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Core Viewpoint - The NBA is entering a new era of increased costs for fans to watch games due to a significant new broadcasting deal, making it more challenging and expensive to access live games [6][11]. Group 1: Broadcasting Deal - The NBA has signed an 11-year national television deal worth $76 billion with Walt Disney Company, NBC Universal, and Amazon, starting next season [6][7]. - This new deal replaces a previous nine-year agreement valued at $24 billion, indicating a substantial increase in the league's broadcasting revenue [7]. Group 2: Cost of Watching Games - Fans will need to subscribe to multiple streaming services, with a minimum cost of $54 per month for access to NBC/Peacock, Disney/ESPN, and Amazon Prime Video [7]. - For those using YouTube TV, the total cost can reach $107 per month when including additional subscriptions for Peacock and Amazon Prime [8]. - While this may be cheaper than traditional cable packages, which average around $147 per month, it still represents a significant increase in costs for fans [9]. Group 3: NBA League Pass Limitations - The NBA League Pass, priced at $17, allows fans to watch out-of-market games but has restrictions, such as a three-hour delay for nationally televised games and a three-day delay for local games [9][10]. - These limitations make the League Pass less appealing for casual fans who wish to watch games live [10]. Group 4: Fan Experience and Commissioner’s Response - Commissioner Adam Silver has downplayed the rising costs, suggesting that fans can still enjoy free highlights on social media platforms, labeling the NBA as a "highlight sport" [11]. - This messaging has been met with criticism from fans who feel that the accessibility of the sport is diminishing despite its business nature [11].

Group 1: Disney and NFL Partnership - The NFL has acquired a 10% stake in ESPN in exchange for distribution rights to the NFL Network and RedZone, among other assets, marking a significant partnership between Disney and the NFL [1][3] - Disney reported a 3% increase in revenue to $23.7 billion, but faced a 15% decline in linear TV, indicating ongoing challenges with cord-cutting [3] - ESPN will now have access to six additional NFL games, increasing its total from 22 to 28, which is expected to enhance its streaming offerings [3][5] Group 2: Streaming Strategy and Market Position - The integration of NFL content into ESPN's streaming service is seen as a strategic move to attract and retain subscribers, especially as Disney bundles its services with Disney Plus and Hulu [6][8] - Disney's streaming revenue is projected to reach $24.7 billion, while Netflix's is at $44.3 billion, with analysts suggesting that Disney Plus could surpass Netflix in subscribers by 2026 [15][22] - The deal positions Disney to create a comprehensive sports platform that could appeal to both casual and hardcore sports fans, potentially boosting advertising revenue through targeted ads [8][11] Group 3: Competitive Landscape - The partnership with the NFL may create challenges for competitors like Fox, Discovery, and Comcast, as they scramble to secure live sports content [4][5] - The NFL's ambition to reach $25 billion in annual revenue by 2027 aligns with Disney's strategy to further monetize its media assets [5] - The deal could lead to a consolidation of sports content on ESPN, making it a primary destination for sports fans and potentially affecting the distribution of other sports leagues [10][11] Group 4: Financial Performance of Other Companies - Rivian reported a $140 million revenue shortfall due to changes in EV tax credits, which may benefit traditional automakers [19][21] - Shopify had a strong quarter with revenue of $2.7 billion, beating analyst expectations, and reported a 31% year-over-year increase in GMV [22][23] - Upstart achieved over 100% revenue growth and originated 159% more loans year-over-year, marking its first GAAP profitable quarter since Q2 of 2022 [24][25]

Core Insights - AMC Networks reported Q2 fiscal 2025 results with GAAP revenue of $600 million, exceeding analyst expectations of $582.37 million, while adjusted EPS was $0.69, beating projections of $0.61 [1][5] - The company raised its free cash flow outlook for 2025 to approximately $250 million, reflecting successful cost management efforts [1][9] Financial Performance - Adjusted EPS decreased 44.4% to $0.69 compared to $1.24 in Q2 2024 [2][5] - Revenue declined 4.1% year-over-year from $625.9 million in Q2 2024 [2][5] - Adjusted operating income fell 28.4% to $109.4 million compared to $152.8 million in the previous year [2][5] - Streaming revenues increased 12% year-over-year to $169 million, primarily driven by price increases rather than significant subscription growth [2][6] Business Strategy and Focus - AMC Networks focuses on niche and genre audiences through its brands like AMC, Acorn TV, Shudder, and AMC+, emphasizing original content and intellectual property [3][11] - The company aims to grow its streaming platforms, optimize advertising technologies, and maintain financial discipline [4][13] Revenue Streams and Challenges - Traditional revenue streams faced declines, with domestic affiliate revenue down 12% and domestic advertising revenue dropping 18% to $123 million [7] - International segment revenue fell 16%, with adjusted operating income down nearly 50%, attributed to the non-renewal of a Spanish distribution agreement [8][14] Future Outlook - Management did not provide updated guidance for revenue or adjusted operating income but previously targeted $2.3 billion in consolidated revenue [15] - Key areas to monitor include the pace of declines in affiliate and advertising revenue, growth in streaming and content licensing, and sustainability of cash flow improvements [16]

Core Insights - The Walt Disney Company reported third-quarter fiscal 2025 adjusted earnings of $1.61 per share, exceeding the Zacks Consensus Estimate by 10.3% and reflecting a year-over-year increase of 15.8% [1] - Revenues for the quarter rose 2.1% year over year to $23.6 billion, slightly missing the consensus mark by 0.1% [1] Segment Details - Media and Entertainment Distribution revenues, accounting for 45.3% of total revenues, increased 1.2% year over year to $10.7 billion [2] - Linear Networks revenues declined 14.7% year over year to $2.27 billion, while Direct-to-Consumer revenues grew 6.4% year over year to $6.17 billion [2] - Content Sales/Licensing and Other revenues rose 6.9% year over year to $2.25 billion [2] - Parks, Experiences and Products revenues, making up 38.4% of total revenues, increased 8.3% year over year to $9.08 billion, with domestic revenues up 10% to $6.4 billion and international revenues up 5.6% to $1.69 billion [3] Subscriber Details - As of June 28, 2025, Disney+ had 127.8 million paid subscribers, up from 126 million as of March 29, 2025 [4] - Domestic Disney+ average monthly revenue per paid subscriber increased 0.4% sequentially to $8.09, while international average monthly revenue rose 2% to $7.67 [4] Operating Details - Total costs and expenses increased 1% year over year to $20 billion, with segmental operating income rising 8.3% to $4.57 billion [6] - Media and Entertainment Distribution's segmental operating income fell 14.9% year over year to $1.02 billion, primarily due to lower results in Linear Networks and Content Sales/Licensing [6] - Parks, Experiences and Products' operating income increased 13.2% year over year to $3.51 billion [9] Balance Sheet - As of June 28, 2025, cash and cash equivalents were $5.36 billion, down from $5.85 billion as of March 29, 2025 [11] - Total borrowings were $42.2 billion, a decrease from $42.9 billion as of March 29, 2025 [11] - Free cash flow for the quarter was $1.88 billion [11] Guidance - For the fourth quarter of fiscal 2025, Disney expects total Disney+ and Hulu subscriptions to increase by over 10 million, with most growth coming from Hulu [12] - The company projects adjusted earnings per share of $5.85 for fiscal 2025, an 18% increase over fiscal 2024 [13] - Direct-to-Consumer operating income is expected to reach $1.3 billion, with overall double-digit percentage growth anticipated for the Entertainment segment [13]

Starting a wireless carrier is easier than you might think. So is building a half-decent Android phone! But doing all the things Trump Mobile promises, at the price and on the schedule it says, seems awfully close to impossible. While Nilay's out, David and Jake chat with The Verge's Dominic Preston about what we know about Trump Mobile and the T1 Phone, why everyone wants to be a wireless carrier, and what it would actually take for this to work out. After that, David and Jake talk through some big news in ...

Core Insights - Netflix Inc (NASDAQ:NFLX) stock is performing well, up 1.5% to $988.01 after reporting a first-quarter earnings and revenue beat, driven by increased forecast subscription and advertising revenue [1] - Following the earnings report, 12 brokerages raised their price targets, with the highest target set at $1,350 by Pivotal Research [1] Stock Performance - Netflix shares initially traded as high as $1,018.99 and are currently 11% higher in 2025, with a year-over-year increase of 78%, supported by the ascending 200-day moving average [2] - The stock's record high of $1,064.50 from February 14 is a key resistance level [2] Options Market Activity - Options traders are showing increased interest in puts, although calls are still dominating in absolute volume, with a 50-day put/call volume ratio of 0.87, ranking in the 99th percentile of its annual range [3] - In the first hour of trading, 82,000 calls were traded, which is three times the average intraday volume, with the weekly 4/25 1,050 strike being the most popular [4]