All right, attention sports fans. Amazon Prime was going to air the Black Friday NFL matchup between the Eagles and the Bears later today. Joining us now live from Lincoln Field, it's Jay Marine, Amazon head of global sports and advertising as well as the head of Prime Video in the in the US.Uh Jay, great to see you this morning. 15 hours of live programming today. Tell us what that means for viewers and what it means for Amazon.Yeah. Well, first of all, thanks for having me. It's it's going to be a fantast ...

Core Insights - FuboTV shares have dipped post-earnings, presenting a compelling investment opportunity following a surprise profit and revenue beat in fiscal Q3 [1] - The company achieved a record 1.63 million paid subscribers in North America, enhancing its attractiveness for long-term investors [1] Financial Performance - FuboTV reported a significant reduction in net loss in Q3, indicating improved operational efficiency and progress towards sustainable profitability [4] - The stock is currently down over 35% from its high in early January, suggesting a potential buying opportunity [2] Strategic Partnerships - The merger with Disney's Hulu + Live TV is expected to be a long-term catalyst for growth, leveraging Disney's 70% stake for enhanced leadership and resources [3] - Access to the ESPN ecosystem through this deal expands FuboTV's customer acquisition channels, positioning it as a leader in sports streaming [4] Market Positioning - FuboTV's subscriber base allows for better negotiation of content licensing deals and attracting premium advertising partnerships, creating revenue optimization opportunities [4] - The launch of Fubo Sports, a competitively priced bundle, targets price-sensitive sports fans and demonstrates effective market segmentation [5][6] Industry Outlook - Wall Street analysts anticipate further upside for FuboTV stock due to its sports-first positioning, which differentiates it from general entertainment streamers [7]

Core Viewpoint - Netflix will stream Major League Baseball's Opening Day game between the New York Yankees and San Francisco Giants next year as part of a new three-year agreement [2] Group 1 - The agreement marks a significant expansion of Netflix's sports streaming portfolio [2] - This partnership indicates Netflix's ongoing strategy to diversify its content offerings beyond traditional television and film [2] - The collaboration with Major League Baseball could attract new subscribers and enhance viewer engagement [2]

Core Insights - Disney is launching ESPN's direct-to-consumer service, aiming to capitalize on the streaming revolution and enhance its live sports coverage [1][4] - The DTC segment reported $6.6 billion in revenues for Q3 FY25, a 14% year-over-year increase, driven by subscriber growth and improved margins [2][9] - Exclusive sports rights, including NFL Network and WWE events, provide Disney with a competitive advantage in the streaming market [3][9] Financial Performance - Disney's DTC revenues reached $6.6 billion in Q3 FY25, reflecting a 14% increase year-over-year, supported by subscriber growth across Disney+ and Hulu [2][9] - The Zacks Consensus Estimate for Disney's 2025 earnings is $5.85 per share, indicating a 17.71% increase from the previous year [12] Competitive Landscape - Disney's ESPN service features two subscription tiers, Unlimited and Select, designed to enhance Average Revenue Per User (ARPU) and reduce churn [2][9] - Rivals like Fox and FuboTV are entering the streaming space, but Disney's deeper sports integrations and exclusive content give it a significant edge [5][6] Valuation Metrics - Disney's stock is trading at a forward Price/Earnings ratio of 18.54X, compared to the industry's 20.6X, indicating a relatively attractive valuation [10] - Disney's shares have gained 6.8% year-to-date, underperforming the Zacks Consumer Discretionary sector and Media Conglomerates industry [7]

Core Insights - Disney is significantly investing in the NFL to enhance its sports streaming strategy [1] Group 1: ESPN and NFL Deal - ESPN has secured a multi-year agreement with the NFL that extends through 2030, retaining rights to broadcast the NFL Draft and adding streaming capabilities on Disney+, Hulu, and a new direct-to-consumer platform starting in 2026 [2][10] - The deal includes out-of-market preseason games, a bundle with NFL+ Premium, and ESPN taking over NFL Network, RedZone, and NFL Fantasy, while the NFL receives a 10% ownership stake in ESPN [2] Group 2: Standalone ESPN Service - ESPN's standalone service is set to launch on August 21, 2025, priced at $29.99 per month, entering a competitive market against Amazon, Peacock, and YouTube [3] - By integrating NFL content and offering bundle options like the $39.99 ESPN-Fox package, Disney aims to enhance its value proposition for sports fans [3] Group 3: Financial Implications - Disney's streaming segment reported a $346 million operating profit in Q3 of fiscal 2025, indicating improved efficiency and subscriber growth [4] - The addition of NFL-related content is expected to lead to higher advertising rates, premium sponsorships, and enhanced fan engagement through features like Multiview in the ESPN app [4][5] Group 4: Competitive Landscape - FuboTV is highlighted as a strong competitor in the sports streaming space, offering a comprehensive sports package and benefiting from Disney's $220 million equity stake and $145 million loan [6] - Comcast poses a challenge to Disney with its diversified portfolio, including NBCUniversal, Peacock, and theme parks, which enhances its competitive resilience [7] Group 5: Stock Performance and Valuation - Disney's stock has increased by 2.1% year-to-date, underperforming the Zacks Consumer Discretionary sector's 6.3% rise and the Zacks Media Conglomerates industry's 4.7% return [8] - The current forward 12-month Price/Earnings ratio for DIS is 17.78X, compared to the industry's 19.66X, with a Value Score of B [11] - The Zacks Consensus Estimate for Disney's 2025 earnings is $5.85 per share, reflecting a 17.71% increase from the previous year [14]

Financial Data and Key Metrics Changes - Fubo reported its first quarter of positive adjusted EBITDA, achieving $20,700,000, an improvement of over $30,000,000 year over year [10][13] - North America total revenue was $371,000,000, down 3% year over year, with paid subscribers at 1,356,000, down 6.5% year over year [6][12] - The net loss narrowed to $8,000,000 or $0.02 per share compared to a loss of $25,800,000 or $0.08 per share a year ago [12] Business Line Data and Key Metrics Changes - Ad revenue in North America totaled $25,500,000, a 2% year over year decline primarily due to the loss of certain ad insertable content [12] - In the Rest of World segment, total revenue was $8,700,000, up 4.7% year over year, with paid subscribers at 349,000, down 12.5% year over year [6][12] Market Data and Key Metrics Changes - The company is focused on increasing competition and consumer choice in the pay TV space through its pending business combination with Hulu plus Live TV [6][7] - Fubo's recent launch of pay-per-view services aims to expand its reach and convert casual viewers into monthly subscribers [9] Company Strategy and Development Direction - Fubo is launching Fubo Sports, a skinny content service for sports fans, to enhance its offerings [7] - The company is focused on delivering a premium sports streaming experience with flexible content options at appropriate price points [10] - Fubo aims to unify its technology stack following the acquisition of French assets, which is expected to enhance its capabilities in the market [25][26] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming fall sports season, anticipating a typical seasonal uptick in subscribers [19][20] - The competitive environment remains a focus, with management emphasizing effective marketing strategies to support subscriber retention [20] - Management is bullish on the potential of the French acquisition and the integration of technology to drive value [25][26] Other Important Information - The company ended the quarter with over $285,000,000 in cash, cash equivalents, and restricted cash, providing ample financial flexibility [13] - Fubo's strategy includes offering standalone services and addressing consumer demand for lower-priced options [30][31] Q&A Session Summary Question: Insights on third quarter expectations and competitive environment - Management noted that July subscriber numbers met expectations and anticipated a seasonal uptick with the fall sports season [18][19] Question: Update on the French acquisition and its impact - Management highlighted the integration of technology teams and ongoing discussions for sports rights in France, expressing optimism about future opportunities [25][26] Question: Trends in advertising and the impact of tariff pressures - Management indicated that while there is softness in auto advertising, other categories like retail and tech showed strong growth [38] Question: Directional trend for EBITDA moving forward - Management stated that the business remains seasonal, with 2Q typically being the strongest for adjusted EBITDA, and expected seasonal trends to continue [44] Question: Clarification on subscriber guidance and content partnerships - Management explained that strong interest in Latino products and better retention trends contributed to exceeding subscriber guidance [50][51]