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📈 Disney Surprises Wall Street! But Stagflation Fears Hit Markets Hard
Disney just posted earnings that beat analyst expectations, sending its stock higher. But while investors celebrate Disney’s performance, growing fears of stagflation are shaking the broader market. What does this mean for your portfolio?
📌 In This Video:
Disney earnings breakdown: Revenue, EPS, and future outlook
Market reaction & stock movement
Rising concerns over stagflation: What is it, and why now?
What investors should watch in the weeks ahead
🚨 Is this a sign of resilience—or the calm before the economic storm?
#DisneyEarnings #StockMarketUpdate #Stagflation #DISStock #EconomicNews #MarketTrends #InvestingNews #WallStreet #EarningsSeason #FinanceUpdate
Disney just posted earnings that beat analyst expectations, sending its stock higher. But while investors celebrate Disney’s performance, growing fears of stagflation are shaking the broader market. What does this mean for your portfolio?
📌 In This Video:
Disney earnings breakdown: Revenue, EPS, and future outlook
Market reaction & stock movement
Rising concerns over stagflation: What is it, and why now?
What investors should watch in the weeks ahead
🚨 Is this a sign of resilience—or the calm before the economic storm?
#DisneyEarnings #StockMarketUpdate #Stagflation #DISStock #EconomicNews #MarketTrends #InvestingNews #WallStreet #EarningsSeason #FinanceUpdate
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00:00Welcome to Yahoo Finance's flagship show, The Morning Brief.
00:02I'm Julie Hyman.
00:04Let's get to the three things you need to know today.
00:06First up, U.S. stock futures wavering this morning
00:08as investors digest weakening economic data,
00:11President Trump's tariff threats, and corporate earnings.
00:14One mover to the downside today, AI chip company AMD.
00:17The company said its return to the crucial Chinese market
00:20is difficult to predict, overshadowing a generally upbeat forecast
00:24for its business and making AI processors.
00:26Plus, Disney reporting better-than-expected third-quarter earnings
00:30with continued growth at its parks and streaming business,
00:33overshadowing a tough climate for linear television and films.
00:36The company also striking a deal with the National Football League
00:39that will give the House of Mouse control of key media assets,
00:42including the NFL Network, in exchange for a 10% stake
00:45in the sports media company ESPN.
00:48And the future of the Fed in focus.
00:50As the president said, he would make his decision on a replacement
00:54for outgoing Federal Reserve Governor Adriana Kugler this week
00:57as he looks to make his imprint on the central bank's monetary policy.
01:01The Fed announced on Friday that Kugler would resign
01:03from her seat on the Board of Governors before her term is up in January.
01:07That gives Trump an earlier-than-expected opportunity to tap a candidate.
01:10Let's get to check in on stock users.
01:22We are seeing indications for a higher open this morning
01:24after kind of bouncing around,
01:26and that's in part as we have some better-than-estimated earnings,
01:29not just Disney, McDonald's we're watching as well.
01:32We'll be running down some of those numbers in just a moment.
01:34But right now, if you look at these numbers,
01:36we're seeing indications for about a quarter percent gain
01:40for the S&P and the NASDAQ at the open,
01:42and the Dow indicating a gain of about a third of 1%.
01:45Also in focus, just breaking moments ago,
01:49headlines on Apple,
01:50the White House saying the iPhone maker
01:52will boost its U.S. investment commitment by $100 billion.
01:57The White House says that President Trump
01:58will make that announcement today.
02:00It's the latest pledge by the tech giant
02:02to increase U.S. production of its products
02:04as it seeks to avoid tariffs on its flagship iPhones.
02:08Earlier this year, remember,
02:09Trump warned that he would hit Apple
02:11with a tariff of at least 25%
02:13if it did not move manufacturing of the iPhone to the U.S.
02:16The company has previously announced
02:18it plans to spend $500 billion in the U.S.
02:21over the next few years.
02:22Right now, the share is moving a little bit higher.
02:25Of course, we've also heard estimates
02:26from many different analysts
02:28about how much this could potentially
02:30boost the cost of an iPhone
02:32if they are largely made in the United States.
02:36So we'll see how this all plays out,
02:38what timeline we get from Apple
02:40in terms of increasing that investment in the U.S.
02:43and exactly what it looks like.
02:45So still a number of questions,
02:46some of which may be answered
02:48as part of the president's announcement today.
02:51Let's now dig into our top stories of the day.
02:53Stocks looking to rebound after a losing day
02:55on Wall Street as tech stocks lagged,
02:57plus weak economic data fueling stagflation fears,
03:00and positive earnings from McDonald's and Disney,
03:02highlighting some consumer resilience.
03:05Joining me now, senior reporters Brooke De Palma
03:07and Josh Schaefer to talk us through some of these numbers.
03:10So Brooke, let's start with AMD
03:12because interesting story there.
03:14A lot of the numbers looking good,
03:16except some disappointment with China clarity here
03:19on when it's going to restart shipments there.
03:23Yeah, absolutely.
03:24What we're seeing is the street have such high expectations
03:26around this chipmaker AMD,
03:28and ultimately, maybe those expectations
03:30were a bit too high.
03:32We know that earnings have outperformed expectations
03:35every single quarter since Q4 of 2023,
03:38but earnings this quarter declined
03:39based upon that ban of the company
03:41to sell their chips to,
03:43or rather ban from chips from China.
03:45Now, what we know is that in this battle,
03:47in this arms race of the AI revolution,
03:51so to say,
03:52we know that AMD continues to trail behind
03:54that, you know, godfather of AI,
03:57Jensen Wang's NVIDIA,
03:58as Dan Ives likes to put it.
04:00And that's what we saw again.
04:02We saw AMD's data centers
04:03bring in revenue of up 14% to $3.2 billion.
04:08Now that Trump, or rather NVIDIA,
04:11Trump's that in comparison,
04:12when you think about what they posted in Q1,
04:15their data segment jumped 73%
04:17to more than $39 billion.
04:19Of course, NVIDIA is set to come out
04:21later on this month.
04:22But the hopes were high,
04:23the intentions were high,
04:24and now all questions remain
04:26about that Q3 guidance
04:28and what this could look like
04:29when we are able to return
04:31to shipments of these AI chips from China.
04:34Yeah.
04:35And there's also the question of,
04:37aside from the China discussion,
04:39about what was already priced
04:41in the shares.
04:42I got to say,
04:42I'm just laughing to myself,
04:44reading a note from Jordan Klein
04:45over at Mizuho,
04:46so that is the sector specialist on tech.
04:50And he said,
04:51who really owns AMD or NVIDIA
04:52just due to upside from sales
04:54back into China
04:54that have been blocked by Trump?
04:56If you do, shame on you, he says,
04:59because people are really focused more
05:00on the bigger AI story here.
05:03But all of that said, Josh,
05:05if you look at what AMD has done this year,
05:09let alone from the lows,
05:10you see maybe why things
05:12are pulling back a little today.
05:13Well, Julie, to add to that point,
05:15who owns an AI stock
05:16for them to not beat
05:18on earnings per share, right?
05:19In the previous quarter,
05:20when you look at why
05:21a lot of these AI tech stocks rally,
05:24it's because in the prior quarter,
05:25earnings almost always beat estimates, right?
05:28When you look at what the hyperscalers
05:29were able to do last week,
05:30when you look at what NVIDIA
05:31does every quarter,
05:32an earnings surprise
05:33is essentially expected.
05:35And that is not what AMD did.
05:37And then, yes,
05:37when you zoom out over the year,
05:39it has been the best performing
05:41semiconductor of the year.
05:42The stock is up over 40% this year.
05:44and you compare it to an NVIDIA
05:46and a Broadcom,
05:46this year it has actually outperformed,
05:49as you're seeing on your screen now.
05:50But you zoom out over the last five years,
05:53and AMD has not even come close
05:55to the performance
05:56that you see in your screen there
05:57in blue and yellow
05:59from NVIDIA and Broadcom, right?
06:00So you've seen a little bit
06:01of a catch-up rally for AMD
06:03as people wonder
06:04where they're going to fit
06:05into this AI story.
06:06but largely they have not been
06:09near the forefront of it, of course,
06:10and they've sort of been chasing.
06:12But I think from a quarter,
06:13this quarter-specific stock story,
06:16it's interesting to think about
06:17AMD's rally off the lows
06:18and to see this stock reaction
06:20when we think ahead
06:21to what's coming from NVIDIA
06:22at the end of the month.
06:23So Bank of America's Vivek Aria,
06:25the analyst that covers NVIDIA,
06:27he covers AMD,
06:28he had pointed out
06:29in his NVIDIA preview note,
06:30which I know you were talking about
06:31the other day, Julie,
06:32highlighting that given that NVIDIA
06:34has rallied so significantly
06:35since that April low,
06:38the ability to impress the market
06:39for some of these AI chipmakers
06:41might be challenging this quarter.
06:42You're certainly seeing that with AMD
06:44and it makes you wonder
06:45about the big one
06:46we're going to get
06:46at the end of the month, too.
06:47Yes, it does indeed.
06:48We didn't just get AMD earnings,
06:50of course, and Brooke,
06:52you're watching some
06:53of the consumer earnings.
06:54As I mentioned,
06:55we heard from Disney
06:55and McDonald's this morning.
06:57And as you know,
06:58some of the consumer earnings
06:59have been a little rocky,
07:00but a little bit of
07:01better signals here, maybe?
07:03Yeah, better news for McDonald's.
07:07They've reversed
07:07their U.S. same-source sales growth
07:09to positive.
07:10U.S. same-source sales growth
07:11grew 2.5% in the quarter,
07:15especially as they leaned
07:16into those value offerings.
07:18Some key quotes from the call,
07:19the CEO, Chris Kamchensky,
07:20saying on the call this morning,
07:22which is still underway,
07:23that overall QSR traffic
07:24in the U.S. remains challenged
07:26as visits across the industry
07:28by low-income consumers
07:29once again declined
07:30by double digits
07:32versus the prior year.
07:34Now, what he went on to say
07:35is that McDonald's
07:36was able to offset that momentum
07:38in the current environment
07:39by leaning into heavily
07:41those meal deals,
07:42those key $4 price points,
07:45and really get consumers
07:46in the door.
07:47Of course, you also had
07:48the innovation side.
07:49You had that
07:49McCrispy chicken strips
07:51come into play.
07:52You had a promotion
07:53with Minecraft.
07:54They said that all those things
07:56is what led to the stellar quarter
07:57for McDonald's.
07:58You see shares now up in pre-market
08:00of about 3% after a beat
08:02across all metrics,
08:04same sort of sales growth,
08:05revenue, earnings,
08:06and that's what really is
08:08impressing the street this morning.
08:10A bit of a flip side
08:12when you look at Disney,
08:13what we saw there
08:14is their streaming profitability
08:16turned positive,
08:18or rather a streaming unit
08:19turned profitable
08:19year over year
08:20this past quarter,
08:21and also their park service
08:23did really well.
08:24But you do see that stock
08:25under a bit of pressure
08:26in the early innings
08:27here of today
08:28as that was sort of offset
08:31by their fall behind
08:32in the cable TV network.
08:34But all eyes now
08:35are really on that
08:36August 21st date.
08:37We know that we're getting
08:38a streaming platform
08:40from ESPN
08:41that was officially announced.
08:42They're launching an ESPN
08:43direct-to-consumer app,
08:45rather,
08:45on August 21st.
08:46We also heard last night
08:48that they announced
08:50a preliminary deal
08:52to acquire
08:52key NFL media assets,
08:55including NFL Network,
08:56Red Zone,
08:56and they're also going to,
08:58in exchange,
08:59give the NFL
09:00about 10% equity stake
09:01in the network.
09:03And so it's worth noting here
09:04that Disney is trying
09:06everything right now
09:07to really get
09:08their streaming service
09:09to not only now
09:10is profitable,
09:11but really get
09:12consumers engaged.
09:13The CEO saying on the call
09:14that the proposition
09:15is not only from
09:16a consumer's perspective,
09:18but also a perspective
09:19that it's better
09:19than what they had before.
09:21They're really looking
09:22to up their game here
09:23when it comes to streaming.
09:23And once again,
09:25we're seeing shares
09:26under pressure this morning
09:27because of that offset
09:28with softness
09:29in their TV cable side.
09:30Yeah,
09:30we're actually going to hear
09:31from the CFO momentarily.
09:33Josh,
09:33let's talk about
09:33the economic backdrop
09:34quickly here.
09:35Some stagflation concerns
09:36coming in here.
09:38That is slowing economic growth
09:39and rising inflation.
09:41And the flames fanned yesterday
09:43by some economic data.
09:45Doug, Julie,
09:45so yesterday morning
09:46you had the ISM services PMI,
09:48and within that index
09:49you get sort of
09:50an employment index,
09:51any prices paid index,
09:52and Neil Dutta
09:53over at RENMAC
09:54highlighted a great chart
09:55that really sort of speaks
09:57to what he called
09:57the Fed's quandary right now.
09:59So in white,
09:59you're looking at prices paid.
10:01We'll use that
10:01as sort of an inflation gauge,
10:03right?
10:03That's moving higher.
10:04And then in green
10:05is the employment index.
10:06That's sort of
10:06your growth concerns.
10:08Those things moving in opposition
10:09creates a stagflationary
10:11environment in some ways,
10:12and it speaks to the concerns
10:14of the market right now.
10:15The one thing
10:16I would highlight with this,
10:17though, of course,
10:17is this is a survey.
10:19This is not necessarily
10:20the top-tier economic data
10:22that you often hear
10:23someone like Fed Chair Powell
10:24talk about
10:25or economists care about
10:26the most.
10:27You're going to get that
10:28with the inflation report
10:28next week
10:29and something like CPI
10:30and other labor data.
10:32So, yes, it's one sign,
10:33but it's a quiet week
10:35for macro.
10:36There is not a lot
10:36of top-tier economic data
10:38out this week,
10:38so this is getting
10:39a little bit of a closer eye,
10:40I think,
10:41than it normally would,
10:42and we'll have to see
10:43if this translates
10:44to some of the other data points
10:45that we'll be watching
10:46throughout the month.
10:47But one pin in the bucket
10:49for the people
10:49that are worried
10:50about stagflation,
10:50for sure.
10:51Yeah, yeah,
10:51so-called soft data
10:52versus hard data.
10:54Brooke, Josh,
10:55thanks a lot.
10:57President Trump
10:57telling reporters Tuesday
10:58he would name a replacement
10:59for outgoing Fed Governor
11:01Adriana Kugler this week.
11:03Kugler's departure,
11:04granting Trump
11:04an earlier-than-expected
11:05opportunity to name
11:07a candidate who more closely
11:08aligns with his calls
11:09for lower interest rates.
11:11Fed correspondent
11:12Jennifer Schoenberger
11:13joins me now with more.
11:15So it seems like
11:16he's not going to waste
11:17any time filling that spot.
11:19No, Julie, he's not.
11:20The president's saying,
11:21like you said,
11:22he is expected
11:23to make an announcement
11:24to replace Fed Governor
11:25Adriana Kugler
11:26by the end of this week,
11:27and she is expected
11:28to step down on Friday.
11:31We know that her term
11:32is set to end January 31st,
11:35so this would be
11:36a short-term appointment
11:37for a couple of months.
11:39The president said
11:39he could end up
11:41reappointing whoever
11:42he fills to that position
11:44for a full 14-year term,
11:46and it is possible
11:47that whoever he puts
11:48in that position
11:49could be elevated
11:50to be the next
11:51Federal Reserve chair.
11:52The president told CNBC
11:54on Tuesday
11:55that he has narrowed
11:56down the list
11:57for who could be
11:58the next Fed chair
12:00to four people.
12:01We know that
12:02Treasury Secretary
12:03Scott Besant
12:04is not on that list.
12:05Apparently, he told Trump
12:06he doesn't want the position.
12:08He wants to remain
12:09Treasury Secretary.
12:10The president seemed
12:11to imply that
12:12who he calls
12:13the two Kevins,
12:14former Fed Governor
12:15Kevin Warsh,
12:17and a current director
12:18of the National Economic
12:19Council of Advisors,
12:21Kevin Hassett,
12:22are, quote,
12:23doing well.
12:24So they seem
12:25to be on the short list.
12:27He didn't deny
12:28that Fed Governor
12:29Chris Waller,
12:30who has been in favor
12:31of cutting rates
12:32and actually dissented
12:33at the last Fed policy meeting,
12:36is on that list.
12:37So he is thought
12:38to be on the list as well.
12:40I would just add,
12:41I would think that
12:42Michelle Bowman,
12:43the other current governor
12:44who dissented
12:45at the last policy meeting,
12:46is also on that list.
12:48And, Julie,
12:49I have just learned
12:49that hedge fund manager
12:51James Fishback
12:52spoke with the president
12:53on Monday morning,
12:55making his case
12:56to fill Fed Governor
12:59Adriana Kugler's slot
13:01for the short-term position
13:02for the next couple of months.
13:04And if he was offered
13:06the position,
13:07he would accept.
13:08That is very interesting.
13:12A new hat
13:12to throw into the ring there.
13:14Yeah, I got to do a deep dive.
13:16But if it's who I think it is,
13:18I would think he would be
13:20the youngest Fed appointee ever.
13:22He would be.
13:22He would be the youngest.
13:23At 30 years old,
13:24he would be the youngest
13:25appointee to the Fed.
13:27Trump and Kevin Warsh,
13:28who was the youngest at 35.
13:31Wow.
13:31All right.
13:32Well, going to do a deep dive,
13:33some good Googling there
13:35in my future.
13:36Jennifer,
13:36thank you very much.
13:37Appreciate it.
13:38Now it's time for some
13:44of today's trending tickers.
13:45We are watching
13:46Novo Nordisk,
13:46Supermicro,
13:47and Shopify.
13:48First up,
13:49Novo Nordisk falling
13:50after sales showed
13:51the weakest growth
13:51in four years.
13:53The results highlighting
13:54how the drug maker's
13:54losing ground to Eli Lilly
13:56in the crucial U.S. market
13:57for obesity medicines.
13:59The commentary coming
14:00just one week
14:00after a profit warning
14:01from the company.
14:02The numbers released today
14:03offer a detailed look
14:04at the quarter
14:05when Novo stumbled
14:06and the drug maker
14:07decided to seek a reset
14:08by ousting its long-time CEO.
14:11Next up,
14:12Supermicro plunging
14:13after the company
14:14lowered its fiscal year
14:15revenue forecast
14:16and projected quarterly profit
14:17that fell short of estimates.
14:19The results
14:19raising questions
14:20about sales
14:21and pricing pressures
14:22around powerful AI servers.
14:24Supermicro's
14:24shares have surged
14:2588% this year
14:27on optimism
14:27that it would benefit
14:28from soaring demand
14:29for AI gear.
14:30Instead,
14:31the company's
14:31revised fiscal year outlook
14:32raises questions
14:33about its ability
14:34to capitalize on demand
14:36for artificial intelligence equipment
14:37with the latest NVIDIA chips.
14:40And finally,
14:40we've got Shopify
14:41jumping today
14:42as revenue topped estimates
14:43and as the company
14:44boosted its outlook
14:45for the third quarter,
14:47the e-commerce platform
14:48reported second quarter results
14:49coming in better
14:50than Wall Street
14:50was anticipating
14:51with analysts highlighting
14:52growth in both revenue
14:53and gross merchandise volume.
14:56And as always,
14:56you can scan the QR code below
14:58to track the best
14:58and worst performing stocks
14:59with Yahoo Finance's
15:00trending tickers page.
15:02Coming up,
15:03we will be talking
15:03to Disney CFO Hugh Johnston
15:05following the company's
15:06strong earnings
15:07and as it strikes a deal
15:08with the NFL.
15:09That's coming up next
15:10on Morning Brief,
15:11our own Brian Sazi.
15:13There he is.
15:13He's going to be doing
15:14that interview.
15:14Stay tuned.
15:18Disney shares
15:19taking some pre-market losses
15:20after the company's
15:21third quarter results.
15:22Strong revenue
15:23in the park segment
15:24and a swing to profitability
15:25for its streaming services
15:26leading Disney to raise
15:27its full year guidance
15:28despite lower performance
15:30from Linear Assets.
15:32Opening bid host
15:33Brian Sazi
15:34is with me
15:34to talk more about this.
15:36You know,
15:36Sazi,
15:37it looks like
15:38things were mostly positive
15:40on the face of it
15:41so it's interesting
15:42to see the shares lower.
15:43Yeah,
15:43I think the main reaction
15:44here, Julie,
15:45while you're seeing
15:45the stock lower
15:46is Disney beat on earnings
15:48but didn't lift
15:48that full year
15:49earnings guidance
15:51up as much
15:52relative to the beat
15:54or as much
15:54I think on some
15:55of the street
15:55wanted to see
15:56after a beat
15:56they just put forward.
15:57Now,
15:57I just got off
15:58this earnings call,
15:58Julie,
15:59listening to it
15:59on Yahoo Finance.
16:00Love this new feature
16:01on our platform.
16:02Got to continue
16:02to hype it up
16:03but I didn't hear
16:03anything regarding
16:04consumer weakness
16:05at the parks.
16:06You heard Bob Iger
16:06talking about
16:07on the call
16:08how they're going
16:08to roll out
16:09more cruise ships,
16:10make a lot more money.
16:11The consumer still
16:12seems strong to me
16:13based on the commentary
16:13on that earnings call
16:15and of course,
16:15Julie,
16:16really a big series
16:17of deals for Disney
16:19over the past 24 hours
16:20that NFL deal
16:21and this morning
16:22now one with WWE.
16:24Really transformational stuff
16:26that Disney has put forward here.
16:27All the attempts
16:28of boosting
16:28their streaming efforts
16:30later this month,
16:31I believe it's August 21st,
16:33ESPN,
16:34their new streaming service
16:35will launch.
16:36Yeah,
16:36and then of course
16:36you also have
16:37some new deals
16:38from Disney
16:39dealing with that
16:40with ESPN
16:42that is in the NFL.
16:43You also have
16:44a new wrestling partnership.
16:45I'm sure you're
16:46excited about that.
16:47Well, look,
16:48Jullier,
16:49no small surprise
16:50I've grown up
16:51watching wrestling
16:51so if I can watch
16:52in one dedicated home
16:53and if this case
16:54is ESPN,
16:55I will do so.
16:56Important to know too,
16:58Disney's saying
16:58on that earnings call,
17:00the NFL deal,
17:02I believe they said
17:03it would be five cents
17:04accretive to their earnings
17:06once the deal closes.
17:08So that was very important.
17:09It was good to see
17:09the street hear that
17:11but again,
17:11the company didn't come out
17:12and lift that guidance up
17:13by as much
17:14as people thought
17:15and then also brushed off
17:17some fiscal year
17:192026 commentary
17:20in terms of guidance.
17:21Now,
17:21a couple months ago,
17:22Disney put out
17:23longer term guidance
17:24for fiscal 2026
17:25looking for double-digit
17:26EPS growth.
17:27Didn't back away
17:28from that,
17:28Julie,
17:29but didn't come out
17:30and I think perhaps
17:30lift it like some
17:31people wanted.
17:32Yeah,
17:33and you also have to
17:34wonder about the
17:34theatrical releases,
17:37right,
17:37that didn't do great.
17:39Did you,
17:39Thunderbolts,
17:40I kind of wanted
17:40to see Thunderbolts
17:41and then I never
17:42got around to it.
17:43Yeah,
17:44no,
17:44the creative slate
17:44has become a lot
17:45stronger,
17:46Julie,
17:46under Bob Iger
17:47so I know that's
17:48something they're
17:48very much focusing in on
17:50but let me,
17:50let's drill down
17:51to this quarter even more,
17:52the earnings,
17:52some of these deals.
17:53Joining me now
17:53is Hugh Johnston,
17:54Disney's chief
17:55financial officer.
17:56Hugh,
17:57fresh off your earnings
17:58call,
17:58thanks for hopping
17:58on Yahoo Finance.
18:00You heard me probably
18:00talking to Julie
18:01about some of these
18:02deals,
18:02the NFL deal,
18:03big deal,
18:04this morning,
18:05WWE deal,
18:06big deal.
18:07Let's start on the NFL.
18:0810% stake
18:09that you're giving
18:11the NFL for ESPN,
18:12that's a very large
18:13number,
18:14Hugh,
18:14why is it worth it?
18:16Oh,
18:17I think it's
18:17completely worth it
18:18and good morning
18:18to you,
18:19Brian and Julie,
18:20great to be with you
18:20guys again as always.
18:21really,
18:23we feel terrific
18:24about the assets
18:25that we'll be getting
18:26for the deal.
18:28The combination
18:28of the NFL network
18:30and all of what
18:32that brings,
18:32in addition to that,
18:34combining our
18:35fantasy football business
18:37with the NFL's
18:38fantasy football business,
18:40plus the ability
18:41to market red zone.
18:43Overall,
18:44we feel terrific
18:45about that.
18:45And obviously,
18:45there's three additional
18:47games we'll be getting
18:48as well,
18:49which are of significant
18:51value to us.
18:52So,
18:53as we think about it,
18:54we think about it
18:55from two perspectives.
18:56Number one is
18:57the impact it's going
18:58to have on the ESPN
19:00DTC business,
19:01which we think
19:01will be super positive.
19:03And then second,
19:04obviously,
19:05putting the NFL network
19:06together with ESPN
19:07will create both revenue
19:08and cost synergies.
19:09The outcome of that
19:11from an investor
19:11perspective is
19:12it'll be accretive
19:13by about a nickel
19:14before purchase accounting.
19:16So we think
19:17it's a great deal
19:18for the NFL
19:19and we think
19:20it's a great deal
19:20for ESPN as well,
19:22which is the best
19:23of all worlds.
19:24Hugh,
19:24I've seen ESPN
19:25various estimates
19:27in terms of valuation,
19:28$25 billion,
19:29even as high as $30 billion.
19:30That would make
19:31this NFL stake
19:31up to worth
19:33about, what,
19:33$3 billion.
19:34Is that correct?
19:34Do I have my math right?
19:37Your math is correct,
19:39although we haven't
19:40talked about
19:40the value of the ESPN
19:42or the value
19:44of the assets
19:44because what we're doing
19:45here is exchanging
19:46equity and ESPN
19:48for the assets
19:49and the income streams
19:50that we're getting.
19:51So we haven't really
19:52put a specific valuation
19:53on it.
19:54As I said,
19:55the thing I can tell you
19:56is it's accretive
19:57to the Walt Disney Company.
19:58So from a financial
19:59terms perspective,
20:00we're very happy
20:01with the financial terms.
20:02Hugh, as you know,
20:03Red Zone has a sacred
20:04following,
20:04very passionate base
20:06in terms of that programming.
20:08Do you and Bob Iger,
20:10CEO,
20:10do you envision ESPN talent
20:11going onto that platform?
20:12You know,
20:15we haven't talked
20:16about it at this point.
20:17It's probably
20:18a little bit too early
20:19for us to go there.
20:21I know the guy
20:22who hosts ESPN,
20:24a fellow Syracuse
20:25University graduate,
20:26by the way,
20:27does a fabulous job.
20:29So I certainly expect
20:31us to continue
20:32and, if anything,
20:33try to be additive
20:34to that capability
20:36because it's such
20:37a good one.
20:38Now, the deal,
20:38of course,
20:39has to get approved
20:40by regulators.
20:41What is Disney
20:41willing to give up
20:43to get this approval
20:44from the Trump
20:45administration,
20:46which has not hidden
20:46its views
20:48on traditional
20:49mainstream media?
20:52Well,
20:52I'm hopeful
20:54we're not going
20:54to have to give up
20:55anything,
20:56to be honest with you.
20:57We don't see it
20:58as in any way
21:00anti-competitive,
21:01actually quite the opposite.
21:03The way we think
21:03about it is
21:04this is so pro-consumer.
21:06It really makes
21:07their lives easier.
21:09Sports fans,
21:10it's a bit of a challenge
21:11right now
21:11because content
21:12is spread across
21:14so many different places
21:15and we view this
21:17as a convergence
21:18that we actually think
21:19will make it easier
21:21for the sports fan
21:22and, in addition,
21:23it'll give them
21:25the capability
21:26that we have
21:27as ESPN
21:28to produce
21:29fantastic content
21:30and, in addition to that,
21:32with the ESPN
21:32DTC launch,
21:34we'll be able
21:34to bring
21:35a lot of new capability
21:37as we innovate
21:37for the consumer
21:38as well
21:39around things
21:40like multi-view games
21:43and personalization
21:44of SportsCenter
21:47and, in addition
21:48to that,
21:49fantasy
21:49and betting
21:50and enhanced statistics.
21:53So, we view this
21:55as super, super
21:56pro-consumer
21:57and are certainly
21:58positive from that
21:59perspective.
22:00And, as I said,
22:00we think it's a great deal
22:02for the NFL owners
22:03and the NFL players
22:04as well.
22:04So, this is truly
22:05a win all around.
22:07We're hoping that
22:08the regulatory process
22:09will go extremely smoothly.
22:11Hugh, $1.6 billion
22:12for a five-year deal
22:13for WWE.
22:14I'm a WWE fan.
22:15It's good to see
22:16WrestleMania
22:17and other events
22:18being on one home.
22:20What's the return
22:20on investment
22:21you're looking for?
22:22That also is
22:23a very large number.
22:25Yeah, it's a big investment,
22:27but we do expect
22:28positive financial returns
22:30from the investment.
22:30So, from that perspective,
22:33we haven't gone
22:33any deeper than that.
22:34But, the beauty
22:36of where ESPN
22:37right now is,
22:38is with the NFL,
22:40with the NBA,
22:41with college football
22:42playoff, SEC,
22:44and NHL,
22:45we have so many,
22:47such a good load
22:48of volume
22:49of really high-quality
22:51content.
22:52We can pick and choose
22:53where else
22:54we want to be.
22:56And, as a result
22:56of that,
22:57we're in a good position
22:58to strike good financial
22:59deals for ourselves.
23:00So, we expect this
23:01to be another good
23:02financial deal
23:02for ESPN.
23:03Thank you.
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