Disney is refreshing its approach to earnings calls by seeking analysts’ long-term strategic questions for management to address on its upcoming earnings call, rather than taking live questions. We applaud this shift and expect it to lead to a more valuable discussion. Last month (link), we laid out three bold moves Disney’s new CEO, Josh…
Earlier today, Front Office Sports reported (link) that the NFL was finalizing an agreement with YouTube to expand to five games in the coming season, up from one game last season, adding the four games freed up by ESPN’s acquisition of the NFL Media assets earlier this year. We suspect YouTube was eager to acquire…
Nineteen editions in and this quarter delivered: a record Hall of Shame, AI mentions at an all-time high, and a Trade Desk analyst lineup that had us genuinely laughing out loud. The macro was quiet, probably for the last time. Here’s everything that mattered. We reviewed 80 calls this quarter, down one sequentially. Rivian joined…
Here are our ten key questions for Netflix management on tonight’s Q1 2026 earnings discussion (our Q4 2025 questions can be found here). 1) The $72 Billion Question. You were prepared to a write a $72 billion cash check to acquire Warner Bros. studio and HBO up until last month when you got outbid and walked…
Over the past few weeks we spent time doing autonomy field work in Texas, getting in the cars and trucks rather than just reading the announcements. Austin. Dallas. Arlington. A Giga factory. A Class 8 truck and a Permian Basin command center. A lot of miles in a lot of vehicles and one that did…
Tomorrow marks new Disney CEO Josh D’Amaro’s first day on the job. We believe there are three bold moves that D’Amaro must make to reinvigorate Disney’s lackluster stock price performance over the past decade: 1) Exit Linear TV: Disney’s flywheel is built around its studio, with a vast array of IP, streaming, theme parks, and…
Paramount’s entire strategy, including the in-process acquisition of Warner Bros. Discovery, is wholly dependent on maintaining NFL rights for as long as possible. With Paramount’s leverage set to increase to 7x at the closing of the WBD transaction and over 70% of its combined EBITDA coming from linear TV, they must utilize NFL rights to…
GTC may have been NVIDIA’s event, but Uber once again got one of the better headlines. NVIDIA is investing heavily to move beyond being the arms dealer of autonomy and become a real full-stack contender, and Uber has been more than happy to borrow that ambition since CES. This week, the story finally came with…
Two companies dominate connected TV (CTV) streaming: YouTube and Netflix, representing nearly half of streaming time spent on TVs (based on Nielsen Gauge January 2026 data). While Disney has made a major push since launching Disney+ in 2019, dramatically ramping up content (before pulling back upon CEO Bob Iger’s return), acquiring 100% of Hulu through…
The Live Nation settlement with the DOJ is now official (link). Press reports from this morning (link) got most of the story, with some distinct differences. For example, LYV is not selling any amps and is only allowing primary ticketers access to tickets in non-exclusive deals. Our belief is that the biggest winner of the deal…
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