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August 5, 2014
16:18 EDTDISDisney reports Q3 Cable Networks operating income down 7%
Disney said operating income at Cable Networks decreased 7% to $1.9B for Q3 due to a decrease at ESPN, partially offset by an increase at ABC Family. "The decrease at ESPN was due to higher programming and production costs, decreased recognition of previously deferred revenue and the absence of ESPN UK, which was sold in the fourth quarter of the prior year. These decreases were partially offset by affiliate fee contractual rate increases and higher advertising revenue." ESPN recognized $98M less of previously deferred revenue during the quarter as a result of changes in contractual provisions related to annual programming commitments. ESPN advertising revenue increased due to higher rates and more units sold, Disney said.
News For DIS From The Last 14 Days
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October 7, 2015
05:58 EDTDISHulu renews, expands programming deal with Viacom, Deadline Hollywood says
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October 4, 2015
18:42 EDTDISDisney considering demand-based pricing for theme parks, WSJ says
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October 1, 2015
10:37 EDTDISBofA/Merrill's Top 10 US Ideas for Q4 2015
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September 29, 2015
15:19 EDTDISDiscovery drops as investor day fails to dispell cord-cutting fears
Shares of Discovery Communications (DISCA) have dropped today as the company held its first-ever investor day amid ongoing concerns about the potential decline of pay TV. NEW GUIDANCE: Discovery Chief Financial Officer Andrew Warren updated the company's full year 2015 outlook, saying he expects constant currency adjusted earnings per share to grow in the low double digits. The company expects revenue for the year to grow 9%-10%, with free cash flow up in low single digits. Meanwhile, year over year currency headwinds were seen deducting $460M from revenue and 24c-29c from adjusted EPS. Discovery also established long-term guidance, saying it sees its adjusted EPS compound annual growth rate up in low double digits from 2015 to 2018, on a constant currency basis. "Third quarter results are on track, highlighted by strong U.S. advertising growth," Warren added. THREE BILLION SUBSCRIBERS: CEO David Zaslav commented during the investor day that the company is "confident in the long-term outlook for our business," adding that Discovery expects to reach 3B cumulative worldwide subscribers by year's end. The Chief Executive highlighted what he called five differentiators for Discovery's growth potential, including its ownership of a growing and diverse portfolio of content and IP "that uniquely positions Discovery for the changing media landscape." CORD CUTTING: Multiple Discovery executives showcased the company's European products, including Eurosport and the Eurosport Player OTT service, as well as the company's apparent first-mover advantage in Latin America. The seemingly increased attention on foreign initiatives comes as U.S. cord-cutting trends continue generating headlines, with Citi analyst Jason Bazinet arguing as recently as September 18 that Disney (DIS) would be the only cable network to make more money in a bundle-free world. According to media reports of today's Discovery event, Chief Executive Zaslav said "it's not rational" that media companies are selling so much of their content to streaming services like Netflix (NFLX) that threaten the appeal of cable bundles. The CEO added that Discovery has assumed a 1%-2% decline in pay TV over "the next couple of years," though he reassured investor day attendees that the company's adjusted operating income should be roughly flat even in a worst-case scenario. PRICE ACTION: Shares of Discovery crashed as much as 7% in early morning trading before seeing hesitant moves higher. The stock is down just under 4% to roughly $26.70 heading towards session close.
September 28, 2015
09:36 EDTDIS Active equity options trading on open
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September 24, 2015
20:04 EDTDISFacebook virtual reality initiative picks up speed with $99 Samsung device
Thursday's Oculus Connect 2 event saw numerous announcements from Facebook (FB) virtual reality subsidiary Oculus VR, including content deals with major media players as well as a $99 VR headset developed in conjunction with Samsung (SSNLF). CONTENT OFFERINGS: The virtual reality firm will be partnering with Fox (FOX, FOXA) and Lionsgate (LGF) to bring more than 100 films to the Oculus Store at launch. Additionally, Netflix (NFLX), Amazon's (AMZN), TiVo (TIVO), and Hulu -- the joint venture of Disney (DIS), Fox, and Comcast's (CMCSA, CMCSK) NBCUniversal -- will be launching apps for the company's virtual reality products, bringing web TV and streaming content to early adopters of the new technology. MAINSTREAM DEVICE: Samsung joined with Oculus to reveal a new $99 "Gear VR" headset on Thursday. Standing in contrast to Oculus' own pricier devices, the Samsung headset will rely on the company's Galaxy line of smartphones to power its virtual reality experiences. Note that a major point of contention regarding the "blockbuster" potential -- or lack thereof -- of VR technology is whether consumers will be willing to pay upwards of $399 for the Oculus gadgets. Samsung's Gear VR tends more towards what Piper Jaffray analyst Gene Munster has called "medium immersion" devices, potentially allaying investor concern over adoption rates with its more attractive point of entry. PRICE ACTION: Facebook shares closed higher by 0.5% and continued to rise in after-hours trading, up another 0.2%.
13:44 EDTDISOculus says bringing Netflix, Huly to GearVR, company says in tweet
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September 23, 2015
09:18 EDTDISPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
08:18 EDTDISDisney volatility flat on tight one-month price movement
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