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Apr 4, 2024
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they're in the process of rebundling hulu into the offerings. it's worth remembering that netflix didn't get to netflix margins until many years and a lot of scale was built. it didn't just happen. when they were at 40 million subs, they weren't profitable. you have to keep kind of getting toward that peak number and get the assembly line going, i guess. it's different than bolting it on to really two legacy movie studios and the tv operation. >> although as he did say with the fox properties, simpsons, avatar, we have the goods, as he said. >> exactly. >> you're back. thoughts and i guess prioritize some of the silos that you got too? >> yeah. it's funny you mentioned fox. bob is always -- he is consistently defending that deal as you well know. it's come under fire not just from activists or any number of others that said they paid too much. he's always coming back to the idea of the value that was created there, and how it really has armed them for this appropriately for this race for the competition in streaming. i mean, listen, in an interv
they're in the process of rebundling hulu into the offerings. it's worth remembering that netflix didn't get to netflix margins until many years and a lot of scale was built. it didn't just happen. when they were at 40 million subs, they weren't profitable. you have to keep kind of getting toward that peak number and get the assembly line going, i guess. it's different than bolting it on to really two legacy movie studios and the tv operation. >> although as he did say with the fox...
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Apr 23, 2024
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the other thing related to that is getting the hulu deal done. hopefully that is soon to come. maybe we get some growth from studios later in the year as well. there are things that will go right. >>> we will take a quick break. marks anatoly will be here at this desk with his view onal this desk with his view onal today's action needs with nearly endless customization. and track market trends with up-to-the-minute trade brilliantly with schwab. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. frustrated by skin tags? dr. scholl's has the breakthrough you've been waiting for. now there's an easier-to-use at home skin tag remover, clinically proven to remove skin tags safely in as little as one treatment. >>> we are back. our senior market commentator is here. this will get your attention for sure. yesterday you are convinced. how are you today? >> encouraged, not ne
the other thing related to that is getting the hulu deal done. hopefully that is soon to come. maybe we get some growth from studios later in the year as well. there are things that will go right. >>> we will take a quick break. marks anatoly will be here at this desk with his view onal this desk with his view onal today's action needs with nearly endless customization. and track market trends with up-to-the-minute trade brilliantly with schwab. new projects means new project managers....
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Apr 4, 2024
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for me, now it's a time to execute particularly on streaming profitability, the hulu deal and whatever they're going to do with espn. it was intriguing the stock went down when the results were announced. i honestly think it would have gone down on whatever it was. now it's the execution of the business plan which is where shareholder's minds are. >> jim lebenthal, we'll see you back here. >>> coming up next our "call of the day." ubs saying one big banstk ad for a rate trap. bill baruch is in it. the debate is next. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, matching your job description. i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recomme
for me, now it's a time to execute particularly on streaming profitability, the hulu deal and whatever they're going to do with espn. it was intriguing the stock went down when the results were announced. i honestly think it would have gone down on whatever it was. now it's the execution of the business plan which is where shareholder's minds are. >> jim lebenthal, we'll see you back here. >>> coming up next our "call of the day." ubs saying one big banstk ad for a rate...
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Apr 1, 2024
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let's get the hulu transition down, and that would be a nice shot in the arm for this stock moving higher. those three things. >> you are in favor of peltz. >> i am. >> what happens if he wins or doesn't? >> well, he has a lot of experience, and i don't think he will distract bob iger and the team with what they are doing, and if he doesn't get the seat, he and i will be happy that the stock is up. >> you keep holding this stock regardless of the out come? >> i do. i do. again, i think peltz doesn't hurt and on the margins can add, and iger and the team have been doing a good job, and i think the stock can continue to perform. i think the peltz side show behind us, and it will be a sideshow when it's done, and that will be good. you have two independent investment banks that make a valuation and i think they meet in the middle, and it's a process. i don't know why it's taking so long, but i don't think there's any hair there. >> you supported peltz, too. >> i would sell the stock if he doesn't get a board seat. >> would you? >> yeah, i would. he could make a lot of change. you want him on
let's get the hulu transition down, and that would be a nice shot in the arm for this stock moving higher. those three things. >> you are in favor of peltz. >> i am. >> what happens if he wins or doesn't? >> well, he has a lot of experience, and i don't think he will distract bob iger and the team with what they are doing, and if he doesn't get the seat, he and i will be happy that the stock is up. >> you keep holding this stock regardless of the out come? >>...
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Apr 5, 2024
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so it's going to be hulu/disney and it's going to be netflix. that's it. nobody else can afford to spend on it. so those are the winners. netflix will be the major winner, and so that's why i think you have to stay there. streaming is not going to go away. that will allow them to cut back on what they spend on content. i see increased profitability there. >> jimmy, what about unh, the target of united health gets cut to 618. at morgan stanlstanley, they ar taking their estimates down ahead of earnings on the 16th of this month. >> the earnings report is pretty important, scott, and the reason is because of this news from the center for medicare services that medicare advantage payments in 2025 are going to be lower than what expectations were. when i say a little bit lower, i'm talking about 1% lower. the stocks, and this includes cvs, humana, have been pummeled this week. everybody is looking to the earnings reports to say what's the real impact? these are insurance companies. they can deny claims. they can cut costs elsewhere. it's not like it's that big
so it's going to be hulu/disney and it's going to be netflix. that's it. nobody else can afford to spend on it. so those are the winners. netflix will be the major winner, and so that's why i think you have to stay there. streaming is not going to go away. that will allow them to cut back on what they spend on content. i see increased profitability there. >> jimmy, what about unh, the target of united health gets cut to 618. at morgan stanlstanley, they ar taking their estimates down...
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Apr 3, 2024
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>> are we re-creating hulu? >> we are re-creating cable. we are going old school. >> there is a huge regulatory issue. i think there would be a lot more consolidation and mergers if we weren't looking at the screen being those seven companies or these companies controlling 90% of what the world is saying, and certainly what americans are seeing. there is a lot of regulatory, you know, headache and concern about further mergers. those mergers probably need to happen for these companies to really be successful and efficient, and to deliver. they likely will not be allowed to merge, they will do these virtual partnerships. will we be in a situation like disney and comcast just were about who will buy out the other piece? >> exactly. >> if it works, they want all of it. someone will be annoyed that they are partnered with their friends and/or enemy. it will be interesting to see. a >> as a consumer, i am annoyed. i see this as the return of the bundle. if you like the price keeps going up. you to sign up for more and more. if the mergers, this
>> are we re-creating hulu? >> we are re-creating cable. we are going old school. >> there is a huge regulatory issue. i think there would be a lot more consolidation and mergers if we weren't looking at the screen being those seven companies or these companies controlling 90% of what the world is saying, and certainly what americans are seeing. there is a lot of regulatory, you know, headache and concern about further mergers. those mergers probably need to happen for these...
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Apr 3, 2024
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he has to get the hulu transaction done, figure out how to monetize espn. i keep saying i think he has one ace in his sleeve. i don't know this for certain, but i do think streaming is that ace up his sleeve. he's said for the last two quarters it's going to turn profitable by the end of the fiscal year ending september 30th. if you look at the contribution to the following fiscal year, it's looking like it's going to contribute something like 7% of operating income at current analyst estimates. that's a very small number. and my point is that an excellent manager like mr. iger knows how to squeeze costs and get that contribution, get that profitability from streaming. that's a variable that he can control, i think, and outperform on the estimates. if he does that, if he does that, then this is a stock that's going to be worth the 22 times forward estimates that it's at right now. so bottom line is let's get past this drama and keep executing the way disney has been the last several months. >> jim, we're going to keep it brief. i appreciate your opinion. we
he has to get the hulu transaction done, figure out how to monetize espn. i keep saying i think he has one ace in his sleeve. i don't know this for certain, but i do think streaming is that ace up his sleeve. he's said for the last two quarters it's going to turn profitable by the end of the fiscal year ending september 30th. if you look at the contribution to the following fiscal year, it's looking like it's going to contribute something like 7% of operating income at current analyst...
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Apr 3, 2024
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so that's a $6 billion swing you adjust for hulu's idiosyncrasies, it's a 14% operating margin going forward. dids has done a lot of the right things in terms of setting up the outlook. >> the backdrop of course continues to be the decline of the legacy media business, so to speak, i hate to say that, of course, because it includes the likes of what you're hearing right now. what are your forecasts there? the acceleration is only continued in terms of cord cutting when many thought it would start to die down. does it get worse before there's any sort of plateauing? >> prior to this conversation, i was refreshing in our disney model and i observed during the same time period, 2022 through 2026, as i just mentioned, the forecast, the linear tv business within disney, operating profit contribution went from 5 billion in '22 to 2.5 billion so it's a big headwind to the company's growth. the good news is the contribution looking forward is small enough we can probably spend our time more productively focused on dtc and theme parks. however, defending that $2.5 billion profit stream is imp
so that's a $6 billion swing you adjust for hulu's idiosyncrasies, it's a 14% operating margin going forward. dids has done a lot of the right things in terms of setting up the outlook. >> the backdrop of course continues to be the decline of the legacy media business, so to speak, i hate to say that, of course, because it includes the likes of what you're hearing right now. what are your forecasts there? the acceleration is only continued in terms of cord cutting when many thought it...
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Apr 1, 2024
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your parent company, would own hulu completely, would own the simpsons, own the avatar, own fx and searchline light, engines of creativity, bob has been thinking about the transition since 2015. we want bob iger to continue the work he is doing and when we look at his report card since he has come back he has dramatically restructured the company, $7.5 billion in costs, 500 million was recognized in q1. he has fundamentally worked with jimmy on espn's future. we launched the -- or announced the jv with fox and warner. we have college playoffs which just got renewed and launch flagship espn in 2025 and made a significant capex commitment. >> all those things, but my question was, if, in fact, nelson peltz wins and bob iger comes to you the board and says you know what i'm not up for this, he's too, as he continues to say, too disruptive and, you know, life is too short, what do you say as a board member to him if he says i'm out of here? >> i think that would be a terrible outcome for disney. the future of disney is at stake here. this is why this vote is so important. bob is just in the midst
your parent company, would own hulu completely, would own the simpsons, own the avatar, own fx and searchline light, engines of creativity, bob has been thinking about the transition since 2015. we want bob iger to continue the work he is doing and when we look at his report card since he has come back he has dramatically restructured the company, $7.5 billion in costs, 500 million was recognized in q1. he has fundamentally worked with jimmy on espn's future. we launched the -- or announced the...
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Apr 30, 2024
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they want to build it into a netflix competitor much like disney or hulu combination. you will see a very big investment cycle the tfrom the company. again, cart before horse. this will take 12-to-18 months to close. you will have a new administration. i don't know your view on the administration, joe, but this is going to take a while. >> you don't know our view? >> you have never seen the show? >> first-time viewer? >> you agree on that? >> exactly. how about the office of the ceo? that works a lot. it isn't two, it's three. >> you three work well together. >> we do. thank god we're not running anything that actually matters. >> look, the big decision they have to make is they're working on the agreement with charter. there's speculation overnight thatthe deal will basically be a punt and work on the short-term extension and moving toward with paramount plus included for free-for-all for all charter subscribers. it will be very interesting whether the transaction they do with carharter reacts. >> rich, there is the debt, too. all of the companies spent too much, i th
they want to build it into a netflix competitor much like disney or hulu combination. you will see a very big investment cycle the tfrom the company. again, cart before horse. this will take 12-to-18 months to close. you will have a new administration. i don't know your view on the administration, joe, but this is going to take a while. >> you don't know our view? >> you have never seen the show? >> first-time viewer? >> you agree on that? >> exactly. how about the...
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Apr 19, 2024
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. >> i would say netflix that's a given probably the disney bundle >> with hulu >> yes >> and espn plus >> and then i believe max will look different in a year max warner bros. has the deepest library. max will be there. i know people say apple and amazon >> amazon, apple, peacock, paramount plus headline that sony may team up with apollo to get in on that. >> good luck with that we'll see. >> good luck >> because sony is a japanese-owned entity. they cannot own cbs or cbs tv stations >> you have to split it up >> you have to break it up >> as you look at the chess pieces and we are sitting here 12 months from now, i don't know who the president is of the united states or the regulatory environment. do you think that all of these companies will still be independent? >> no. no you hit the nail on the head should nbc u and warner bros. discovery be one company it would be amaze ing if they were there is a lot of focus on that. that would be the powerhouse paramount will look different. >> is that your bet a year from now? you said you thought max was going to be the absolute number three.
. >> i would say netflix that's a given probably the disney bundle >> with hulu >> yes >> and espn plus >> and then i believe max will look different in a year max warner bros. has the deepest library. max will be there. i know people say apple and amazon >> amazon, apple, peacock, paramount plus headline that sony may team up with apollo to get in on that. >> good luck with that we'll see. >> good luck >> because sony is a japanese-owned...
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Apr 25, 2024
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just buying in by peacock, they're buying in by youtube tv, which is a bundle, they're buying into the hulu live product, which is a bundle so there is this sort of movement around where people are looking almost for the interface and the truth is a lot of the folks who have been subscribed through the bundle have been getting it at a discount that's the er pother piece. you've seen them discount heavily because there have been moments where, you know, i shouldn't say this, if you call up your cable provider right now and say i'm thinking of leaving for youtube tv, all of a sudden, they'll say, okay, used to be a $90 product, we'll sell you for the next 24 months or 12 months for $30. so, and this goes back to profitable subs versus unprofitable subs. >> during the pandemic it was broadband, just so you know. arpu, average revenue, was up 4.2% highly competitive market. but subs flat basically. broadband subs were relatively flat year over year domestic broadband revenue grew by 3.9% but you wonder how that growth, where -- growth is going to be theme parks, growth is going to be movie stud
just buying in by peacock, they're buying in by youtube tv, which is a bundle, they're buying into the hulu live product, which is a bundle so there is this sort of movement around where people are looking almost for the interface and the truth is a lot of the folks who have been subscribed through the bundle have been getting it at a discount that's the er pother piece. you've seen them discount heavily because there have been moments where, you know, i shouldn't say this, if you call up your...
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and then they have to integrate, they just did it, hulu and disney plus. they have two, three products in streaming, they need to slim that down. so, those things won't happen overnight. i believe when they're talking on earnings about their -- their focus, the markets reacted positively. you see by the stock price. you're right. the stock was in the 90s. very different conversation. but i think they found their narrative and people trust in what they're doing now. >> michael, thank you for joining us today. >> you got it, becky. >> andrew? >> coming up in just a moment, the chairman and ceo of monumental sports and entertainment which owns the washington wizards and washington capitals making lots of headlines. we're going to talk about them. ted leonsis joins us right after this. and then point72 chairman and ceo and neowr of the new york mets in his first interview on cnbc ever, steve cohen joins us for an exclusive interview you do not want to miss. "squawk box" coming back after this. ♪ (upbeat music) ♪ ( ♪♪ ) constant contact's advanced autom
and then they have to integrate, they just did it, hulu and disney plus. they have two, three products in streaming, they need to slim that down. so, those things won't happen overnight. i believe when they're talking on earnings about their -- their focus, the markets reacted positively. you see by the stock price. you're right. the stock was in the 90s. very different conversation. but i think they found their narrative and people trust in what they're doing now. >> michael, thank you...