日前，美国电影艺术与科学学院与视频网站YouTube签署了一项协议，授予后者奥斯卡颁奖典礼的全球 独家播放权。该协议将于2029年第101届奥斯卡奖开始生效，至少持续至2033年。这也意味着自1976年 开始转播这项盛事的美国广播公司（ABC），彻底失去了播出权。 奥斯卡颁奖礼有望多字幕多语言同步直播 此项协议生效后，奥斯卡颁奖典礼包括红毯报道、幕后花絮和终身成就奖颁奖典礼在内的各项活动，都 会面向全球观众在YouTube上免费直播。据知情人士透露，YouTube上的奥斯卡颁奖典礼可能会提供多 语言字幕甚至是多语言音轨，希望此举能让奥斯卡更容易被"日益增长的全球奥斯卡观众"接触到。这项 协议也被视为学院方面想要拯救奥斯卡收视率的举措。在当代受众越来越远离传统电视机的情况下，新 媒体——尤其是适合长视频的YouTube平台，无疑拥有更为广泛的观看人数与影响力。 各国观众有望同步在YouTube上以母语字幕观看奥斯卡颁奖礼。 而对于ABC及其母公司迪士尼而言，这不仅会造成经济上的损失（上一届奥斯卡颁奖典礼的收入约为 1.27亿美元），更意味着整个行业的变革。传统广播电视行业的江河日下早已是不争的现实，且不仅是 在 ...

Starting in 2029, the Academy Awards will be broadcast exclusively on YouTube, leaving little to watch on traditional television. ...

Financial Data and Key Metrics Changes - Total net revenue for Q3 increased by 7% to $2.6 billion on both a reported and constant currency basis [27] - Comparable sales rose by 2% [27] - Gross profit for Q3 was $1.43 billion, representing 55.6% of net revenue, down from 58.5% in Q3 2024 [29] - Net income for the quarter was $307 million, or $2.59 per diluted share, compared to $2.87 for the third quarter of 2024 [30] Business Line Data and Key Metrics Changes - In the Americas, total revenue declined by 2%, with the U.S. down 3% and Canada down 1% [11] - International revenue increased by 33%, driven by a 46% growth in China Mainland [11][28] - Men's revenue increased by 8%, women's revenue increased by 6%, and accessories and other grew by 12% [28] Market Data and Key Metrics Changes - China Mainland revenue increased by 46%, with comparable sales up by 25% [28] - The rest of the world segment saw revenue grow by 19% on a reported and constant currency basis, with comparable sales increasing by 9% [28] - The company ended the quarter with 796 stores globally, with square footage increasing by 12% [28] Company Strategy and Development Direction - The company is focused on three pillars: product creation, product activation, and enterprise efficiency to drive improvement in the U.S. business [19][26] - Plans to increase new style penetration to 35% in Spring 2026, with a strong pipeline of innovation [20][22] - The company aims to enhance the in-store experience and improve digital engagement to better connect with high-value guests [25] Management's Comments on Operating Environment and Future Outlook - Management noted a slowing trend in demand post-Thanksgiving, which has been factored into Q4 guidance [41] - The company expects revenue growth in Q4 to be below Q3 trends due to calendar shifts [12][33] - Management expressed confidence in the leadership team and the action plan to drive future growth [9][10] Other Important Information - The company has a strong balance sheet with $1 billion in cash and no debt, allowing for continued investment in growth initiatives [27] - The leadership transition is underway, with Calvin McDonald stepping down as CEO and Marty Morfitt serving as Executive Chair [5][9] Q&A Session Summary Question: Can you elaborate on the cadence of demand in the U.S. during Q3? - The quarter progressed as expected, with August being the best month and October the softest, aligning with prior expectations [41] Question: What are the implications of the product assortment changes for operating margins? - There will be puts and takes for operating margins, with a focus on expense savings and efficiencies [42] Question: How did the segments perform this quarter? - The company held share in premium athletic but lost some share in performance apparel due to changing guest behavior [44] Question: How much of the new product pipeline is informed by customer research? - The product innovation process is driven by research focused on unmet needs across various activity categories [47] Question: Can you discuss the performance of the China business? - The company continues to see strong momentum in China, with good performance across all tier cities [60]

Group 1 - The article expresses gratitude for being a Walt Disney investor despite the stock's decline over the past year and five years [2][4] - Disney is recognized as a significant part of the author's investment journey, highlighting the importance of personal connections to investments [5][6] - The company has historically made strategic acquisitions to enhance its growth and success, including major deals with Capital Cities/ABC, Pixar, Marvel, Lucasfilm, and Twenty-First Century Fox [9][10] Group 2 - Disney's content is emphasized as crucial for operating its theme parks and overall success, indicating that content is a key driver of the company's value [9] - The article reflects on the importance of investing in companies and industries that one knows well, suggesting that personal experience can lead to better investment decisions [8]

Core Insights - The article highlights Walt Disney as a leading player in the entertainment industry, emphasizing its diverse sources of growth and strong market position [3][11]. Company Overview - Walt Disney is recognized as the current leader in the entertainment sector, with a significant presence in film, television, and theme parks [3][4]. - The company has a robust portfolio that includes ABC, ESPN, and a variety of successful streaming services, which have recently turned profitable [5][6]. Financial Performance - In fiscal 2025, Disney's overall revenue increased by 3% year-over-year, reaching $94.4 billion, while net income rose by 13% to $11.3 billion, resulting in a net margin of 12% [9]. - Free cash flow for the fiscal year jumped by 18% to over $10 billion, enabling the company to increase its semiannual dividend from $0.30 to $0.75 per share [10]. Growth Prospects - Disney's direct-to-consumer operations, particularly Disney+, have been a significant contributor to profitability, with quarterly operating income ranging from $253 million to $352 million [8]. - Future growth is anticipated, with analysts projecting a 5% increase in revenue and a 9% rise in per-share net income for fiscal 2026 [13]. Market Position - Disney's extensive collection of entertainment assets is unmatched, providing a competitive edge over rivals like Warner Bros Discovery and Paramount Skydance [4][11]. - The company continues to explore new opportunities, such as the recent success of the Predator franchise and the upcoming opening of a new park in Abu Dhabi [12].

Core Points - Google’s YouTube and Walt Disney have reached an agreement to restore Disney's networks to YouTube TV, ending a two-week blackout [1] - The blackout affected millions of US viewers, depriving them of access to significant programming, including Election Day coverage and "Monday Night Football" [1] Company Summary - YouTube has successfully negotiated with Disney to reinstate its channels on the platform, which is crucial for maintaining subscriber satisfaction and viewership [1] - Disney's networks are essential for YouTube TV, particularly during high-profile events, indicating the importance of such partnerships in the streaming industry [1] Industry Summary - The resolution of the blackout highlights the competitive nature of the streaming industry, where content availability is critical for attracting and retaining subscribers [1] - The incident underscores the potential impact of content disputes on consumer access to major events, which can influence overall viewership trends in the industry [1]

Core Viewpoint - Disney's networks, including ESPN and ABC, have returned to approximately ten million YouTube TV customers, indicating a significant restoration of content availability for subscribers [1] Group 1 - Disney's networks were previously unavailable on YouTube TV, impacting customer access [1] - The return of these networks is expected to enhance the value proposition of YouTube TV for its subscribers [1] - This development may influence subscriber retention and acquisition for YouTube TV in a competitive streaming market [1]

Disney and YouTube TV reached an agreement to restore channels such as ABC and ESPN to the online video service https://t.co/p1G7KVibfn ...

Group 1 - YouTube has reached an agreement with Walt Disney Co to restore access to its networks, including ESPN and ABC, on YouTube TV [1] - The deal comes after a previous impasse that left millions of subscribers without access to these channels [1]

Core Points - The dispute between Disney and YouTube TV has been resolved, allowing approximately 10 million YouTube TV subscribers to access ESPN and other Disney networks again after a two-week blackout [1] Group 1: Agreement Details - YouTube TV announced that an agreement with Disney has been reached, ensuring the value of their service for subscribers and future flexibility in offerings [2] - Channels such as ABC, ESPN, and FX will be restored to YouTube TV, along with previously recorded content [2] Group 2: Duration and Impact of the Dispute - The standoff lasted 15 days, marking one of the longest carriage disputes in recent history for Disney [3] - During the blackout, YouTube TV users were unable to access popular programs, including college football and "Monday Night Football," leading to a $20 bill credit offered to subscribers by Google [3] Group 3: Reasons for the Dispute - Disney claimed that YouTube TV was unwilling to pay the current market rate for its channels, while YouTube argued that the price demanded by Disney would necessitate a price increase for subscribers [4] - Disney accused YouTube of leveraging its size and strength, while Google pointed out that Disney controls other distributors, which influenced public perception among sports fans [4] Group 4: Financial Implications - Disney reportedly lost an estimated $30 million per week, or $4.3 million per day, during the blackout, according to Morgan Stanley [5] - YouTube TV risked losing long-term customers to competing live TV services during the dispute [5]