Core Viewpoint - Disney is actively negotiating with Google's YouTube TV to restore access to its networks, ABC and ESPN, which have recently been removed from the pay-TV service [1] Group 1 - Disney's networks, including ABC and ESPN, have gone dark on YouTube TV [1] - The negotiations aim to bring back these channels to the platform [1]

Core Insights - Warner Bros. Discovery (WBD) reported a Q3 2025 loss of 6 cents per share, missing the Zacks Consensus Estimate of a loss of 4 cents, compared to earnings of 5 cents per share in the same quarter last year [1] - Revenues decreased by 6% year over year to $9.05 billion, falling short of the Zacks Consensus Estimate by 1.44% [1] Revenue Breakdown - Distribution revenues decreased by 4% ex-forex, impacted by declines in domestic linear pay TV subscribers and the renewal of the HBO Max domestic distribution deal [2] - Advertising revenues fell by 17% ex-forex, as growth in ad-lite streaming subscribers was offset by declines in domestic linear audience [2] - Content revenues decreased by 3% ex-forex, primarily due to the sublicensing of Olympic sports rights in Europe last year, although theatrical releases performed stronger this quarter [2] - Other revenues declined by 7% ex-forex year over year [2] Subscriber Metrics - WBD ended Q3 2025 with 128 million global subscribers across Max, HBO Max, HBO, and Discovery+, an increase of 2.3 million sequentially [3][4] - Domestic average revenue per user (ARPU) fell to $10.40, while international ARPU was $3.7 [3] Segment Performance - Streaming segment revenues were flat year over year at $2.6 billion, with subscriber-related revenues growing by 1% ex-forex [5][6] - Studios segment profits rose to $695 million, up from $308 million a year ago, with content revenues increasing by 26% ex-forex to $3.11 billion [7] - Global Linear Networks revenues decreased by 23% ex-forex to $3.9 billion [5][9] Financial Health - WBD repaid $1.2 billion of debt during the quarter, ending with $34.5 billion of gross debt and a net leverage ratio of 3.3x [10] - Cash and cash equivalents were $4.29 billion as of September 30, 2025, down from $4.88 billion at the end of June 2025 [10] - Free cash flow increased to $701 million from $632 million, driven by lower cash interest and working capital timing [12] Future Guidance - WBD targets at least 150 million streaming subscribers by the end of 2026 and anticipates a profit of approximately $1.3 billion from the streaming segment in 2025 [13] - The Studios segment is expected to exceed $2.4 billion in EBITDA in 2025, with progress towards a $3 billion EBITDA goal [13]

Core Insights - News Corporation (NWSA) reported first-quarter fiscal 2026 earnings of 22 cents per share, exceeding the Zacks Consensus Estimate by 22.22%, and reflecting a 10% increase from the previous year's figure of 20 cents [1] - Revenues reached $2.14 billion, marking a 2% year-over-year increase and surpassing the consensus mark by 1.53%, driven by growth in the Digital Real Estate Services and Dow Jones segments [1] Financial Performance - Adjusted revenues increased by 2% year over year, while total segment EBITDA rose 5% to $340 million [2] - Net income from continuing operations was $150 million, slightly up from $149 million in the prior year, and free cash flow improved to $4 million from a negative $49 million [17] Segment Performance Digital Real Estate Services - Revenues in this segment grew 5% year over year to $479 million, with Move's revenues increasing by 9% to $152 million, the highest quarterly growth rate since Q2 fiscal 2022 [3][4] - REA Group revenues rose 3% year over year to $327 million, driven by residential yield increases and customer contract upgrades [5] Dow Jones - Revenues in the Dow Jones segment increased 6% year over year to $586 million, with digital revenues accounting for 84% of total revenues [6][8] - The professional information business saw a 10% revenue increase, with Risk & Compliance revenues growing 16% to $94 million [7] Book Publishing - The Book Publishing segment generated revenues of $534 million, down 2% year over year, with a significant decline in digital sales by 9% [11][12] News Media - Revenues in the News Media segment increased 1% year over year to $545 million, driven by higher circulation and subscription pricing [13] - Advertising revenues remained stable at $85 million, with digital advertising contributing 68% of total ad revenues [9] Strategic Developments - The company has accelerated its share buyback program, repurchasing shares at a rate of approximately $2.5 million per day, reflecting confidence in growth potential [18]

We believe um and and believed at that time that women's sports, tennis in particular, has been undervalued in the marketplace. And so one of the primary things that we were looking for in a television partner was a partner that was willing to invest that believed in um providing us with the value that we have earned and that our fans demand. Um, so I think Tennis Channel um came to the table and they were really ready to invest um at at at a very high level relative to some of the other biders um that we w ...

Core Insights - Comcast is in discussions to acquire the studio and streaming division of British TV network ITV [1] - Comcast has reportedly engaged bankers to explore a potential acquisition of Warner Bros. Discovery [1] Company Developments - The acquisition talks with ITV indicate Comcast's strategy to expand its content portfolio and strengthen its streaming capabilities [1] - The interest in Warner Bros. Discovery suggests Comcast's ambition to enhance its competitive position in the media and entertainment industry [1]

Consumer Sentiment - U.S. consumer sentiment declined significantly in November, with the University of Michigan's preliminary reading at 50.3, down from 53.6 the previous month and below the estimated 53.0, indicating growing consumer pessimism [2][10] - The sub-indices showed a decrease in current conditions to 52.3 from 58.6, missing the estimate of 59.2, while consumer expectations fell to 49.0 from 50.3, also below the forecast [3][10] Inflation Expectations - Short-term inflation expectations for the next year increased slightly to 4.7% from 4.6%, exceeding the previous estimate of 4.6% [4][10] - In contrast, longer-term inflation expectations for five years decreased to 3.6% from 3.9%, falling short of the 3.8% estimate, suggesting a potential moderation in inflation over a longer horizon [5][10] Market Reaction - Following the release of the disappointing consumer sentiment data, major U.S. stock indices opened lower, with the Nasdaq down 173.93 points (0.75%), the Dow Jones down 210.30 points (0.45%), and the S&P 500 down 33.09 points (0.49%) [6][10] Corporate News - UBS raised its price target for AbbVie (ABBV) to $220 from $195, coinciding with the peak week of Q3 earnings season, where over 2,700 companies are scheduled to report [7][10]

Market Performance - On November 7, 2025, the Australian stock market experienced a decline, with all major indices ending in negative territory. The S&P/ASX 200 fell to 8,769.70 from 8,828.30, a decrease of 0.7% [1][6] - The S&P/ASX 20 also dropped to 4,863.80 from 4,900.00, marking a 0.7% decline [1][6] - Broader indices such as the S&P/ASX 50 and S&P/ASX 100 saw declines of 0.6%, closing at 8,451.90 and 7,308.00 respectively [6] Futures Market - The S&P/ASX 200 futures for December 2025 declined by 0.62%, trading at 8,788.5, down 54.5 points [2][6] Top Gainers - AUB Group Limited (AUB) led the gainers, increasing by $2.30 or 6.285% to close at $38.890 [4][6] - ASX Limited (ASX) rose by $2.17, representing a 3.773% increase to $59.680 [4][6] - News Corporation (NWS) gained $1.36 or 3.022%, finishing at $46.350 [4][6] - GPT Group (GPT) added $0.16, lifting its share price by 2.996% to $5.500 [4][6] - Lynas Rare Earths Limited (LYC) rounded out the top five performers, up $0.38 or 2.891% to $13.520 [4][6] Top Decliners - Block, Inc. (XYZ) recorded the steepest decline, tumbling $17.79 or 15.756% to $95.120 [5][6] - Zip Co Limited (ZIP) dropped $0.24, a 6.649% decline to $3.370 [5][6] - Qantas Airways Limited (QAN) lost $0.67, down 6.582% to $9.510 [5][6] - Domino's Pizza Enterprises Limited (DMP) slipped $1.17 or 5.839% to close at $18.870 [5][6] - Macquarie Group Limited (MQG) fell $12.48, a 5.745% decrease to $204.770 [5][6]

Core Viewpoint - ITV is in advanced discussions with Sky regarding a potential sale of its media and entertainment division for £1.6 billion ($2.15 billion) [1] Group 1: Company Developments - ITV is exploring a significant divestiture of its media and entertainment division, indicating a strategic shift in its business focus [1] - The potential sale to Sky, owned by Comcast, highlights ITV's efforts to streamline operations and possibly enhance shareholder value [1] Group 2: Financial Implications - The proposed sale price of £1.6 billion ($2.15 billion) reflects ITV's valuation of its media and entertainment assets in the current market [1] - This transaction could impact ITV's financial position and future investment strategies, depending on the outcome of the discussions [1]

Group 1 - Wall Street has been underestimating Graham Holdings (GHC), indicating a potential investment opportunity as the stock is considered misunderstood but not mispriced [1] Group 2 - The analyst emphasizes the importance of holding GHC stock rather than selling it, suggesting confidence in its future performance [1]

Core Advertising Revenue - Local Media division core advertising revenue increased by 2% in Q3, driven by services category and national advertising growth due to strong sales execution and Scripps' sports strategy [1] - The company anticipates strong core revenue growth in Q4, supported by a new agreement with the NHL's Tampa Bay Lightning and growth in live sports markets [1] Financial Performance - E.W. Scripps reported a revenue decline of 18.6% year-on-year to $525.9 million in Q3, meeting Wall Street's expectations [2][6] - Free Cash Flow was -$15.07 million, down from $127.4 million in the same quarter last year [2] - Operating margin decreased to 7.2%, down from 18.8% in the same quarter last year [2][9] Revenue Growth and Projections - Over the last five years, E.W. Scripps experienced a sluggish sales growth rate of 6.5% compounded annually, which is below the standard for the consumer discretionary sector [4] - Analysts project a further revenue decline of 1.5% over the next 12 months, indicating a lack of excitement regarding the company's newer products and services [6] Cost Management and Profitability - The Scripps Networks division achieved a 27% margin, aided by a 7% reduction in expenses [1] - Despite a higher efficiency reflected in the operating margin averaging 7.5% over the last two years, the company still faces challenges with profitability [8] Strategic Moves - Scripps announced the sale of two network-affiliated stations for total proceeds of $123 million, aligning with its strategy to optimize its portfolio and improve local station performance [1] - The company successfully closed on the placement of $750 million in new senior secured second-lien notes, which were used to pay off existing debt [1]