fed chair's facts. It was like almost like a sitcom, that little moment. This was a little crazy watching it yesterday. Where does Chairman Jay Powell go from here? a White House adviser who was at this extraordinary meeting at the central bank, OM Director Russell Vote joins us. ...

FCC Transaction & Commitments - The focus was on interactions with the new purchasers and their commitments in the FCC record, including addressing bias, DEI, and investing in local news [1] - Trusted local news sources are considered important [1] - New CBS owners committed to progress on bias and fact-based journalism [3] Legal & Regulatory Matters - A lawsuit involving President Trump was separate from the FCC and did not influence the transaction [4] - CBS Paramount had to pay $16 million to President Trump to settle the lawsuit [2] - A news distortion complaint against CBS is still pending at the FCC [4] Business Decision - The decision regarding Coar was a business decision made by the current owners [2]

the chairman can say to you today that would make you back off some of the earlier criticism. Well, I'd love him to lower interest rates. That was President Trump yucking it up in a rare visit to the Federal Reserve yesterday to renew pressure on Chairman Jerome Powell.As the pod as the pair stood side by side in matching hard hats, it's quite the sight. Trump lamented about the cost of the Fed's ongoing building renovations. Powell then remarkably fact checked the president in real time.So, we're taking a ...