News Disney’s Q3 FY25 Earnings Results Webcast

[Sirwalterraleigh]

You have to manipulate quite a lot to say its only +1 attraction.

I'm not only referring to WDW, btw.

It doesn’t take any manipulation at all. Coco in DAK is the plus 1…if they complete everything with dirt moving today

Replacements are not additions…just really expensive upfront to maintain the same capacity and lighting lane demand

 

[Kamikaze]

Monday night football is literally the worst matchup of the week…for the national broadcasts. On purpose. If you consider Thursday was forced on the owners by the league and none of them like it/barely go along with it .Will that change now?

It doesn't have to be the worst matchup, though. The NFL now owns 10% of the network and they make the schedule, they can put whoever they want on that night.

 

[Kamikaze]

It doesn’t rank any manipulation at all. Coco in DAK is the plus 1…if they complete everything with dirt moving today

Coco is going to DCA, not DAK. And saying that Triceratop Spin to Encanto is even is silliness.

I don't consider TSI an attraction. So +1 there. You're not counting Villain's Land. Thats at least +2 more.

 

[Sirwalterraleigh]

It doesn't have to be the worst matchup, though. The NFL now owns 10% of the network and they make the schedule, they can put whoever they want on that night.

That’s what I’m wondering…the demand for Monday night fell off the cliff when they started saturating football every day of the week

 

[MisterPenguin]

Guidance on streaming:

Projected profit for the fiscal year was $1.0B, now, it's $1.3B.

 

[Sirwalterraleigh]

Coco is going to DCA, not DAK.

I don't consider TSI an attraction. So +1 there.

Right…encanto…my mistake

I don’t really consider tsi an “attraction”‘per see…but it did involve 2 things you could get in a line for from the academic perspective

And technically encanto isn’t an add either

Since they dismantled primeval hurl in the middle of the night

 

[Kamikaze]

That’s what I’m wondering…the demand for Monday night fell off the cliff when they started saturating football every day of the week

The quality of the league has been horrible for a few years now. A lot of it is downright unwatchable.

 

[Sirwalterraleigh]

Guidance on streaming:

Projected profit for the fiscal year was $1.0B, now, it's $1.3B.

Still less profitable than the 2010 broadcast numbers…for you kids at home

NEXT!

 

[Kamikaze]

Right…encanto…my mistake

I don’t really consider tsi an “attraction”‘per see…but it did involve 2 things you could get in a line for from the academic perspective

And technically encanto isn’t an add either

Since they dismantled primeval hurl in the middle of the night

You mean the raft ride over to the island? You can't call that an attraction.

 

[ctrlaltdel]

ESPN has been a fish flopping on the concrete for 15 years…they have practically skinned it at this point.

Will this save it?

Doubtful. Full throated throw in with the nfl and the elephant in that room is an interesting move…to say the least.

I wonder if the more planning to spend and ungodly amount of money to take one of the two big contracts away from cbs and fox?

Yeah I have no idea. That being said it's still extremely profitable (not as much as 10-15 years ago), I do remain skeptical that the sports only streaming service can be successful, it's gonna be reliant on the bundle deals.

 

[Sirwalterraleigh]

The quality of the league has been horrible for a few years now. A lot of it is downright unwatchable.

That’s Mike Tomlin’s fault

Nothing to support that…I just believe it

 

[MisterPenguin]

So attendance this past quarter at WDW didn't go down.

And hotel reservations were indeed up in accordance with last quarter's guidance.

And this next quarter's guidance is that reservations will go up even moreso.

Some like to present WDW is on the verge of collapse with guests abandoning WDW. Not happening.

 

[Sirwalterraleigh]

Yeah I have no idea. That being said it's still extremely profitable (not as much as 10-15 years ago), I do remain skeptical that the sports only streaming service can be successful, it's gonna be reliant on the bundle deals.

I mean…I am the espn generation…right in my wheelhouse. And a follower of all things sports…

And I never use it. Begrudgingly to watch out of market hockey games.

It’s just a terrible/repetitive product. Beholden to the nba (bad prosuct)…not really comprehensive enough on any sport to engage the modern degenerate gambling crowd.

I think it had its time. And it’s basically responsible for almost the entirely of one guys career. Don’t sleep on that factoid.

But I can’t see it.

Maybe it’s because I can’t stand mcafee and Stephen A so much?

 

[EricsBiscuit]

Pleasantly surprising quarter for Disney. Good for them. Hope this means more expansion at WDW.

 

[TalkingHead]

There is no substantial number of people that are going into debt over Disney trips. That was a click-bait article that spun "paying by credit card" into "going into debt."

That very same article pointed out that almost all people paying with credit card had their trip paid off within 3 months.

Didn’t see that article. I’m talking about local and Southeastern demos.

 

[Sirwalterraleigh]

You mean the raft ride over to the island? You can't call that an attraction.

The riverboat was one…the rafts and the stuff on the island can be clumped together as “a thing”

I don’t want to get into the debates on usage/quality…because that doesn’t affect the issue with replacements over additions. It’s a deliberate tactic to provide “new” while trying to increase crowd stress…because the numbers don’t change to allow more capacity/usage

So they’re not “expending”…yet…and they have no benefit of a doubt not to slow roll it. That’s over

They spend how many years ripping Epcot and mgm to shreds…and what was the “gain”?

Ratatouille. Just the facts, ma’am

And even that’s generous

 

[Dranth]

Still less profitable than the 2010 broadcast numbers…for you kids at home

NEXT!

You say this as if they should have just rolled over and accepted that linear was dying and do nothing about it.

Maybe it never hits the heights of broadcast (personally, I don't think it will) but it seems odd to think they they shouldn't have tried something. They just started turning a profit recently and are already looking at over a billion a year in profit which seems like a good thing.

 

[Sirwalterraleigh]

There is no substantial number of people that are going into debt over Disney trips. That was a click-bait article that spun "paying by credit card" into "going into debt."

That very same article pointed out that almost all people paying with credit card had their trip paid off within 3 months.

The US population is not “going into debt”

They are in debt…have been in debt…and increasing it at a rapid rate.

So to say “studies show people don’t go into debt for Disney” is cherry picked and 100% disingenuous

 

[Sirwalterraleigh]

You say this as if they should have just rolled over and accepted that linear was dying and do nothing about it.

Maybe it never hits the heights of broadcast (personally, I don't think it will) but it seems odd to think they they shouldn't have tried something. They just started turning a profit recently and are already looking at over a billion a year in profit which seems like a good thing.

Not at all…I don’t think they should have done that

I don’t think they’ve managed the entire scenario well…but it may work out ok.

Some interesting things to follow there…as always

 

[MisterPenguin]

Huh... no mention of Fubo.

Found it in the 10-Q...

fuboTV Inc.

On January 6, 2025, the Company and fuboTV Inc. (Fubo), a publicly traded virtual multichannel video distributor (vMVPD), entered into a definitive agreement to combine certain of Hulu Live TV’s assets, including its carriage agreements, subscription agreements and related data, advertising and sponsorship agreements and intellectual property exclusively related to the “Live TV” brand, with Fubo (the Fubo Transaction). As a result, the Company will have a 70% interest in Fubo and the right to appoint a majority of Fubo’s Board of Directors, with the remaining 30% interest retained by Fubo shareholders.​

​

The Fubo Transaction is expected to close in the first half of fiscal 2026, subject to customary closing conditions, including regulatory approvals and approval by Fubo shareholders. If closing has not occurred by April 2026 (extended to October 2026 if all other closing conditions, except those relating to regulatory approvals, have been satisfied), the Company or Fubo may terminate the transaction. A $130 million termination fee will be payable by the Company to Fubo if the transaction is terminated under certain circumstances, including due to the Company’s breach of the definitive agreement or the failure to obtain certain regulatory approvals. A $50 million termination fee will be payable by Fubo to the Company if the transaction is terminated under certain other circumstances, including if Fubo shareholders do not approve the transaction under certain conditions.​

​

Upon completion of the Fubo Transaction, the Company will be the exclusive distributor of the Hulu Live TV service under a five year distribution agreement and will pay a wholesale fee to Fubo based on Fubo’s cost to program Hulu Live TV. In addition, the Company will sell advertising for the Hulu Live TV service and Fubo platform for a fee.​

​

In addition, the Company, Fox Corporation (Fox) and Warner Bros. Discovery, Inc. (WBD) reached a settlement with Fubo related to Fubo’s antitrust claims (see Note 13 for additional detail) and collectively paid $220 million to Fubo in January 2025. Fox and WBD have also agreed to reimburse a portion of the $130 million termination fee to the Company if it becomes payable.​

​

Further, the Company agreed to provide Fubo a senior unsecured term loan of up to $145 million (expected to be funded in January 2026) (the Fubo Term Loan). If the Company funds the Fubo Term Loan and the Fubo Transaction is not consummated, Fox and WBD will participate in a portion of the Fubo Term Loan by providing loans to the Company with substantially the same economic terms as the Fubo Term Loan.​