Core Viewpoint - The potential $72 billion acquisition of Warner Bros. Discovery by Netflix is uncertain due to antitrust challenges and competition, prompting speculation about alternative strategies, such as acquiring ESPN from Disney if the deal fails [1][2]. Group 1: Netflix and Warner Bros. Discovery Deal - The acquisition deal for Warner Bros. Discovery is valued at $72 billion, which increases to approximately $83 billion when including assumed debt [1]. - Antitrust hurdles exist for Netflix, particularly in Europe, complicating the acquisition process [2]. - The deal's uncertainty raises questions about whether Netflix should consider other options, such as acquiring ESPN from Disney [2]. Group 2: ESPN Ownership and Disney's Stake - Disney previously owned 80% of ESPN, but after selling a 10% stake to the NFL, its ownership has been reduced to 72%, while Hearst Broadcasting now holds 18% [3]. - The sports programming business, led by ESPN, is underperforming, contributing less than 19% of Disney's $94.4 billion revenue in fiscal 2025 and only 16% of its segment operating income [6]. - ESPN's latest quarter showed only a 1% year-over-year revenue increase, alongside a 25% decline in segment operating profit, indicating financial strain [6]. Group 3: Disney's Strategic Considerations - Disney faces increasing costs for sports rights, making ownership burdensome compared to its other segments like theme parks and studio productions [4][5]. - Selling ESPN could improve Disney's margins significantly, especially if Netflix is willing to pay a premium similar to that for Warner Bros. Discovery [6]. - The upcoming leadership change with Josh D'Amaro becoming Disney's new CEO may lead to significant strategic decisions regarding ESPN [6].

智通财经APP获悉，日前，迪士尼(DIS.US)召开了FY26Q1财报电话会。公司表示，在将流媒体业务发 展成盈利性产业方面取得了巨大进展。去年流媒体业务利润率达到了5%，今年的目标是实现10%的利 润率。 公司提到，过去一直在该领域进行投资，在流媒体业务上持续投入国际内容与产品技术整合。几年前有 一段时间，每个季度亏损达 10 亿美元。不过如今这一情况已大幅改善。 另外，迪士尼表示，本季度而言，公司营收增长了 12%，而盈利增长了50%以上。从这一角度来看， 公司充分发挥了运营效率的优势。今后仍将继续提升运营效率，同时会投资于国际内容开发及技术升 级，以进一步提升产品品质。 与OpenAI的授权协议方面，将允许用户通过Sora生成约 250 个 Disney 角色的 30 秒视频，视频不包含 真人声音或人脸，协议期限为三年且公司将获得授权收入。 同时公司表示，不会给出 Sora 上线的具体时间点，目前仍在处理相关技术细节，预计会在2026财年内 某个时间推出，但现阶段仍将内容长度限制在30秒，未来是否延长尚未作为当前重点。 对于全年指引为何会在下半年加速。管理层解释， Entertainment业务季度差异 ...

Core Insights - Disney's first-quarter earnings for 2026 exceeded expectations, with revenue of $25.98 billion and adjusted earnings per share (EPS) of $1.63, surpassing analyst estimates [1][1][1] - The company's Experiences unit, which includes theme parks, reported over $10 billion in quarterly revenue for the first time [1][1][1] - Despite strong first-quarter performance, Disney's second-quarter forecasts indicate modest operating income growth for theme parks due to a decline in international tourist visits to the U.S. [1][1][1] Financial Performance - Disney's first-quarter revenue was $25.98 billion, above the expected $25.74 billion [1][1] - Adjusted EPS was $1.63, exceeding Wall Street's estimate of $1.57 by 6 cents [1][1] - The Experiences unit's revenue surpassed $10 billion for the first time, contributing significantly to overall earnings [1][1] Box Office and Streaming Success - Disney's box office hits, Zootopia 2 and Avatar: Fire and Ash, each grossed over $1 billion globally [1][1] - ESPN, Disney's sports channel, captured more than 30% of all sports viewership across networks, indicating strong performance in streaming services [1][1] Challenges Ahead - The forecast for the second quarter suggests modest growth in theme park operating income, attributed to reduced international tourist visits [1][1] - CEO Bob Iger noted that international visitors typically stay in Disney hotels less frequently, prompting a shift in marketing efforts towards a domestic audience [1][1] - Factors contributing to the decline in foreign tourism include immigration policies and tariffs under the previous administration [1][1]

Disney's new CEO is sending a wink with his wardrobe, whether he means to or not. Josh D'Amaro, who takes the helm of the Mouse House next month, has drawn attention for dressing much like his soon-to-be predecessor, Bob Iger. Both men regularly don sweaters over collared shirts and have a penchant for jackets paired with white dress shirts. At a celebration for Disney's 70th Anniversary last year, both sported button-downs and dark slacks. Josh D'Amaro, second from left, and Bob Iger, holding the top of ...

Disney has unveiled Josh D’Amaro as its next CEO, drawing a line under a bungled succession at the top of the global entertainment conglomerate.Bob Iger, who led the media giant for 15 years, stepped down in 2020 – only to abruptly return in 2022 when his handpicked successor, Bob Chapek, was fired as the company came under pressure.D’Amaro has been chairman of the Disney’s experiences since 2020, running its theme parks and cruise ships – effectively the same job as Chapek before his ill-fated stint as CEO ...

Disney has selected its parks head as the successor to CEO Bob Iger. Now, the Mouse House has to hope that history doesn't repeat itself. Josh D'Amaro, a 28-year Disney veteran who's run the company's experiences division since 2020, will take over for Iger, who's retiring for the second time, on March 18. Disney announced the CEO succession plan on Tuesday in an SEC filing. Iger will remain on Disney's board as a senior advisor, the company said in its filing. D'Amaro beat out Dana Walden, who oversees D ...

迪士尼流媒体业务在本季度有哪些亮点？ 迪士尼 20260202 摘要 迪士尼 2025 年已上映三部票房超 10 亿美元的影片，包括《阿凡达： 火与灰》，《疯狂动物城 2》成为好莱坞史上票房最高的动画电影，全 球票房超过 17 亿美元，位列全球影史前十，表明其内容制作能力强劲， 对股票交易策略有积极影响。 《疯狂动物城 2》的成功不仅提升了 Disney+的观看量，还显著带动了 上海迪士尼乐园的游客量，预示着 IP 联动对主题乐园业务的积极影响， 为投资者提供参考。 迪士尼流媒体业务通过本地内容投入、技术改进和与 OpenAI 的合作 （Sora 生成内容），提升用户体验和互动，ESP Unlimited 的应用也 表现出良好的用户参与度，这些举措有望提升订阅用户数和营收。 ESPN 在体育赛事转播方面表现出色，收视率创下多项纪录，并完成与 NFL 的交易，获得 NFL Network 及 RedZone 频道线性转播权，进一 步丰富了其内容矩阵，巩固了其在体育行业的领导地位。 迪士尼未来几年内计划上映多部备受期待的新片，包括《穿普拉达的女 王 2》、《曼达洛人与古古》、《玩具总动员 5》等，这些影片有望延 ...

What story is more interesting to you, Ross. Is it Tesla and the possible combination of space X excite AI or is it Disney. Well, the Disney story is a little bit sad for me because I'm just like, I've owned this company for my whole life and in Iger has done a great job, sort of re fixing the business and getting good movies back in the theaters and such, but it just can't seem to get the momentum going in.The valuation for Disney just makes no sense. It's so cheap relative to what they're willing to pay f ...

Disney is counting the cost of its prolonged dust-up with YouTubeTV this past November. The Mouse House said Monday that the carriage dispute, which saw Disney-owned channels, including ESPN, unavailable to watch on YouTube TV for 15 days, caused an approximately $110 million operating income hit to its sports segment in its most recent fiscal quarter.Overall operating income for its sports division came in at $191 million, down 23% from the year-ago quarter, the company said. The company said this reflect ...

Disney posted a strong first quarter, powered by box-office hits “Zootopia 2” and “Avatar: Fire and Ash.” But the entertainment giant cautioned that in the second quarter its Experiences division, which includes its theme parks, will likely see modest operating income growth due in part to a decline in visits from international tourists to the U.S. There's been a drop in foreign visitors to the U.S. since last year that travel analysts warn could persist well into the future. The decline has been attrib ...