might be down a little. That might be why the Dow I'm sorry, but that might be why the Dow is a little bit negative at this point. >> We've got him Disney reporting fourth quarter results just moments ago.We're going to get to walk through all of this. Here's what happened. Earnings at $1.11% a share $0.06% better than estimates.Revenue coming in at $22.5% billion. Now that was slightly below expectations. And as Joe mentioned the man is here.Joining us first on CNBC Hugh Johnson's the Disney CFO. Also with ...

Core Insights - Streaming and experiences profits have increased, leading Disney to announce plans to return more cash to investors [1] Group 1: Financial Performance - Profits from streaming services and experiences have shown significant growth [1] - The company is focusing on enhancing shareholder returns through increased cash distributions [1]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 decreased by 11.5%, or 5% when excluding the impact of Political, The Daily Wire, and The Dan Bongino Show, consistent with prior guidance [5][18] - EBITDA for the quarter was reported at $16.7 million [18] - Digital revenue increased by 8% year-over-year, excluding the impact of The Daily Wire and Dan Bongino, with Digital Marketing Services growing by 34% [18] Business Line Data and Key Metrics Changes - Broadcast spot revenue market share grew for the third consecutive quarter, indicating strong sales execution and local programming [5] - Digital Marketing Services business saw a 34% year-over-year growth, driven by an 88% increase in new accounts and an 8% increase in campaign order size [7] - Podcasting revenue increased by 15% year-over-year, contributing to an overall digital revenue growth of over 8% when normalized [8] Market Data and Key Metrics Changes - In Dallas, the largest market, the company gained almost 4 points of market share, with total revenue up mid-single digits while peers were down nearly 10% [9] - National advertising environment remained weak, leading to a 27% decline in total network revenue, although market share was gained year-to-date [10] Company Strategy and Development Direction - The company is focused on leveraging core competencies and valuable assets, including a vast audience reach and established client relationships [15] - Plans to launch the Westwood One Sports 24/7 Network to capitalize on strong consumer brand recognition and digital distribution opportunities [11] - Continued investment in Digital Marketing Services is expected to yield strong returns, with a focus on AI-driven projects to enhance efficiency and growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in the broadcast radio sector but expressed confidence in outperforming peers through strategic execution [15] - The company anticipates continued revenue pacing down mid-single digits, excluding political impacts, and down mid to high teens when including those impacts [12][20] Other Important Information - The company ended the quarter with $90 million in cash and $109 million in total liquidity, with a debt maturity of $697 million [19] - A litigation against Nielsen was acknowledged, with a preliminary injunction hearing scheduled for early December [16] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of detailed Q&A during the call [21][22]

Core Insights - Consumer confidence decreased in October, with the Conference Board Consumer Confidence Index falling to 94.6 from 95.6 in September, marking the lowest level since spring [1] - There is a notable divergence between current and future economic assessments, particularly across different income groups [1] Consumer Sentiment - The Present Situation Index increased by 1.8 points to 129.3, indicating a more positive appraisal of current business and labor conditions, while the Expectations Index dropped by 2.9 points to 71.5, remaining below the recession concern threshold for the eighth consecutive month [3] - Inflation expectations rose to 5.9% from 5.8% in September, with over half of consumers anticipating higher borrowing costs [4] Income Disparities - Lower-income households, particularly those earning below $75,000, showed sharper declines in confidence, contrasting with improved sentiment among those earning above $200,000 [6] - Labor Economy workers, earning $25 an hour or less, represent about one-third of the U.S. workforce and account for approximately $1.7 trillion in annual consumer spending [6] Economic Impact - A 1% wage change in the Labor Economy segment could impact GDP by about $17 billion, highlighting the sensitivity of consumer spending to wage fluctuations [7] - Confidence among lower-income groups deteriorates more rapidly with rising inflation expectations or stagnant wages [8] Demographic Variations - Economic pressures affect different demographic groups unevenly, with confidence improving among consumers aged 35 to 54, while declining for those younger than 35 and older than 55 [9] Holiday Spending Outlook - Early indicators suggest consumers plan to spend 3.9% less on gifts and 12% less on non-gift items during the holiday season, prioritizing promotions and value [12] - Despite optimism regarding current job and income conditions, persistent weakness in expectations indicates uncertainty as the holiday season approaches [12]

Group 1 - Warner Bros Discovery Inc. has rejected Paramount Skydance Corp.'s initial takeover offer of approximately $20 per share as being too low [1][2] - Paramount has several strategies to pursue Warner Bros., including increasing its bid, going directly to shareholders, or seeking financial backing [2][4] - Warner Bros. shares closed at $17.10, giving it a market value of $42.3 billion, while Paramount shares were valued at $17, totaling $18.6 billion [3] Group 2 - David Ellison, who took over Paramount after an $8 billion merger with Skydance Media, is exploring options for the acquisition of Warner Bros. [3][4] - Paramount is in discussions with Apollo Global Management for potential financial support in its bid for Warner Bros. [4] - Warner Bros. plans to split into two distinct businesses focused on cable TV and streaming/studios, which is expected to be completed next year [4][5] Group 3 - Warner Bros. CEO David Zaslav believes that separating the streaming and studios businesses from the cable networks will yield a significant premium [5] - Ellison must persuade Zaslav that selling before the separation does not result in a loss of potential value [5]

Um, all right. Uh, moving guys from, um, new media to old media. No, I'm going to, uh, Paramount and Warner Brothers Discovery. I wanted to give people a bit of an update here and a story obviously we were talking a lot about a week ago when we first learned of the um, plan at Paramount to make an offer to buy all of Warner Brothers Discovery. Earlier this week, I'd indicated that while some had believed, and I had even uh been led to believe as well, perhaps a a said offer would be forthcoming in the near ...

Group 1 - Warner Brothers Discovery (WBD) is seen as a potential acquisition target, with stock prices increasing by approximately 75% since March [1] - The company has been addressing its debt situation, which has been a significant concern, and is now focusing on monetizing its premium assets, including Warner Brothers Studio and HBO [2][4] - Streaming is identified as a key strategy for transforming WBD, with expectations of a real bid emerging soon [3] Group 2 - The debt burden has historically held back the company's value, but recent improvements in debt management are noted [5] - The backing from David Ellison is considered crucial for the potential acquisition, with indications that a cash bid could be on the table [6] - Paramount is also facing its own debt challenges, indicating a broader trend of financial restructuring within the industry [7] Group 3 - The media landscape is undergoing significant changes, with potential for further consolidation among companies [8][9] - The upcoming spin-off of certain assets into a new company called Versented is expected to impact the media sector [7]

Core Viewpoint - Paramount Sky Dance is reportedly preparing to make a bid for Warner Brothers Discovery, which has led to a 50% increase in WBD's stock price this week [1][2]. Group 1: Strategic and Economic Rationale - The merger between Paramount Sky Dance and Warner Brothers Discovery could create approximately $30 billion in total synergies due to significant cost overlaps in cable networks and studios, allowing for potential layoffs [3]. - The potential bid for Warner Brothers could be around $24 billion per share, justifiable by the synergies created from the merger [4]. Group 2: Market Position and Scale - If the merger occurs, the combined entity would become the fifth largest advertiser with about $18 billion in annual advertising revenue, ranking behind Google and Meta [5]. - The merger would position the combined studio as the third largest, surpassing Universal, and would dominate the cable networks space, controlling 50% of total cable channels [6]. Group 3: Regulatory Considerations - There are concerns regarding regulatory approval, especially considering past government actions against mergers in the publishing industry due to power over creators [7]. - The political implications of CNN transitioning from liberal to conservative ownership could be viewed as a regulatory positive for the merger [8]. Group 4: Industry Implications - The merger is seen as a survival strategy for both companies, allowing them to compete more effectively against larger competitors like Apple, Amazon, and Netflix [10]. - The consolidation could lead to a healthier media industry, enabling the combined company to remain competitive with more resources [11].

Business Performance - General revenue growth was slightly amiss at just 2% [1] - Traditional business segments, including movie studio, cable, and broadcast channels, continue to decline [1] - Growth in streaming and parks has somewhat offset the decline in traditional business [2] Strategic Initiatives - ESPN is being developed into a preeminent digital sports platform, with a direct-to-consumer sports offering launching on August 21st [3] - A deal with the NFL will expand ESPN's programming and content offerings, with the NFL getting a stake in ESPN [3][4] - ESPN will gain control of some of the NFL's media properties, including Red Zone NFL Network, and will get more NFL games [4] - A deal with WWE will bring big live events, including WrestleMania, to bolster the new ESPN product [5][6] - The company aims to grow advertising revenue in streaming through live events [4] Regulatory and Succession Concerns - Regulatory approval may be required for the sports deals, which could present challenges [7] - The succession issue for Bob Iger remains a focus for investors, and the company needs to ensure a successful transition [9][10]

Business Development - Trump Media expands its streaming service globally [1] Media Landscape - The report mentions President's action of slashing Voice of America, potentially impacting the media landscape [1]